What to expect from blockchain and crypto in 2023

The second trimester of 2022 has been challenging for the crypto market. As if it was not clear enough that we are in a hard down period, indicators demonstrate that this might be one of the worst in history.

These hard times are discouraging to investors. On the other hand, for developers is a time to work hard. Right this minute, they are creating innovative applications, capable of attracting capital and new investors to the market.

Thanks to that, it is mandatory for any crypto investor or enthusiast to keep track of expected innovations and trends during the next months and 2023.

Innovations on blockchain and crypto in 2023

NFT maturation

The huge success around NFT projects in 2021/2022 gave us a sweet taste of the potential on non-fungible tokens. In 2023, this market is expected to continue its growth as developers will keep on developing this technology.

Since art projects are not going anywhere, 2023 might also bring a bigger emphasis on utility. During the next few years, we will see two catalysts for a potential shift towards utility.

The first is the big prominence of Metaverse, that already challenges the way we perceive property of digital assets and promises to give us new ways to share and enjoy virtual experiences.

The second factor we must consider are games. Until now, the invasion of NFTs on traditional games was negatively perceived by gamers, which is not surprising due to how fast this was implemented, but if this solution is improved, this scenario might change.

DeFi evolution

DeFi space continued to grow in 21/22 with main projects constantly intensifying their technologies and using dimensioning solutions to increase efficiency.

In 2023 this trend is likely to continue, with technological improvements allowing developers to create products and better liquidity models. It is also likely we will see the first real attempts to create more robust online betting platforms.

The term “best bitcoin casino” is trending on searches around the globe – and this market is strongly adopting DeFi technologies to satisfy client’s demands for more security and anonymity.

We might also see an increase on the presence of DeFi products in networks other than Ethereum. The success of Pancakeswap on Binance Smart Chain last year showed that, although Ethereum is the absolute leader, it is not the only option.

Modular Blockchain Network

On a monolithic design, all types of transactions are executed in one layer. For example, Ethereum’s main network executes all transactions and data. As a result, the network faces scalability issues and activity is heavily compromised when there is a big number of transactions taking place simultaneously.

A modular network of smart contracts consists in different chains, each responsible for one specific task: data (storage, update, accessibility), execution (receipt and execution of transactions) and consensus (validation).

While this might be the answer to many problems for crypto investors, it is on early stages and might still be far from a truly functional ecosystem. Even so, it is an important innovation to keep track.

Environmentally friendly blockchain

A constant criticism towards blockchain has to do with the environmental impact it has, due to the large energy consumption caused by some of the most popular blockchain protocols.

In 2023 we might see a bigger focus on assessing and relieving this issue, especially due to the implementation of more ecological algorithms.

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