Top marketing predictions for 2023
With a market size expected to reach $81 billion by 2030, the growth of the Web3 industry looks exponential this year. Since 2020, digital currencies have begun to gain ground in the global market, so 2023 will have unique updates like Flux, the Semantic Web, low code application building software, and others. Funding will slow down in the 1st half of the year and hype around new tokens will be dead.
2022 brought many challenges for blockchain and crypto-related projects which tested the ecosystem. 2023 will see an amazing adoption of Web3. Because people would realize it’s far better than traditional systems in security, transparency, cost-effectivity, speed of transactions, and storage.
Let’s read the trends now.
As decentralized metaverse is a hot trend in Meta to Microsoft, many platforms made it a core of their business. The best examples are Decentraland and Sandbox.
Decentralized environments act as a foundation where Web3 takes you to DAOs (Decentralized autonomous organizations). Now, it leads to an interactive 3D web technology that will involve virtual personalities, gaming, and other functions. That will result in more employment opportunities. Using peer-to-peer (P2P) principles, Web3 will distribute ownership rights to the participants. Two such projects in the GameFi space are Axie Infinity, the Otherside by Yuga Labs, or DRKVRS.
2. More practical uses for NFTs:
After a turbulent 2021, NFTs have seen a stable 2022 with more than 1.5 Million NFT art sales. It already captured a 60% market share of the digital art space. In 2023, the NFT space will touch its maturity and big brands will come into the space. Despite producing non-specific targets, 2023 will see more “Utility NFTs” with targets.
Companies like Reddit, Ticketmaster, and Starbucks will be consistent in experiments with NFTs.
3. Custody of assets:
Keeping custody of assets on blockchain networks will be a new trend. The major reason will be adaptability, scalability, and regulation after the sensitive FTX situation in 2022. 2023 will include a continuation of 2022 events like ramps, and layer 2 scalability options. People will also become more diligent in crypto investments for better safety and security of their wealth.
As capabilities and user experience of DEXes (Decentralized Exchange) and Defi products evolve, the demand for CEXes (Centralized Exchanges) will decrease due to a lack of incentives.
4. Regenerative Finance (ReFi):
It promotes financial incentives for projects that restore resources for environmental wellness. The World Economic Forum has focused on potential technology holds to allow organizations to build collaborative technology designed to speed up climate change reforms.
In this new year, it’s high time to reduce the energy consumption of Web3 initiatives. For example, Bitcoin has absorbed as much energy as Argentina (130 TW per hour).
5. Larger companies will start adopting Web3:
Big brands like Reddit, Nike, Starbucks, and others brought Web3 into their business. Financial companies like JP Morgan, KKR, and others have already invested in Web3. Despite the fall of FTX, companies are confident of experimentation with blockchain.
BaaS (Brands as a service) is a new trend in the blockchain. It will allow users to work with blockchain and create their digital products (a cloud platform).
As AI and ML will be mainstream in Web3, they will introduce new methodologies, and data to connect different people, and generate new content. With advantages in web development, new-age technologies will transform algorithms and models for explaining information and analyzing future events.
Three blockchain projects built for AI are Fetch.AI, Ocean Protocol, and Cortex Labs.
6. Web3 social network:
As Elon Musk acquired Twitter in 2022, it fuels rumors of emergence of new social media platforms. The Tesla CEO has spoken of such a social network where users will pay a little amount of cryptocurrency every time they post a message. It will be of massive significance as it would be resistant to censorship.
As current social media firms like Facebook, Twitter, Linkedin, and others include rules, it’ll be up to them to allow or deny. Though it’s a great thing for Web3 enthusiasts, the government or lawyers will have the final say about free speech.
