Top Web 3.0 Trends and Predictions to Look Out for in 2023
Since 2020, digital currencies have begun their establishment on the global market. Also, the blockchain, cryptocurrency, metaverse, and NFT products started developing actively. Along with these technological advances, there are a lot of discussions on Web 3.0 — the new generation of the internet. In 2021 about 3400 developers joined Web 3.0 projects. Furthermore, many funds and companies with estimated values above 100 million dollars invested their money. This article explores the main trends and predictions for 2022-2023.
Put simply, Web 3.0 is a new generation of internet development based on decentralization. Many believe this network allows users to control and manage their own content and hide personal data. The Web 3.0 network will also be more accessible and secure than Web 2.0.
From 2010 to 2020, anyone could watch the active advances in machine learning, artificial intelligence, and blockchain. These terms and principles are fundamental for the internet of the future.
Web 3.0 terminology was officially laid down 15 years ago by the Netscape.com company. Jason Calacanis claimed that internet quality would be significantly better in the future. All resources will deliver only helpful information to the users, and the professionals will generate the content on dedicated platforms. He managed to explain the implementation platform, yet in 2022 it is evident that Web3 is the one. It is not a single platform, and it covers numerous industries.
Vladimir Popov, one of DAO Synergis cofounders, describes Web 3.0 as a multinetwork which includes web, IoT, mesh networks, and decentralized networks like IPFS or Bitcoin.
To his mind, it must be a module system, where each module is dependent on others yet is not obeying. For instance, if one element is disconnected, the network will continue to function since it is impossible to turn it off.
Web 1.0 appeared in 90th and people could share their content on websites, while the users could only search and use the information. Currently, we use Web 2.0, focusing on the user and increasing the info volumes. People can create and manage content; furthermore, they can contact other network participants through blogs, social networks, and similar platforms. The prime disadvantage of Web2 is strict centralization. Many users create content, yet Facebook, Google, etc., own it.
The centralization causes censorship, sharing of data with third parties, and active targeting. The distributed network and Web 3.0 can solve the issues above.
In Web3, the users will own 100% of their content; they will be able to monetize it and share data with the help of decentralized services. The most straightforward formula of the new-gen internet is read, create, own.
Large corporations govern the modern internet and can control any person’s idea and content. The conceptual idea of Web 3.0 is in the complete copyright and new system and economy creation.
Any author will own the copyright for their content on the future internet. No intermediaries will be required for trading assets on decentralized platforms, yet there will be fewer fees and rules. Here are the possible economic ideas:
In a decentralized network, everything is public since it is a transparent system that allows seeing all assets in a specific wallet. It’s just enough to know the address to get the information.
DeFi (Decentralized finance) can create a new economic system without intermediaries like banks. These services allow trading, investing, loaning, and crediting without third parties. The conditions can be coded in a smart contract which will become a decentralized autonomous organization.
The hybrid model will consider a case when the content or asset owner will share their data for a particular reward. Currently, a transparent system, wallets, and authentication are the advantages cryptocurrency users receive.
Metaverses and Web 3.0 are closely linked, yet they are different notions. Some metaverses are platforms for earning, living, meeting, etc. The others are technologies that can become networks where internal metaverse components will work.
Web 3.0 is not only a new phase of the Internet but also a strong influence on the economic sector. In the process of development, people will be able to notice a significant digitalization and decentralization of the economy. For example, there are digital services (subscriptions) on today's Internet. Still, with tokens and other digital assets, it is possible to purchase goods from established brands and companies, which is one of the main trends for 2023. The level of monopolization is decreasing even in finance.
The main difference between Web 3.0 and the current generation of the Internet is the difference in protocols; in today's realities, it is informational and will be economical. The new branch of development can give security and reliability to many solutions. First, it will concern the financial industries, their products, and others.
Web 3.0 eliminates the need for banks and other institutions to store or transfer funds and use them as "earnings" when it comes to deposits and other instruments with an interest rate. As a result, the development of private money and financial systems, which will not depend on the state and monetary policy, should intensify.
For Web 3.0, there is no need for consumers, but we need users who actively participate in the system's formation and get a decent profit for it. Of course, the overnight replacement of the Internet cannot be realized, so the transition to the new realities of life will take several years. Still, today there are already noticeable steps towards progress.
Web 3.0 key advantage is offering income to anyone with the internet resource. Today and in 2023, many projects linked to Web 3.0 will develop, and it is crucial to study the sector to understand it and thus benefit and earn.
Web 3.0 is attractive for startups and investors, and in 2021 the investment in cryptocurrency projects was about 30 billion dollars. Many of those solutions are related to blockchain.
There are numerous niches for investment:
There will be a fee for reading a viewing content. Play-to-earn is also a popular sector that allows digital rewards for simple tasks; the prize can be exchanged for real value.
For instance, in 2021, the Axie Infinity game was viral. It has become a good source of income for Filipinos. The approximate average income is $400 per month for breeding and selling creatures within the game.
There are several options for investing in Web 3.0. Everyone can choose the one that is more convenient for them. The most popular trend is blockchain project tokens. In 2021, this segment showed an average growth of 244%, and the speed of its development was rated top 2. There are many popular assets in the cryptocurrency environment, which will be discussed later. All projects are based on automated transactions and smart contracts and are implemented by platforms like Ethereum, Cardano, Solana, and others.
Other investment options include:
New technologies can cause multiple conflicts with previous solutions. People will have to learn new things; there will be difficulties in accepting and understanding the changes in the world and the economy.
The internet will become even more significant in the routine life of people, especially if considering the past changes introduced by new devices. New digital technologies like assets and blockchain are 21st-century miracles.
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