In 2022, the Web 3.0 and related domains faced numerous challenges, along with the entire cryptocurrency industry. The year saw unexpected events such as the fall of stablecoin Terra Luna, the FTX debacle, the failure of Axie Infinity, and the arrest and investigation of Sam Bankman-Fried. Despite these challenges, a recent report and focus group discussion from Forkast indicates that industry experts are optimistic about the potential of blockchain technology. They believe that gaming will drive mass adoption of cryptocurrencies and shared their thoughts on the trends and developments in the blockchain industry for 2023.
Key Takeaways Report
According to a recent report from Forkast, traditional companies adopting Web3 technology and the role of gaming in driving the mass adoption of blockchain technology will be key factors in the future growth and success of the cryptocurrency industry. The report also talks about how non-fungible tokens (NFTs) will still be important and have room to grow in the coming year. These ideas from experts in the field tell us a lot about where the blockchain industry is going and what it can do in the coming year.
Gaming is the catalyst that will drive the mass adoption of cryptocurrency
Animoca Brands, a leading investor in the blockchain gaming industry, believes that gaming will be the driving force behind the adoption of blockchain technology and cryptocurrencies. According to Animoca Brands' founder and CEO Yat Siu, high-quality blockchain games will attract a large number of gamers to the industry, providing an opportunity to earn cryptocurrency while playing. These AAA games are expected to be released gradually in the coming year, with many launching in 2024, bringing a surge of new users to the blockchain gaming space.
Animoca Brands CEO Yat Siu believes that Asian gamers will be the first to embrace blockchain games, with the rest of the world following suit eventually. Siu notes that North American gamers are the most hesitant when it comes to adopting cryptocurrency and blockchain games. As a leading investor in the blockchain gaming industry, Animoca Brands is well-positioned to take advantage of this trend and help drive the adoption of these technologies in the gaming industry.
The potential for growth in the blockchain gaming industry is massive, thanks in part to the fact that gamers are already familiar with online transactions and their inner workings. In addition, the rapid growth of metaverse applications is expected to continue in 2023, according to Alien World CEO McKenna. Furthermore, the head economist at Consensys also believes that gaming will be at the forefront of innovation in the industry. These factors, combined with the trend of increasing adoption of blockchain technology in the gaming industry, suggest a bright future for this sector.
DAO Feature will Further Establish itself in Blockchain Games
DAO, or decentralized autonomous organization, is a key feature of Gamefi that allows gamers to take control and decentralize power from developers. This feature is expected to be a major trend in the gaming industry in 2023. As an example, Alien Worlds' DAO allows players to hold elections for the governance of a virtual planet, with winning players becoming part of the governing council and able to oversee treasury and expenditure funds and make important decisions. This type of DAO activity helps to strengthen and engage the gaming community.
In 2023, it is possible that we will see the emergence of new models of governance and DAO designed for collective financial management. These models have the potential to increase transparency in the cryptocurrency and blockchain gaming industries. Additionally, the DAO model provides companies with an opportunity to improve accountability and transparency by experimenting with this system. Overall, the adoption of DAO and similar models of governance may lead to significant improvements in the way that financial management is conducted in the blockchain industry.
NFTs will continue to gain ground in 2023
According to Cryptoslams' Wasinger, artists and creators can expect to see traditional royalty models become a thing of the past in 2023, as new and advanced revenue models become mainstream. This shift is expected to be particularly pronounced for "non-art digital assets," which will see increased tokenization as non-fungible tokens (NFTs) rather than their fungible counterparts. This trend will provide artists and creators with greater control and flexibility in terms of how they monetize their digital assets.
ccording to Corite's Onufriychuck, we can expect to see more mainstream names from various industries joining the NFT movement in the coming years. For example, major social media platforms and AAA game studios are already experimenting with the use of NFTs. This trend is likely to continue and expand as the potential benefits of NFTs become more widely recognized and adopted.
According to industry experts, tokens will evolve in a similar way to how the internet progressed from flat websites to interactive cloud software. In the future, tokens are expected to become more advanced, "interactive, customized, and intelligent digital on-chain agents." As artificial intelligence becomes more powerful, we may see meaningful interactions between AI and the metaverse. The combination of these evolving technologies has the potential to bring significant change and promise to the industry.