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19 October 2023

Web3 Development Trends for 2024

January 3, 2009 is considered to be the official date of bitcoin's emergence. On this day, a certain Satoshi Nakamoto presented to the world a different view of data storage. The technology at the heart of his discovery is called "blockchain". It continues to revolutionize IT and also creates new trends of Web3 development in 2024.

During the last 15 years, we have seen many developments in the world of cryptocurrencies:

Beyond the screen of these events there are hundreds of thousands dollars lost due to shitcoins, scam projects and the collapse of centralized exchanges. It is worth remembering that we are talking about a sphere that is still not fully controlled by the state.

The development of Web3 is just beginning. Whether you are an investor or a developer, you have the opportunity to become part of this ecosystem. The more you understand the future trends of Web3 development in 2024 - the higher your chances of success.

What is Web3?


Web3 is a term that describes the new generation of the Internet, it gained fame and was coined by Gavin Wood in 2014. Incidentally, Gavin is a significant figure in the crypto industry; he is the creator of Polkadot, co-founder of Ethereum and the first to propose the development of the Solidity smart contract language.



The evolution of the Internet. Source.




Web3 is envisioned as an ecosystem that operates according to the following principles:

This concept opens a springboard for the creation of applications and technologies that solve current problems in the sector of medicine, entertainment, finance and others.

Main Web3 development trends in 2024


Web3 development, like the majority of innovative technologies, is designed to improve human interaction with different areas of life. Knowing that the success of any product depends on the value it offers, we have selected the best areas of Web3 development in 2024, namely:

Each of these and other Web3 development trends provides its own value.

For example, DeFi solves the problems of the traditional banking system, mass adoption of cryptocurrencies is more likely to occur due to X-to-Earn applications and Web3 social networks, modular blockchains can solve Buterin's trilemma and ZKP will provide increased privacy in the blockchain.

Decentralized Finance (DeFi)
Most processes in the financial system are controlled by centralized authorities. This results in problems such as high transaction costs, bankruptcy risk, corruption and others. For example, not so long ago, the decision to open an account or give you a loan was influenced by the color of your skin.

In contrast, DeFi is a financial services model that is based on blockchain. The system works thanks to smart contracts and does not require the involvement of a third party in the transaction. This allows DeFi to have advantages such as:

Most of DeFi's applications are implemented using Ethereum, and the smart contracts mentioned earlier are executed, thanks to the EVM (Ethereum Virtual Machine). Like any blockchain, Ethereum has its drawbacks. For example, it is only capable of executing 10-12 transactions per second (TPS), while Solana is capable of 60,000 TPS.

For this reason, Web3 developers in the DeFi sector are creating various solutions such as Neon EVM. This is a tool that allows transactions to be processed on the Solana blockchain using the Solidity programming language and other Ethereum features.

The demand for decentralized finance is growing, but the current state of things suggests that the DeFi sector still needs improvements. This is why Web3 development in this niche will be in demand for the foreseeable future.

Regenerative Finance (ReFi)


ReFi is a financial system that prioritizes sustainability and the health of ecosystems, communities and the world over monetary gain.

It represents a departure from traditional financial systems, which have been criticized for placing a higher priority on short-term gains than long-term sustainability.



ReFi's core principles. Source.




ReFi brings together two distinct disciplines:

DeFi aims to eliminate opaque centralized infrastructure and democratize access to financial services. It also standardizes the governance of the financial system itself.

Regenerative economics, on the other hand, emphasizes balanced, circulating capital flows. It takes into account positive externalities while caring for people and society.

Web3 development trends in 2024 cannot be imagined without ReFi. Investments in this area can provide benefits such as:

If you want to contribute to the development of the green economy, choose solutions in the ReFi niche. You'll also need a team of experienced professionals like Merehead to implement them. Contact us today to start developing a Web3 application in this sector.

Social media Web3


How much do you think your attention is worth? The answer is $900 per year. That's the amount Facebook sells your data to advertisers for, according to “LetAlone‘. These and other problems of today's social networks are aimed at solving by Web3 enthusiasts around the world.

In their view, Web3 social networks should:

The social graph is the principle of structuring your online activities, preferences and interests. The short videos you see on TikTok have been suggested to you based on your social graph, just like advertisements.

The creation of Web3 social networks is possible by deploying DApps on different blockchains such as Ethereum, Binance Smart Chain or Solana. The working principle is based on smart contracts, Solidity can be used.

Also, an important part are NFTs - non-mutualizable tokens that confirm the identity of the created content. Often the ERC-721 standard is used to write them.



Web3 alternatives to traditional social media. Source.




Today there is a need to develop current Web3 social networks, such as Mastadon - analog of Twitter, Mirror - analog of Medium, as well as to create new solutions based on blockchain. Therefore, creating a Web3 mobile app in this niche can be an interesting and profitable solution for you.

Virtual Arts and NFT


NFTs are non fungible tokens that are used as proof of ownership of art objects such as paintings, music, etc. Artists create their own collections and sell them on special platforms like Opensea.

Virtual arts are a more reliable and modern way of monetizing content. Among the main differences between the traditional art sector and NFT you will find:

NFT creation trends in 2024 promise a wide landscape for Web3 development. Besides creating paintings and music, experts in this field can integrate NFTs into games and real estate, use them to create a digital personality, etc.



Total sales of NFT collections. Source.




NFT's best selling collection is the Bored Ape Yacht Club. Their total sales amount to more than $4 billion. These and other NFT sales cases are setting new Web3 development trends in 2024, encouraging users to familiarize themselves with blockchain and create their own pieces of art.

X-to-Earn applications


X-to-Earn applications are an ideal way to integrate cryptocurrency into users' daily lives by incentivizing them to use the blockchain.



Play-to-Earn market in numbers. Source.




The technology is still evolving, which means that many other crypto-monetization models will emerge over time. However, right now, several X-to-Earn strategies are gaining momentum, such as:

The first push to realize the full benefits of blockchain may be these types of applications. Why? Because nothing incentivizes understanding the technology like financial gain. Thanks to this, Web3 development in the X-to-Earn niche will be relevant and in demand in the next few years.

AR & VR


The transition from Web 2.0 to Web 3.0 has paved a new path to virtualization. AR and VR can be the backbone of digital innovation for Web3 platforms such as games, dex exchanges and social networks. Similar Web3 development trends in 2024 could significantly improve the blockchain industry.



Number of VR and AR users in the United States. Source.




AR in Web3 involves superimposing virtual elements on the real world using smartphones, tablets or AR glasses. With the advent of blockchain technology, AR experiences can become more decentralized, transparent and secure, creating products such as:

VR, in turn, involves creating immersive, computer-generated environments that users can explore and interact with.



The most popular uses of AR and VR technology. Source.




In combination with blockchain technology, VR technology can become more decentralized and provide benefits such as:

According to Forbes, the AI industry will grow by 20% in 2024. In the middle of 2024, we will be able to see companies competing in the virtual world, thanks to the merger of AR and VR technologies. They will help them enhance brand marketing and customer experience.

Artificial intelligence in Web3 development


Artificial intelligence can play an important role in Web3 development by improving various aspects of decentralized applications and blockchain ecosystems. By utilizing AI, developers can create better solutions for areas such as GameFi, social media and more.

Here are the main ways in which artificial intelligence can be used in Web3 application development:

The use of artificial intelligence is a new stage in the development of Web3 applications. The combination of these technologies will improve such traditional fields of activity as medicine, real estate and commerce.

For example, neural networks in healthcare, can improve disease diagnosis, task administration, and predict potential disease outbreaks. In turn, blockchain will enable a more decentralized and confidential data storage environment.

Modular blockchains


Enthusiasts have long been working to create an optimal blockchain that is both decentralized, secure, and scalable. Based on Buterin's trilemma, it is possible to realize only two parameters while sacrificing the third. However, the emergence of modular blockchains can fundamentally change the way we look at these things.

To understand the innovativeness of this technology, we need to remember what functions any blockchain must perform:

Monolithic blockchains such as Ethereum perform all three functions simultaneously. In this example, the blockchain focuses on decentralization and consensus, so the Ethereum network can only perform 15 transactions per second, with gas fees as high as $200 per transaction at high loads.

In return, modular blockchains like Celestia or Polygon Avail are emerging. They delegate functions between nodes, thereby making the entire network run more efficiently.

Identity and privacy


As blockchain and decentralized applications proliferate, identity and privacy issues come to the forefront. Web3 development trends in 2024 will affect this segment to provide benefits such as:

One of the core principles driving identity innovation in Web3 is the concept of Self-Sovereign Identity (SSI).

SSI gives users full control over their digital identity, reducing their reliance on centralized authorities. Instead of entrusting sensitive information to third-party organizations, users store encrypted data in a blockchain.



The principle of SSI. Source.




Decentralized identifiers (DIDs) and verifiable credentials are used to provide SSI. DIDs are unique identifiers associated with users' cryptographic keys. They provide a secure binding of verifiable credentials.

This is just a small part of what Web3 developers use to ensure privacy and security on the web. Apart from these, you will also find Soulbound and ZKP technology if you decide to develop applications in this niche.

Zero-disclosure proof technology


Public blockchains still face a number of limitations, particularly the lack of data privacy. Zero-knowledge proof (ZKP) technology can address this problem, setting new trends for Web3 development in 2024.

Zero-knowledge proof is a principle through which it is possible to confirm information without revealing the information itself. The technology is reminiscent of the board game "spy", where participants try to prove that they know a word without naming it.
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