Web3 Trends 2024: 5 Exciting Ways Web3 Will Empower Your Life Beyond Crypto
The past year has seen an explosion of interest and investment in Web3 technologies like cryptocurrency, NFTs, and the metaverse. But while these innovations have grabbed headlines, there are many more ways that Web3 will fundamentally reshape our digital lives in the coming years.
In 2024 and beyond, Web3 will move beyond just digital currencies and assets to transform how we connect, work, play, and create value online. Here are five key areas where experts predict Web3 will have a major impact in the next 12-18 months and change many aspects of daily life.
Introduction
2022 was the year when concepts like the metaverse, NFTs and decentralization went mainstream. But if you think that was mind-blowing, just wait for what 2024 has in store as Web3 goes beyond crypto.
I don’t know about you, but I find it hard to keep up with all the innovation happening in this space. It seems like every day we’re seeing new applications of blockchain technology that could fundamentally change how we interact online. Pretty soon our digital lives are going to look very different than they do today.
In this article, we’ll dive into five specific ways Web3 is poised to shake things up in 2024:
- Reinventing social media with user ownership and control
- Making play-and-earn gaming mainstream
- Empowering creators with new monetization and engagement tools
- Unleashing the potential of decentralized autonomous organizations
- Building portable digital identity and reputation
Let’s look at each of these key shifts in more detail. Buckle up, the open metaverse awaits!
Web3 Social Media and Networks
Don’t you just get so frustrated sometimes by all the ads, algorithms, censorship and lack of privacy on platforms like Facebook and Instagram? I get it, not everything about Web2 was bad, but wouldn’t it be nice if we could hit reset?
Well, that’s exactly what some startups are trying to do by building Web3 social networks owned by communities, not corporations. On these new platforms, your data belongs to you. You can take it wherever you want.
Services like Lens Protocol by Aave enable features we can only dream of right now like verified profiles, transparent moderation, frictionless payments, and more. Of course, governments will still want to clamp down on illegal activity, but the days of benevolent dictatorships like Zuckerberg’s reign could finally end.
Key shifts:
- Users will have sovereignty over their social data, which can be taken from app to app.
- Moderation and censorship resistance will be baked into protocols.
- Compensation models like tipping and crowdfunding will be seamless.
- Scams and misinformation may be reduced without centralized control.
Now that’s something to get excited about!
Play-and-Earn Gaming
We’ve already seen the staggering amounts of money some people are making by playing crypto games like Axie Infinity. But soon, play-and-earn models are going to spread to mainstream games too.
Giant publishers like Ubisoft are now building titles that let players truly own in-game assets as NFTs. This unlocks new experiences like open markets and provably fair competitions.
Imagine being a pro gamer who earns rewards for your skills that can be traded or used across the virtual worlds you inhabit. That’s the future Becky al-Khalifa from Morocco is helping build. The 17 year-old took home over $150,000 last year from playing and coaching blockchain-based Naraka: Bladepoint.
Expect in 2024:
- Top studios releasing major blockchain games across all genres.
- Global player-driven economies with cross-game asset utility.
- Professional play opening up new earning opportunities.
- Guilds emerging as PR and marketing vehicles for players.
Web3 promises to make more stories like Becky’s possible by opening up global player-run economies. Exciting times ahead!
Creator Monetization and Fan Engagement
It still blows my mind how much value can be generated from digital assets associated with a person’s brand and content. But it makes sense. Why shouldn’t creators have the ability to engage audiences in new ways while retaining control and ownership over their work?
NFTs enable direct support from fans. Tokens align incentives between creators and communities. And everything from ticket sales to merchandise can happen on-chain automatically. The middlemen are getting squeezed out.
Key shifts for creators in 2024:
- NFTs allowing highly customizable merchandising and unlockable content.
- Automated royalties from secondary sales via smart contracts.
- Direct community token incentives and governance.
- Decreased platform dependence and intermediaries.
Web3 promises to be a boon for influencers and artists across all verticals who want to own their destinies. The future is bright!
Decentralized Autonomous Organizations
You can’t talk about Web3 these days without mentioning DAOs. These decentralized autonomous organizations are like internet co-ops on steroids.
The possibilities are endless when communities around the world can pool resources and make decisions collectively via transparent embedded rules. Just look at what ConstitutionDAO pulled off when it crowdfunded $47 million in a week to try and win an auction.
Watch in 2024 for DAOs:
- Funding socio-economic development like DIGDAO.
- Buying IRL assets like real estate as investment vehicles.
- Managing virtual worlds and games like Otherside.
- Replacing modern corporations with decentralized stakeholder models.
When ownership and governance are distributed fairly using blockchain tools, people feel intrinsically motivated to contribute to collective goals. Exciting times ahead in the world of DAOs!
Web3 Identity and Reputation
Imagine what it’d be like if you truly owned your personal data profile and could control who accesses it. Services like Ceramic Network are using decentralized identifiers to make that possible. No more creating endless accounts and passwords!
Plus your online reputation can finally be portable too. Attestable achievements earned in one corner of the internet will be trustlessly verifiable everywhere.
Benefits of Web3 identity and reputation:
- Own and control your digital profile interoperably.
- Selectively disclose credentials as needed.
- Build reputation across communities and virtual worlds.
- Prevent impersonation and falsified claims.
- Manage privacy and data sharing.
This is a key part of the Web3 vision – user-controlled digital identity. Exciting times ahead!
Conclusion
As we’ve explored, Web3 in 2024 will make money, social networks, gaming, creative work, organizations and identities more interoperable and user-owned. While challenges around regulation and adoption remain, Web3 unlocks paradigm-shifting possibilities to change online life for the better.
The past year has been full of hype and speculation. But soon real utility and value creation will come to the forefront. Beyond the rollercoaster of cryptocurrency prices, Web3 promises to redistribute power and opportunity to everyday internet users. The open metaverse awaits!