Top 4 Web3 Predictions for 2023

We live in a truly exciting era. The Metaverse, a new virtual dimension powered by Web3 technology, holds the promise of virtual reality, new business models, and more importantly, new ways of living, working, playing, and shopping. In fact, according to a report from KPMG, demand for luxury goods in the metaverse could reach $50 Billion by 2030. But first, what is Web3?

Simply put, Web3 is the internet's third major evolution. It’s a whole new vision for the internet and a revolutionary way to explore new realms of business. It encompasses both new technology and a new culture for luxury, fashion, and beauty, characterized by decentralization, co-creation, and co-ownership, thanks to blockchain-enabled advancements such as NFTs and cryptocurrencies. So with this blockchain-based version of the internet establishing itself, we can’t help but wonder: what are the Web3 predictions for 2023? Read on to learn more.

1-Virtual Mascots for the “Phygital” World

Blurring the line between the physical and digital world was always a buzzing area in 2022, and it’s taking on new heights and challenges in 2023. Indeed, tapping into brand partnerships and ambassadors is no longer a thing of the real world only. Thanks to Web3 technology, traditional influencer marketing will reach new extremes, ushering the way for new virtual mascots. These Web3-native mascots will enable brands to tell better stories and will thus create new brand partnership opportunities and ultimately, a stronger community in the “phygital” world.

2-Seamless Product Authenticity and Resale Programs in Web3

Another trending area that comes with Web3 technology is product authenticity. In fact, there’s a growing number of brands that are focusing on implementing technology that proves authenticity and reduces counterfeiting opportunities. Why, might you ask? Simply put, brands have discovered that adopting a long-term strategy that offers buyers and consumers genuine value increases demand and customer loyalty. So much so that some brands have gone as far as integrating Physically Backed Token (PBT) chips into their products, thus harnessing exclusive blockchain ownership verification technology. Consumers are also looking for ways to verify and track their assets, which brings us to the concept of blockchain technology that demonstrates one’s status in Web3. This technology also offers new opportunities for resale models and secondary value. Since originality and rarity are – much like the physical world – attractive selling points for luxury consumers, it only seemed right that it would be the same in Web3.

3-Digital Fashion Marketplaces

In the real world, this is a trend that has been growing with each coming year, as consumers are always on the lookout for more affordable and accessible alternatives to luxury products. As we all know, immersive virtual shopping experiences have been taking the luxury industry by storm, with big brands such as Gucci, Adidas, Dior and so many more, riding the Metaverse wave. This year, the ante has been upped with Web3, as digital fashion marketplaces race to make luxury in the metaverse even more accessible. According to Roblox’s “2022 Metaverse Fashion Trend Report”, nearly three in four respondents said they will spend money on digital fashion. Now picture this in 2023 with a newly accessible digital fashion marketplace…

4-Digital-Only Fashion Houses

One thing we know for sure about Web3 technology is that decentralization is at the forefront of its advantages. It basically puts ownership in the hands of individuals, enabling creatives to own and monetize their work. With that in mind, this has pushed independent designers and digital-only fashion houses to create collectibles and sell them as NFTs. An example of a digital-only fashion house is The Fabricant, a brand that creates products for the digital realm by harnessing its imagination to the biggest extent. Combining this with the fact that Web3 is an innovative and exciting place for creativity, we are now only limited by our own imagination and we can, as consumers, live digital lives and express ourselves in virtual realities.

To Sum it Up

The concept of Web3 introduces a decentralized economy and paves the way toward digital-only assets, spaces, and experiences. By exploring a space that is free from any corporate hand, Web3 and blockchain technology guarantee the integrity of the space, especially in ‘virtual fashion’. The individual is hence given more power to keep their digital identity safe giving brands an additional reason to slowly but surely move towards a combined experience for their consumers. An experience that is not constrained to any third party but a foray into a virtual reality that boasts self-expression, sustainability, and a story-telling aspect.How far do you think luxury brands will venture into Web3?