With the rising decibel level surrounding Web3 technologies
and the promise it holds for the world, few clear trends are playing out.
Though the third-generation Internet is still largely under construction, we
can see an array of interesting Web3 technology developments in the space that
are set to redefine the Web3 landscape.
Based on our observations at Ionixx, we have presented a list of the
top 10 Web3 trends that we have figured out for you:
1. Utility NFTs
During the initial phase of NFT (Non Fungible Token) growth,
the market was dominated by digital art pieces. Though initial hype surrounding
NFTs has cooled down with an almost 67% drop in the NFT trading volume from the
start of 2022, the rising interest in Utility NFTs marks a new stage of a
permanent shift.
The trend is shifting towards utility-based NFT tokens
offering access to physical products and activities. Nowadays, many
utility NFTs are thronging the Web3
space, facilitating loyalty programs and digital avatars to in-app
purchases.
For example, consider priority access to musical or sports
concerts, removing the need to pay inflated prices.
2. Immersive AAA Web3 Games
So far, most blockchain games have failed to take off
despite all the talk about the P2E ( Play-to-Earn) model. Because of more
emphasis on profits, while ignoring the fun aspect, the gaming community viewed
it earlier with skepticism and contempt. Poor gameplay and onboarding issues
prevented mass adoption.
An entirely new breed of AAA games with immersive gameplay
has emerged, attracting mainstream games in Web 3.0 community gaming.
Star Atlas, an immersive AAA Web3 game, is built on the top
of Solana blockchain protocol. The game offers unmatched engagement levels and
ownership. Brace yourself for some exciting games in the next decade.
3. Node as-a-Service (NaaS)
Node-as-a-Service, popularly known as NaaS, provides developers
with a network of nodes, eliminating the need for without investing in
expensive hardware and infrastructure.
The unique approach allows them to leverage the consensus
algorithm of various blockchain networks. Using NAAS libraries frees blockchain developers from code
management and monitoring, enabling them to focus on dApp development.
NaaS providers have become increasingly popular among Web
3.0 development companies. For instance, Infura, a prominent NaaS player,
played a critical role in developing Decenterland, a Web3 game built on the
Ethereum blockchain protocol.
4. Convergence of Social Media And DeFi
Champions of free speech advocate social platforms free from
censorship, like X, Facebook, or TikTok. Web3 has given a ray of hope to such
people with the promise of censorship-free social platforms with ultimate
control reigning in the hands of users.
The recent announcement of Project Library for developing
MeWe, a global decentralized social media platform, is a step in this direction.
In a decade or so, we will see many more such projects taking off.
5. Zero Knowledge Proofs
Zero-knowledge proofs, or ZKP, refers to a mathematical
model that is referred to in cryptography—that is used in data verification
without sharing data with an external party.
Vitalik Buterin, the iconic co-founder of the Ethereum
blockchain, considers it among the most critical cryptographic tools that
enable a harmonious balance between transparency and privacy for the Web3
ecosystem.
The concept has gained traction among the Web3 community
because of the scalability, privacy, and security they offer in Web3 apps.
- ZKPs or zk help create proofs for validity proofs for
cross-chain messaging protocols.
- This can be a part of a gaming engine—that gamers can use
to reveal their identity when they wish.
- With zk, linking Web3 and Web 2 identities anonymously becomes
possible.
As the Web3 infrastructure gains a concrete shape, ZKP will
gain momentum.
6. Green Web3 Initiatives
Excessive energy consumption has always been a headache in
blockchain technology, raising environmental concerns. However, initiatives are underway to make the
technology eco-friendly by developing more energy-efficient consensus mechanisms.
Filecoin Green incentivizes miners to use renewable sources of energy.
7. Brand-as-a-Service(BaaS)
Web3 Solutions are reshaping the business contours by
impacting marketing strategies to increase brand awareness. The BaaS protocol
allows enterprises to use tools and resources and tools to use Web3 and
blockchain protocols better to increase brand awareness.
8. Generative AI in Web3
The biggest advantage of Generative AI lies in its ability
to automate complex tasks by rapidly creating variations on assets and game
logic. But what does this mean in the context of Web3 development?
A distinct use case of generative AI has been distinctly
visible in content creation in Web2 space. In Web3 space, Generative AI can
significantly improve Web3 experience by offering personalized recommendations
on the basis of their activities. Plus,
it can detect and monitor potential threats to Web3 platforms.
9. Low Code Software
We’ll see Web3 technology minimizing the need for complex
coding for developing applications in the future. Common users without coding
experience can build powerful Web 3.0 apps using drag-and-drop tools. This will
simplify software development and democratize access to Web 3.0
applications.
10. Decentralized Computing ( DCPs)
Web3 development will change the traditional Internet
ecosystem and profoundly impact the existing cloud computing model. In the
future, they will not rely on a single entity for computing resources. rather
peer-to-peer networks will contribute to the processing power and storage space
collectively.
For example, platforms like Golan Golem, which are used for
renting and sharing unused computing power, such as video rendering and machine
learning, will be commonplace. Also,
Filecoin-like decentralized storage networks will emerge, offering
secure and reliable cloud storage solutions.
Looking Forward
On a final note, while many of the aforementioned trends are
in the nascent stage. But they will become a reality by the end of the next
decade. This will enhance the mass-level adoption of Web3 tools and
applications that were only available to a few.
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