The Web 3 industry is finally recapturing global attention after a two-year crypto winter, with Bitcoin crossing the $35,000 mark for the first time since May 2022.
The ‘Fear & Greed’ index, a measure of the overall market sentiment, reached ‘72 out of 100 on Greed’ earlier this week, representing the highest sentiment since Bitcoin hit all-time high prices in November 2021. This follows a wave of excitement that BlackRock’s iShares spot Bitcoin ETFs could be inching closer to the U.S. Securities and Exchange Commission (SEC) approval.
The Fear and Greed index as of October 24th 2023 (Source: Alternative.me)
Amidst the excitement, several Web 3 projects are showing the potential to explode in value and utility, enhancing the Web 3 space and witnessing a possible bullish momentum heading to the last weeks of the year. This piece dissects the top five projects showing massive potential to push revolutionary boundaries in the coming year, not just in price and market cap, but in overall growth and development too.
Top Revolutionary Projects to Look Out For in 2023
The list focuses on five major sectors of blockchain that are enhancing the Web 3 space and boosting the adoption rates of the technology.
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Agoric (Web 3 Development)
First on our list is Agoric blockchain, a decentralized platform that aims to simplify the process of building and launching dApps on a blockchain network. Despite the rather dull crypto market activity in 2023, the project has witnessed solid growth and extended development on its platform.
The platform has paved the way for hundreds of blockchain and DApp developers to start their journey in Web 3 this year by providing a simple dev toolkit and launching boot camps to enhance development in the space.
The main selling point of the Agoric project is narrowing the gap between Web 2 and Web 3 developers – a barrier to entry in Web 3 development. Innovation in the space is key, and providing developers with simpler tools and familiar coding languages could enhance new developments in the coming year.
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Bitcoin (Impact on Wider Market)
It would be almost criminal not to place Bitcoin on the list. While the blockchain’s development community has not really built any revolutionary developments since the Bitcoin Ordinals, the crypto remains the most influential digital asset in the market today and for the foreseeable future, hence its place on the list.
First, Bitcoin’s halving is estimated to occur in April 2024, which could spike the price of BTC due to reduced supply. The price of BTC has historically shot up in the months leading up to or after the halving, which could be the catalyst to a bullish market.
However, it is BlackRock’s spot Bitcoin ETF filing that gives many inventors hope of a bullish market. Approval of the ETF, which some experts predict could come in 2023, could impact the wider crypto market towards innovation as capital from investment firms and corporations flows into this market.
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Philcoin (Philanthropy)
Blockchain technology has been revered for its innovations across several industries, from finance and healthcare to supply chain and governance. One overlooked area, however, is the advancement in philanthropy and enhancement of humanitarian aid.
One such project is Philcoin, a human-focused blockchain platform that bridges philanthropy and Web3 technology, aims to bring decentralization to humanitarian causes. According to its website, Philcoin solves real-world problems through its donate-and-earn ecosystem, allowing anyone in the world to support humanitarian and environmental causes via blockchain. Via its super app, PhilApp, individuals and communities can chat, connect, learn, play and earn while giving back to humanity.
The platform has helped raise capital for several causes including eradicating poverty, advancing education in third world countries, pushing donations to over 2,500 Ukranian families, and helping individuals struggling to overcome life-controlling problems such as drug and alcohol addiction.
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Open Campus (Education)
Open Campus, a Web 3 community-led protocol for educators, content creators, parents, and students, also shows the potential to advance Web 3-based education. The platform raised $10 million in a fundraising round led by Animoca Brands earlier this year, with an aim to revolutionize the education sector. The platform provides a decentralized and open marketplace allowing creators to develop content, games, and courses for learners on the blockchain. This provides education to every kid worldwide with an internet connection.
What sets the platform apart is its ‘Publisher NFTs’, a novel innovation that allows holders co-publishing rights to a course created by a teacher, thereby enabling holders to support the education material directly. These ‘Publisher NFTs’ give the holder a right to share a portion of the generated revenue with the creator, which is collected from a subscription model. Teachers and creators are incentivized to create better educational content while the community can support teachers directly.
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Polygon (Layer 2 Blockchain)
Lastly, layer 2 protocol Polygon shows the potential to revolutionize crypto transfers with its new upgraded roadmap. The multi-chain scaling solution deployed the token contracts for its new POL token on Ethereum, which replaces the $MATIC token, in late October 2023 to enhance upgrades on Polygon.
The new upgraded roadmap will allow new technological features such as zero-knowledge proof (ZKP) scaling solutions and introduce staking on multiple chains. POL will become the major tool for the coordination and growth of the Polygon ecosystem and the main driver of the vision of the blockchain becoming the “Value Layer for the Internet”.
Is a Bullish Market Possible in 2024?
In conclusion, the Web 3 landscape is experiencing a renaissance, with several projects poised to shape its future in profound ways. Their collective significance lies in the potential to bridge the gap between Web 2 and Web 3, revolutionizing education, advancing humanitarian causes, and improving the efficiency and scalability of blockchain technology.
As we look ahead, the optimism in the air is palpable. The resurgence of Bitcoin, the impending halving event, and the possibility of BlackRock’s spot Bitcoin ETF approval hint at a bullish market, and a potential influx of capital could set forth a bullish crypto market. The blockchain space is on the cusp of transformative growth and development, promising a future brimming with innovative breakthroughs and endless opportunities.
Disclaimer: This article includes links to third-party sites. Users must do their own research before making an investment decision.
