Web3 Business Trends Expected in 2023

Web3, or the decentralized web, is quickly emerging as the internet’s next major phase. It promises to transform the way businesses operate by opening up new avenues for collaboration, ownership, and monetization. As we approach 2023, the Web3 landscape is becoming more competitive, and businesses must adapt to evolving trends and technologies to remain competitive. Here are some of the Web3 business trends that industry experts predict will emerge in 2023.

Web3 Business Trends

AI Bolsters Web3 Asset and World-Building

Artificial Intelligence (AI) is helping to enhance the creation and management of assets and virtual worlds in the emerging Web3 landscape.

AI and Blockchain Tech Enable Business Innovation

AI and blockchain technologies are being used together to drive innovation in businesses across various industries.

Creating NFTs Becomes Easy and Nearly Free

The process of creating Non-fungible Tokens (NFTs) is becoming simpler and more affordable, making it easier for artists and creators to tokenize their work.

Brands Use Blockchain Tech to Enhance the Consumer Experience

Major brands are exploring the use of blockchain technology to improve their customer experience by increasing transparency, authenticity, and security.

Social Networks Move Toward Decentralized Governance

Social media platforms are moving towards decentralized governance models, where decisions are taken by the community, rather than by a centralized authority.

Affinity and Loyalty Will Lead Tokenized Community Development

Tokens are being used to build strong communities around shared interests and values, based on affinity and loyalty among members.

Big Brands and Big Tech Lead More Consumers into Web3 Adoption

Large corporations and technology companies are driving the adoption of Web3 technology by introducing it to a broader audience.

Utility Is Integral to Future Token Program Survival

Utility (i.e., usefulness) is essential for the success of token programs in the future, as consumers will only use tokens that have real-world value and benefits.

Blockchain Tech Informs Hyper-Personalized TV Ads

Blockchain technology is being used to deliver targeted, hyper-personalized advertisements to TV viewers.

NFT Functionality Deepens

The functionality of NFTs is increasing, with more use cases and possibilities emerging beyond their original purpose as digital collectibles.

NFT Is Replaced with Utilitarian Descriptors

The term “NFT” is being replaced by more descriptive terms that highlight the utility and functionality of these digital assets.

NFT Sales Funnels Will Reflect Complicated Web2 Counterparts

The process of selling NFTs will become more complex, as it will involve multiple steps, similar to the sales funnels used in traditional e-commerce.

Web3 Social Struggles to Scale

The social aspects of Web3 technology are facing challenges as the infrastructure needed to support large-scale social networks is not yet in place.

Fashion Pairs More Physical Goods with Digital Assets

Fashion brands are integrating physical products with digital assets to create a more immersive and interactive shopping experience.

More Brands Tokenize Physical Goods

More companies are using blockchain technology to tokenize physical goods, making them more accessible and transparent to consumers.

Membership Leads NFT Utility

NFTs are being used to provide membership benefits and exclusive access to events, products, and services.

“Choose Your Utility” Leads to Web3 Personalization

In the Web3 world, consumers have more control over how they use tokens and what benefits they receive, leading to a more personalized experience.

Web3 Spawns Infrastructure to Build Decentralized Social Platforms

Web3 technology is creating the infrastructure needed to support decentralized social platforms, which could revolutionize the way we interact and connect online.

Gaming Industry Leads Web3 Onboarding

The gaming industry is leading the way in introducing people to Web3 technology and its potential benefits.

Web3 Digital Identity Use Grows

Web3 technology is being used to develop digital identity systems that are more secure, private, and user-controlled.

Web3 Interoperability Becomes Commonplace

As more Web3 networks are created, they are being designed to work together more seamlessly, allowing for easier transfer of assets and data between them.

Businesses Embrace Soulbound and Dynamic Tokens

Soulbound and dynamic tokens are types of digital tokens that offer unique features and benefits for businesses, such as the ability to track ownership and automate certain processes.

Web3 UX Improves

The user experience (UX) of Web3 technology is getting better as developers focus on making it more intuitive and user-friendly for people who are newcomers to the space.

NFT Utility Matures

Non-fungible Tokens (NFTs) are becoming more useful as developers create creative ways for them to be used beyond simply buying and selling digital art, such as access to exclusive content or perks.

NFT Nomenclature Reflects Utility

The names used to describe NFTs are evolving to better reflect the unique features and benefits they offer, such as “utility tokens” or “access tokens” rather than just “NFTs” or “digital collectibles.”

To put it briefly, the Web3 landscape is rapidly evolving, and businesses must stay on top of the latest trends and technologies to remain competitive. Experts predict that AI will play a significant role in bolstering Web3 assets and world-building and that blockchain technology will enable innovation across various industries. As the use cases and functionality of NFTs continue to expand, businesses will increasingly look to tokenize physical goods and use NFTs to provide exclusive access and benefits to customers. Additionally, the gaming industry is leading the way in introducing people to Web3 technology and its potential benefits. As the infrastructure supporting Web3 technology grows and the user experience continues to improve, we can expect to see wider adoption of Web3 by businesses and consumers alike.

Stay ahead of Web3 business trends

For expert advice and innovative solutions to help your business thrive in the decentralized economy in 2023 to stay ahead of Web3 business trends, contact us today through our social media platforms, call us at 961-3-412524, or email us at buddy@betterflylb.com with your inquiry. 

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