TechDogs-"OKX Ventures 2024 Forecast: High-Profile Blockchain Games, AI-Powered Web3 Technology and Bitcoin Innovations To Fuel Web3 User Growth In 2024"

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OKX Ventures 2024 Forecast: High-Profile Blockchain Games, AI-Powered Web3 Technology and Bitcoin Innovations To Fuel Web3 User Growth In 2024

By PR Newswire

PR Newswire
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SINGAPORE, Feb. 7, 2024 /PRNewswire/ -- OKX Ventures, the investment arm of leading Web3 technology company OKX, today published its latest '2024 Forecast' report. The report predicts a significant user growth driven by blockchain games in 2024, especially with the integration of high-profile ("triple-a") blockchain games easing traditional gamers into the Web3 space.

In addition to GameFi, the '2024 Forecast' emphasizes the transformative influence of the AI sector in the Web3 landscape. OKX Ventures has made significant investments in projects such as FLock and MyShell that integrate AI and Web3 technologies. For example, MyShell, a leader in multimodal voice models, has achieved notable success, with over 12,000 stars on Github, 420,000 product registrations and 50,000 creators who publish and manage AI applications. The technical integration of AI and Web3, fostered by a compliant environment, is poised to redefine user behaviors in Web3, encourage mass adoption and aid in the evolution of a trusted digital society.

Other key sectors highlighted in the report include the Bitcoin ecosystem, Ethereum, Solana and DePINs. Each of these sectors is expected to experience significant development and innovation, contributing to the overall growth of the crypto and Web3 space:

  • The Bitcoin ecosystem: Bitcoin saw a rapid expansion with over 1.2 billion accumulated Bitcoin addresses by the end of 2023 and a global user base of over 500 million, reflecting its growing interest and adoption. Innovations set to revolutionize the Bitcoin ecosystem include the development of the Lightning Network, which uses features like MuSig2's single taproot channel, payment splitting and switching (PSS) to enhance network throughput and fend off balance probing attacks. Interactive multi-signature (MuSig2) and multiple hashed timelock contract (HTLC) aggregation will help reduce on-chain costs and improve resistance to interference.
     
  • Ethereum: The Dencun upgrade, a significant development for Ethereum in 2024, will bring performance improvements for Layer 2 projects through the implementation of the EIP-4844 Proto-Danksharding proposal and the introduction of 'blob space,' a new data storage solution for Ethereum. This upgrade enables Layer 2s to significantly increase the volume of transactions submitted to the mainnet at once, leading to lower costs for users and potentially shifting future Layer 2 competitors to focus on operational capabilities and decentralized implementation.
     
  • Solana: In 2024, Solana, with its low-cost and high-capacity features, is expected to demonstrate significant growth as an increasing number of users enter the industry. The blockchain platform has seen a surge in developers, with monthly active developers reaching between 2,500 to 3,000, and a three-month developer retention rate rising to over 50%, indicating a more mature application environment. Its potential to drive a more inclusive, resilient and dynamic decentralized future makes it a top choice for entrepreneurs.
     
  • Decentralized physical infrastructure (DePIN): The '2024 Forecast' report indicates that the market cap of DePINs, a network of real-world services that utilize blockchain technology, has already surpassed US$20 billion, demonstrating the significant potential and growing adoption of this technology. The integration of blockchain technology into physical infrastructure signifies a shift towards more efficient, transparent and secure systems.

OKX Ventures Founder Dora Yue said: "Drawing from our extensive research and analysis, we foresee significant growth in the crypto industry, particularly driven by advancements in GameFi, AI and Bitcoin ecosystem technologies. These advancements are set to revolutionize the industry, paving the way for new innovations and broadening the scope of digital asset applications."

The report also highlights OKX Ventures' positive outlook for the industry's macro environment in 2024. This optimism stems from expected advancements in blockchain technology and a rise in global cryptocurrency adoption. Additionally, regulatory progress and the emergence of innovative crypto projects are predicted to further drive the industry's growth.

The findings and analysis in this report are based on internal data from OKX Wallet and OKX Ventures' project portfolio, as well as qualitative insights from OKX Ventures' research team and senior executives. Pricing information from the OKX exchange is also included. This data is supplemented by an extensive review of secondary research, for which references are available here.

OKX Ventures' comprehensive forecast underscores its commitment to supporting industry builders, high-quality startup teams and projects in the crypto and Web3 space. As a leading investment institution, OKX Ventures continues to demonstrate its deep understanding and insight into the blockchain industry, and is dedicated to promoting industry collaboration, innovation and growth.

The full report is available here.

For further information, please contact:
Media@okx.com

About OKX Ventures

OKX Ventures is the investment arm of the second-largest crypto exchange by trading volume and Web3 technology company OKX, with an initial capital commitment of USD 100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.

Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.

Find out more about OKX Ventures here.

Disclaimer

SOURCE OKX Ventures

First published on Wed, Feb 7, 2024

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