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The year 2023 according to Crypto OG's

2022-12-26 12:06

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NFTs may become the "Lego blocks" of Web3 in 2023, Gary Liu says

Original article by Frokcast

7 Updao Association of overseas returnees

NFT will gain more utility and become the cornerstone of Web3.

With the highly anticipated blockchain game set to hit shelves in 2023, we can see the next opportunity to attract a new generation of crypto users.

FTX After the crash, people will learn the true value of bitcoin, not just hype and price speculation, as cryptocurrency investors turn to self-custody.

As the FTX debacle prompted tighter regulation, Caroline Bowler of Markets thinks cryptocurrencies could go mainstream within the next 18 months.

2023 could be the year of decentralized trading platforms and more advanced cross-chain applications.

Artifact Labs Founder Gary LiuNFT

Become 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 in the future. What we have to recognise is that NFT is not just a new digital asset class. Frankly, they are the building blocks of Web3. So during this time, you're going to see builders, entrepreneurs and investors putting money and effort into the pipeline, into the infrastructure that will allow Web3 to scale up in the future.

We will invent different types of applications for NFT. They're not just pictures that you put money into and hope grow in value over time. It's not just a speculative asset, it's actually going to be Lego bricks that will eventually assemble into the next version of the decentralized Internet.

Organizations will protect their intellectual property through NFT

Fundamentally, NFT is the way to create and secure IP in the digital world, and this is where their fundamental innovation lies. When we looked back at history, we realized that there were too many IP's that should have been protected in this way and could have played a role in Web3. I expect that over the next few years, more and more historical organizations, cultural institutions and brands will implement intellectual property protection in the real world. Of course, everyone does it, and now we need to protect our IP in the digital world. Before blockchain technology and NFT, there really wasn't a good way to do this. So I do expect that more and more of this historical IP will be transferred to the Web3 world and to 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 there are a lot of other NFTS. Especially in a down market, where it turns out that nothing else really holds its value... So I think we're going to evolve into a world where NFT has to be really practical. They have to be worth more than just a bunch of people saying it's worth something. The asset itself or the underlying asset it represents must have intrinsic value. This will drive innovation at NFT.

Animoca Brands Founder Yat Siu

Gaming will drive mass adoption of cryptocurrencies

Games will grow faster than they did this year, even though games have dominated this year. The reason is because of the quality of the games that are coming out now...... A good game takes years to make, so games that started in previous years started coming out and being released this year.

We're going to see a wave of high quality games coming out of the market, which will lead to more mass adoption. So, this would take full effect sometime in 2023, possibly extending to 2024. So we should expect literally hundreds of millions of users to enter the space as a result.

Metaverse comeback

For example, when people post products and sell things on Sandbox, they generate revenue. The metrics in the meta-universe are now not just your trading volume, but your employment. How many people are actively engaged in economic empowerment? All of this has basically developed in very exciting ways. We are setting the framework for what could be a very strong 2023.

Metaverse And blockchain interoperability to gain more attention

Just as there will be many metauniverses, there will be increasing interoperability between chains. We can also see today that the chain of decisions to adopt less interoperable methods is actually getting smaller. They haven't really managed to go beyond that. Now everyone is talking about interoperability because they realize that without interoperability, they can't grow. It's a bit like a nation state, if you don't join the WTO, you can't develop. You have to be able to trade things with each other, basically share value and expand the overall market.

Four years ago, there were other attempts to become rulers. If you remember from a few years ago the story was "Ethereum Killer". Right now, I don't think anyone is talking about being an "Ethereum killer." Everyone is talking about accessing Ethereum.

Sandbank founder Brian

Investors will recognize bitcoin's true value

The use of Lightning network and Bitcoin is growing faster in developing countries, and people in South Korea acknowledge that this is the reason why the price of bitcoin is rising faster. This is not only because of its deflationary nature, but also because of its use. Global demand for bitcoin is moving beyond South Korea. So people have realized that keeping assets in their own hands, using hardware, wallets or personal wallets is very important. They know the true value of bitcoin, they are learning about it and they are studying it. Fiat money and all these altcoins that are issued out of thin air, it's going to break at some point. Maybe Bitcoin or some of the other major altcoins will survive the next decade.

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 FTX, more and more people are using and buying hardware wallets.

I haven't seen this kind of reaction from Korean investors in the last four or five years. When No such thing had happened when Terra-Luna happened. So yes, people are very cautious about protecting their assets. They withdraw assets from trading platforms and use these hardware wallets to keep them safely in their hands.

2023 The year may 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 to help innovate People's Daily lives, not just in finance... I still expect these startup ceos to innovate. They will appear when the market booms again. Will pay more attention to these people and what they are doing to innovate the crypto industry as a whole. 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 of change at work. When we looked at some of the data from our trading platform, we found that the older age group in particular, the over-65s, were much larger and invested than even those in their 30s and 40s, which is kind of the expected investor group...... We could see new investors cool off in the first three to six months of 2023. But I do think we'll see this become mainstream in the next 12 to 18 years for a few months.

The collapse of FTX will result in a tighter regulatory framework

We expect to see some pretty tough regulation. Our concern from an industry perspective is that we don't want to see regulators overstep their bounds. This is an advantage for those jurisdictions that already have regulations in place. I am thinking of Singapore here. I am thinking here of the European Union - they know what they are dealing with. They know what to expect.

Of course, Europe's approach to making room for innovation is not an attempt to regulate innovation from the economy. This approach may serve many advanced economies well, certainly as an industry. This is the approach we hope to approve in Australia.

There will still be a place for centralized trading platforms

I'm a big believer in centralised trading platforms, and not just because I'm the chief executive of one. Instead, I look at human history and human behavior. Banks exist for a reason other than hiding money under your pillow. And that behavior, that human desire not to have to pay attention or worry about self-policing, is still there in the short term anyway. So if you look at the next one to three years, probably five years from now, I think. DeFi (decentralized finance) is great, and it's definitely a model that we'll see a certain percentage of people move to.

I'm very excited about the opportunities that exist in that area. However, not everyone wants to self-monitor. Not everyone wants to take that step on their own. They look to others to manage their finances. In fact, that's why we hire financial advisers... So it will be a matter of consumer choice or investor choice.

Cosmos Founder BuchmanFTX

After the crash, decentralised trading platforms will gain prominence

The FTX debacle is further proof of the builders' argument that we need decentralized, trust-free, verifiable solutions, and that these unaccountable, opaque, centralized trading platforms, which are clearly prone to fraud, mixing user funds and abusing their trust, need to, at some point, come to an end. We need to use more of these decentralized, verifiable solutions.

DeFi will be more integrated with real-world payment systems

There are some really effective foundational DeFi (decentralized finance) protocols. There seems to be an opportunity to build on this foundation for integration that supports real-world business. We're pushing for a particular approach that we call collaborative finance, rather than decentralized finance that utilizes real world payment systems, supporting a real world network of obligations and trade credit economy, which 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 will come online at IBC

Interblockchain communication Protocol IBC is a universal communication protocol. Token bridge is just one application on the IBC, but we're starting to see other applications start and adopt. These include ways to share security on Interchain, where the security of one blockchain can be used on another, or for more advanced control from one blockchain to another. So one blockchain can control another account... We will see the growth of more advanced applications based on IBC in 2023, and people may start to understand that this is not just Token bridging, it is general cross-chain communication.