Our Top 10 Predictions for the Creative Economy and Blockchain in 2024

1.

Grassroots Governance Addresses Corruption Head On: Or, “There’s a New Sheriff in Town

Prediction

The presence of nearly 1000 new chains in 2023, as well as the formation of autonomous + decentralized governance bodies, will continue to emerge. Some governance initiatives will go belly up, while others will get a feel for managing themselves, setting a new standard for developers, investors, and users. The growth of women in leadership on-chain could bring a new tone and sense of ethics to the table.

2.

Global Leadership in Blockchain: Or, “No, You Might Not Remain #1…The Resilience Continues.”

Prediction

The most “crypto ready” (adoption) countries leading in blockchain adoption include (in this order) Australia, the US, Brazil, the United Arab Emirates, Hong Kong, Taiwan, India, Canada, Turkey and Singapore (Source: HedgewithCrypto). This diverse list will force a new conversation about global growth (and value creation). These nations will be inclined to collaborate and compete, impacting the future of blockchain adoption worldwide.

3.

The Rise of Women in Crypto: Or, “Bros Start To Lose Their Footing.”

Prediction

Women’s participation in the crypto space is on the rise, with women crypto investors increasing to 20% in 2023 (up from 15% in 2021). Notably, these women investors are more inclined to hold their investments for the long term. However, despite this growth, only 36% of leadership positions in the industry are held by women. In 2024, collaborative initiatives led by women (focused on these spaces: on-chain development, fashion, and fintech) will exert pressure on the industry, aiming for greater visibility and support of women leaders.

4.

Enterprise-Centric Blockchain Surge: Or, “Blockchain Grows Up and Interoperability Gets Real.”

Prediction

Global spending on blockchain technology is growing threefold, expected to reach $19 billion USD in 2024 (compared to $6.6 billion in 2021 – source: Imaginovation Insider). The adoption of enterprise-centric blockchain platforms drives this growth. As Layer 1 and 2 chains focus on governance and “cleaning house,” as well as seek commercial partnerships, these platforms will gain traction in 2024.

5.

Crypto Bull Market’s Impact on the US Economy: Or, “Wake Up, Stupid!”

Prediction

With Bitcoin’s next halving coming up in the next few months and market sentiment for crypto coming back to that of pre-Terra and FTX collapse, we anticipate that 2024 will be a wake-up call for US regulators to define a framework for blockchain regulation. 

6.

Shift from NFTs to “Digital Assets” for Creatives: Or, “Artists Win This Round.”

Prediction

Following a drop of nearly 50% in NFT sales in 2023 (Source: Coinbase), down from the peak of $41.9 billion in 2021, the focus in 2024 will shift from NFT collectibles to “Digital Assets.” These assets will be viewed as a means to provide ongoing support for artists and creators, emphasizing their long-term value and giving way to deeper conversations about creative value in general.

7.

Hollywood The Drives Dialog on AI in Contracts: Or, “Wait, I Wrote That!”

Prediction

The strikes in Hollywood during 2023 led to a transparent dialogue between creatives, unions, and studio/streaming executives. This frank conversation about the use of AI in entertainment contracts will remain a hot topic in 2024. The industry will continue to grapple with issues related to ownership and creative authorship. This in turn will inspire more dialog about IP for all authorship (and the increased need for “Digital Assets”) potentially creeping into exploration by the US Congress (no one wants Hollywood to shut down again!).

8.

Education and Training for the C-Suite: Or, “Empowering Leadership (So They Can Keep Their Jobs.)”

Prediction

With the rapid evolution of technology, the need for the C Suite to adapt and upskill around the combined impact of the creative economy, blockchain, and AI is crucial. Trends related to immersive training, certification programs for employees on the blockchain and digital assets, and educational partnerships between creative institutions and blockchain companies will grow, with boards demanding proof of knowledge from top management.

9.

Blockchain Grows in Music and Entertainment: Or, “Do I Still Look Like a Sucker to You?!”

Prediction

Savvy artists like Taylor Swift and Snoop Dogg will continue to redefine how they get paid, what they own (IP), and how they choose to tour. This will trickle down to multigenre musicians who follow their lead, using the blockchain to manage their ownership and finding new ways to tour. Look for disruption starting to bubble within the Ticketing world.

10.

Blockchain and Labor Rights: Or, “No, I’m Worth Way More and Can Prove It!”

Prediction

In 2024, blockchain technology will continue to play a pivotal role in addressing labor rights issues, and developers will be the ones to finally “take to the digital streets” for fair wages and ownership of projects. Decentralized platforms and smart contracts will continue to promise workers a more transparent, fair, and automated compensation, sparking more discomfort with “corporate style” leaders about the future of work and workers’ rights in the digital age.