Exploring the Future of Web 3: Predictions for 2023
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Chapter 1: Evolution of Web 3 in 2023
Despite the significant downturn in the cryptocurrency market that impacted the advancement of Web 3, some developments were still observed in 2022. Here are some quick predictions on the trajectory of Web 3 throughout 2023.
Section 1.1: The NFT Surge Among Major Brands
Following the triumph of initiatives like Starbucks’ Odyssey, Nike Swoosh, and Reddit avatars, it is anticipated that more brands will explore NFTs to foster community engagement.
Subsection 1.1.1: The Shift Towards Utility NFTs
While collectible NFTs will remain in demand, the emphasis is expected to shift toward utility NFTs. This includes token-gated access, community membership, royalty rewards, and digital vouchers. The notion of JPG NFTs will gradually fade.
Section 1.2: Increased Regulation in Cryptocurrency
Anticipate heightened scrutiny and discussions surrounding cryptocurrency, particularly in response to challenges faced in centralized finance during 2022. The primary focus will likely be on consumer protection, especially concerning centralized exchanges and stablecoins.
Chapter 2: Technological Innovations on the Horizon
The first video discusses the top predictions for 2023, focusing on the competition between Web 3 and the Metaverse. This exploration highlights the key distinctions and potential impacts of both technologies.
Section 2.1: The Emergence of ZKApps
The development of zero-knowledge proof (ZK) smart contracts through SDKs will pave the way for various applications, known as “ZKApps,” thus broadening the potential use cases for ZK technology.
Section 2.2: Introduction of Decentralized Identity
In 2023, we may begin to see the initial rollout of scalable reputation systems utilizing decentralized identifiers (DIDs) and verifiable credentials (VCs). On-chain reputation mechanisms through credentialing and portfolio development will be further investigated.
Section 2.3: Enhancements in User Experience
Platforms will evolve to provide user-friendly tools that curate and display on-chain tokens, facilitating the creation of on-chain reputations and brands. Expect domain names and ENS to gain more prominence.
The second video reviews the future of Web 3, offering insights into the top five predictions and how to capitalize on emerging trends in this space.
Section 2.4: The Diminishing Focus on the Term ‘Web 3’
Discussions regarding the term 'Web 3' are expected to decline, with a shift toward focusing on specific technologies and trends. Concepts such as blockchain technology, NFTs, decentralized identity, and DeFi will begin to stand out as independent categories.
Section 2.5: The Impact of Augmented Reality
The advancement of AR technology will largely depend on Apple's potential release of AR glasses. If this occurs in 2023, we can anticipate widespread practical applications of AR. In the realm of metaverse adoption, AR may outpace VR, particularly in terms of mainstream acceptance.
Section 2.6: Progress in Blockchain Gaming
While many experts are optimistic about the significant impact of Web 3 gaming in 2023, skepticism remains. However, improvements are likely, as evidenced by the success of titles like Axie Infinity and DeFi Kingdoms, indicating that 2023 could mark a notable advancement in this sector.
Section 2.7: The Growing Importance of NFT Royalties
NFTs offer the unique capability to incorporate royalties and intellectual property directly into smart contracts. Though this feature has not yet gained significant traction, 2023 may be the year when its potential is fully realized by newcomers to the Web 3 landscape.
Final Thoughts
These predictions outline the various possibilities for Web 3 in the coming year. I would love to hear your thoughts on these insights and any disagreements you might have. Stay tuned for more articles on Web 3 in the future!