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We’ve come a long way on the internet, which used to be unthinkable. People agree and disagree about Web3 right now, but it has a lot to offer. Companies that use Web3 and blockchain are preparing for the future to help their businesses and consumers do more with less. With better infrastructure, Web3 will become more human-centered and whole in the near future.
We all know that Web3 had some problems in 2022 when some big crypto-related projects went down. But new ideas and improvements to technology are still happening, and 2023 needs to be a year for evaluating and assessing risks more. Web3 is leading in 2023 with more categories. Any web3 development Firm, which invested in web3 this year gain profits in upcoming years, they just need to do research and development more deeply with good profits in the future.
With an $81 billion market size by 2030 and an increase in Web3 UI/UX. Some of the trends for 2022 still need to be done the right way. This blog will tell us about the Web3 trends that will be popular in 2023.
The Top Web3 Trends For 2023 Are:
By 2030, the Web3 niche market will have grown by 41%, and it will solve many problems that internet users are having right now. “Metaverse and crypto regulations” was the talk of the town at the recent Web3: Impact the Future summit. The speakers talked about Web3 economics, crypto gaming, fashion & NFTs, regulations, and a lot more.
Experts are talking about Web3 trends in new ways, and there is a push for a future that is powered by Web3 and blockchain. Here are the eight Web3 trends that will be around in 2023. Explore more!
Zero-Knowledge Proofs:
Zero-knowledge (ZK) proof is a way to check the authenticity of data without collecting any information. When you log in to your account, your password is actually saved on the server as a hash. But with ZK, you can sign in without giving away any information. There are also interactive and non-interactive proof methods. Zero-knowledge proof is necessary for decentralizing Web3 and will be one of the most popular Web3 trends in 2023.
Regenerative Finance (ReFi):
Heard of DeFi? This is a continuation of that. It uses both the idea of regenerative economics and the idea of decentralized finance. Let’s say you own land with lots of green plants. With ReFi, you can give the land area a monetary value. People who use Web3 can use a wallet to access it and invest, buy, or sell natural assets. To protect the environment, regenerative finance is seen as fair and long-lasting. With more efforts to save the climate and local and indigenous ecosystems, ReFi uses a community-driven approach. ReFi is in line with the UN’s Sustainable Development Goals and is a way to keep track of our carbon footprint.
Assets’ Custody:
The recent failure of FTX is one reason why users should be more aware of where their assets are kept. “Not your keys, not your coins” became more common after the FTX collapsed. Many users couldn’t get any of their money out. Decentralized custody solutions are also becoming more common, as many companies don’t have security protocols or collateral coverage. A lot of well-known companies have already started to hold crypto assets. By storing keys, the companies that take care of assets follow the same rules as banks. Also, the custom assets can be used to make money through decentralized on-chain applications.
Gaming:
At the moment, there has been an increase in the use of Web3 UI/UX and blockchain in gaming. Also, there will be more games that you play to earn money. Then, there will be a well-planned game economy. In addition, the market for games will grow by 50% in the next four years. But Web3-based games aren’t very popular yet, and there’s a lot of confusion about how to get rewards. At the end of the day, gamers don’t care much about the technology behind the games. They just want to play the games. In 2023, a lot of the Web3 and blockchain-based games will need to be updated and re-released. But the market will definitely grow in the years to come.
Augmented Reality and Virtual Reality:
According to reports from Deloitte about AI, streaming, and chips, the market will grow by 50% in 2023. Meta’s plan to release the $1500 Quest Pro VR headset in October 2022 has recently caused a lot of buzz and questions. This product is made for businesses and is part of a growing trend in the VR industry: putting more focus on video passthrough mixed reality (MR). Using AR technology can help your brand stand out by getting people to feel something. Using AR and VR technology will make a big difference in marketing and customer service.
Non-Fungible Token:
Even after the NFT market falls in 2022, it will still go up three times. Since it wasn’t clear how the NFT could be used and many sellers were using shady methods to sell it, the market crashed in 2022. In the future, there should be value-added drops, because an NFT with no value will crash. Utility NFTs are more than just art, so businesses need to learn about them.
Branding as a Service:
Brands can present themselves as Brands-as-a-service with the help of new cloud-based technologies. This lets the user use platforms from different blockchain networks in a flexible way. Brands are making their own Web3 products and letting customers join what is called the metaverse, which is a virtual environment. A hybrid product is different from a virtual product because the information about the product is written on the smart contract. In 2023, brands will be able to choose whether or not to update their information on the distributed network. This will make the information seem more real.
