Here’s How Web3 Will be Different in 2023
As we approach the end of a tumultuous year for crypto and NFTs, one thing is clear: the future of Web3 will evolve drastically from the status quo of 2022. For those who attended The Gateway’s series of panels featuring Web3’s biggest builders last week in Miami during Art Basel, this theme stuck out like a sore thumb.
The subjects of those panel discussions were disparate, focusing on everything from a bird’s eye view of the industry to closer inspections of the dynamics of film and literature NFTs, in addition to the way Web3 is portrayed in the media.
Yet, all shared some crossover in their topical Venn diagram, mainly: success in the industry cannot be replicated by even slightly outdated models.
PFP projects can no longer rely on the buying, selling, and trading of their avatars to find success and bring value to their communities. Shortsighted cash-grab projects are doomed before they take off. Building out of the crypto winter requires time — years, even — and the ability to live humbly for just as long.
Intellectual property plays just might be the best way for an NFT brand to lasso longevity. The fight for artist royalties has only just begun. And, no matter what the market looks like, IRL community activations are irreplaceable in providing opportunities for members to network, have fun, and carry a project forward.
If that sounds like a steep and precarious climb for those still hoping to build something lasting in Web3, that’s because it is. If the bear market shaved off a portion of the undedicated and the fraudulent earlier this year, the still-deepening crypto winter (alongside the tragicomedy that has been the ruin of FTX) has shed the industry of all but its most shrewd, hopeful, and dedicated actors at this point.
A chance to rebuild. Web3 is no longer weighed down by the heft it once carried during the 2021 bull run, or even the early days of 2022. This makes it more prone to damage, yes, but it also means it’s more nimble and open to innovation and change.
Make no mistake, NFT project heads are busy behind the scenes drawing up plans to build up the industry’s sinew and muscle once more. While 2023 is unlikely to be a walk in the park for Web3 enthusiasts, the crypto freeze will thaw at some point.
The projects consistently putting in the work now will be the ones that emerge as battle-tested forces to be reckoned with. And when they do, we may barely recognize them.
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