Web3 Trends for 2023 and Beyond

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Over the last 2 years, we have witnessed the rise of Web3, AI, AR & VR, Crypto and Blockchain. 

Yes, web 3 has officially made it into consumer viewing, but there are still lots of further investments, experiments, and developments taking place behind closed doors to help grow this technology to become the true evolution of the internet.

As you may have already noticed, many companies across various industries are introducing some form of web3 technology into their business strategy for consumer use.

Here are some of the main trends for businesses in 2023:

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Brands are strategizing for Web3

Some media outlets continue to portray NFTs and crypto in a negative light of scamming and fraudulent activity but some of this is down to these technologies still being relatively new and not well understood. Now, the media is starting to explore the benefits of blockchain and decentralization.

As well as bad press, like with anything new and shiny, there has been plenty of trial and error as early leaders have transpired, using web3 to develop their platforms.

Now lessons have been learnt and ‘stand out’ leaders from industries are now able to implement a thought-out strategy to gain mass consumer interest.

How?

• Consumer Targeting- simplifying technical terms for mainstream engagement

• Digital Worlds

• Loyalty, rewards scheme

• Tokens/NFTS

• Consumer Education

• Brand 'big moments events' to drive strategy: using major events to engage people

• Accepting crypto as payment

Big tech companies are focusing attention to web 2.5

Some of the world's biggest tech businesses are closing the gap between web2 and web3: no surprise- people are calling this web2.5. This is merely the usage of blockchain platforms without the complete blockchain system complications, companies like Instagram, Spotify and Amazon are using this space to navigate through web2 using web3 resources; building on the original vision of the web for sharing information and connecting people but adding new features and capabilities that allow users to create and share their own content more easily.

What’s next?

• It is difficult to predict what web2.5 will look like and the concept is still evolving but it’s likely that it will build on existing features and include a more sophisticated search and data mining tool

• Expect more collectables/physical products/authenticity verifications for industries to make a greater profit in 2023

Cryptocurrency is here to stay

Crypto is fast becoming a popular solution for enterprises to accept as payment; over 15000 businesses are using it globally. There are multiple benefits including a lower transaction cost, immediate processing, worldwide accepted currency and a decreased risk of fraud and chargebacks. Consumers are also increasingly using this option to pay and receive benefits such as rewards and engagement opportunities with their purchases.

What’s next?

More businesses will be jumping on the crypto bandwagon so expect a future of more opportunities to use this payment method for everyday uses. It’s difficult to say whether cryptocurrency will truly become mainstream but it is certainly making strides in that direction.

Upgrading token ticketing

Token ticketing allows businesses to collect data from customers- something that can sometimes prove difficult. Using NFT tokens that act like a ticket but also membership/subscription can keep consumers engaged and updated with more news/events around the business. These tickets can also be used during events to act as a part of the experience e.g interactive games and some are offering an after-event reward for attendees to keep ‘digital memorabilia’.

What’s next?

Around $3.7 million was lost to ticketing fraud in the 2021/2022 financial year alone, so it makes sense for companies to evolve using NFTs

Token ticketing can also make the ticketing process more efficient, currently, companies rely on third-party vendors to handle ticket distribution/sales, whereas token ticketing will help companies to manage tickets directly on a blockchain; streamlining the process

Web3 mobile apps

Web3 revenue is expected to increase from now until 2029 by 35%: Almost $65 BN. Understanding Web3 mobile apps and how they work will be crucial for businesses to stay current and maximize growth, after all, Web3 apps are growing 5x faster than in 2021.

What’s next?

• A new level of connectivity

• 3D graphics give a real-life feel and more interaction

• Many more blockchain-based mobile apps

• As the technology matures and becomes ‘user friendly’, more developers will begin to build web3 mobile apps increasing the popularity further
  

Revolutionize healthcare

Web2 helped tech platforms connect with doctors, sync patient information and virtual care pathways etc. web3 could help improve the way patient/confidential data is stored.

The security of web3 blockchain could be very helpful for user privacy; records are timestamped, and you own your data (not a third party).

What’s next?

• Patient-centric healthcare

• More security of healthcare systems using a secure decentralized platform for storing and sharing medical data

• More efficiency around communications

• Optimize time spent on admin duties​

There’s room for more than Ethereum

Ethereum created noise in the blockchain industry and is still reigning. However, more and more enterprises are testing outside of the Ethereum ecosystem with platforms such as Polygon and Solana.

What’s next?

Ethereum will continue to grow with the increased adoption of decentralized finance applications which are built on the Ethereum platform.
Other platforms are working to evolve and become promising contenders for the blockchain title

Building a web3 team

Businesses are looking to scale up their teams and create a more cross-functional style workforce, with growth in positions focused on HR and marketing sectors over the last year; web3 is not just for engineers.

Businesses are continually hiring dedicated web3 teams to help evolve platforms, build processes and implement strategies around web3 products.

What’s next?

• Jobs for UI/UX design to create a user-friendly experience

• Content creation jobs to develop educational/entertainment resources

With the continued growth and further understanding of web3, gaming, social media and blockchain, the most important thing businesses will need to consider: having a clear goal and specific business model to use this new technology effectively. By creating a strong strategy and looking for great talent, sponsors and partners, this will help them capitalize on the opportunities presented by Web3 and will hold the business in good stead for the future.

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*Source Vayner3