The year 2023 has been a year of great challenges and opportunities for the crypto and web3 ecosystem.

On the one hand, we have seen how the market suffered a strong correction in the volume of market capitalization, which has affected both the price of Bitcoin and the rest of Altcoins, having notable news about regulatory uncertainty and hacker attacks or fraudulent projects among others.

On the other hand, we have also witnessed important advances in the development and adoption of web3 technology , in search of a more decentralized, secure and participatory Internet, highlighting new scalability and interoperability solutions for the Ethereum network, which allowed it to improve its performance and connectivity with other blockchain networks or the increase in investment and greater support from companies and institutions in the sector, highlighting the potential that blockchain has to transform various sectors of the economy and society.

What awaits us in 2024?

Looking ahead to the year 2024, with the approval of ETFs and the halving of Bitcoin just around the corner, not only is a general reactivation expected in the price of Bitcoin and the rest of the altcoins , but it is also expected that the sector continues to grow and consolidate , and at the same time continue to offer solutions that improve the user experience and continue to guarantee the protection and privacy of consumers.

Predictions about the trends that will exist in the sector and must be taken into account:

• Artificial Intelligence applied in blockchain
• The emergence of Real World Assets
• GameFi
• NFTs beyond digital art

Artificial Intelligence applied in Blockchain

Artificial intelligence (AI) has the potential to change many aspects of life and society, but could also be a key factor in driving the development and adoption of cryptocurrencies , blockchain technology and Web3.

Evolution and accessibility of AI

AI is not something new, but it has evolved a lot in recent years, thanks to the development of products that make it more accessible and useful to people, especially those based on generative AI. These products use models that can learn from data and generate something new, such as OpenAI’s ChatGPT or Google’s Bard chatbots.

Content generation and authenticity

Generative AI can create content of all kinds, but it can also raise questions about its origin and veracity. To solve this, tools such as cryptographic keys and blockchain technology can be applied, which allow the authenticity and identity of content and people to be verified.

Collaboration between AI and Web3

AI and Web3 can collaborate positively, as they can leverage shared management of data, especially data that is private and sensitive, such as medical records, as well as content verification and prevention of deep fakes, which are fakes created with generative AI.

Protection and security through cryptographic technology

To prevent manipulation, cryptographic private keys and digital signatures can be used, which serve to ensure the origin and truth of the content.
Other benefits could be privacy protection from AI models or the reliability of payments.

Challenges and future potential of AI and Blockchain

AI and everything related to blockchain have enormous potential to change the future, but they also have to overcome challenges and difficulties to demonstrate their value and usefulness in solving real problems and meeting the needs of people and industries.

The emergence of Real World Assets

Real World Assets Tokenization (RWA) are real-world assets that are converted into digital tokens using blockchain technology and smart contracts . These tokens can be fungible or non-fungible (NFT) and represent ownership rights to the assets.

The tokenization of RWA has the potential to transform many sectors and markets, as it allows assets to be fractionated and traded more efficiently, securely and transparently . In turn, it opens up new investment opportunities and access to greater liquidity, especially for illiquid assets such as real estate, art or private capital itself.

RWAs also have great relevance for the crypto space, since they can connect traditional finance assets with decentralized finance (DeFi) , offering financial products and services without intermediaries and with fewer costs, so investors and participants can access loans, liquidity pools or staking, using RWA tokens.

This trend can bring many benefits, such as saving money by eliminating intermediaries, improving the accessibility and transparency of assets, solving the liquidity problem of traditional assets and mainly attracting a new audience that is more skeptical when it comes to using cryptocurrencies.

Visit: Top 10 Real World Asset Tokenization Companies 2024

GameFi will continue to be a trend

GameFi or better known as Play-to-Earn games , will continue to be a trend this year.

Web3 games combine gaming with finance and use blockchain technology to decentralize game servers and avoid censorship, unlike traditional games.

The particularity of these games is that players can use digital objects to buy them, lend them and do other operations with blockchain.

GameFi gives players complete freedom over the items they obtain and own, thanks to tokenization. The objects are converted into digital tokens that can be fungible or non-fungible (NFT).

Although it has been a trend within the sector since 2020, the Gaming sector continues to grow year after year and GameFi makes the game accessible to everyone, regardless of their skill or knowledge of crypto.

However, they have certain risks that must be investigated and taken precautions, since not all games are unreliable, so players themselves should choose games with solid users, development and economics, to enjoy GameFi safely.

NFTs, the challenge of not seeing them only as digital art

NFTs have gone from being a trend to becoming an important part of the crypto ecosystem . In 2024, NFTs are expected to not be limited to digital art, as in the past, but will extend to various representative industries such as fashion or music.

The tokenization of unique experiences and the direct connection between creators and consumers will continue to increase , transforming the way we value and own digital assets and thus expanding brand identity and the power of communities within digital spaces.

The different uses that NFTs can have in 2024 make the future of digital assets promising, such as the integration of NFTs into the Metaverse .

Virtual worlds are growing at a considerable rate, and consequently NFTs are going to play a key role in shaping the digital environment, from virtual properties to assets in video games, thus generating experiences that encompass the virtual with the physical.

Other examples would be dynamic NFTs, or tokenized ones with a more social nature or those already mentioned above created by AI, thus creating a much more alive ecosystem and at the same time providing unique experiences that undoubtedly help the generation and development of much more communities. committed and that there is much more direct participation in decision-making by users.

Therefore we see the path to which the crypto and web3 world is heading, which is allowing the creation of new decentralized products and services , and how technology contributes with these trends to improve the security, privacy and responsibility of the actors. digital.

BASICS OF BLOCKCHAIN ​​AND WEB 3

If the world of Blockchain and Web3 interests you and you want to know more details about them, then you cannot miss our training pill on the basic concepts of these two disciplines carried out by our expert Diego Ferragud, CEO & Founder of Criptendo.