The Web3 space has transformed into a robust network of ecosystems, each with their own products and services.
While the transition to Web 3.0 is an ongoing progress, we are moving forward faster than ever and we’ve seen some incredible innovations arise from this new frontier in the digital space.
In this article, we’ll explore some of the trends that look like they may play a prominent part in the advance of Web3 —from NFTs being used as collateral to digital fashion apps that allow users to design their own outfits using blockchain technology
If you’re new to the world of non-fungible tokens (NFTs), here’s what they are: digital assets that have a unique identity and can be owned by individuals, companies or other entities.
NFTs are currently mostly digital art, but there is much more potential than that. They could be used as nonfungible stores of medical history or receipts for proof of ownership of real-world assets.
The ability to use NFTs as receipts for staked tokens or collateralized real-world assets opens up opportunities to trade these receipts or use them as stores of value or means of exchange in the Web3 space. We are only scratching the surface but with new platforms such as Sudoswap and LiqdNFT looking to solve the liquidity issues
CeDefi is a hybrid of CeFi and Defi.
It combines the best of both worlds to create a new paradigm for Web3. CeDefi is not just a variant of either, but rather it brings together the best parts of each to create a new system that is better than either alone
While leveraging the advantages of CeFi, this hybrid offers the same features as DeFi protocols, such as decentralised exchanges (DEXs), liquidity aggregators, yield farming tools, and lending protocols.
CeDeFi projects lean more toward centralization than DeFi, which is permissionless and available to anyone. The entities are frequently governed by a single entity, which allows them to have more control (similar to a CeFi).
Essentially, the CeDeFi ecosystem aims to enhance the traditional cryptocurrency model by providing faster transactions, better security, a larger transaction volume, and lower fees than traditional models. It is a hybrid of centralised and decentralised models.
Metaverse technology took the gaming industry by storm in 2021, this year, the workspace is one area we see this tech revolutionising.
According to estimates, 70% of the world’s workforce will work remotely by 2025. Businesses are having difficulty micromanaging customer service and hosting live events where investors and customers can interact directly with a company’s face.
Using metaverse technology, employers can create their own virtual office space. As a result, they will be able to take attendance, hold meetings, and even create personal cubicles.
That said, these types of events are not limited to remote work ; they can also facilitate face-to-face meetings between co-founders who live in different cities or countries.
The shift to remote work eliminated the synergy that can be developed when a team is together face to face. It is possible to recreate this synergy through metaverse technology, and as companies, aren’t slowing down the move towards remote work the adoption of this tech will only grow.
Web3 Fitness/sport apps
Fitness apps are a new way to track your fitness, nutrition and sleep.
By allowing users to own their own data, they can determine their own path. Medical transparency means increased safety in the sport industry and improved health outcomes for players.
As well as offering unique insights into how players train, Web3 fitness apps can also track their location and movement.
This means you will have complete control over who sees what data without having to worry about giving away too much information.
The fashion industry is making a big shift to digital, and NFTs are right at the centre of it. Digital fashion can take many forms.
For example, designers could create NFTs that represent a specific item of clothing or accessory (like a dress) and then sell those items on an app store.
This kind of digital clothing has already started to become popular, with apps allowing users to buy custom-made designs by their favourite designers.
However, this trend isn’t limited only to custom items—you can also buy pre-made pieces from popular brands like Adidas using crypto tokens as payment! This kind of “crypto couture” will no doubt become increasingly common in the coming years as more people get accustomed to using digital wallets for everyday purchases.
The NFT space is ready to put itself to good use in 2022.
In 2022, we’ll see blockchain technology put to good use.
NFTs are a new way to use the blockchain, allowing any kind of digital asset – from music to games to art – to be securely stored, verified and traded using smart contracts.
With projects like Forward Protocol, utilising a WordPress-like model to facilitate a no-code environment that users can use to create their blockchain applications without technical knowledge.
By lowering the barrier to entry into web3 by allowing anyone with an idea to participate in the space, projects like these are fast-tracking the goal of a decentralised future.
The future is bright for Web3. With so many different tokens being released, there seems to be no limit to how this technology can be used. We are excited about how these projects will transform our lives and change the world we live in for the better—and we’re sure you are too!