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Crypto and Web 3 Predictions in 2024 (Part 1)

Crypto and Web 3 Predictions in 2024 (Part 1)

Insights

What are some of the trends that will shape the future of crypto and Web3 in 2024?

Anndy Lian highlighted the trends shaping the future of crypto and Web3 in 2024 include significant improvements in user experience, the evolution of a modular technology stack, integration of AI and blockchain, and the emphasis on user-centric design.

How will the modular technology stack impact the user experience in crypto and Web3 in 2024?

Anndy Lian suggested that the modular technology stack in crypto and Web3 allows for easy integration and interoperability, enhancing flexibility, scalability, and compatibility among different solutions. Users can access multiple blockchains and protocols through a single wallet, reducing complexity and friction.

What role does AI play in improving the user experience of crypto and Web3 applications in 2024?

Anndy Lian mentioned that AI enhances the user experience by offering personalization, recommendation, automation, and optimization. AI-powered assistants, tools, and platforms simplify interactions with crypto and Web3 applications through natural language, voice, or chat, making it more accessible to users.

How will the play to earn model transform into a play and earn model in 2024, and what technologies will drive this transformation?

Anndy Lian shared that the play to earn model will transform into a play and earn model in 2024, powered by Web3 technology. This transformation empowers players to become creators, curators, or governors of games through decentralized platforms like DAOs. The incorporation of AI technology also contributes to the creation of generative content, enriching gameplay, diversity, and creativity.

How can user-centric design positively impact the adoption of crypto and Web3 technologies in 2024?

User-centric design, focusing on tailoring products and services to user needs, enhances the usability, accessibility, and desirability of crypto and Web3 technologies. Platforms like Audius exemplify user-centric design, allowing users to engage with crypto and Web3 functionalities without the need for in-depth technical knowledge.

AI and Blockchain Convergence to Reshape Crypto and Web3 in 2024

  • This article covers the first part of crypto and Web 3 predictions in 2024.
  • The integration of AI and blockchain technology is expected to enhance the Web 3 user experience.

The year 2023 has been a remarkable one for the crypto and Web3 space, with many innovations, challenges, and opportunities emerging. The adoption of decentralized technologies has grown exponentially, reaching new heights of user engagement, value creation, and social impact.

As we enter 2024, what are some of the trends that will shape the future of crypto and Web3? Here are some of my predictions and thoughts as we delve into the first part of our crypto and Web 3 predictions for 2024. It is based on the current state of the industry, the latest developments, and the potential scenarios.

New UX User Experience

One of the main barriers to mass adoption of crypto and Web3 is the user experience (UX), which is often complex, confusing, and intimidating for newcomers. Users have to deal with unfamiliar concepts such as wallets, keys, addresses, gas fees, transactions, smart contracts, and more. They also have to navigate through multiple platforms, protocols, and applications, each with its own interface, functionality, and terminology.

This creates a steep learning curve and a high cognitive load for users, who may feel overwhelmed and frustrated by the process. However, in 2024, I predict that we will see a significant improvement in the UX of crypto and Web3, thanks to several factors:

  • Modular technology stack: The crypto and Web3 space is evolving into a modular technology stack, where different layers and components can be easily integrated and interoperated. This allows for more flexibility, scalability, and compatibility among different solutions and reduces the friction and complexity for users. For example, users can access multiple blockchains, protocols, and applications through a single wallet, such as MetaMask, without having to switch between different accounts, networks, or devices.
  • Users can also leverage cross-chain bridges, such as Polygon, to transfer assets and data across different blockchains, such as Ethereum or Solana, without having to deal with multiple transactions, fees, or conversions. Users can also use aggregators, such as Zapper, to manage their portfolios, track their performance, and access various decentralized finance (DeFi) opportunities, such as lending, borrowing, swapping, staking, or farming, without having to visit multiple websites, apps, or platforms.
  • AI + blockchain: Another factor that will enhance the UX of crypto and Web3 is the integration of artificial intelligence (AI) and blockchain. AI can provide various benefits for users, such as personalization, recommendation, automation, and optimization. For example, users can use AI-powered assistants, such as GPT-4, to interact with crypto and Web3 applications through natural language, voice, or chat without having to learn complex commands, codes, or interfaces.
  • Users can also use AI-powered tools, such as [Rebalance] or [Yearn], to automatically allocate, rebalance, and optimize their crypto portfolios based on their preferences, goals, and risk profiles without having to manually monitor, analyze, or execute their strategies. Users can also use AI-powered platforms, such as OpenAI Codex, to create, deploy, and manage their own crypto and Web3 applications, such as smart contracts, decentralized autonomous organizations (DAOs), or non-fungible tokens (NFTs), without having to write, test, or audit any code.
  • User-centric design: The third factor that will improve the UX of crypto and Web3 is the user-centric design, which is the process of designing products and services that are tailored to the needs, wants, and behaviors of the users, rather than the features, functions, or technologies of the products and services. User-centric design involves various methods, such as user research, user testing, user feedback, user personas, user journeys, user stories, and user interfaces, to understand, empathize, and satisfy the users. User-centric design is essential for crypto and Web3, as it can help to reduce the gap between the users and the technology, and increase the usability, accessibility, and desirability of the products and services.
  • For example, users can use user-centric platforms, such as Audius, to discover, create, and share music or art, using crypto and Web3 technologies, such as tokens, royalties, or governance, without having to know the technical details or implications of these technologies.

Play to Earn Becomes Play and Earn

Another trend that will dominate the crypto and Web3 space in 2024 is the play to earn model, which is the concept of earning crypto rewards by playing games. Play to earn games are powered by blockchain technology, which enables the creation of digital assets, such as NFTs, that can represent in-game items, characters, or lands, and can be owned, traded, or monetized by the players. Play to earn games also leverage smart contracts, which enable the creation of decentralized economies, such as tokens, that can reward the players for their participation, contribution, or achievement in the games.

Play to earn games are attractive for players, as they can provide fun, entertainment, and social interaction, as well as income, empowerment, and ownership. However, in 2024, I predict that we will see a transformation of the play to earn model, into a play and earn model, which is the concept of earning crypto rewards by playing and creating games. Play and earn games are powered by Web3 technology, which enables the creation of decentralized platforms, such as DAOs, that can empower the players to become creators, curators, or governors of the games.

Play and earn games also leverage AI technology, which enables the creation of generative content, such as stories, worlds, or characters, that can enrich the gameplay, diversity, and creativity of the games. Play and earn games are attractive for players, as they can provide not only fun, entertainment, and social interaction but also expression, innovation, and collaboration.

Personally, I do believe the bigger players like Axie Infinity and Sandbox will make big changes and moves in 2024. In the second part of this article, we will look at the role of AI in developing games.

Source: https://www.financemagnates.com/cryptocurrency/ai-and-blockchain-convergence-to-reshape-crypto-and-web3-in-2024/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Web3 in Review: A Reality Check on 2023’s Top Five Predictions

Web3 in Review: A Reality Check on 2023’s Top Five Predictions

As the year draws to a close, it’s time to reflect on the Web3 predictions made at the dawn of 2023. Visionaries and experts from across the industry shared their insights on where the world of blockchain, NFTs, and decentralized technologies was heading. But did reality meet expectations? Let’s delve into the five key predictions and measure them against the outcomes.

 

1. Tokenization of Real-World Assets

 

Prediction:

Experts foresaw a significant shift with the tokenization of tangible assets like real estate, driven by the unique capabilities of tokens and smart contracts. “One of the big innovations of Web3 are tokens — both fungible and non-fungible assets that are inherently unique — and the ability to program them with smart contracts that track them,” said Avivah Litan, vice president and analyst at Gartner.

What Actually Happened:

The tokenization of real-world assets (RWAs) has indeed taken significant strides in 2023. Boston Consulting Group projects that by the end of the decade, the tokenization of global illiquid assets could be a colossal US$16 trillion industry. The total value of tokenized RWAs reached a record US$2.75 billion in August 2023, indicating robust market growth. Institutions have shown a marked interest in tokenized assets, with 91% of institutional investors considering investments in them. Real estate, in particular, has seen explosive growth with the value of on-chain real estate surging by 102% in just three quarters.

Projects like RealT and Tangible have dominated the market, with the latter growing the total market cap of its token from US$100,000 to an impressive US$95.6 million as of November 9, 2023. Beyond real estate, tokenization is making inroads into collectibles, luxury goods, and traditional financial instruments like bonds and ETFs. Even U.S. Treasurys have been tokenized, reaching a valuation of US$698 million. Banking giants UBS and JPMorgan have also entered the fray, launching platforms to bridge traditional financial assets with blockchain technology.

 

2. Web 3.0 Browsers: Empowering Users

 

Prediction:

Web 3.0 promised browsers that would return data control to the users, fostering trust and ownership, was a big prediction this year. The prediction suggested a pivotal change in how customer relationships are managed online.

What Actually Happened:

The landscape of web browsing has taken a significant turn with the adoption of Web 3.0 browsers, which emphasize user privacy, security, and decentralization. Throughout 2023, browsers like Brave, Opera, and Osiris have led the charge in integrating blockchain technologies, offering built-in crypto wallets, and providing direct access to decentralized applications (dApps). Brave, for instance, has seen a surge in users, boasting over 50 million monthly active users. These browsers have not only delivered enhanced privacy through anonymous browsing and ad-blocking features but have also incentivized users with cryptocurrency rewards.

The year saw a proliferation of such browsers, each introducing unique functionalities aimed at a decentralized web experience, ranging from Puma’s peer-to-peer file hosting to Beaker’s ability to create and host websites without servers. The developments in Web 3.0 browsers indicate a move towards a more secure, user-controlled internet, fulfilling the predictions made at the beginning of the year.

 

3. Accessible Blockchain via BaaS

 

Prediction:

Many, including Sani Abdul-Jabbar, a Forbes Councils Member, believed that in 2023, blockchain-as-a-service (BaaS) would be a game-changer for businesses, offering an easy and cost-effective way to adopt blockchain technology without the need for in-house development. This shift will enable companies to enhance operations and competitiveness in their markets.

What Actually Happened:

The blockchain-as-a-service (BaaS) market has experienced a meteoric rise, witnessing considerable growth throughout 2023 and projected to expand significantly until 2030. The surge is mainly attributed to the escalating demand across diverse sectors such as banking, financial services, insurance, information technology and telecom services, healthcare, retail, and government, among others. Notably, North America, and particularly the United States, played a pivotal role in this growth, leveraging advanced technology and housing major industry players. Europe also contributed to the market’s expansion with a significant CAGR. Leaders in the BaaS landscape, like Infosys, IBM, Accenture, AWS, and Microsoft, have driven innovation and adoption, with the market’s value anticipated to reach new heights by the end of the decade.

The increasing need for cost-effective and efficient blockchain solutions has bolstered the demand for BaaS, with a clear post-COVID-19 recovery trend and optimistic investment forecasts for the future. The sector’s growth trajectory is underpinned by technological advances, enhancing product performance and downstream applications. The BaaS market’s upward trend reflects a growing appreciation for blockchain’s transformative potential in mainstream business applications.

 

4. AI Integration in Web3 and NFTs

 

Prediction:

In 2023, AI was predicted to significantly influence NFTs, with creators using it to craft narratives through graphic novels, films, and interactive games that incorporate NFTs. This integration will allow for rapid world-building and asset creation, transforming the pace and scope of project development in the Web3 space. Anjali Young, co-founder of Collab.Land and chief community officer of Abridged, highlighted the profound impact AI will have on NFT innovation and engagement this year.

What Actually Happened:

In 2023, the NFT space was indeed significantly influenced by the integration of Web3 and AI, as highlighted by Anndy Lian in his keynote speech at the NFT 2023 Seoul conference. NFTs, which are unique digital assets verifiable via blockchain, have seen exponential market growth, with major collections fetching millions at auctions and sales volumes hitting staggering figures. AI has been pivotal in advancing NFTs, enabling the automatic generation of digital art and creating interactive, intelligent NFTs that can speak and learn. Web3’s decentralized, user-centric internet model further supports the NFT ecosystem by providing secure and efficient identity management and proof of ownership, enhancing user participation and control.

The union of AI and Web3 with NFTs is driving a new era of digital asset innovation and ownership, offering a democratized and decentralized internet experience. This fusion promises a future where digital assets are dynamic, intelligent, and integral to user interactions within the digital environment.

 

5. Democratization of NFT Creation

 

Prediction:

In 2023, the arrival of an open-source platform akin to “WordPress for Web3” is anticipated to revolutionize the creation and launch of NFT projects, removing current barriers and simplifying the process without the need for specialized developers or consultants. This innovation will pave the way for mass adoption and versatility in NFT use cases, supported by an open architecture that allows for extensive customization through third-party tools. Michael Stelzner, founder and CEO of Social Media Examiner, host of the Web3 Business Podcast, and author of the books Writing White Papers and Launch, predicts this pivotal development will catalyze a new era of creativity and entrepreneurship in Web3, laying the groundwork for its future expansion.

What Actually Happened:

OpenSea, the leading NFT marketplace, introduced OpenSea Studio in 2023, revolutionizing the process of NFT creation and making it a more inclusive and accessible activity. The platform democratized the creation of NFTs by providing a user-friendly interface that requires no coding skills, allowing creators to mint NFTs directly into their wallets with ease. With the inclusion of features such as blockchain compatibility and payment options via credit or debit cards, OpenSea Studio has lowered the barriers for entry into the NFT space, aligning with the efforts of platforms like Manifold and ThirdWeb.

This shift towards greater democratization has had a substantial impact on the NFT community, encouraging wider participation and innovation in digital art and asset creation. The move also signifies the end of OpenSea’s lazy-minting feature, paving the way for creators to establish collections on independent smart contracts, offering more control and customization over their digital assets. OpenSea Studio’s introduction is a testament to the evolving NFT landscape, focusing on creator empowerment and expanded access.

 

As we wrap up our comprehensive review of Web3’s trajectory in 2023, it’s clear that the year has been a watershed moment for blockchain technology, NFTs, and decentralized platforms. The advancements we’ve witnessed have not only met but in many cases, exceeded the ambitious predictions set forth at the year’s outset. From the burgeoning tokenization of real-world assets to the empowering shift in web browsing experiences, the strides made towards accessible blockchain services, and the exciting fusion of AI with NFTs, 2023 has been a year of significant milestones.

 

Embracing Web3’s Leap Forward

 

Reflecting on 2023, Web3 has surpassed expectations, marking a year of unprecedented growth and innovation. The tangible impact of tokenization, user-centric web browsing, the rise of blockchain services, and the synergy between AI and NFTs underscore a pivotal shift. With each stride, Web3 cements itself as a transformative force. Keep an eye on BTSE’s blog for future insights into this ever-evolving digital landscape.

 

 

 

Source: https://www.btse.com/blog/web3-in-review-a-reality-check-on-2023s-top-five-predictions/

How has AI integration influenced the NFT space within Web3?

In 2023, the integration of AI into Web3 significantly impacted the NFT space, revolutionizing asset creation and project development. Key figures like Anjali Young and Anndy Lian highlighted AI's role in crafting narratives, generating digital art, and creating interactive, intelligent NFTs. This integration accelerated market growth, with NFT collections fetching millions and sales volumes reaching unprecedented levels. Discover the profound influence of AI on NFT innovation within Web3.

What role does AI play in advancing NFTs and shaping the Web3 ecosystem?

In the context of NFTs, AI has been pivotal in automating digital art generation and enabling the creation of interactive, intelligent NFTs capable of learning and communicating. Anndy Lian, speaking at the NFT 2023 Seoul conference, emphasized AI's impact in empowering the NFT market's exponential growth. Explore how AI integration is reshaping the Web3 landscape, enhancing user engagement, and fostering a democratized digital asset ownership experience.

How does the fusion of AI, Web3, and NFTs drive innovation in digital asset ownership?

The convergence of AI and Web3 technologies has propelled the NFT space into a new era of innovation and ownership. This fusion not only facilitates the automatic generation of digital assets but also secures and verifies ownership via blockchain. Learn how this union revolutionizes the digital landscape, promising a future where dynamic and intelligent digital assets redefine user interactions and participation in the decentralized internet environment.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Solana Labs GameShift May Unite Web3 and Blockchain Gaming

Solana Labs GameShift May Unite Web3 and Blockchain Gaming

Solana Labs, the company behind the fast and scalable Solana blockchain, has recently launched the beta version of GameShift, a platform that aims to simplify the integration of Web3 features into games.

GameShift promises to offer game developers a single, easy-to-use API that handles all the blockchain complexity under the hood, allowing them to focus on creating immersive and engaging gaming experiences.

But will it really change the blockchain gaming landscape and enable more games to be launched? Here are some of the key aspects and implications of this innovative platform.

How Does GameShift Work?

GameShift is a unified blockchain game development API that leverages the power and efficiency of the Solana blockchain. It allows game developers to access a full stack of trusted third-party Web3 components on Solana through a single API without needing blockchain coding or knowledge. Some of the features include:

  • User wallets: Integrates with popular wallet providers such as Phantom, Sollet, and Coin98, enabling users to easily connect their wallets to games and manage their assets.
  • NFT minting: Enables game developers to create and mint unique and verifiable digital assets, such as characters, items, skins, and collectibles, using the Metaplex protocol.
  • In-game marketplaces: Allows game developers to create and customize their own branded in-game marketplaces, where users can buy, sell, and trade their NFTs using the Crossmint protocol.
  • Credit card on-ramps: Enables users to purchase NFTs and other in-game assets using fiat currency through credit card payments using the Coinflow protocol.
  • Analytics and insights: Provides game developers with access to data and metrics about their games, such as user behavior, engagement, retention, and revenue, using the Metakeep protocol.

GameShift is designed to be Web2-friendly, meaning that it uses familiar technologies and interfaces that game developers are already accustomed to, such as REST API, SDKs, and Unity, and Unreal engines. It also aims to provide a seamless and user-friendly experience for gamers, who can enjoy the benefits of Web3 gaming without having to deal with the technicalities and frictions of blockchain.

What are the Benefits of GameShift?

GameShift offers several benefits for both game developers and gamers, such as:

  • Faster and more accessible game development: Reduces the time, cost, and complexity of developing blockchain games by providing a single solution that handles all the Web3 components and integrations. Game developers can focus on the core gameplay and design aspects rather than the backend infrastructure and blockchain coding.
  • Higher quality and diversity of games: Enables game developers to create high-quality and diverse games that can rival those of traditional PC, console, and mobile games. It supports various genres and styles of games, from casual and social games to RPGs and MMOs and from 2D and 3D graphics to VR and AR experiences.
  • More revenue and engagement opportunities: Allows game developers to monetize their games and create new revenue streams by leveraging the play-to-earn and play-to-own models. Game developers can reward their users with cryptocurrency and NFTs for playing their games and also earn a share of the transactions that occur in their in-game marketplaces. It also enables game developers to increase user engagement and retention by offering users more ownership, control, and customization over their in-game assets and experiences.

What is the Impact and Potential of GameShift?

GameShift is a promising and innovative platform that has the potential to revolutionize the blockchain gaming industry and attract more game developers and gamers to the Web3 space. It may also have a positive impact on the broader blockchain and crypto ecosystem by driving more adoption and innovation and by creating more use cases and value for Solana and its native token, SOL.

They are still in the early stages of development. However, it has already attracted some interest and attention from game developers and investors and is powered by industry partners like Crossmint, Coinflow, and Metakeep. This is a good start for them.

It is expected to launch more games and features on its platform in the near future and to expand its user base and network effect. Personally, I think they may also explore more opportunities, such as:

  • Interoperability and cross-chain gaming: They may enable game developers and gamers to interact and exchange assets and data across different blockchains and platforms, creating more diversity and interoperability in the Web3 gaming ecosystem.
  • Social and community gaming: It may foster more social and community aspects in Web3 gaming by enabling game developers and gamers to create and join groups, clans, guilds, and DAOs and to communicate and collaborate with each other through chat, voice, and video features.
  • Immersive and realistic gaming: They may enhance the immersive and realistic aspects of Web3 gaming by enabling game developers and gamers to use VR and AR technologies and to create and experience lifelike and dynamic virtual worlds and environments.

The Bottom Line

Gameshift has the potential to shake up the world of blockchain gaming. It simplifies and speeds up the process of adding Web3 features to games, making it easier for game developers. It could completely transform blockchain gaming, enabling more games to launch.

For developers, it’s like a one-stop shop that takes care of all the complicated Web3 stuff, and for gamers, it offers a smooth and user-friendly experience with all the benefits of Web3 gaming.

And it’s not just about games. This platform could have a positive impact on the wider blockchain and crypto world. It might encourage more people to get involved and develop new ideas. It could even boost the value of Solana and its native token, SOL.

Right now, the platform is still in beta, and it hasn’t hosted any games yet. But it’s already getting much attention from game developers and investors. They’ve also announced some cool partnerships with other prominent players in the gaming world.

They plan to launch more games and features soon and explore all kinds of exciting possibilities for Web3 gaming, like making games work together, creating social gaming experiences, and diving into immersive gaming.

 

 

 

Source: https://www.techopedia.com/solana-labs-gameshift-may-unite-web3-and-blockchain-gaming

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j