Last updated on April 17th, 2024 at 09:58 am
While the Web3 industry is on the verge of great expansion, it seems to remain detached from its reported preceder – Web2. Not only didn’t Web3 come out on top ahead of the current Internet iteration, but also both web generations seem to exist detached.
Seeing that the year 2024 turned out to be a silver lining for crypto investors, it is also expected to become a game-changer for Web3. But how can this become achievable?
To shed light on the Web3 prospects and challenges for 2024, we asked André Web3 Influencer to share his expert outlook. Stay tuned!
– How were you introduced to Web3?
– So I only came across Web3 specifically with these NFTs in 2019. I’m by no means a professional, but I understand a few things, especially in Web3.
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Of course, crypto always meant something to me. I don’t think it’s a bad idea to invest in ETFs now. However, I hear in Germany they are viewed as very skeptical because of investment speculation and the fluctuations in Bitcoin.
But what bothers me is that cryptocurrency generally has a very bad reputation in the world. A lot of bad things happen with national currencies, not just with digital currencies.
Recent scandals are also causing crypto to fall into disrepute. In addition to the global crises, I think a lot more people would have invested in cryptocurrency.
– What are the key points for Web3 to attain an “internet-level” success?
– I think Web3 needs to become much more stable and open, which is good as big companies that support Web3 are involved, even if that comes with a lot of commerce. Google, for example, is entering a cooperation with Polygon, which is already very good.
Personally, I know Web1, I grew up with it, and I’m experiencing Web3 now. It’s good, but it’s not fully developed, especially when it comes to transparency and mass adoption. There’s an endless lack of it. So I think Web3 needs a lot more than just this year to become more mature.
– What is the current state of mass Web3 adoption? How to enhance it?
– Many people around me ask what they should do with JPG (implying NFT pieces – author’s note), they think it is speculation, but there are NFT utilities. I think there needs to be more education worldwide, especially in the area of TV and radio, not just on the Internet or our bubbles like Twitter.
– Let’s dwell on NFTs. Do they have a second chance to prove themselves as a credible technological solution? And if it is, how can this be achieved?
– Longer-term stable NFT projects, less hype, think away from Web2, then it should work with the transformation from Web2 to Web3. The NFT idea alone has been around since 2014, so I think we’re still catching on.
– Could you tell me more about Web3 adoption in your homeland – Germany?
– In Germany, we still have hurdles due to digitalization, it’s not a pioneer. I hope that this web3 thinking doesn’t disappear anymore. This movement currently deserves it, as many people give their time and energy to it.
I was at the Blockchance in Hamburg in 2023. There were exhibitors there, but the house was far from full – just one example of many. Education is the be-all and end-all everywhere, and Web3 needs it even more.
In my opinion, there needs to be monitoring in the Web3 sector – not direct regulation, but more resistance to fraud after fraud. More security with Web3, blockchains, NFT, etc.
– How would you increase the rate of Web3 education?
– In my opinion, what is important now is networking with each other. Many people are learning how web3 works, like a discovery phase.
– Will the year 2024 become a game-changer for Web3?
– I see the year 2024, of course, as stronger than the year 2023, although that was already strong as more and more new Web3s (projects – author’s note) are being created around the world. In 2024 I will probably highlight a few more surprises in Web3. web3
I can only say from my experience that small start-ups and artists in general should be strengthened;
I’m not a fan of only bringing large companies into Web3. It’s the mixture that matters in the end.
– Will Web3 ever take the place of Web2?
– I’m a positive person, so I think that Web3 will replace Web2.
– What segment of the Web3 industry do you follow the most?
– I find web3 projects with NFT utilities most attractive as a pure NFT collection that shows speculation for growth. Sustainable, meaningful projects appeal to me.
The Web3 industry seems to be on the rise.
Thus, according to Alchemy’s 2023 Crypto Development Report, the number of Ethereum and wallet SDK installments reached all-time highs. Meanwhile, the number of EVM L2’s contracts grew by over 300%, signaling the boost of Web3 development activity.
EVM L2 contracts growth on top of the dominant blockchains. Source: 2023 Web3 Development Report | Alchemy
By and large, Grand View Research reports that the size of the Web3 market has exponentially grown throughout recent years, totaling $2.25 billion in 2023. According to the statistics, the industry is predicted to increase by 50% in the next 6 years.
US Web3 market outlook. Source: Web 3.0 Market Size, Share & Trends Analysis | Grand View Research
The statistic demonstrates that Web3 is to rally its positions in the following years, leaving a hope of becoming the new comprehensive generation of the Internet.
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Paul Osadchuk
Paul Osadchuk is a digital journalist specializing in cryptocurrency and Web3 topics. He writes for GNCrypto, Cryptoslate, and Foresight News EN, and maintains analytical blogs on TradingView, Binance Square, and CoinMarketCap. With over five years of experience in marketing and PR for crypto and Web3 companies, he has gained deep industry insight and expertise in crypto trading.