2023 Predictions — Where You Need to Be and What You Need to Know
Web3 refers to the next era of the internet, an era where power and control are taken from centralized tech companies and given to the users via decentralized blockchain technology. Also referred to as Web 3.0 or Web 3, the next iteration of the web will be designed on decentralized protocols that limit dependency on tech companies like Facebook, Amazon, and YouTube. On top of stripping power from centralized organizations, the evolution to Web3 will grant users enhanced privacy, security, speed, and efficiency.
Like the decentralized blockchain technology it will be built on, Web3 is a fairly new but extremely exciting concept. Billions of dollars are slated to be invested in cryptocurrency and Web3 start-ups, with venture capitalist firm Andreessen Horowitz recently closing a $4.5 billion crypto fund with a heavy focus on Web3 start-ups. This indicates that there is significant investor interest in blockchain technology and Web3.
In 2023, we can expect decentralized finance or DeFi, a system that allows customers to access financial products on decentralized peer-to-peer networks to become more prevalent in the decentralized economy. The De-Fi segment has experienced immense growth in the past couple of years alongside the cryptocurrency market and is expected to grow from a valuation of nearly $200 billion in 2022 to more than $250 billion in 2023.
This growth will partly rely on Web3 ditching old financial systems for a set of new, highly personalized, and disruptive ones.
Play-to-game earning is also expected to see significant growth in 2023. Although the gaming industry brought in around $160 billion in revenue last year, none of these funds went to the millions of players supporting the industry. Web3 will allow players to actually earn money while they earn via cryptocurrency tokens as rewards for their in-game achievements. Players could then trade these crypto tokens for fiat currency or other cryptos on online marketplaces.
Machine learning and artificial intelligence are also expected to play major roles in Web3 as it evolves. Web3 could potentially leverage machine learning (ML) and artificial intelligence (AI) to carry out complex tasks like climate modelling and drug design. We will probably see more organizations such as Fomo Lab use aspects of Web3 to leverage blockchain services and provide their customers with immersive, user-driven experiences.
Finally, 2023 will see the growth of blockchain-as-a-service (BaaS), a third-party, online infrastructure that acts as a web host for companies to run blockchain-based operations. The concept is similar to software-as-a-service platforms that allow firms to access software online via subscriptions. This infrastructure will be especially beneficial for businesses that would like to take advantage of blockchain technology but don’t have the capacity to build their own systems from the ground up.
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