2023 in the eyes of crypto OGs
Original title: NFTs may become the “Lego blocks” of Web3 in 2023, Gary Liu says
Original Author: Frokcast
Original source: Frokcast.news
Original compilation: SevenUpDAO Returnees Association
NFT will gain more utility and become the cornerstone of Web3.
With highly anticipated blockchain games hitting store 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 hype and price speculation.
2023 could be the year of decentralized exchanges and more advanced cross-chain applications.
2023 could be the year of decentralized exchanges and more advanced cross-chain applications.
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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 NFTs.
There will be many innovations in the future. What we must realize is that NFT is not just a new digital asset class. Frankly, they are the cornerstone of Web3. So during this time, you're going to see builders, entrepreneurs and investors pour money and energy into the pipeline, into the infrastructure that will allow Web3 to scale in the future.
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Institutions will protect their intellectual property through NFT
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New series of NFTs will need more intrinsic value to survive
The market is now saturated. We've seen a lot of blue-chip NFTs, and then there are tons of others. Especially in a down market, it turns out that everything else can't really hold value... so I think we're going to evolve into a world where NFTs have to actually have utility. They have to be more valuable than just a bunch of people saying it's valuable. The asset itself or the underlying asset it represents must have intrinsic value. This will drive NFT innovation.
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Gaming will drive cryptocurrency mass adoption
Gaming is going to get faster than this year, even though it already dominates this year. The reason is because of the quality of the games that come out now...a good game takes years to make, so games that started making in previous years start appearing and coming out this year.
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Metaverse Comeback
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Metaverse and Blockchain Interoperability Gain More Attention
Just like there will be many metaverses, there will be more and more interoperability between chains. We can also see today that chains that decide to take a less interoperable approach actually get smaller. They haven't really managed to go beyond. Everyone is talking about interoperability now because they realize that without it, they can't grow. It's a bit like a nation state, if you don't join the WTO, you can't develop either. You have to be able to trade items between each other, basically sharing the value and expanding the overall market.
Four years ago, there were still attempts at would-be rulers. If you remember the story from a few years ago was "Ethereum Killer". And right now, I don't think anyone is talking about being an "Ethereum Killer". Everyone is talking about plugging into Ethereum.
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Investors will recognize Bitcoin's true value
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Cryptocurrency investors turn to self-custody
Korea doesn't have that many long-term holders...I don't see that many people using hardware wallets or personal wallets, even in software form. But since the FTX incident, more and more people are using and buying hardware wallets.
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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 the bitcoin or ethereum network to build a new kind of business that helps innovate people's everyday lives, not just in finance...I still hope that the CEOs of these startups will innovate. They will appear when the market is booming again. There will be more focus on these people 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 over the next 18 months
There is already a dynamic at work for change. When we look at some of the data on our exchange, we see that especially the older crowd, the people over 65 years old, their size and investment scale is even much larger than the people in their 30s and 40s, That's an expected investor pool...we'll probably see new investors cool off in the first 3 to 6 months of 2023. But I do think we're going to see this become mainstream for a few months over the next 12 to 18 years.
FTX debacle will result in a stricter regulatory framework
We expect to see some pretty strict regulation coming out. From an industry perspective, our concern is that we don't want to see regulators crossing the line. This is an advantage for those jurisdictions that already have regulations in place. Here I am thinking of Singapore. What I'm thinking of here is the EU - they know what they're dealing with. They know what to expect. Of course, Europe's approach to making room for innovation is not an attempt to police innovation from the economy. This approach will likely serve many advanced economies well, certainly as an industry. That's the approach we're hoping to get ratified 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. Instead, I look at human history and human behavior. There's a reason banks exist and not keep money under your pillow. And that behavior, that human desire not to have to focus or worry about self-custody, is here to stay in the short term anyway. So if you look at the next one to three years, maybe five years from now, I think DeFi (decentralized finance) is fantastic, it's definitely a model that we're going to see a certain percentage of people turn to.
I'm really excited about the opportunities that exist in that space. However, not everyone wants to practice self-custody. Not everyone wants to take this step on their own. They look to others to manage their finances. In fact, that's why we have financial advisors...so it's going to be a matter of consumer choice or investor choice.
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After FTX Crashes, Decentralized Exchanges Will Gain Prominence
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DeFi will be more integrated with real-world payment systems
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Advanced cross-chain applications will be launched on IBC
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