Web3 world to witness new transformations & transitions in 2023

As per the speculations of Web3 industry observers and experts, the new year will witness a wide plethora of transitions in how the Web3 world functions. The fact that some major crypto-oriented projects not only did badly for themselves but ended up crashing in 2022 is the prime reason behind this theory being circulated. Not to also undermine the fact that because of these negative and unfortunate occurrences, the overall effect on the Web was very detrimental.

All said and done, the light at the end of the tunnel still seems to be shining bright, as no doubt, constant technological-based enhancements and upgrades are being made and carried out all the while. However, as a mark of caution, the year 2023 should be approached with much more trepidation where all of the supposed risk factors and the corresponding due analyses and studies are concerned. In terms of Web3, they are confident about facing the new year as the overall planning seems to be in place. This is related to the building of online places that they will own and also take the help of various advanced technologies, such as blockchain, cryptocurrencies, NFTs, and DAOs.

Radical changes are expected in various aspects. One of them is gaming. With the increase of blockchain in gaming, there is bound to be more transparency. It is also expected that there will be an increase in Play-to Earn games. Overall, the online gaming market will see an upward thrust. In matters of NFT, there was a seemingly downward shift in 2022. However, this actually will turn out to be a boon as developers will find it necessary to provide more attractions to rope in the crowds.

In the case of DAOs, their full capabilities have indeed been under-utilized as of now. This will also turn out to be an area that will be aggressively worked upon. Where GameFi or the metaverse is concerned, it, in all probability, started from NFTs. However, this helps in providing more flow of money which, in turn, benefits the users tremendously. Furthermore, this then also becomes an important factor to further work on. Regenerative Finance (ReFi) will also become an area for concerned experts and developers to focus on in 2023.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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