In case you missed it, a new generation of the World Wide Web is coming. The current version, Web 2.0, tends to focus content on social networks owned by big tech companies like Google and Meta. In contrast, proponents claim that Web 3.0 will be decentralized, allowing content creators to make more direct profit from their work, which is often paid for in cryptocurrency and whose ownership will be verified through public entries on blockchain.
A year after the high-profile fraud case involving the CEO of cryptocurrency exchange FTX Sam Bankman-Fried, make no mistake: Web 3.0 is evolving and growing.
Here are eight Web 3.0 trends and predictions to watch:
1. Marking up real world assets, Like real estate and use blockchain technology to track them down. “One of the big innovations of Web3 is tokens — fungible and non-fungible assets that are inherently unique — and the ability to program them with smart contracts that track them,” said Avivah Litan, senior vice president and analyst at Gartner. .
2. More failures in the cryptocurrency industry. He predicted that at least another major cryptocurrency platform would fail in 2023, Litan said, not because of any weaknesses in blockchain technology, but because of human corruption. “Last year we saw a big Ponzi scheme – ‘pump and dump’ – but it had nothing to do with technology,” she said. “Hopefully, we’ll get all the crooks and corrupt actors out.” She added that this would not happen until regulators put in place clear new regulations that they could enforce.
3. The organization’s use of coding. “We will see the use of tokens to monitor supply chain and financial use cases,” Litan said. Case in point: Financial services firm Goldman Sachs made a $100 million bet on blockchain bonds.
4. Web 3.0 adoption becomes real by the end of the year. Web 3.0-based business uses will soon move beyond experimentation to routine implementation. Gartner predicted that by 2024, 25% of companies will use centralized services wrapped around decentralized Web 3.0 applications. Case in point Non-Fungible Tokens (NFTs) For housing, office space and tokenized real-world assets used as collateral for decentralized finance loans.
5. The convergence of the simulated and real worlds. “Web3 technologies are improving the way humans interact with each other and increasing the ability to create immersive experiences,” said Scott Likens, leader of the Innovation Center at consulting firm PwC. Although not completely identical, that is Metaverse It intersects with Web 3.0 technologies, expanding the possibility of social networking as individuals create and then own their own business, in contrast to Web 2.0, where it tends to be centralized ownership of digital content.
6. Ethics will be created for Web 3.0, increased confidence. Developing enforceable regulations will increase confidence in new environments such as the metaverse and those created by Web 3.0, according to Likens. But trust arises from human emotion, so technical judgments per se — in a blockchain, for example — won’t be complete. The idea behind bitcoin Cryptocurrency in its infancy was that trust built into the technology. There is transparency because everyone can see the transactions. But people seem to need more reassurance than that. “As organizations, we have to create a trusted environment where people are accountable from the start, so our customers know they can use this technology in a reliable way,” Likens said. This is especially important in the wake of highly visible cases of cryptocurrency fraud.
7. Blockchain costs are likely to fall. In addition to the built-in cost of storing information on the server, there are additional costs related specifically to the blockchain. “Gas fee” refers to money paid to people who verify additional content additions or transactions in distributed ledgers located in public blockchain. said Tom Tully, author of How to Create a Web Startup 3: A Guide for the Startups of Tomorrow. With the spread of technology this year, he said, costs are likely to start to level off as more competition emerges in the market.
8. High-profile consumer plays. Large companies from various sectors are demonstrating their “wow factor” by creating experiences for consumers based on NFTs and cryptocurrencies. Watch your new splashy creations. For example, Starbucks is said to be finalizing beta testing for the Starbucks Odyssey Loyalty experience Based on web 3.0 technologies. Starbucks Odyssey members will be able to earn and purchase collectible digital stamps (NFTs) that will give access to new and immersive coffee experiences. According to its website, Starbucks is one of the first companies to integrate NFTs with an established loyalty program, creating an accessible Web 3.0 community that will enable new ways to interact with members and employees. While it may be difficult at this early stage to see how such a high-tech experience can be justified by purchasing a relatively low-cost good like coffee, it may be worthwhile for the brand to emerge as an early adopter.