Below are some of the Crypto experts view of 2023
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| Credit: pexel |
NFT will gain more utility and become the cornerstone of Web3.
With the highly anticipated blockchain game set to hit shelves in 2023, we could see the next opportunity to attract a new generation of crypto users.
After the FTX crash, as cryptocurrency investors turn to self-custody, people will understand the true value of bitcoin, not just the hype and price speculation.
With the FTX collapse triggering stricter regulation, Caroline Bowler of BTC Markets believes cryptocurrencies can go mainstream within the next 18 months.
2023 could be the year of decentralized exchanges and more advanced cross-chain applications.
Gary Liu, who is the founder of Artifact Labs NFT becomes the cornerstone of Web 3.0 The most exciting thing in 2023 will be the invention of new applications of blockchain technology, including NFT.
There will be a lot of innovation ahead. What we must realize is that NFTS are not just a new class of digital assets. They are, frankly, the cornerstone of Web3. So, in the interim, you'll see builders, entrepreneurs and investors putting money and energy into the pipeline, into the infrastructure that will allow Web3 to scale in the future.
We will be inventing different types of applications for NFT. They are not just pictures that you put money into and hope it will increase in value over time. It's not just a speculative asset, but will actually become Lego blocks that will eventually be assembled to become the next version of the decentralized Internet.
Institutions will protect their intellectual property with NFT Fundamentally, NFT is a way to create and protect IP in the digital world, and that's where their fundamental innovation lies. As we look back at our history, we realize that there is so much IP that should be protected in this way and could be useful in Web3. I expect that in the next few years, more and more historical organizations, cultural institutions and brands will implement IP protection in the real world. Of course, everyone does, and now we need to protect our IP in the digital world, there really wasn't a good way to do that until blockchain technology and NFT came along. So I do hope that more and more of this historical IP will be transferred to the Web3 world and NFT.
The new NFT series will need more intrinsic value to survive
The market is now saturated. We've seen a lot of blue chip NFTs and then a lot of other NFTs. Especially in a down market, it's proven that everything else can't really hold its value... So I think we're going to evolve into a world where NFTs have to be really practical. They have to be more valuable than just a group of people saying it has value. The assets themselves or the underlying assets they represent must have intrinsic value. This will drive NFT innovation.
Yat Siu, Founder of Animoca Brands Gaming will drive mass adoption of cryptocurrencies
Gaming will gain momentum faster than this year, even though games have dominated this year. The reason is because of the quality of games launching now.
A good game takes a few years to produce, so games that started being produced in previous years are starting to appear and come out this year.
We are going to see a wave of high quality games popping up on the market, which will lead to more mass adoption. So this will be in full effect sometime in 2023 and probably into 2024. So we should expect to actually see hundreds of millions of users entering the space as a result.
The metaverse is making a comeback For example, when people publish products and sell things on Sandbox, they generate revenue. The metrics in the meta-universe are now not just about the volume of your transactions, but also about employment. How many people are actively engaged in economic empowerment? All of this is basically evolving in a very exciting way. We're setting the framework for what could be a very strong 2023.
Metaverse and Blockchain Interoperability Gaining More Attention
Just as there will be many metaversees, interoperability between chains will be increasing. We can also see today that the chains that have decided to take a less interoperable approach are actually getting smaller. They haven't really managed to move beyond that. Everybody is talking about interoperability now because they realize that without interoperability they can't grow. It's kind of like a nation state, if you don't join the WTO, you can't grow either. You have to be able to trade items between each other and basically share value and expand the overall market.
Four years ago, there were some attempts to become dominant. If you remember a few years ago, the story was "The Ether Killer. And now, I don't think anyone is talking about being an "ethereum killer. Everybody is talking about accessing ethereum.
Brian, founder of Sandbank Investors will recognize the true value of bitcoin.
The lightning network and the use of bitcoin is growing faster in developing countries, and the Korean people recognize that as the reason why the price of bitcoin is rising faster. This is not only because of its deflationary nature, but also because of its uses. The global demand for bitcoin is moving out of Korea. So people have realized that it is very important to keep their assets in their hands and use hardware, wallets or personal wallets. They know the real value of bitcoin, they're understanding it and they're looking into it. Fiat currencies and all these cottage coins that are issued out of thin air, it's going to break down at some point. Maybe Bitcoin or some of the other major cryptocurrencies are going to be able to survive the next decade.
Cryptocurrency investors turn to self-custody There aren't that many long term holders in Korea. I don't see that many people using hardware wallets or personal wallets, even in software form. But since the FTX event, more and more people are using and buying hardware wallets.
I haven't seen this kind of reaction from Korean investors in the last 4-5 years. When Terra-Luna happened, there was nothing like that. So, yes, people are very cautious about protecting their assets. They're taking assets out of the exchanges and using these hardware wallets to keep them safe in their hands.
2023 Could Bring More Functional Blockchain Applications Beyond Financial Innovation
I see many startups still interested in the future of blockchain technology. They want to use bitcoin or the ethereum network to build a new kind of business that will help innovate people's daily lives, not just in finance. I remain hopeful that the CEOs of these startups will make innovations. They will emerge when the market booms again. There will be more focus on these guys and what they are doing to innovate the entire crypto industry. I don't know if it will take a year or two, but maybe when the Fed cuts rates again next year.
Bowler, founder of BTC Markets Mainstream adoption will increase in the next 18 months
There's already a momentum for change at work. When we look at some of the data from our exchanges, we see that the older demographic in particular, those over 65, are much larger and investing even more than those in their 30s and 40s, which is an expected investor group ...... We may see new investors cooling off in the first 3 to 6 months of 2023. But I do think we'll see this go mainstream for a few months in the next 12 to 18 years.
The FTX collapse will produce a stricter regulatory framework
We expect to see some pretty stringent regulation come in. From an industry perspective, our concern is that we don't want to see regulators crossing the line. For those jurisdictions that already have regulations in place, that's an advantage. I'm thinking here of Singapore. I'm thinking here of the EU - they know what they're dealing with. They know what's going to happen.
Certainly, the European approach to making room for innovation is not an attempt to regulate innovation from the economy. That approach may serve many developed economies well, certainly as an industry. That's the approach we hope to approve in Australia.
Centralized exchanges will still have a place
I'm very bullish on centralized exchanges, and not just because I'm the CEO of one of them. Rather, look at human history and human behavior. There's a reason why banks exist instead of hiding money under the pillow. And that behavior, that human desire to not have to focus attention or worry about self-custody, will still be there in the short term anyway. So if you look at the next one to three years, maybe five years from now, think DeFi (decentralized finance) is fantastic, and it's definitely a model that we're going to see a certain percentage of people turn to.
I'm very excited about the opportunities that exist in that space. However, not everyone wants to do self-custody. Not everyone wants to take that step on their own. They look to someone else to manage their finances. In fact, that's why we hire financial advisors...... So it will be a matter of consumer choice or investor choice.
Cosmos founder Buchman
Decentralized exchanges to gain prominence after FTX collapse
The FTX collapse is further proof of the builders! argument that we need decentralized, trust-free, verifiable solutions, and that these unaccountable, opaque centralized exchanges, which are clearly prone to fraud, commingling of user funds and abuse of their trust, somehow need to come to an end. We need to make more use of these decentralized, verifiable solutions.
DeFi will become more integrated with real-world payment systems There are some really effective underlying DeFi (decentralized finance) protocols. There seems to be an opportunity to build integration on top of that that supports real-world commerce. Instead of decentralized finance that leverages real-world payment systems, we're driving a particular approach we call collaborative finance that supports real-world obligation networks and trade credit economies that can help small and medium-sized businesses with their liquidity needs and realize the potential of blockchain technology as a payment solution, not just a tool for all this speculation.
Advanced cross-chain applications to go live on IBC
The inter-blockchain communication protocol IBC is a universal communication protocol. Token Bridging is just one application on IBC, but we are starting to see the launch and adoption of other applications. These include ways to share security on an Inter chain, where the security of one blockchain can be used on another blockchain, or from one blockchain to another for more advanced control. So one blockchain can control another account.
We will see the growth of more advanced IBC-based applications in 2023 and people may start to understand that this is not just token bridging, this is generic cross-chain communication.