Trends observed in Web3 industry in 2023 and outlook for 2024
Web3 has been riding high, powered by burgeoning investments, regulatory advancements, and the impending Bitcoin halving, historically synonymous with increased adoption for robust projects. These with a shift in perceptions that collectively steer us toward an exciting outlook for 2024 and beyond.
Regulations
Regulatory developments have taken center stage in 2023 with evolving frameworks and enhanced clarity. The evolution of regulatory frameworks in the crypto domain has been remarkable this year, resonating with a global shift toward acceptance over prohibition. The narrative has transformed from mere curiosity about Bitcoin to a resounding endorsement of permissionless ecosystems like Web3. This paradigm shift underscores the recognition of the immense potential of Web3 in propelling economic growth and innovation. In these ecosystems, innovation thrives, and communities are building the next generation of the internet.
Account Abstraction
This groundbreaking innovation simplifies onboarding into Web3 by abstracting user accounts into smart contract accounts. It has taken the crypto wallet world by storm. With its ability to simplify user onboarding and enhance security, account abstraction is poised to be a game-changer in 2024.
NFT Revolution
NFTs transcended their initial association with digital art, finding applications in gaming, real estate, and IP. With the emergence of new standards addressing concerns like copyright and environmental impact, the NFT revolution is far from over. Get ready for even more diverse and impactful use cases in 2024.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is
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