As 2024 draws near, the cryptocurrency industry is about to go through some huge changes. These changes will be especially noticeable in Web3 gaming, stablecoins, and Ethereum growth. The crypto community is looking forward to a year of big growth and new ideas in 2024, after a year of changing opinions, regional differences, and changing laws.
Even though the market was unstable in 2023, builders and teams showed unwavering commitment. People who have stayed committed to the sector have been rewarded with soaring prices for well-known assets like Bitcoin and Ethereum. Looking ahead, the Web3 world is ready for big changes to happen in many areas. This in-depth study shows some of the most important predictions for 2024, such as the rise of stablecoins, the change happening on Ethereum, and the volatile changes in the crypto market.
1. Gaming and Brands: A Web3 Revolution
3x+ Growth in Web3 Game Releases
The anticipation for a substantial surge in Web3 game releases is high, with a projected 2x growth in overall Web3 games and an impressive 3x growth in fully on-chain games. Data from Jon Jordan's Big Blockchain Games List reveals 1,037 Web3 games as of December 19, 2023, with 54 being fully on-chain.
Major Web2 Companies Embrace Web3
2024 is set to witness the integration of Web3 technologies by major Web2 game companies. Industry giants like Nexon, Netmarble, Ubisoft, and EA are already making strides in this direction. This integration reflects a broader trend of traditional gaming powerhouses recognizing the potential of blockchain technology.
Web3 Enhanced Games in Popular App Stores
With newfound clarity on policies related to Web3 technologies, including stablecoins, major app stores such as the Apple App Store, Google Play Store, and Epic Games Store are expected to host an influx of Web3 enhanced games. Additionally, some mobile games are predicted to introduce stablecoins as a payment option, particularly in light of regulatory developments.
Predicted Market Cap Growth
The gaming token market cap, currently standing at approximately $18 billion, is expected to witness substantial growth, reaching an estimated $40 billion or more in 2024. This prediction is based on the robust growth rates observed in the gaming industry.
"Forever Brands" Web3 Adoption
Renowned brands like Nike, Starbucks, and Gucci are anticipated to further embrace Web3 initiatives in 2024. Building on the momentum from 2022, Forever Brands are expected to double down on their Web3 presence, with predictions indicating at least twice the number of activations in the coming year.
2. Stablecoins: Transformative Trends
Stablecoin Volumes Set to Surpass Visa in 2024
While the prediction for stablecoin volumes surpassing Visa in 2023 fell short, November's annualized rate of approximately $10 trillion suggests a resurgence. In 2024, high confidence is placed in the on-chain stablecoin volumes surpassing Visa's volumes, marking a significant milestone for the industry.
Solana's Ascendance in Stablecoin Transfers
The Solana blockchain, comprising around 3% of stablecoin transfer volume through November 2023, is projected to double its share in 2024. This resurgence is attributed to Solana's efficiency and cost-effectiveness, potentially drawing market share from competitors like Tron.
Decentralized Synthetic USD Stablecoin Hits $1 Billion TVL
2024 is earmarked as the year when a decentralized synthetic USD stablecoin, specifically ETH LST vs short perp, breaches the $1 billion total value locked (TVL). This development signifies a substantial shift towards decentralized alternatives to traditional stablecoins.
3. Ethereum and Transaction Flow: Navigating Change
50% of Staked ETH Liquid Staked
A noteworthy prediction for Ethereum in 2024 is the liquid staking of over 50% of staked ETH. Despite falling short of the 60% prediction from the previous year, confidence remains high that institutions will increasingly embrace staking and liquid staking.
Total ETH Outstanding Predicted at 119,600,000
While the total ETH outstanding figure currently stands at 120.21 million, a predicted burn of approximately 600,000 ETH is expected in 2024. The anticipated increase in activity across the entire Ethereum ecosystem is what fuels this forecast.
Private Transactions in Blocks to Double
The number of private transactions included in blocks is predicted to double in 2024, reaching around 22%. This shift is expected to be driven by the verticalization of the transaction supply chain, with neutral builders gaining market share over searcher builders.
Gasless Transactions on the Rise
As consumers engage across various verticals, such as gaming, a significant uptick in gasless transactions is expected. Whether facilitated through Ethereum Improvement Proposal (EIP) 4337 or other mechanisms, transactions from smart accounts and wallets are projected to increase in 2024.
Rollups Accelerate: 10x Layer-2 Transaction Count
A substantial acceleration in the adoption of layer-2 solutions and rollups is predicted, with the combined transaction count reaching 10 times that of layer-1. Furthermore, the total value locked (TVL) in layer-2s and rollups is expected to surpass that of Ethereum layer-1 by the end of 2024.
4. Markets: Token Launch Momentum
Token Launch Window Remains Open in 2024
Following a relatively slow year for new token listings on major centralized exchanges, a resurgence in token launches is anticipated for 2024. The market momentum is expected to propel a wide variety of token types, including layer-1/layer-2, DeFi, and gaming tokens.
Abu Dhabi's Growing Influence in Web3
A notable development in 2024 is the increasing influence of Abu Dhabi in the Web3 space. With Brevan Howard, one of the world's largest hedge fund managers, establishing a flagship office in Abu Dhabi, the city is poised to become a primary destination for Web3 founders. Abu Dhabi Global Market's proactive regulatory approach since 2017 positions it as an attractive hub for Web3 innovation.
FAQ Section:
Q1: How much growth can we expect in Web3 game releases in 2024?
- A: Anticipate at least 2x growth in overall Web3 games and 3x growth in fully on-chain games.
Q2: Which major Web2 game companies are entering the Web3 space in 2024?
- A: Companies like Nexon, Ubisoft, and EA are among those making the transition.
Q3: What is the predicted market cap for gaming tokens in 2024?
- A: The gaming token market cap is expected to reach $40 billion.
Q4: Will stablecoin volumes surpass Visa in 2024?
- A: Yes, on-chain stablecoin volumes are forecasted to exceed Visa's volumes.
Q5: Which jurisdiction is emerging as a primary destination for Web3 founders?
- A: Abu Dhabi is poised to become a key hub for Web3 founders due to its forward-thinking regulatory approach.
Q6: How will Ethereum's transaction flow evolve in 2024?
- A: Expect gasless transactions, increased rollup adoption, and a focus on user experience.
People will remember 2024 as a turning point in the history of the crypto industry, with Web3 games becoming a major force. When you look at these predictions, you can see a very interesting and changing future, from the amazing rise of stablecoins to the huge changes happening in the Ethereum environment. Working together between established giants and new Web3 technologies could change the way industries work as the crypto world grows up.
Take a trip into the future of Web3 gaming and keep up with the steady changes in the crypto world. Use the term #Web3Revolution2024 to join the conversation on social media and share your thoughts on the trends you think will happen. Take advantage of the chances and new ideas that are coming your way in this very important year for the crypto sector.
