The most lucrative Web3 growth trends for developers in the year 2023
Web3 has always been the most anticipated version of the internet. Ever since the establishment of Web2, internet users were constantly demanding a more democratic and decentralized version of the Internet. These demands became a reality when the term Web3 was coined in 2014, but the idea of Web3 actually started gaining functionality from 2021 onwards.
Although the rapid development of blockchain technologies just made the process a lot faster. For example, despite the situation of a bear crypto market throughout 2021 and 2022, new dApps were constantly being launched. It could sound surprising but just in the last quarter of 2022, 4.8 million smart contracts were deployed on the blockchain which was a 453% jump from its previous quarter.
But that’s not all: innovative leaps such as decentralized social media, utility-based NFTs, and Web3 games, are already ushering in new business use cases. But 2023 has many more trends that developers could leverage to grow their ideas and build promising startups.
In this blog, we will read about the most promising Web3 growth trends that could help developers consider whether this rapidly-growing niche is for them or not. Without a doubt, developers need to learn why these trends are vital and how they can contribute to Web3 development on the whole.
Why do Developers need to enter Web3?
The concepts of NFTs, Crypto, DAO, and DeFi are not novel anymore. All these technologies are now leveraged by developers and brands to make such digital assets or applications completely ownable and controllable by users. Since these technologies eliminate all kinds of third-party involvement or dependencies, this makes the system much more transparent and resilient. There are many more reasons like these due to which such technologies are being preferred by modern users.
Now, amid these technologies, Web3 has brought in the concept of cryptography which provides immense protection to users’ personal data and thus makes Web3 platforms much more secure. And as Web3 is also being developed using blockchain technology, its platforms will be completely open and will have an unchangeable record of all transactions.
In the year 2021, the global Web3 market was estimated to be worth US$ 1.36 billion. It is also estimated that this market will grow with a compound expansion rate of 44.9% till the year 2030. The major cause of this huge expansion is predicted to be the data security feature of Web3, which further promotes the idea of decentralized identity. Also, the accessibility of 5G and 6G networks in the future will make the adoption of Web3 platforms much easier. Many more reasons like these will only promote the accessibility and preference of Web3 in the future.
Now, let’s learn about the most trending Web3 sectors of 2023 that developers can engage in:
Trend 1: Web3 empowering AI and ML
Web 3.0 is already packed with the most significant features of machine learning and artificial intelligence (AI), and Web3 takes AI to another level. As we know that Web3 is immensely secure due to blockchain, which makes it the best option for secure storage and effectively managing information, AI and ML algorithms will work more effectively on it. Effective integration of AI and ML on Web3 platforms can completely end the human dependency on handling a large number of issues.
In 2023, AI and ML integrated Web3 platforms can effectively improve issues in the areas of supply chain optimization, biometric recognition, and smart contracts execution. Developers can build highly futuristic and automated Web3 platforms by exploring more effective ways to integrate them with new-age AI and ML.
Trend 2: Metaverse through Web3
Even if the Web3 metaverse or decentralized metaverse is not a novel concept this is certainly a sector that needs to evolve more. There are not many decentralized metaverse platforms active right now. However, the popularity and demand for such metaverse platforms are clearly skyrocketing.
As you already know that the metaverse is one of the most effective ways of virtual interaction; users are seeking platforms that promote a more real-world experience. A number of companies and startups are already using decentralized metaverse platforms for building communities and providing them with a more real-world-like experience with their products. Lumos Metaverse is a platform that provides all the growth and learning opportunities to Web3 enthusiasts and developers. This metaverse hosts the world’s best Web3 development companies and investors that are ready to put their money into your growth.
Developers can also build metaverse-enabled Web3 games. Demand for such games is going to rise in the year 2023, as they provide a more immersive gaming experience. Such a metaverse can also be enabled with play-to-earn features, such as in-game NFTs and marketplaces, which will be a great revenue model.
Trend 3: BaaS Via Web3
You may already know about Software as a Service (SaaS). But in 2023, you may hear more about Blockchain as a Service (BaaS). Built on the concept of SaaS, BaaS will involve third-party companies providing blockchain-enabled services and technologies to other establishments. This will prevent companies from the hassle of building their own blockchain platforms.
Because of BaaS, companies won’t be required to build their own blockchain platforms from scratch, but they’ll be able to benefit from all the blockchain features. Such solutions will be more cost-effective and instant for companies looking to get ahead of their competitors. Looking at the demand for SaaS, startups that offer BaaS can create fortunes in the coming years.
Trend 4: Sustainable decentralization through Web3
We all know the impeccable digital and security features offered by blockchain technologies. But we also can’t ignore the energy consumption drawback of these technologies. It has been reported that Bitcoin mining using its PoW algorithm consumes around 144.63 TWh (Terawatt-hour) annually. This amount of energy consumption is equivalent to the annual electricity consumption of a small country like Sweden or Malaysia. These technologies are generating bizarrely high carbon emissions which will severely affect the environment in the future.
But Web3 can be the savior. Developers can work towards finding more environmentally-friendly Web3 solutions. Ethereum recently switched from the proof-of-work to proof-of-stake algorithm. This effectively reduced their energy consumption by 99%. Such solutions will be highly prioritized in the future, hence working in this direction can be very fruitful for developers.
What developers should be aiming for?
A complete transition from web2 to web3 is inevitable. This is the best time for developers to put their efforts into generating more effective and futuristic web3-based applications. However the race has just begun, but the ones who can take the lead now will lead the future as well.
That said, we’re building a developer-centric metaverse for you to learn, earn, and get hired. Sign up to join the Lumos Metaverse Whitelist for exclusive access:
