Despite being overshadowed by the excitement over generative AI in 2023, development in Web3 applications and technologies forges ahead. Cryptocurrency, especially Bitcoin, is crucial to Web3’s success. In addition, after enduring a lengthy winter, the crypto industry shows signs of recovery, fueled by increasing institutional interest and Bitcoin’s widening popularity and upcoming halving. Putting this all together, it’s looking like the year 2024 might witness Web3 innovations becoming mainstream.
After carefully examining key resources such as Forbes, Cointelegraph, and the outcomes of the WOW summit, which happened a few weeks ago, we present the summary of the top three trends that will dominate the tech field this year. Keep on reading and discover how MPAX brings it all together!
The overview
According to the Coinbase International Survey of Web3 adoption, it’s expected to increase by 51% in the next three years, with 31% of people using Web3. In return — the industry respond: according to DappRadar, Web3 Apps surged 124% in 2023, while 21,300 monthly active developers contributed to open-source web3 projects per month.
The fact that there are so many active web3 developers speaks about the vibrant online web3 community. The strength and adoption of web3 will be much faster with more developers working on different projects.
Compiling all these facts and numbers together, here is the positive forecast of the Web3 market perimeter in the next seven years.
Who are the adopters?
While the boomers keep on building, Gen Z’s are adopting!
An interesting fact is that a global study reveals that 52% of Gen Z wish their schools taught more about Web3. The study found this generation eager to learn about technologies like blockchain and decentralized apps. Key concerns include privacy and online safety, with 58% worried about these issues.
When it comes to the global distribution of Web3 uses, North America has the highest web3 user base, accounting for 34% of users worldwide.
Overall, the key trends of Web3 highly depend on their adopters. Whereas privacy seems to be the key topic dominator in the industry and amongst the users, two additional trends have emerged from performed research, concluding the top three being:
- Data ownership and social web3
- Sustainability
- Decentralized finance
Let’s examine each of these further.
Data Ownership
As we delve further into the era of artificial intelligence, unresolved questions about data privacy and control persist — which raises one of the key points in the question of the evolution of Web3. By now, it’s widely recognized that our online activities generate and disseminate personal data. This data often goes through centralized channels of companies and government bodies, granting them complete oversight and usage rights. Despite trust in their privacy policies and adherence to regulations like GDPR, concerns about data violations and thefts remain.
Web3 is a potential remedy, with its decentralized databases and blockchain-driven applications. It aims to offer better privacy and security, returning data control and ownership to users. Theoretically, Web3’s encrypted tools and technologies are immune to the influence or censorship of any one party, including large tech corporations and governments.
In addition, the Web3 model guarantees rewards for the data owners for created content, creating a prosperous environment for the creator economy. Social platforms are where this model prospers.
Social Web3
Web3 has introduced decentralized social platforms, promising more private, uncensored communication and networking where users maintain control over their content and data. Transparent, open-source algorithms monitor and prevent misinformation spread, with policy enforcement via blockchain-based democratic voting systems. Though it might be beyond 2024 to see such platforms rival current giants like Facebook or TikTok, decentralized platforms like Mastodon, FriendTech and DeBank are gaining traction, signaling continuous innovation in this sector.
Combining data ownership, blockchain-based payments and social environment, formed the perfect environment for creators to foster their own social space where their content is being monetized without a middleman. We will come back to this in a minute and explore more innovative ways to truly monetize content and creators’ time!
Sustainability in Blockchain and Web3
One more major concern and another direction the industry is taking is the sustainability issue associated with blockchain and Web3. The energy-intensive nature of these technologies, particularly when using distributed and encrypted systems, is significant. For example, in 2022, the Bitcoin network’s energy consumption was comparable to that of Finland. In response, more efficient solutions like Ethereum’s proof-of-stake algorithms have been developed, alongside green Web3 initiatives like Regenerative Finance, which aim to use this technology for environmental and sustainable projects.
This trend is amplified by the fact that the top sector in project investments made in 2023 is the environment, with Carbonplace, an environmental startup, securing $45 million in funding from nine banks, including BBVA and BNP Paribas.
So… if you are a Web3 beginner, builder, or adopter — take don’t forget to include technology sustainability in your knowledge portfolio as it’s going to be a big topic in 2024!
Decentralized Finance (DeFi)
Whether you want it or not — the attention is where the money is, and in one way or another, everything circles back to one topic — finance. And the industry knows it. According to the Web3 development report, the most common types of Web3 startups raising funds were DeFi startups(26%) which signifies that DeFi is revolutionizing financial services through increased adoption of blockchain and decentralized technologies.
In our previous article on blockchain adoption, we highlighted its benefits to payment systems, including the fact that 1.7 billion adults lack banking access. Blockchain offers fast, low-cost transactions, bypassing traditional banking and allowing global access to the creator’s economy through crypto wallets and Web 3.0. Now, the world also sees that.
Overall, Web3 is set to redefine digital interactions, finance, and social dynamics, offering innovation and inclusivity in a decentralized, transparent world. Now… Where does MPAX fit in the Web3 space of creatives and data ownership?
MPAX redefines content monetization
Web3 is the renaissance of the creator economy: soon, creating content will not only be easier with the help of all the developed technologies, including AI but also its monetization will become fairer and faster. While sustainability is always a matter of concern, blockchain-powered payment systems and data ownership are the two key components, steering the wheel of the new world for creators to the clear direction of the complete ownership of intellectual property (IP).
But what does that mean for the wider society?
Leaving the techy part aside, people want two things: to be able to own their IP and make money out of it. And whereas social platforms play a significant role in bringing this to the mainstream, the monetization opportunities still need to be improved.
Here’s where MPAX steps in. Here’s how:
Instant Monetization: Unlike other platforms, MPAX allows creators to earn immediately, without waiting for ad revenues or sponsorships and blockchain technology makes this system accessible to all.
Flexibility: Creators on MPAX have the freedom to set their rates, choose their working hours, and decide the type of content they want to produce. In this way, you can grow your business and eventually give up your other full-time job, completely.
Accessibility: With MPAX, the barriers to entry are significantly lowered. Whether you’re a seasoned creator or just starting, MPAX offers an inclusive platform for all.
Read more on how MPAX is changing the status quo and making the creator industry accessible through POV live-streaming technology to all in our article here.
But for now… Leave 50 claps, because Web3 is bringing some positive waves for the creators! And make sure to keep up with MPAX by following our socials.
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