Web3 : What Trends To Watch In 2023
Web3 is the next evolution of the internet, consumer behavior, and culture. It is powered by blockchain technology and includes new technologies like cryptocurrencies, NFTs, DeFi, and the Metaverse.
This Web3 revolution started with digital art until moving to fashion, sports and music.
Cryptocurrency adoption has been growing steadily all over the world, and it’s estimated that there will be over 300 million users by early 2023. This is a huge increase from just a few years ago, and it shows that more and more people are starting to see the benefits of using digital currencies. With so many people using cryptocurrency, it’s clear that it’s here to stay.
Trend #1 : We’ve All Heard Of Metaverse (even though, it’s not really here yet)
While Roblox and Fortnite are popularly known as “Metaverse platforms”, Marketers are still working on understanding the virtual spaces and worlds to be considered.
The “true” metaverse as we imagine it, is still a long way away and will not be a mainstream driver of Web3 technology or culture in 2023.
Trend #2 : Every Major Brand Will Have An NFT Strategy
More and more brands are beginning to invest in and utilize Web3 technologies as part of their larger marketing and business strategies. 2021 has been the year of dropping NFTs, activations in the Metaverse, and testing out new use cases for blockchain.
NFTs are a technology. And, as a technology, they can be applied to almost infinite use cases. In 2022, we saw NFT utility further expand into physical-digital merchandise, ticketing, music royalties, in-game rewards, and clubs; into access tokens for digital content, and dynamic assets based on real-world behaviours.
Across the winners, Nike has overall made great strides in the web3 domain and has been ahead of other brands in revenues from NFTs. Winning brands such as Dolce & Gabanna, Tiffany, Gucci, Adidas, Time Magazine, Budweiser, Bud Light and Lacoste have identified and targeted specific audiences in Web and developed Web3 strategies mixing digital worlds, wearables, token and loyalty programs.
Trend #3 : Big Web2 Companies Experimenting Web3
Big players like Instagram and Reddit platforms have deployed pilots in 2021 and 2022 that will definitively accelerate in 2023.
From having the ability to use and verify your NFTs as Twitter profile picture to having NFT-gating for Shopify store owners, Web2 companies are driving mass reach and adoption.
Trend #4 : More Crypto Payments Acceptance
Buzztime opportunity and also a viable digital payment solution, Crypto has a range of business value drivers including immediate transaction settlement, greater access for payments, lower transaction costs, and the promise of decreased risk and fraud.
For consumers, paying in cryptocurrency offers many benefits that other payment methods don’t, such as new opportunities for engagement and rewards, transaction simplicity, and increased data privacy. For instance, Visa is encouraging using crypto payment for everyday purchase.
Trend #5 : Token Ticketing
Although there are been some major announcements from large organizations about using blockchain-based ticketing, we’ll probably see bigger things happening in 2023. Observed use-cases in 2022 consisted in conferences, concerts and festivals to create engagement before, during and after the event.
