Web3 Narratives and Crypto Trends | Bankless Africa Weekly Newsletter
This is the Bankless Africa Newsletter, your one-stop plug for well-curated and up-to-date crypto and web3 news around Africa.
Gm!
It’s time for another issue of the Bankless Africa Newsletter. We're excited to share with you some exciting developments from the world of web3. As always, we believe that keeping up with the latest developments is crucial for success, and we're here to help you stay on top
Join us as we take a trip to the future and explore upcoming web3 narratives. But that's not all! We'll also be discussing other topics, including:
Instant bank transfers on MetaMask with MoonPay
Solana's Saga mobile phone launch, and
Potential airdrops.
Are you ready? Let's dive into the world of web3.
📣 Community Collab
Exciting news! Bankless Africa is teaming up with Bankless Academy to bring the power of crypto education to the masses! With Bankless Academy's forkable educational platform, we're set to onboard Africans to web3 and take them on an incredible journey to financial freedom.
But wait, there's more! By studying at Bankless Academy, you'll be eligible to receive a free lens handle, giving you even more access to the world of crypto.
Don't miss out on this amazing opportunity! Keep an eye out for our forthcoming Twitter space, where we'll share all the details about our collaboration.
Top 9 Web3 Narratives and Crypto Trends for 2023
It is no news that the web3 landscape is driven by hype. But what many do not know is that hype doesn't just happen. Stories fuel them. These stories are what we'd call web3 narratives. They drive trends and invariably price movements.
There have been various crypto narratives in the past, such as Altcoin (layer 1), meme coins, and NFTs narratives, amongst others. These crypto trends and narratives brought volume into the market, and savvy traders made money. If you’re in this market to make money, staying on top of these narratives is wise.
The best bet is that the question on your mind should be, " what will be the next crypto narrative? "
From the outlook, there are many things to expect from web3 in 2023. Let's consider them!
What To Expect From Web3 In 2023?
1. Bitcoin Ordinals
No one predicted that Bitcoin would be more than a store of value. Experts said it lacked utility. But Bitcoin ordinals introduced utility. Bitcoin ordinals are also called Bitcoin NFTs. However, they differ greatly from traditional NFTs as they are inscriptions on the Bitcoin blockchain.
2. Layer 2s
Layer 2 networks are scaling solutions built on primary blockchains to enable faster and cheaper transactions. There have been various kinds of layer 2s, such as side chains and rollups.
Arbitrum is one of the latest layer 2s. Recently, Arbitrum announced its token launch, and crypto Twitter can't stop talking about it.
3. Zero-Knowledge
Zero-knowledge allows users to prove the right to use an account without revealing private information. It also aids account abstraction. The catch is account abstraction offers a better user experience as it facilitates social recovery, gasless meta transactions, multi-signature security, and more.
4. Web3 and AI Narrative
After ChatGPT went viral, web3 enthusiasts could not stop talking about the possibilities of AI and web3. Many think that these two emerging technologies have the potential to complement each other.
However, there have been no unique use cases asides using generative AI to create NFTs.
5. Gaming NFTs
Many gamers didn't like the concept of play-to-earn application. But did it kill web3 games? No! Now, we are seeing an increase in innovative games in the web3 world again. While we can't say if any game will become a 2023 superstar, the future looks promising.
6. Phygital NFTs and Tokenized Real-world Assets
Phygital NFTs and tokenized real-world assets allow people to enjoy the best of two worlds (physical and digital). You own it on the blockchain and in real life. Sounds exciting!
7. Decentralized Stablecoins (Crypto as Reserves)
After all the drama with algorithmic stable coins and US dollar-backed stablecoins, the ecosystem is shifting towards using BTC and ETH as reserve assets.
Currently, there are decentralized stablecoins like DAI and GHO (testnet).
8. Trivia/Quests
Trivias and quests are becoming so popular in the web3 ecosystem. Web3 projects and protocols use these quests to onboard new users and go viral. Users engage with quests for incentives. Some popular web3 quest platforms include Crew3, Rabbithole, and layer3.
9. Web3 Social And Notifications
There has not been much noise about web3 socials. However, core web3 enthusiasts believe web3 socials will be the next big crypto trend. Web3 socials involves wallet-to-wallet messaging. Many protocols exist in this category, including Lens, Ethermail, Unstoppable domains, and Dialect.
There have been rumours that Lens protocol will airdrop active users. However, the criterion to become a lens user is challenging. First, you’ll need a lens handle. You can also get a lens protocol handle for as high as $167 on OpenSea or when you study at Bankless Academy - win a free lens profile.
Bonus: Web3 Mobile Phones
Web3 mobile phones are coming! Yes, you heard that right.
Many dApps struggle with making their applications available for download through centralized stores like the App Store. Now, web3 protocols are building a mobile device focused on decentralization. One early builder is Solana, and they are launching Solana Mobile Stack and Saga phone soon.
🥁 African Adage
Adage: Move like a chameleon, look in front, and watch behind.
Meaning: The fast-paced nature of the web3 space means that new developments are constantly occurring. So like the chameleon, web3 enthusiasts need to be flexible and adaptable, able to adjust their strategies and approaches to stay relevant in a rapidly changing environment. Therefore, those who can anticipate and position themselves at the forefront of emerging trends will be better placed to take advantage of the opportunities that arise. (Share with a Tweet)
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👉👉To participate in the Trivia, share your answers with the hashtag #BATrivia.👈👈
😂Just for Laughs
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📻 Bankless Africa Podcast: Fireside chat with Cassava Network’s co-founder
🎧 Check out our Pidgin Parlor podcast| Airdrops & Crypto
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Disclaimer: This post does not contain financial advice, only educational information. By reading this article, you agree and affirm the above, as well as that you are not being solicited to make a financial decision, and you in no way are receiving any fiduciary projection, promise, or tacit inference of your ability to achieve financial gains.