10 Cryptocurrency Predictions for 2023!

Friends,
before starting, let me congratulate you all on the New Year 2023! And
may this year be successful in all aspects, local wars will end, peace
will come and the global financial and economic structure will
stabilize, because the prosperity and development of the entire crypto
industry largely depends on this. I wish you a great mood and all the
best to you!
2022
has been a particularly turbulent year for the crypto market, with many
institutions – both decentralized and centralized – failing or
struggling to stay afloat.
It seems that we are in the final stages of a bear market, when the
crypto industry is cleared of bad players and practices: a process that
is dramatic, but necessary for the maturity of the entire system. The
foam is leaving, and Web3 technologies that have appeared as a result of
this crypto winter are becoming visible, capable of changing a lot.
Web3 is the next evolution of information exchange. If you draw
historical parallels, the transition from Web2 to Web3 is similar to the
transition from a predominantly agricultural society to a more
industrial one.
It is a computing framework designed to put people at the center and
prioritize privacy. Blockchain technology will open up a new way to
interact with the Internet and will fundamentally change the way we
interact with each other.
>> Here are some predictions of what we can expect in 2023:
1) Cryptocurrency venture funding will continue to decline.
Most likely, this will happen in the first half of 2023, and this is
not necessarily a bad thing. Think of it as normalization—a return to a
rational level.
Investors don't want to catch a falling knife, so they're waiting for
things to bottom out while also weighing broader macroeconomic concerns
and the risk of a global recession. And funding will not dry up at all:
new startups involved in the development of blockchains of 1 and 2
levels and issues of interoperability (Layer 0 / bridge), credit and
trading protocols will receive funding.
2) Web3 projects will start to include big brands.
In 2023, the original anarchic ideal of Web3, which rejected the need for big brands, will disappear.
Participants will finally understand that when there is no external
money from big brands, all you have is a token that has value solely due
to the dollars of users and speculators.
Projects will begin to reach big brands and use the advertising,
marketing and sponsorship dollars they generate. Because of this,
Web3's dream of a microcapital token can be achieved by dividing
meaningful external equity among real users.
Web2 brands such as Nike and Starbucks will continue to experiment with
Web3, focusing on non-fungible tokens (NFTs) as the format of choice
and focusing on customer acquisition over monetization.
3) It will become clear that the Web3 community is not a group of profiteers.
People will realize that the way many people think about the community in Web3 is bullshit!
“Community” was often just a great word, used primarily to describe a
group of speculators on Discord who share a common dream of getting rich
quick and abandon the project as soon as the growth carousel stops
moving.
While we will continue to encounter exceptions to the rule, such as
strong, engaged decentralized financial communities, as well as online
and offline decentralized autonomous organizations such as LinksDAO, in
2023 we recognize that the existing Web3 /community fit projects were
only for speculators. Once we understand this, we can no longer afford
to ignore the need for actual product-to-market fit.
4) Web3 application developers will focus on quality and novelty.
As Web3 application development costs decline and user acquisition
costs rise, the focus will be on quality and novelty. Web3 projects
will be featured on the App Store and AdMob to help developers and users
find each other more effectively.
Initially,
L1 projects and wallets will compete for this position, but, most
likely, they will be replaced by a new player. Breakthrough Web3 apps
in 2023 will be more like the most downloaded and most profitable apps
in the early days of mobile devices: simple user interface and graphics
with intuitive yet innovative interaction and monetization mechanisms -
like Angry Birds in 2009.
5) There will be many games without the possibility of cryptocurrency speculation.
The current trend towards “stability” and “steadiness” in gaming –
stemming in some ways from the unfortunate experience of Axie Infinity
(AXS) – will spawn a wave of products with stability built in, but
without the dynamic boom and bust nature of most cryptocurrency
speculation.
This will create a flat, muted gaming experience - sort of like a
copycat version of existing Web2 video games. Of course, over time,
game developers will remember that market speculation is part of the
fun, and will try to use it again, but in a healthy and responsible way.
6) Traditional products will be in demand, but with basic blockchain components
Web3 will continue to have a strong niche with applications that are
functional clones of existing businesses, but with some basic blockchain
components. These applications will fill the niche market of users who
want the same traditional core products, but with some similarities to
Web3.
This parallels many early Internet companies (such as Amazon as an
online bookstore) or mobile companies (such as Robinhood as a mobile
online store). They will differ mainly in marketing and experience, and
not in the main product offering. Some of them will bet on really
breakthrough innovations in the spirit of Amazon.
7) Blockchain applications will rely on existing large-cap tokens.
In order to cope with the costs – core and additional (for compliance),
blockchain applications will increasingly rely on existing large-cap
cryptocurrencies to power the mechanisms associated with tokens.
Ethereum will continue to delay its roadmap into 2023, but once it
eventually launches segmentation to lower gas fees, interest in
alternative L1s will drop dramatically.
8) Stablecoins will find more use cases outside of crypto capital markets.
And that will lead to greater adoption — primarily among enterprises —
and innovation in Web3. Government and private blockchain research and
development will continue, with some of them announcing centralized
public infrastructure such as central bank digital currencies or market
infrastructure.
9) By the end of 2023, culture wars will flare up around cryptocurrency.
This will be related, in particular, to the US election cycles.
The existence of random hacks (eg Wormhole), overly aggressive
risk-taking (eg Terra) and outright fraud (eg SafeMoon) will be more or
less actively discussed in the industry. More and more politicians will
take a firm stance on cryptocurrencies.
However, the US government will remain hesitant to regulate at the
expense of the domestic crypto industry. And the regulation, which will
nevertheless appear, will be a holey patchwork quilt that still allows
risky projects to pass.
10) New areas of growth will begin to emerge.
Developers continue to operate in the bear market as well, so there
will come a point in 2023 when new areas of growth will start to emerge
outside of the existing prevailing narratives, such as NFT profile
picture projects, play-to-earn projects, alternative L1 projects, etc.
New narratives will push the crypto market into the next cycle and it
is hoped that these fresh frameworks will lead to real consumer utility
and adoption resulting in several hundred million new crypto
users/wallets.
In
conclusion, the uncertainty of the future implies not only dangers, but
also opportunities, and those who are able to quickly adapt will
benefit if significant changes occur!
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