Web3 is a combination of many trends that has a decentralized network and makes way for internet democracy.
Web3 is not just one technology but a combination of many like Blockchain, NFTs, Cryptocurrency, De-Fi, DAO, and the metaverse. Each tech has the ability to change the next-generation internet. Also, it is not under the control of any organization, the data in this network are created, fully owned, and developed by the users. Hence in each network, the user is the creator, owner, and controller.
So these Web3 trends are gonna gain traction in 2023. A Detailed explanation of those trends is listed below.
Metaverse: The decentralized virtual platform
Metaverse has been the hottest topic everywhere and major companies like Facebook and Microsoft are pulling strings for its development. Metaverse is a next-level internet that creates a sustained platform and is not owned or controlled by any companies in the IT tech parks.
Generally, it is a technology that creates an immersive 3D platform or space where people can interact, share and do any tasks. Distances are not distances anymore and miles are not a hurdle to interact anymore with the metaverse space. Decentraland and Sandbox are two great examples of Metaverse platforms that work under the Ethereum blockchain. In this network, only certain people are allowed to revise, remove or add certain elements and are not under the control of any firm. Like these platforms, many companies are starting to transform their business with the metaverse.
Hence the Metaverse will stay a significant trend of Web3 in 2023 by gaining rapid popularity and adoption in main industries.
BaaS like a SaaS
In 2023, there will be increased adoption of blockchain technology by many industries with the increase in the Blockchain as a Service provider. Buying a Blockchain as a Service will allow businesses to use ready-made blockchain ability for business operations without the hassle of developing it from scratch.
BaaS is like SaaS (Software as a Service). It is an inexpensive process to do business operations, be ahead of the competition, and relish the advantages of web3. Hence with the increase in the Blockchain service providers, the adoption of Blockchain will also increase in 2023. So industries should integrate blockchain development to do business operations fast and efficiently.
Increased adoption of NFTs in Utility
NFTs are already an artistic success in the crypto domain. Hence in 2023, it is going to get an increase in utilization and more industries are going to leverage its potential for the improvement of their business.
Originally, NFTs use cases are restricted only to the art collection. But NFTs are something beyond that. It can be used for tokenizing real-time assets, intellectual properties, and valuable papers. The tokenizing assets will be highly secured as they work under the influence of smart contracts. Also, nowadays the NFT has shifted to a Proof of stake consensus mechanism to reduce energy consumption for acknowledgment.
Hence the business should really consider bringing NFT utilities into their business processes to covet the potential trends faster than their competitors and stay ahead of them.
Streamlining Web3 with regulation
As we all know that all web3 components like cryptocurrency, NFTs, and Decentralized networks are not regulated. It will not create more impact on the common man as they will worry about the ownership and security of their assets. So they will be wanting a controlling institution to rely on if anything goes wrong.
But implementing the web3 tech under control will collapse its own format. That is why it is very important to regulate decentralized networks. For that, the Government has to step in to govern and regulate the aspects of web3 activities.
Already many states have announced them as a web3-friendly Zone and other few had authorized crypto trading as a legal one in their zone. If this status persists, soon the web3 will attain common regulatory rules that are borderless and efficient.
AI and ML in web 3
Even I was bored of writing AI and ML as the trend of any industry. But we can’t deny the truth that AI and ML are a potential combination with web3 in 2023. Integration of Blockchain with AI and ML allows for efficient data management and utilization for companies.
As Blockchain securely stores the data whereas AI and ML utilize that data to do any intelligent functions thus eliminating the need for human intervention. A combination of these two techs has enormous applications and some of them include smart contracts, supply chain management, and biometric recognition.
Wrapping up
These are all the major 5 web3 trends of 2023. As 2023 has started, the evolution of the web3 trends will soon gain traction and increase adoption. So it will be feasible only if companies now transform their operations with Web3 technologies.
For that, they need to integrate web3 elements into their website. To do that, they can leverage the expertise of leading software development companies like CodeGama. We are the foremost experts in website development that governs the residing and upcoming trends. Skilled developers, strong customer relationships, and business opportunities are boundless here.
So connect with us, share your requirements, and re-imagine your business as a future-compatible and trends-adopting industry.