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Web3 Trends in 2023

Web3 Trends in 2023

Anyone directly involved with technologies like blockchain, cryptocurrencies and NFTs will be aware of Web3 or Web 3.0 and what it generally refers to. Others may have a vague idea without knowing much beyond the basics, if anything at all, and that’s because it is still a new concept.

The term has technically been around since 2014 but it only really started gaining traction during 2021, popularized as it was by investment groups, tech companies and cryptocurrency enthusiasts. It refers to several trends which often share a common theme of decentralizing the internet, which means to limit the scope and influence of huge corporations and ‘Big tech’ companies on the world wide web.

Web3 obviously follows on from Web2 (or Web 2.0 as it was known back in the day), which represented the creation of the user-generated web in the form of social media sites like MySpace and Facebook. Decentralization is the next step, which brings us to Web3, though it is unlikely to be a smooth journey.

There are still many issues with Web3 which must be addressed over the course of the next 12 months, so here we look at the trends that will influence the development of Web3 technology throughout 2023.

Decentralizing the Metaverse

As one of the main themes of Web3, decentralization will continue to be a major factor in its development over the next year. One area where this will likely manifest more predominantly is with the metaverse.

While centralized corporations are making plenty of headlines with their own metaverse plans, there are many smaller and independent entities developing their own decentralized metaverse platforms. Expect big strides in this area in 2023, especially as social issues such as censorship, free speech and various political ideologies plague established centralized platforms such as Facebook and Twitter.

With decentralized metaverse platforms able to operate as censorship-free social networks, the demand for such places on the web is likely to significantly increase.

Reducing Web3 Energy Consumption

Efforts to reduce the energy consumption of Web3 technology have already begun taking place, but there will need to be much more throughout 2023. In addition, expect Web3 to start playing a bigger role in helping organizations collaborate and design technology to mitigate climate change through the likes of regenerative finance and other methods.

Increasing Web3 Friendliness

‘Web3 friendly zones’ are already a thing, with some governments positioning themselves to welcome the technology so long as it abides by certain regulations. Such Web3 friendliness will continue, as authorities attempt to get ahead of the game and achieve some sort of control over what they likely perceive as an otherwise inevitable Wild West version of the web.

Other places are also setting themselves up to be hotbeds of Web3 development, such as Dubai. The Emirate has introduced economic programs beneficial to Web3 developing firms, as well as for metaverse, AI and cloud computing technology.

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