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After a partial recovery of crypto prices, Web3 is looking for new directions and viable models. Web3 is also trying to become more sustainable, while also benefitting from interest returning to BTC and other tokens.
2023 is wrapping up with a slow, gradual recovery from the bear market. Web3 is now facing the challenge of living up to the expectations for 2024. New products will meet renewed hype in what was predicted to be a year of recovery for the entire market.
Games Remain Resilient
The past year cleared the last vestiges of pure P2E, and showed the need for sustainable earnings. Completed game products will take center stage again, trying to build real engagement. In the top 25 of games, there are still GameFi models that rely on investing and earning. But games with engaging content are also surviving: long runners like Alien Worlds, Nine Chronicles, Axie infinity and Sunflower Land still retain their engagement, bringing in thousands of active daily users.
Game tokens have also bounced from their lows, showing that interest in Web3 may revive even after a bear market. The trend will probably extend into 2024, as the pace of trading picks up.
BTC and Tokens to Boost Web3 Sector
The year 2024 carried significant predictions of a new price rally. BTC prices crossed the $41,500 barrier in December 2023, with more growth predicted. 2024 is also a Halving Year, in which BTC production will further slow down, with a lower block reward for miners. This means fewer whole new coins will hit the market, potentially adding to scarcity.
Renewed interest in trading and the potential for price growth will also bring new wallet users. Price growth will also boost GameFi and other features that require some risk-taking.
Web3 to Join Fintech Revolution
The coming year is also carrying predictions of significant growth in fintech usate. Payment gateways and widgets are becoming more important, as the web is increasingly monetized.
Wallet usage is rising, and tokens are often integrated in payment gateways. Payments for both gaming and e-commerce are crossing over to crypto, but also there are new ways to pay for NFT and games that does not require tokens. The integration of fintech payments may boost Web3 games with ownership, making use of new wallet types. Safe and intuitive wallets will replace older tech that requires more skill on the side of the user.
Solana Regains Position as Web3 Hub
Solana looks set to keep its prominent position, as SOL broke above $64 in December. Solana active users grew in November and December, showing a recovery is possible.
Solana is also building a wider outreach by new NFT collections. The Solana Foundation is also supporting in-house NFT artists to build its ongoing airdrops. The Solana network has also worked without stalls for the past months, onboarding new users. As Web3 owners become more experienced, hacks and exploits are also a more widely known risk. Solana users need to be aware of malicious airdrops in 2024 as well.
Web3 Marketing Boom Returns
The coming year will possibly bring a renewal of airdrops, fair launches and more Web3 events. Educational platforms are multiplying, as well as onboarding efforts. After the wild success of some meme coins, new communities may be hopeful to become the next hot thing. This time, fair launches and airdrops will be key for gaining trust. Fewer users will buy overpriced NFT, but more will be willing to get a low-cost or free airdrop.
2024 will also bring a wider list of themed tokens, including Telegram bot tokens, newly listed gaming asset and new types of utility NFT.
Ethereum will continue to carry the biggest load of projects and transactions, now as a fully proof-of-stake network. Other protocols like Solana, Near Protocol and Avalanche will make up the rest of Web3, while building their own communities and ecosystems.
In 2024, the biggest hope is that the usual bear market has ran its course and there will be expectations of more positive price moves, investment inflows and older projects finally launching their products and gaining more influence.