As 2024 unfolds, many trends arise. We have witnessed many initiatives to ensure Web3 has democratized access and can be upheld to mainstream usage. Can this be the year we take that leap and close the gap between early adopters and mass adoption?
With the continuous growth of Web3 and its transition from novelty to established technology, mainstream adoption is expected to rise. In 2024, we might witness such evolution, and some media outlets have been sharing some trends that tend to confirm this assumption, such as CoinTelegraph, Forbes, Economic Times, and many others.
According to the website Lucidity Insights, focused on sharing trends, news, and statistics on Web3-related subjects, “it is expected that sometime between 2024 and 2025, the world of Web3 would have onboarded 1 billion crypto users”.
The same website indicates that while Internet adoption between 1992 and 2006 had a year-on-year growth of 33%, blockchain and crypto have maintained an 80% average yearly growth since their conception.
Many blockchain experts are optimistic: although technology has been a massive challenge for mass adoption since decentralized apps are more difficult to navigate and have a more challenging user experience than traditional Web2 apps, we are now turning around to simpler, more user-friendly dApps, making mass adoption feasible.
A recent Web 3.0 Market Report by Markets and Markets forecasts the global Web 3.0 industry to grow from USD 0.4 billion in 2023 to USD 5.5 billion by 2030, at a CAGR of 44.9%.
Web3 trends in 2024
2024 is expected to be a year of massive growth for Web3 businesses. As information on this new era spreads around and education regarding this subject becomes clearer and more straightforward, users and businesses can have a better understanding of Web3 apps’ applications and advantages.
A few trends support this forecast, some of which have been rising since last year. We compiled a list of the top 6 we believe will make a difference this year in the massive growth of Web3.
Regulation on Web3 has been on the table for quite some time now since companies and institutions feel understandably more comfortable being in a Web3 environment if they are under the protection of a regulated and legislated market. We’ve talked about this in our latest webinar with Darien Advisors.
It is expected that in 2024, there will be significant advancements in regulation worldwide, opening new opportunities for countries to further embrace DeFi applications and cryptocurrencies, allowing for a more mainstream adoption.
Today, the importance of interoperability between networks becomes clear in order to allow the interchange of protocols within dApps and other Web3 products.
This will empower an omnichain vision that some assets can be exchanged within different main nets, creating cross-chain liquidity stealing tokens.
As Web3 adoption grows, there is a rise in malicious applications and hacking incidents.
Cybersecurity becomes a priority, as well as compliance, so businesses can be trusted and people can feel safe about their data, assets, and transactions.
4) Account Abstraction
Account Abstraction represents a new way of protecting users while benefiting from their wallet access. It intends to work from account contracts rather than traditional smart contracts and Externally Owned Accounts (EOA). Metamask explains it in detail here.
In 2024, it is expected that, along with the privacy trend, more users choose to engage with account abstraction to protect their assets and transactions, which also has the benefit of creating shared wallets without the risk of losing all holdings and is compatible with multiple chains.
5) NFT Revolution
Tokenization, particularly through NFTs, is undergoing a turnaround. NFTs will no longer be limited to artistic applications but will expand to multiple industries, such as gaming and real estate.
We expect to see different and creative use cases that prove that technology can be adapted to every vertical need.
People are migrating towards a more secure and private web space where they can connect with their peers without having to share their data with centralized third-party providers. Decentralized social media are arising and growing within the Web3 Community, making people abandon conventional social media platforms with higher risks of data leaks, such as Meta and X.
As this movement increases, we expect to onboard many more people into Web3 spaces and social platforms, which in turn will grow the number of adopters and influence more people to join this community as well.
There are numerous other trends that have been around for quite some time and can also have a huge evolution in 2024, such as AI, the Metaverse, and content monetization. We are confident that this year will have a major impact on the Web3 Community and, especially, on mainstream internet users' perception of this new wave of technology.