The global Web3 market was $3.2 billion in 2021. It is predicted that it will grow. It is likely that there will be a policy change for Web3 innovators. There is an increased use of decentralized social media. There will be more tokenized assets. There will be an increased use of blockchain technology. There is more focus on value creation. There are new avenues of value emerging. Older spaces are become old-fashioned.

There have been many good developments that are the foundation for blockchain adoption like venture capitalist posture maturity and new technologies like Optimism and Arbitrum that see scaling issues with blockchain.

What is Web3?

What Is Web3 All About? An Easy Explanation With Examples

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It is basically a decentralized internet. It is owned by builders and users. It is based on blockchain. It has a concept of token-based economics. It is a new iteration of the World Wide Web. It is projected to increase this year and the decade. This is because of the increase in new technologies built on blockchain. Some say it is the internet of the future. Web3 will provide data security, scalability, and privacy for users. It will reduce the influence of large technology companies. It also has a concept of Decentralized Finance (DeFi). In this, users exchange currency without bank or government involvement. It is said that Web3 will work along with Web2. Web 2 will adopt Web3 technologies so that their services are also prominent. In 2023, it is going to be a popular topic for discussion.

Changing policy landscape

Decrypt: Can India drive Web 3 via policy?

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The Web3 is growing rapidly. There was a lot of discourse on regulation and policy approaches for Web3 in 2022. In 2023, it is possible that there would be more concrete policy changes globally. In the U.S., 2022 was a year in which there was a lot of research as to how would Web3 policy look like. In 2023, it is possible that the outputs from President Biden’s executive order on digital assets and progress on crypto legislation in Congress will lead to clear policy landscape. More countries can take the example from Japan and come up with a clear policy office focusing on Web3 to establish more defined policy styles.

Coming up of decentralized social media

Web3 in Social Networking

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One of the most important features of Web3 is the theory of decentralization. This means that there would be more directness as compared to what we have now in big tech. This indicates that there will be a rise in the status of decentralized social media in 2023. We are seeing this as the users join platforms like Mastodon. Mastodon is not a blockchain technology. But it is intended to be decentralized and it works on federated model. There can be arrival of platforms of blockchain platforms like Lens Protocol and Minds.

More tokenized assets

How asset-oriented platforms will change the trajectory of Web3 |  VentureBeat

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Tokenization can allow for any real-world asset to have a digital symbol on a blockchain. The greater use of tokenization can revolutionize financial markets and many industries. 2023 will see an increase in tokenization. Many mainstream players like Blackrock and Goldman Sachs are using its possibilities. This could have an effect on financial markets. But other sectors with feasible assets can become digital like real estate and entertainment also.

More mainstream use cases

How Web3 in Edtech will Bring Revolution in Education

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In 2023, Web3 can come further into the mainstream. As the technology grows, there will be an increasing number of concrete use cases for it. This will be steered by companies that have started to explore Web3 like Starbucks. Starbucks came up with their new NFT-based rewards program Starbucks Odyssey in 2022. Along with traditional companies incorporating Web3 into their businesses, Web3-native uses will continue to gain attention.

Value matters

The Metaverse And Web3 Creating Value In The Future Digital Economy

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Liquid tokens on a project’s balance sheet cannot motivate valuations anymore. Companies and projects must display tangible value to create free cash flow and connect network effects. The focus has been on the standalone ability to create value as compared to buying growth using tokens in the short term.

A Token+Equity model has evolved