In 2024, web 3 marked a considerable set of challenges and indeed there were advancements too this year. This is an indication of ongoing evolution in the web3 space in the coming years. If you wish to know about the latest trends in this technology, you are in the right place. Here are the 6 latest trends in this technology:
1. Tokenization of Traditional Assets
Tokenization of traditional assets is one of the latest trends in Web 3. Tokenizing physical assets like collectables, equities and real estate makes them more liquid. Also, tokenization makes it easy to trade them. As a result, new investment opportunities open up. Also, it helps with the opening up of fresh financial products. Here are some examples of popular projects in this category:
- Swarm Markets
- Polymath
- tZero
- RealT
- Securitize
2. Digital Fashion
Web 3 has made digital fashion accessible to all. With the help of this technology, independent designers get a chance to bypass traditional industry doorkeepers. Here are the names of a few projects under this category:
- Digitalax
- RTFKT Studios
- Rarible
- DressX
- The Fabricant
3. GameFi
GameFi, as the name implies is an association of gaming and finance. It continues to grow, thereby offering fresh revenue models and engaging experiences to gamers. Here are the names of popular GameFi projects relying on Web 3 technology:
- Gods Unchained
- Illuvium
- The Sandbox
- Decentraland
- Axie Infinity
4. Layer-2 Rollups
Layer-2 Solutions are also the latest trend in Web 3 technology. Layer-2 rollups and solutions are considerably increasing transaction throughput. Due to this, Layer-1 transaction volumes are expected to surpass soon. Here are a few examples of Layer-2 projects:
- Polygon
- Optimism
- Arbitrum
5. Gasless Transactions
There is a considerable increase in the gasless transactions. So, it becomes easier for users to communicate with blockchain applications. Above all, they can do this without the complexity associated with transaction fees. Here are a few successful projects in this category:
- Gnosis Safe
- OpenZeppelin Defender
- Biconomy
6. Verifiable Credentials and Decentralized Identifiers
For the success of interoperability and digital trust across enterprises, it is important to adopt Verifiable Credentials and Decentralized Identifiers. These technologies help create a more user-driven and secure digital ecosystem. Successful pilots demonstrate their potential for wide-scale adoption. In Web 3 technology, here are the examples in the form of project names:
- Kiva Protocol
- uPort
- Microsoft Ion
- IBM Verify Credentials
- Evernym
- Sovrin Network
When these are the latest trends in Web 3, the technology also faces some challenges in 2024. They are regulatory uncertainty standardization and scalability challenges. When these challenges are rightly handled, web 3 will continue to grow to fresh levels in 2025.
Conclusion
The year 2024 is a key year in Web 3 as it continues to mature and integrate more deeply into different sectors. The technology is driven by a clear regulatory landscape and technological advancements. The focus on enterprise solutions and user-friendly applications denotes an assuring future for innovation and broader adoption in the coming years.
