Having recently reflected on the development of the crypto markets since the 2021 bull run, I’ve also been thinking about trends in the broader Web3 sector and the magnitude of changes we’ve seen in just three short years.
As the biggest headlines of 2021, NFTs are a prime example. Even as crypto prices soared in early March, NFT remained
Instead, crypto’s wildest speculators have turned their attention to the latest trend: memecoins. However, Karim Chaim, CEO of the blockchain infrastructure project Web3Intelligence, which is developing the Dopamine app, believes this is about more than just speculation:
“Memecoins mirror the trajectory of NFTs, but with different nuances. Memecoins have become emblematic of the way digital assets can encapsulate and stimulate cultural phenomena. More than just speculative assets, memecoins in 2024 represent a democratization of the influence previously monopolized by venture capitalists and institutional investors. This shift to community-driven value creation and marketing is profound and illustrates the potential of decentralized networks to empower individuals and communities.”
The news that even hedge funds are proving sensitive to the allure of dog-themed cryptos lends a lot of credence to his view – and once again underlines the sheer pace and scale of adoption in recent years.
DeFi, another trend that came to characterize the 2021 bull market, has evolved rather than transformed. While the collapse of LUNA in 2022
Perhaps a slower trend is the creeping presence of DeFi in otherwise unrelated industries, creating previously unexplored avenues of value and revenue creation. GameFi was the first example and also rose to prominence during the 2021 market, largely due to the popularity of Axie Infinity.
This time, Web3 games have progressed from their first iteration, based on startups experimenting with the technology. Ubisoft has said it is working on Web3 games and expects to release two titles later this year. The company has also expanded its gaming team and licensed some of its intellectual property rights to Web3 gaming companies. The recent viral popularity of Notcoin, a ‘social clicker’ game that managed to attract an impressive 35 million players, speaks to the appetite for rewards, provided the public can see its value.
However, DeFi’s makeover is spreading to other industries – SocialFi is an example of a relatively new segment introducing financial elements to social media. Another is SportFi, led by Chiliz
“We have integrated and collaborated on several game titles across football management, metaverse experiences and fitness gaming. It is also notable to tackle the continued development of Web3-based fantasy games in collaboration with prominent sports rights holders such as Ligue 1 in France, K League in Korea and the UAE.
So memecoins, staking-with-a-twist and the DeFi financialization of new industries before 2024 – who wants to bet on what will happen in 2027/2028?
