Web3 Strategy and Trends in 2024: A Recap
December 23, 2024
The digital asset landscape and Web3 marketing in 2024 has been characterised by significant technological innovations, evolution, and regulatory developments that have reshaped the Web3 ecosystem. In 2023, we expected innovation to be the theme of 2024, and in this blog, we reflect on 2024 and the year that was.
AI and Blockchain Convergence
The intersection of artificial intelligence and blockchain technology became a defining trend in 2024. Companies like, Phala Network developed a secure, scalable, and decentralised cloud computing platform tailored for Web3 applications. Using DePIN enabled organisation of resources into web3 servers, storage and sensors.
The Optimistic Privacy-Preserving AI framework exemplifies this approach by integrating Zero-Knowledge Machine Learning for privacy with Optimistic Machine Learning for efficiency. This hybrid model is tailored for blockchain AI services, striking a balance between privacy protection and computational efficiency.
Key developments in AI and blockchain convergence in 2024 include:
- Decentralised AI platforms leveraging blockchain for transparent and verifiable machine learning models
- Token-based incentive mechanisms for AI data contribution and model training
- Enhanced privacy and data ownership solutions using blockchain technologies by distributing AI processing tasks across a network of nodes, enhancing scalability, resilience, and efficiency.
Meme Coin Hype and Community Frenzy
Meme coins surged during 2024, with 75% of new projects launched, according to Binance. By March, dog-themed coins alone had taken over half of the meme coin market, amassing a collective market cap of $36 billion. Across the board, the meme coin sector hit $60 billion, up from $23 billion at the start of 2024. Whilst meme coins don’t have the best reputation, Arthur Hayes of Bitmex highlighted the positives of meme coins bringing attention to the space, which in turn brings more engineers and creates a cultural movement.
Vitalik Buterin acknowledged the unsavoury side. Buterin valued “people’s desire to have fun” and the ability of meme coins to build a community and be used as an avenue for good.
Institutional Adoption Accelerates
Major financial institutions and corporations have moved beyond experimental stages into meaningful Web3 integration during 2024. Bitcoin gained spotlight due to Bitcoin’s surge in price post-halving, the meme coin mania and Bitcoin dominance, which was fuelled by political and economic shifts.
The US Securities and Exchange Commission (SEC) approved a spot Bitcoin EFT in January. Donald Trump was re-elected in November, including 278 pro-crypto candidates (69.5%) in the House of Representatives and 20 pro-crypto candidates (62.5%) in the Senate. This signalled clearer regulations and a more supportive environment for digital assets.
Besides Bitcoin achieving a new all-time high of over $100,000 in 2024, this has led to:
- Increased blockchain-based financial products
- Corporate treasury diversification into digital assets
- Enhanced institutional trading infrastructure for cryptocurrencies, tokenised assets, and a broader user base.
Regulatory Clarity Took Centre Stage
Unlike previous years of uncertainty, 2024 saw unprecedented regulatory developments for digital assets. This further fuelled industries like the tokenisation of real-world assets (RWA’s) which have reached a market cap of over $20 billion as of publication. Discover how to align your web3 marketing strategy with tokenised RWA’s.
Notable regulatory development for digital assets included:
· The US enacted the Financial Innovation and Technology for the 21st Century Act to provide more clarity for digital assets, including how cryptocurrencies would be classified and regulated and clarifying ambiguities especially relevant to institutional investment. Ripple won its case versus the SEC with the court ruling that XRP, Ripple’s native token, was not a security when sold to retail investors through exchanges.
· Europe Implemented the Markets in Crypto-Assets (MiCA) and established regulations surrounding transparency, licensing and consumer protection. This has positioned Europe as a model for balanced crypto oversight and attracting blockchain firms with its regulatory certainty.
· In Asia, Japan expanded its Web3 Initiative, integrating blockchain and AI into its technology roadmap. Singapore enhanced its crypto licencing requirements to strengthen consumer protection and curb illicit activities.
This shift has resulted in:
- Clearer frameworks
- More defined compliance requirements
- Increased institutional confidence in digital asset investments
- Investment vehicles representing traditional assets like commodity markets on blockchain networks.
Decentralised Identity and Privacy
User-controlled digital identity became a critical focus during 2024, redefining how we manage not only our identities but our interaction with the digital economy and global society. In October Buenos Aires rolled out ZK- backed digital identities to its 3.6 million eligible citizens. The W3C redefined standards for verifiable credentials, ensuring digital identities are harder to compromise.
During 2024 we saw:
- Global expansion of SSI networks
- Self-sovereign identity solutions
- Enhanced privacy-preserving technologies
- Reduced reliance on centralised identity providers.
Web3 strategy was shaped by the landscape in 2024. This year demonstrated maturity, moving beyond speculative excitement to delivering tangible, real-world value. The convergence of regulatory clarity, technological innovation, and practical applications has set the stage for broader mainstream adoption.
The industry has proven that blockchain and decentralised technologies are not a passing trend, but a fundamental shift in how we conceptualise digital interaction, ownership, and trust.
Need help with your Web3 Strategy? Take3 provides marketing insights and solutions to help you accelerate to a new level. Get in touch here.✌️
