Here are some predictions for 2023, the Year of Dapps
Despite the fact that 2022 has seen some of the most unheard-of cryptos collapses in history, Web3 technology still has the potential to significantly alter consumer behavior. Crypto has reached the point where it has access to a variety of infrastructure alternatives since 2022 and will place a strong focus on infrastructure. By 2023, applications that promote user acceptance and pave the road for Web2 to become Web3 will be necessary for crypto. Because of this, developers will start concentrating more on the application layer in 2023 as opposed to expanding their infrastructure services.
Despite the fact that blockchain provides consumers an advantage in gaming, particularly in terms of ownership, developers have plenty of room to make tools that improve the functionality of such games.
Although the market for gaming skins in Web2 is estimated to be worth $50 billion, gamers do not truly own the assets outside of the games they are utilized in. By converting skins into non-fungible tokens (NFT) in Web3 gaming, this restriction in Web2 gaming may be removed.
Play-to-earn games, which are popular among players in developing nations because they may generate a sizable income from their game winnings, dominate the contemporary Web3 gaming business. These games, however, are not renowned for their user interfaces or inventive settings. They tend to be utilitarian, which severely restricts their appeal.
The potential of play-to-earn is boundless. By 2029, it is expected that the esports industry would have reached $5.48 billion. Play-to-earn gives users the option to earn money while they play, making it possible for more people than ever to support themselves via gaming. At the same time, we will witness more and more high-quality gaming ventures thanks to the significant investments made in the blockchain gaming sector (about $3 billion in 2022).
Decentralized gaming apps have a ton of potential given the market gaps in Web2 and Web3 gaming. Additionally, there is a lot of room for gamification in a variety of businesses using the native Web3 incentive structures.
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Portable digital identities (DIDs) can be made possible via blockchain, allowing users to move data and assets between networks and chains easily. The ability to fully control their own data and maintain their privacy while also fulfilling the standards for know-your-customer (KYC) and anti-money laundering (AML) mandated by both Web2 and Web3 platforms is one of the ways that technology today empowers people.
DIDs can advance thanks to software that offers data protection and greater scalability. Developers may create decentralized applications (dapps) using the technology at their disposal today, enabling users to travel between platforms with ease while maintaining control over their data and identities.
Applications are now being created quickly and are expected to improve DIDs and make them more accessible than ever before, putting DIDs and everything they have to offer at the fingertips of the next generation of Web3 users.
Also read: Startup ideals for Web 3.0 and Blockchain Developers
Can developers use crypto to revamp current Web2 apps as they already work, as opposed to creating Web3 versions of Web2 apps?
Many Web2 apps already have millions in daily active (DAU) and monthly active users (MAU) – metrics significantly higher than some of the largest existing apps today. By adding crypto and Web3 functionalities to these in-demand Web2 apps, developers can use decentralization and tokenization as avenues for increased growth and monetization.
For instance, blockchain technology and crypto payment rails may be added to current fintech payment systems to increase fund-on-file tokenization or to validate the information. Tokens may also be created by existing Web2 apps and used as a form of payment. Many Web2 apps already have millions of daily active users (DAU) and monthly active users (MAU) compared to some of the most popular dapps now in use. By incorporating crypto and Web3 capabilities into these well-known Web2 apps, developers may use decentralization and tokenization as avenues for more development and profitability. Influencers may communicate with consumers more effectively and monetize their followers by integrating Web3 technology into creator-focused platforms.
The chances for decentralized applications have substantially increased as a result of the creation of essential infrastructure in 2022, placing 2023 as the year we will see the actualization of dapp potential.
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