Web 3, also known as Web 3.0, is the idea of the next web generation. This technology will allow users to connect via a decentralized network. It has the potential to be a game-changer as Web 2.0 was. Its fundamental concepts are decentralization, transparency, and enhanced consumer experience. Thus, Web3 is the next big thing in the development of the internet.
In 2024, there will be applications of Web3 in various industries, including music, real estate, and gaming. In fact, we expect to find it in industries where consumer-based tools profit from blockchain features like decentralization and enhanced privacy. This article explores the top Web3 trends for 2024, as noted by industry expert.
De Fi Gambling
Cryptocurrencies have been introduced to the gambling industry for a few years already. Many online casinos and sportsbooks accept payments from their users through different cryptos. These digital currencies give players enhanced privacy and speed. However, DeFi gambling will take it to an entirely different level. Online gamblers will not just enjoy privacy but also anonymity and transparency. With DeFi casino games, every single wager can be traced on blockchain. Players can rest assured that the games are not rigged.
Some of this transparency is already seen with provably fair games, which use cryptographic algorithms. Such games allow you to verify the outcome of each game round independently. You can find information about these types of gambling platforms on sites like Slotsoo. Many of these casinos accept cryptocurrencies alongside fiat currencies. They also feature regular RNG games such as slots, video poker, scratchcards, and table games.
Increase in the Use of Stablecoins
Another area of Web3 that cannot be overlooked this year is the use of stablecoins. Unlike other volatile cryptocurrencies, stablecoins are connected to physical assets or currencies to help maintain some stability. An example is USDT, which is tied to the United States dollar.
Stablecoins help to reduce transaction costs. They increase the speed of international transfers by eliminating intermediaries. Recently, they have become trendy for this reason. PayPal, one of the biggest global fintech companies, launched its USD-backed stablecoin “PYUSD” in August 2023. This is the first time a prominent US financial company has introduced a stablecoin. Many more top companies around the world are expected to follow.
Assets Digitization
An additional trend to keep an eye on is the tokenization of traditional assets. This means the conversion of things like bonds, equities, collectibles, and real estate into digital tokens. The tokenization of these assets will enhance their liquidity and make them easier to trade. Furthermore, it will create more investment opportunities.
A good example is RedSwan, which tokenizes commercial real estate, making transactions quicker and more transparent. This can open more possibilities for investments to a wide range of people, including those who didn’t have the chance to invest in this type of asset before.
Powering AI Innovations
We can expect significant advancements in artificial intelligence (AI) and machine learning (ML) in 2024, thanks to their seamless integration with Web3 tech. Blockchain provides safe data storage and management. It also allows AI and ML algorithms to work efficiently. These algorithms get to analyze robust data sets and lead to brilliant robots that can solve problems without human help.
In addition, Web3 technologies enable the use of AI and ML in executing smart contracts, optimizing supply chains, and biometric recognition. It also ensures the safety of private data as it is managed by users.
Experts believe many more companies will turn to AI and ML to improve their operations. Integrating these technologies with Web3 will be crucial in achieving success with this.
Reinventing the Fashion Sector
One of the big things in digital fashion currently is the incorporation of blockchain, especially with non-fungible tokens (NFTs). According to fashion tech experts, NFTs are changing how people perceive authenticity and ownership in digital fashions.
It is also believed that Web3 will be combined with technologies like virtual reality (VR) and augmented reality (AR) to further improve the fashion experience online. Many fashion shows will be hosted in immersive virtual environments. Participants will be allowed to engage with the designs, even in ways that may not be possible physically.
Another trend we might see more of is the use of smart contracts in fashion. These will automate payments and royalties, ensuring that designers are paid fairly. Web3 will make digital fashion more available to everyone as independent creators can display their works without needing approval from big fashion companies.