Web3 will gain ground in the backend
2022 might have been something of a death knell for cryptocurrency, but the underlying blockchain technology still holds great promise. Just because the Bitcoin bubble has burst, Web3 technologies and practices like blockchain and decentralisation continue to grow in importance and popularity; after all, the issues they're intended to solve, like the massive centralisation of the internet in the Web 2.0 era, are still present.
In 2023 we'll see significant blockchain innovation as we move away from the peak of hype and blockchain's true capabilities become more widely understood. Instead of forcing blockchain into applications and businesses it clearly isn't suited for, we'll see more uses in areas where it can deliver true value, like mass goods tracking and smart contracts.
Interest in Web3 has died down this year after the crypto crash and collapse of FTX, but a core of dedicated developers remains - developers just waiting to be snapped up by the right company. Organisations who have been waiting to break into blockchain may find this is the time to do so.
However, while the future still looks strong for most of Web3, its most consumer-facing application - metaverse - remains unwanted and under-developed. The hardware is still too bulky and expensive, and the concept entirely lacks a killer app to drive people towards it. Success is almost inevitable, but it won't come in 2023.
