Key Takeaways:
- Understand the role of blockchain technology in the increasingly digitalizing world.
- Peek into the top blockchain trends that will refine the global economy in 2024.
- Learn how our experts can assist you in unleashing powerful blockchain-based applications.
Ever since its inception, the blockchain space has been subject to several redefining moments of brilliance. With its vast potential to revolutionize the mainstream world for the better, aided by a multitude of advantages, blockchain technology has sailed strongly into 2024. Our blog focuses on the top blockchain trends one must look out for in 2024 from a general perspective to benefit either as a business or an individual. As multiple breakthrough events wait for us in the global blockchain space, one can only expect the space to become accessible and fair to all.
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How was 2023 for the Global Blockchain Space?
2023, by all means, was a year of recovery for the global blockchain space, as the market cap surged from the worst levels ever seen to a respectable level, experiencing a 109% rise in the year. The elevated values were primarily fueled by the anticipation for the SEC’s approval for spot Bitcoin ETFs (which materialized recently) and the Bitcoin Halving event (set to occur in mid-April 2024).
- The last year witnessed the rise of Bitcoin as a full-fledged blockchain, as enthusiastic developers brought BRC-20 tokens (fungible) and Ordinal inscriptions (non-fungible) into the network. Today, Bitcoin ranks fourth among the top blockchains supporting NFT (or NFT-like) assets in terms of all-time market volume.
- 2023 also saw the prominence of meme coins across blockchain networks, which was a byproduct of the BRC-20 revolution. The movement soon spread to other blockchains like Solana, which experienced an incredible surge in trade volume and market cap.
- The year also saw the evolution of blockchain space meeting the real world, as multiple NFT and crypto projects ramped up their real-world presence to become relevant among the common public. The Ethereum-native profile picture (PFP) NFT collection Pudgy Penguins is a great example.
What Does the Blockchain Space Look Forward to in 2024?
As we enter the new year, the blockchain industry is looking brighter than ever, with a brisk start powered by the approval of spot Bitcoin ETFs. Also, most of the optimistic trends from the last year have been continuing, witnessed by the rise in activity in blockchains like Bitcoin and Solana.
- Bitcoin halving is one of the crucial events that is set to drive the entire blockchain space. While the event’s main outcome is reduced rewards for mining new Bitcoin blocks, the market reaction could be bullish, as demonstrated by the movements in the earlier iterations (2012, 2016, and 2020).
- The global blockchain space is also looking forward to regulatory initiatives to ensure it gets accepted into the mainstream world. Regulations like the Markets in Crypto-Assets Regulation (MiCAR) from the European Union and the United Kingdom’s upcoming regulations on cryptocurrencies are expected to create a positive impact on the industry.
- The blockchain market is also keen on the role of layer-2 networks on Bitcoin and Ethereum to drive the markets to new levels during the next bull run. These networks aim to enable seamless transactions on popular blockchains by providing on-chain/off-chain scaling solutions.
Domain-wise Trends to Note
While exploring trends to note in the blockchain industry, we cannot escape from peeking into specific domains that will make a mark this year. Experts mention several domains to make major strides in 2024, with a wide-scale crypto bull run anticipated soon.
- Decentralized Finance (DeFi) is a major industry projected to gain leaps and bounds in 2024. As more projects tap into layer-2 protocols and central banks explore the possibilities of wholesale and retail CBDCs (Central Bank Digital Currencies), we can expect a rich inflow of investments in the domain.
- The role of artificial intelligence (AI) in the blockchain industry is expected to shoot up manifolds due to the combined transformational potential on cards. AI-powered applications like marketplaces, games, exchanges, and other decentralized applications have started showing up with promising results, which are expected to continue with time.
- Real-world asset (RWA) tokenization and institutional crypto adoption (mainly fueled by Bitcoin ETFs) are predicted to be pivotal in elevating the blockchain industry to better heights. These domains will certainly attract huge interest from both retail and large-scale investors as they search for alternative investment mediums.
Technology-wise Trends to Note
From a technology perspective, the blockchain space is set up for a lift of stature as numerous exciting ventures that were under development are expected to launch this year. These advancements are projected to make the industry a better place to be accessed by all.
- Zero-knowledge (ZK) layer-2 technology has seen immense growth in the last few months, indicating an optimistic sentiment toward the concept. Its nature of not revealing sensitive information while verifying transactions on-chain makes it an attractive piece of technology for the blockchain industry in 2024.
- The evolution of blockchain infrastructure for interoperability, data storage, and transaction processing is predicted to reach new heights. With projects utilizing the power of AI, Machine Learning (ML), and Internet of Things (IoT), the number of projects creating solutions assisting underlying infrastructure for blockchains will be growing in 2024.
- In addition to that, many mainstream technological giants are stepping into blockchains, marking an influx of investments and intelligent personnel. Such high-profile occurrences are expected to lead this new-generation space toward mainstream adoption and acceptance.
Shedding Final Thoughts
Hence, we have seen the top blockchain trends one should look out for in 2024. From DeFi to the evolution of layer-2 technologies, we gave you several points to consider both from industrial and technological perspectives. If you are planning to build your venture in the blockchain space, you are in the perfect spot. With Blockchain App Factory’s professional services in blockchain app development, you can easily launch all kinds of platforms, tokens, and infrastructural elements using state-of-the-art sophisticated technologies. Our experts can aid you to the fullest in bringing your dreams to reality while remaining economically viable. Contact one of our professionals now to begin your new blockchain-based project!
