The year 2022 was like a roller coaster ride for the crypto market with many centralized and decentralized organizations struggling and failing to stay in business. The final stage of the bear market is showing drastic changes and as we are moving toward 2023 many predictions are being made about blockchain technology and the changes it will bring. A new way of interacting with the internet and the way it will fundamentally change how we engage with each other.
Here are some predictions about what the crypto community can expect from 2023.
Stablecoin such as FUSD, will find more use cases and prove more profitable for the users of the crypto capital markets, which will bring more mainstream adoption and innovation in web 3.0 technology. Private and government blockchain research and development will continue and some announcements will be made regarding central bank digital currencies or marketplace infrastructure.
One of the biggest news of 2022 is the Ethereum merge, where the technical upgrade marked the end of Proof-of-Work and a full transition of Proof-of-Stake took place, which reduced energy consumption by 99.95%. It is safe to say that the merge is the greatest event in the crypto industry since Satoshi Nakamoto’s Bitcoin Genesis Block in 2009. This technical change will bring huge changes in the coming future.
The next upgrade will take place in the second quarter of 2023 in Shanghai. It will enable the withdrawals of ETH stakes, that have been locked at the beginning of staking in December 2020. The unlocking of staked funds could increase the value of staked Ether. Moreover, after the Shanghai upgrade, EIP-4844 will take place. It is another Ethereum innovation that will further situate Ethereum as the most ubiquitous layer 1 and it will enable proto-danksharding.
NFTs will expand and become more personalized and nuanced as we move past “jpeg”. These Non-Fungible Tokens break the limited use case as “digital art” since a variety of use cases will emerge, all using NFTs as the base technology. Already many brands are continuing to offer exclusive NFT privileges including Starbucks, Nike, etc. Starbucks already developed NFT based program that provides holders of coffee-based NFTs with unique real-world rewards.
And, Nike is embracing a futuristic model that will enable sneakers owners to kit out their avatars with the same gear, which will give rise to “phygital”. Web3 projects like Mojito will bring revolution powering both brands and creators that want to explore the more personalized utility of NFTs.