In a forecast, for the year Brevan Howard Digital has unveiled its predictions for the Web3 landscape in 2024 highlighting significant advancements across various sectors like gaming, stablecoins, Ethereum ETH 3.95% and market trends.
The gaming and brand industries are on the verge of experiencing a transformative shift. We can expect a surge in the release of Web3 games with an increase anticipated in fully on chain games. Leading Web2 gaming companies such as Nexon, Netmarble, Krafton, Square Enix, Konami, Ubisoft and more are progressively integrating Web3 into their operations.
Additionally we anticipate witnessing a presence of Web3 enhanced games on platforms like the Apple App Store Google Play Store and Epic Games Store. This trend will also see the inclusion of stablecoins as a payment option in games. Alongside these developments comes the prediction that gaming tokens market capitalization will reach $40 billion.
In terms of “Forever Brands,” powerhouses, like Nike, Starbucks Gucci and others are expected to invest in their Web3 initiatives—an indicator of an approaching era characterized by enhanced brand engagement.
Stablecoins are poised for a year as their transaction volumes are projected to surpass those of Visa.
The growth we are witnessing is partly due, to the increased use of stablecoins on platforms like Solana SOL 1.31%. It is expected that Solana will double its share of stablecoin volume. Moreover there is anticipation in the industry for the emergence of a USD stablecoin, which is predicted to surpass a total value locked (TVL) of $1 billion.
Within the Ethereum ecosystem we can expect changes. The proportion of liquid staked ETH is projected to surpass 50%. The total amount of ETH in circulation is estimated to reach 119,600,000 with an estimated burn of around 600,000 ETH.
Furthermore this year may witness a surge in gasless transactions across cryptocurrencies. Rollups are expected to achieve a transaction count ten times than Ethereum layer 1.
When considering market trends it appears that the token launch window remains open. This indicates activity with new token listings on major exchanges. We can anticipate the emergence of a range of types along with innovative mechanisms for token value accrual. In terms of trends within the space Abu Dhabi is emerging as a leading destination for Web3 founders. This is supported by frameworks and initiatives, like Coinbases Project Diamond entering ADGMs RegLab sandbox.
Based on information, from sources it appears that stablecoins are poised to become significant players in the realms of payments, remittances and DeFi applications. They may even compete with processors like Visa and Mastercard. The Web3 gaming sector is expected to witness the emergence of a game that will attract a large global user base.
It is projected that Bitcoins market capitalization will experience a 50% growth primarily influenced by the bitcoin BTC -0.53% halving event. Moreover NFTs are anticipated to expand their reach beyond art and find applications in loyalty programs and customer engagement initiatives. Lastly advancements, in AI technology Language Models are likely to make DeFi exploits less common occurrences.