Are you a Web3 enthusiast who likes to keep up with the latest trends in the market? 2022 has brought many doubts in the Web3 market due to the sudden collapse of the FTX exchange platform and the Terra crash. Yet, the advancements and new innovative applications of Web3 technology hint that 2023 might be the year for mass adoption of blockchain and decentralized web. Now, you can expect an increased demand for interoperability, privacy, anonymity, and security, as DeFi evolves every day.
At present, you can notice that blockchain has extended its potential across the sectors like identity verification and supply chain management and a constant increase in the use of smart contracts and blockchain gaming. This is why many enterprises have gone consultation with a good blockchain development company. Similarly, the crypto market will experience a changeover in payments, stablecoin adoption, and new consensus protocols. I believe that this introduction is enough. Let me now get into the topic and discuss a few Web3 trends in 2023.
Latest Web3 Trends in 2023
Here are a few Web3 trends you should never skip in 2023.
Adoption of digital currency payments
Though crypto has had a slow adoption rate until now, the advancements in this space didn’t diminish. Instead, it expanded and earned an ideal place in the gaming sector as a widely accepted payment method. A study shows that 40% of people between the ages of 18 and 35 like to use crypto for payments in 2023. When demand spikes, the merchants will have no choice but to enable the crypto payment option. Already, Visa and Mastercard have sowed the seeds for this. Gulf countries are the people who are more interested in this crypto trend.
Risen Stablecoin Usage
USDT is one of the stablecoins, which are nothing but digital currencies with a stable value (less fluctuations), like USD. The Stablecoin concept was invented by Meta’s “Diem coin” and has gained traction among businesses that need a steady alternative to crypto. These coins are capable of sustaining market dips and is reported that the value of stablecoins has grown more this year.
New Consensus Algorithms
The exciting news is that 2023 is ready to onboard new consensus protocols which can support all the primary components of the blockchain, such as scalability, efficiency, and sustainability. Previously, Ethereum announced that the blockchain is prepared to switch its consensus from PoW to PoS, reducing up to 99.9% of electricity consumption. I believe this is just the beginning of a sustainable blockchain revolution.
Top Trends In The Digital Realm
Several trends shape the future of Web3, crypto, and blockchain realms. The emerging trends in the blockchain space are supply chain, smart contracts, blockchain digital identity, blockchain-based voting, and blockchain games. At the same time, interoperability, privacy, decentralized finance, and utility NFTs are the upcoming trends in the Web3 domain. Finally, in the crypto realm, the wide adoption of virtual currency payments, stablecoin adoption, and decentralized exchanges will be worthwhile developments to keep an eye on in 2023. To begin an up-to-date web3 project, you should approach a leading Web3 development company.