The Passive Secret report of 2024 states that the international Web 3.0 market was valued at US$2.18 billion in 2023. It predicts the market will reach US$65.78 billion by 2032. The report also expects 50% adoption rates and significant growth in emerging markets, with 70% of the population using at least one Web 3.0 service. This article outlines the trends shaping Web3 next year
This is also where most changes users should be expecting from under Web3 as far as control over personal information goes. Decentralized identity affords users full control over their digital identity on a fully decentralized basis independent of centralized entities. Such a change will thus bring more power and security related to privacy. Users will, therefore, be able to have much control over personal data and how it flows across the internet.
This is an entity in which all its contributors will be involved in the decision-making process and does away with the need to have a central authority. With the advent of smart contracts in blockchain networks, it is apt to blossom in the commerce, charity, and governance sectors. This will bring in self-governance and collective decisions along with greater transparency and accountability.
DeepDAO analytics also reveal that by May 2024, the aggregate sum of treasuries controlled by DAOs will be US$30.9 billion. In this light, 359 managed assets worth more than US$1 million, and 36 had assets valued above US$100 million. That is a pretty serious number and testifies to the increased influence and financial capacity.
Primarily, NFTs have been applied in the art world. By 2025, however, it will likely go far deeper into other domains. Thus, use cases may stretch across property rights, patents, and maybe even physical good representations which the definition of ownership changes and adds value propositions across a spectrum of industries: from property to entertainment to intellectual property.
According to an estimate of HDWEBSOFT Co. Ltd. in 2024 NFT Market Trend Outlook, the valuation of the NFT market is expected to rise to US$26.9 billion at the end of 2023 and is developed until 2030 at a CAGR of 34.5%.
This rising growth of valuation follows better adoption in art, gaming, and real estate segments; brisk activity in Asian and US markets accompanies this growth. Second, the Philippines, Thailand, and Vietnam have a leadership position regarding NFT ownerships with over 30% of their population actively participating in NFT activities.
This introduction of blockchain technology to gaming would be known as GameFi, a word that would change the way players are going to monetize and interact with their games. Using a play-to-earn model, players will earn real money because in-game assets are tokenized on the blockchain, enabling ownership over digital possessions. End.
Blockchain gaming reached new heights in August 2024 as it hit a record 4.2 million dUAWs, as reported by GAM3S.GG. It also managed to grow by 5% over the previous month. Such a result shows that people care about experience-enhanced blockchain gaming.
Traditional businesses, therefore, can only be expected to become better now in being clearer on how they understand the customers of integrating into the system these web 3 technologies. They must also become transparent in their operations. This attribute will attract a new generation, which seems to hold trust and openness as critical to their purchasing decisions. This can drastically change how businesses build loyalty and grow.
As per a PwC report, 82% of Fortune 500 companies planned to explore Web3 in 2023. PwC further says, that as an investment, Web3 is considered by over three-quarters of large businesses. That means, without any exaggeration, Web3 has tremendous potential to transform the marketing strategies and customer engagement mechanisms of any organization.
With all this promising development, however, quite some challenges have to be met before Web3 can achieve total utilization:
Blockchain networks have to be able to handle more transactions without a loss of velocity or undue expense. Solutions for scalability will be critical towards mainstream adoption.
To get more people to join the easy applications in Web3, these need to be easy to onboard. Most of the potential users are not so technical, and thus user-friendly interfaces and friendly designs will have to be a cornerstone.
With hackers and scammers popping up daily in this Web3 universe, where the onus of security is strong, decentralization versus user safety becomes the critical area of focus for developers.
In the future, artificial intelligence is most likely to impact the application of Web3. With machine learning algorithms, applications are creating advanced and tailored experiences because applications understand better what the user wants and tailor responses accordingly. This will enhance web applications with greater functionality and more intelligence.
Tech giants are investing in infrastructure to scale decentralized applications (dApps). These companies will focus on integrating blockchain functionality with their cloud services, making it easier for developers to build on Web3. This will lead to more innovative solutions within the Web3 ecosystem. By 2025, digital interactions will shift toward decentralization, user empowerment, and new economic structures.
This evolution will transform how people and businesses interact online. The openness of Web3, along with its focus on engagement, transparency, and value creation, will help drive mass adoption through investments, expanded use cases, and technological improvements. However, challenges remain. Scalability, user experience, and cybersecurity issues must be resolved. AI integration and ongoing infrastructure improvements will be crucial to overcoming these challenges and ensuring Web3 becomes more robust and user-friendly.