You need to login in order to Like

Web3 Gears Up To Welcome 2024

By Team 3.OTV

The emergence of Web 3, also referred to as the World Wide Web, has had a significant impact on empowering customers. It has allowed them to regain control over their property, which was previously susceptible to external interference and scattered.

Web 3, also known as the World Wide Web, played a crucial role in empowering customers by returning control over their property, which was previously vulnerable to outside interference and dispersed.

After demonstrating its ability to fortify modern tools like blockchains, cloud computing, cryptocurrencies, NFTs, the metaverse, and decentralized ledger technology (DLT)-based technologies, among others, it is creating new opportunities in the form of generative artificial intelligence (AI). There’s more interest in the space because of its enormous potential.

We will attempt to outline the specific applications and uses of Web3, as well as its economic significance, in the context of creating a fully transparent and intrusion-free digital ecosystem.

So let’s start with the virtual asset markets, which have enormous room for expansion.

To begin with, we are discussing the market outlook for 2024. and it appears we will have a lot of time.

VDA Outlook for 2024

As we approach the end of 2023, the one asset class brimming with joy—outperforming competing asset classes and radiating potential future gains—the virtual digital assets (VDAs), popularly known as cryptocurrency, has surprised one and all.

Leading from the front was Bitcoin (BTC), the largest cryptocurrency by market capitalization, which vaulted nearly 155% during 2023, marking the best year since 2020, when it rose a phenomenal 305%. Bitcoin pierced through $45,000 during the second week of December, when the Federal Reserve hinted at retreating from its well-orchestrated tighter monitoring policy.

Rate hike measures taken by the central bank yielded more or less the desired results, and the Federal Chair is now mulling to reverse nearly three quarter basis points next year.

That’s a big positive for most risky assets. Crypto’s, by virtue of sharing properties similar to those of gold, stands to gain.

Further, certain peripheral activities such as spot Bitcoin ETF, halving process, FASB recommending fair value pricing for accounting purposes, etc. are strengthening the bullish case.

Coinbase has instituted a comprehensive report listing the above aspects. It mentioned that the crypto markets have staged a remarkable recovery and sustained development, which underlines the resilience and staying power of cryptocurrencies.

According to the projections, the cryptocurrency market could reach a staggering $10 trillion by 2025, representing a potential growth of 1,146% to 1,300%.

We will witness increased participation in the long run by taking well-informed decisions and staying away from illicit trading activity.

We will now move to the technology aspect, which has captured the imagination of many corporations. Blockchain is the buzzword among technology developers, so let’s take a look at its future prospects. It has the potential to shape the world, or rather, the digital ecosystem, for the better.

Blockchain Outlook 2024

Although cryptocurrencies have brought blockchain technology worldwide recognition, new enterprise and consumer use cases are emerging on the sidelines.

More businesses will use blockchain in 2024 to make transactions more secure, transparent, and resistant to cyberattacks.

Blockchain was mostly used for proof-of-concept development in 2023. However, in 2024, commercial deployments of blockchain will occur across industries, largely due to AI.

Blockchain’s impact on the world’s financial system is expected to grow substantially as decentralized finance, digital currencies issued by centralized banks, and the tokenization of physical assets all take shape in 2024.

The global blockchain market is estimated to be $8.89 billion in 2023, and it’s expected to reach $2,334.46 billion by 2032, driven by the “increase in venture capital and investment in blockchain technology; widespread use of blockchain solutions in banking and cybersecurity; strong adoption of blockchain solutions for smart contracts, payments, and digital identities; and increased government initiatives,” according to a report from Precedence Research. (Source: https://www.techopedia.com/top-blockchain-trends)

In 2024, we will also see more blockchain adoption by governments in public sector administration. In India, blockchain technology is already in use for a wide variety of projects by both the federal and state levels of government, including data management systems and the production of verifiable certificates.

In conclusion, to unlock the full potential of blockchain, increased regulatory clarity is critical. In 2024, we hope to see more regulatory clarity at the global level.

Investors and industry observers will find this update beneficial as it presents the changing facets of technology and its governance.

Now it’s time to move to the non-fungible token (NFT) market, which is experiencing an interesting trend of late. The resurgence is quite mind-boggling. So let’s understand the specifics behind this.

NFT Market Outlook 2024

The year 2023 was quite a journey for NFTs. NFTs achieved notable progress in 2023 despite a market slump early in the year, showcasing their resilience and long-term development potential.

Initiatives that emphasized technology innovation, community-driven ownership, and practical utility prospered. NFTs explored uses outside of art and collectibles as the regulatory environment changed to give the industry legitimacy. Overall, 2023 established the foundation for future NFT development expansion and assimilation into the digital economy.

Projects ought to reflect the true worth and usefulness they provide in 2024. This change results in NFT initiatives that are more valued and resilient to changes in the market.

From 2023 to 2028, the Non-fungible Token (NFT) market is projected to expand at a compound annual growth rate (CAGR) of 30.23%. Experts project that the market will reach a value of USD 68.16 billion as it expands. A number of variables, such as the rising demand for digital art, the rise in investments in digital assets, and the distinct ownership and authentication of digital assets, influence the market’s growth.

After a quick take on the NFT market, it’s time to dwell in the immersive technology space of the metaverse. It is an imaginary world, and so is the future outlook.

Metaverse Market Outlook 2024

A report by Bloomberg predicts that the metaverse will reach a commercial market worth $800 billion by 2024. Another interesting report by the World Economic Forum says that nearly 700 cities worldwide will embrace metaverse infrastructure by 2030.

Advancements in hardware, software, and connectivity will drive the global VR and AR market to reach $300 billion by 2024. The rapid evolution of VR headsets, AR glasses, and the integration of 5G networks will significantly fuel Metaverse growth.

Specific factors such as user adoption and engagement, along with industries poised for transformation like the global entertainment and gaming industry, will drive the expansion of the metaverse in 2024.

The gaming industry will experience a substantial shift as more gaming companies integrate Metaverse elements into their platforms, enabling more interactive and immersive experiences for gamers. The entertainment industry, including live events and concerts within the metaverse, will also see a surge.

Building the metaverse is one thing, while developing games based on immersive technology is another. Let’s take a look at the market dynamics of the gaming sector.

Gaming is the most exciting place within Web3 for obvious reasons; it finds favour with your energy. Let’s do a quick check on the gaming sector and its potential in 2024.

Gaming Market Outlook 2024

The gaming industry has evolved through various stages, from arcades to online platforms and now to blockchain. Web3 gaming has the potential to revolutionize this industry by offering new monetization opportunities, decentralized governance, increased interoperability, and improved user experiences, thereby creating a sustainable, equitable, and enjoyable gaming experience for all.

Deloitte predicts the gaming industry will reach $435 billion by 2028, with a CAGR of nearly 12.1% from 2022 to 2028. Deloitte predicts that investors will invest $2.3-2.6 billion into blockchain gaming in 2023.

So this year we witnessed how developers of traditional video games are exploring Web3 integration, and markets like the Epic Games Store are considering hosting Web3 games, bridging Web3 and traditional gaming for a wider audience.

For instance, traditional gaming giants like Ubisoft, the publisher of the successful franchise ‘Assassin’s Creed’, forayed into the Web3 gaming space.

Square Enix, creators of the 180 million-copy-selling Final Fantasy video game series, launched the website for their Web3 game ‘Symbiogenesis’. The company is launching competitions for players to create and potentially win playable characters, followed by the release of the game itself, showcasing traditional gaming giants’ foray into the Web3 gaming space.

The majority of blockchain game developers (almost 40%) see conventional gaming studios as a major beneficial factor that will propel the Web3 gaming business forward in 2024. Apart from this, a lot of analysts believe that web3 gaming will be a major catalyst for Bull Run in 2024.

You need to login in order to Like