What does the future hold for the year? Here is the Blockchain 2023 forecast on the crypto bear market ending, games, NFTs, and DAOs.
Industry experts believe that adopting Web3 by traditional companies can end the crypto winter, while gaming will lead to extensive cryptocurrency acceptance.
They expect that DAOs will become more successful and NFTs will gain a firmer foothold in the market. In 2022, blockchain and Web 3.0 faced many challenges due to unexpected events such as the Terra-LUNA crash, the collapse of cryptocurrency exchange FTX, and Sam-Bankman Fried’s downfall from grace after being one of the most praised industry figures not long before.
Web2 companies are expected to accept cryptocurrency payments and incorporate innovations like non-fungible tokens (NFTs) into their services by 2022. This trend will likely expand as more people become knowledgeable about blockchain technology.
Traditional web companies will need to embrace Web3 elements for cryptocurrency’s mass adoption. As this process accelerates, more effort should be put into creating user interfaces and intuitive experiences for everyday users.
To be adopted, there needs to be a balance of simplicity, security, and applicability. This trend is being seen as a result of people bringing in the traditional banking systems’ need to integrate permissioned DeFi protocols into their back ends to provide customers with a better, more reliable alternative for financial services.
Gaming will be an essential factor in driving the large-scale adoption of blockchain technology, along with other non-fungible tokens (NFTs). According to predictions, the gaming market will experience significant growth in 2023 or 2024 due to a slew of high-quality games being released.
Since gamers already use digital currencies for online transactions, they are well-prepared to join blockchain-based games. Moreover, with the gaming market being so large – with over 2.5 billion players – there is potential for growth in the blockchain gaming industry.
Gaming and metaverse applications are quickly becoming more popular, and many anticipate cryptocurrency user numbers to increase during 2023, despite the current bear market of cryptocurrencies.
Blockchain 2023 And Beyond; DAO & AI-Driven?
In 2023, DAOs may be one of the most influential trends seen. Participating allows one to become part of its governing body, making decisions and overseeing treasury funds. This is already stirring up excitement amongst a global user base.
By 2023, the focus will be placed on new governance, and collective financial management models since DAOs present an answer to the issues of centralization and transparency in the cryptocurrency sector. As a result, companies will be drawn to them for their greater transparency and accountability.
Native digital economies are coming into existence, and tokenized non-fungible assets will keep improving. Like how the Internet progressed from simple websites to cloud computing, tokens will move from essential digital items to interactive and intelligent on-chain agents. Though we haven’t seen AI merged with Web3 yet, most think these technologies could match up nicely.