Spartan's 2024 Outlook: Bullish on Bitcoin Ecosystem, DePIN, and 8 Other Crypto Sectors
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Spartan's 2024 Outlook: Bullish on Bitcoin Ecosystem, DePIN, and 8 Other Crypto Sectors
This article will delve into the nine most exciting trends of the year, from Web3 gaming to the Bitcoin ecosystem.
Navigating Web3 tides with focused insightsAuthor: The Spartan Group
Translation: TechFlow
2023 was a bear market year for cryptocurrency. While it experienced significant turbulence, it also created space for incredible new technological innovations.
Below are the areas that excite partners from Spartan’s investment, advisory, and lab teams as we look ahead to 2024 in crypto. We’ll dive into nine of the most exciting trends of the year—from Web3 gaming to the Bitcoin ecosystem. These trends not only signal transformative shifts within the Web3 landscape but also reveal a more open, interconnected, and innovative digital future.
AAA-Grade Web3 Games
Kelvin Koh, Co-Founder & Partner, Chief Information Officer, Spartan Capital
I’m excited about the next generation of AAA-quality Web3 games, some of which will launch in 2024. I believe these games will bring millions of new Web3 users and demonstrate why Web3 gaming represents an evolution beyond existing Web2 games.
Bitcoin-Based Development, Consumer Applications, and the Asian Market
Melody He, Co-Founder & Partner, Co-Head, Spartan Advisory
For 2024, I’m particularly excited about four things:
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Unlocking the power of the Bitcoin blockchain built on Bitcoin-based assets
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Consumer applications signaling the next phase of NFT development
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The Asian market emerging as the center of crypto—from retail trading to enterprise adoption
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Capital flowing toward regulated exchanges and local platforms, leading to more fragmented liquidity—but also pushing projects to invest in local partnerships and exchanges rather than simply listing overseas without driving local token adoption.
M&A-Driven Consolidation
Casper B. Johansen, Co-Founder & Partner, Co-Head, Spartan Advisory
I expect 2024 to be a year of growth and consolidation in the Web3 industry. In particular, I anticipate seeing consolidation among centralized exchanges. This will take three main forms:
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Domestic consolidation between competitors in the same market
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Regional consolidation between exchanges operating in adjacent markets
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Cross-continental consolidation via large global players entering strategic markets.
We will also see a sharp increase in M&A activity across other Web3 sectors, including custody, data and analytics, staking, payments, and more. Following this first wave of Web3-native, M&A-driven consolidation, we’ll see a second wave led by non-Web3-native companies, along with several major Web3 platforms going public.
Mainstream Applications, Zero-Knowledge Proofs, and Modular Blockchains
Leeor Groen, Managing Director, Spartan Group
I’m excited to see the industry validating the infrastructure we’ve built over the past few years through the adoption of mainstream applications. In Web3, we’ll begin measuring success differently—not just through individual assets, but by recognizing the value of computational ownership. Privacy and security will be key drivers, and users will start to appreciate the value of zero-knowledge proofs and modular blockchains—even if they don’t realize they’re relying on them in the backend of everything from digital identity to gaming.
On-Chain Agents, Virtual Goods, and Aesthetic Crypto Brands
Adrian Lai, Chief Creative Officer (Studio Head), Spartan Labs
In 2023, concepts like intent, networked playable characters, crypto AI agents, NFT applications, and modular account abstraction emerged. In 2024, I expect these fragmented ideas to converge into a robust economy centered around autonomous on-chain agents.
Second, Apple’s Vision Pro is launching soon. I’m excited about the wave of virtual goods and experiences that will accompany this new spatial format.
Finally, I look forward to seeing more aesthetics-driven, crypto-native brands led by innovators such as Family, Blackbird, Bebop, Seed Club, Zora, and FWB.
DePIN and the Bitcoin Ecosystem
Cody Poh, Investment Associate, Spartan Group
I’m excited about the progress in DePIN; projects leveraging cryptoeconomics to reduce structural costs will become strong competitors to existing Web2 businesses. Additionally, with upcoming Bitcoin infrastructure upgrades enabling Layer 2 solutions, the BTC ecosystem is becoming more practical and usable. Combined with newly created asset classes like BRC-20 offering high speculative value, the ecosystem is poised for strong growth.
The Convergence of AI and Blockchain
Audrey Taylor-Akwenye, Chief Technology Officer, Spartan Labs
In 2024, what excites me most is the convergence of AI and blockchain. We have research and new use cases around zero-knowledge machine learning (ZKML). We have games allowing you to train AI agents using ERC6551. I believe in the coming year we’ll see more AI being used to enhance Web3 user experience and efficiency, and more blockchain technology serving as guardrails and transparency layers for AI.
Takeoff of Web3 Consumers, Social, and Gaming
Dana Gan, Advisory Associate, Spartan Group
Looking ahead to 2024, I’m excited about several aspects of the crypto space:
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We may see another wave of momentum and traction from relatively new L1s/L2s. I hope to see increased developer activity, TVL, emergence of on-chain “killer apps,” and stronger community building. Chains like Sui, Sei, Aptos, Base, and Scroll still have a lot to prove in 2024.
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An expected rise in consumer-facing retail applications in crypto: friend.tech’s success, combined with potential airdrops in the coming year, has already sparked a surge of copycat projects. This is just the beginning. This trend marks a significant shift in industry focus toward consumer and social applications. I’m excited to test more products featuring better UI/UX, improved incentive flywheels and token utility, and more sustainable business models.
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Anticipating more advanced developments in Web3 gaming and the metaverse over the next 1–2 years: After years of development, many AAA and MMORPG Web3 games are set to launch. With advancements in hardware (e.g., Apple’s Vision Pro) and software (metaverse engine companies), I believe there’s substantial growth potential in gaming and the metaverse. I’ll be eagerly trying out more of these games in 2024.
Tokenization of RWAs and the Bitcoin Network
Yan Ma, Associate, Spartan Group
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The tokenization of RWAs expands the possibilities of categories and security assurances on the Bitcoin network.
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Bitcoin’s network, through L2 solutions, achieves scalability and interoperability, unlocking over $850 billion in previously idle BTC capital and paving the way for institutional adoption.
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DeSci will gain more attention as a powerful use case for blockchain—using Web3 technologies to create secure, permanent records of scientific contributions, enabling fair credit distribution, streamlining transactions, allowing global resource sharing, and overcoming economic barriers.
The views expressed here are those of individual Spartan Group employees and do not represent the views of Spartan Group or its affiliates.
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