Blockchain Trends — 2023: what are we waiting for?
Use cases § Reading time: ~4 minutes
What will bring 2023 to the blockchain industry? Let’s take a brief overview of the main trends. Even if everything seems unpredictable, we will try to forecast some crucial trends to make the right decisions. Read the article if you want to know the next big things. DeFi DeFi will become a more widespread technology and a part of the financial market. More people and companies, mainly banks and other large financial organizations will adopt it for their daily needs. Though there is no legal framework on the international or nation-states level for using the DeFi system, it is expected that financial institutions and states are going to pass legislation to regulate the technology. For example, solutions to regulate DeFi are already being discussed in the European Union. Blockchain for non-financial business We shall see further implementation of blockchain in non-financial business (retail, real estate) through smart contracts, NFTs assets and the metaverses. For example, digital proof of ownership and validation of value. One can follow the information contained in the blockchain to check the origin of a product and make sure that it is genuine. How does it work? You are the producer of goods whose value based on their originality and exclusivity, probably they are food, drinks, perfume or jewelry. Your customers must be sure that they are buying exactly the authentic production without long checking of certifications or additional information searching. You need a mechanism that approves the origin of the product automatically without your direct participation. And this technology already exists. It is a blockchain which allows customers to follow an origin and all necessary data on producer, date, place where item was produced. This data is decentralized, so no one can forge or replace it. You can read the case of blockchain implementation for the wine industry in our previous post . GameFi GameFi continues to change the whole game industry. Global GameFi market size was estimated at more than $10 billion in 2022 (according to a report of Business Research insights). It will grow to $38 billion in the next five years. Big projects such as Axie Infinity, CryptoBlades and The Sandbox attract thousands of people who create, trade and buy virtual game assets and run the community. Blockchain games won’t push traditional ones, however game studios both large and small have to add some key features of GameFi under its influence. Besides, blockchain can add transparency and reliability to the web-game experience serving as a random generator (for example, ChainLink VRF). Metaverses Businesses start to treat Metaverse as a tool for increasing brand awareness or for investments in digital assets. For example, use the Metaverse to provide customers with an immersive experience to gain new level of consumers’ engagement, arrange events and supply people with varieties of products that can be customized. Some companies sell exclusive goods and services that only exist in Metaverse and design marketplaces special for this purpose, meanwhile others invest in virtual property. Metaverses already impact on social media, art, gaming, fashion and so on. 71% of the 79 largest consumer firms globally have already put down stakes in the metaverse . Despite some limits that exist now, in 2023 we shall see technical progress which improves the experience on metaverses through a new generation of VR/AR equipment. What is most important, we expected a technical solution that allows a large number of users to be simultaneously inside of virtual space to play or interact. More people star to use the metaverses for work and relax that means new opportunities for businesses. Cryptocurrency market revival Experts say that in the second half of 2023 we can expect an increase in cryptocurrencies prices and general market revival. As it usually happens after decline, only the most powerful and really viable projects survive. In 2023 countries will pursue a regulation policy on cryptocurrency. Some states are going to accept it as a payment. For example, the Brazilian president has already signed a complete regulatory framework for the trading and use of bitcoin in the country. What’s next? These are just a few trends, but they will define further improvement of industry. What you may know for sure is that blockchain is gradually becoming part of our everyday life. More and more people learn how it works and how to use it while businesses are interested in development of blockchain applications for their needs. Investors realize great opportunities of the blockchain and devote money in such projects. You want to implement blockchain technology in your businesses and do not understand how to do it? Or you already have an idea but don’t know how to realize it fast and the smoothest way? Crypton Studio knows how to bring your ideas to life. We can help you implement the blockchain to get all advances of this technology. Our key areas are smart contracts, exchanges, wallets, marketplaces, DeFi and more. We undertake the entire development process, take care of all details and keep the deadlines, so you don’t need to worry about anything. Learn about our cases. Do you have a project idea? Contact us to discuss details.