From Nasdaq:

Coming off the year 2023 in Web3 and cryptocurrency, the industry had its share of highs and lows, including robust funding, significant regulatory focus, and legal proceedings. Notwithstanding these challenges, notable technical advancements and a strong trace of potential enterprise adoption herald a transformative 2024.

Enterprises are expected to dive headfirst into Web3 this year. More brands are predicted to move away from traditional loyalty programs and embrace NFTs. This trend is hinted at within a Coinbase report that indicates over half of the Fortune 100 have started exploring crypto, blockchain, and Web3 initiatives thanks to benefits with potential looseness. This shift into Web3 may be more gradual but ultimately instrumental for businesses’ survival.

User experience will be put at the center of everything in the Web3 and cryptocurrency industries in 2024. Web3 strategies will take the forefront for many Fortune 100 companies who want to enhance brand loyalty. Companies such as Mattel, 7-Eleven, and Macy’s have recognized the pivotal role of Web3 in shaping their future and have already started implementing Web3 strategies.

The next year is expected to witness less hype and more utility in the Web3 and cryptocurrency sectors. DeFi will drive stablecoin growth, while traditional financial services fit into the digital realm. NFTs and blockchain technology look to offer consumers tangible benefits, as 54% of consumers currently use online communities to gain real-world benefits.

Finally, in 2024, we anticipate a significant institutional capital inflow into Tokenized real-world assets (RWAs). The expected growth is projected following a large-scale adoption by enterprises. Projects such as Backed, enabling the creation of tokenized treasury bonds and synthetic instruments, demonstrate growing interest in RWAs among businesses.

As we turn our attention to 2024, all indications suggest a shift toward practical utility rather than mere hype in the Web3 and cryptocurrency sectors. This new mindset will see an emphasis on applications with real-world benefits, particularly among enterprises, transcending the speculative era of NFTs and opening the door to a new, meaningful integration of Web3 into everyday business and consumer experiences.



Read more: Crystal Ball: 2024 Will Be the Year of Enterprise Adoption for Web3