Blockchain technology, which is commonly associated with cryptocurrencies and NFTs, has countless applications because of smart contracts. Blockchain has only been around for 13 years, making it a baby in the tech world – and even more so to the general public. With mainstream acceptance only just beginning, the blockchain landscape is in a constantly shifting state, which means changes are never far away. Keeping this in mind, let’s take a look at four blockchain predictions.
Increased NFT Utility
The NFT association will expand out of the “Jpeg era”, which associated them primarily with digital images. In 2023, Web3 will move beyond this – you can see this by looking at the wide range of NFT use cases already out there. For example, coffee giant Starbucks is already exploring the blockchain world by creating an NFT-based loyalty scheme. If schemes like this are successful, we will see higher rates of adoption.
Web 3.0 Gaming
The community is ready to embrace Web3 gaming and flood their NFT wallet with in-game assets. All you have to do is take a look at the large volume of investors for the likes of Decentraland. Unfortunately, the numbers don’t make a dent in the 3 billion-strong wider gaming community, which has previously labeled NFT gaming as a money grab because of its integration with the crypto market.
In 2023, NFT gaming developers will move away from previous depictions by keeping the core of play-to-earn (P2E) games and blending it with games that feel modern. If developers can meet gamers on the current playing field, they’re more likely to gain a larger player base.
Layer 2 Solution
Layer 1 blockchains like Ethereum were never designed to cope with the high developer and consumer demand, which is why they’re currently undergoing renovations to improve scalability and drive down costs. To bridge the gap between blockchain scalability and consumer needs, layer 2 blockchains have emerged, which come with intuitive user interfaces, high security, and incredible scalability. Examples of layer 2 solutions include ImmutableX and Polygon.
So far, layer 2 blockchains haven’t received the recognition they deserve. However, in 2023, it’s predicted that they’ll be utilized to deal with a wave of consumer interest entering into the market, from personal use cases and businesses. In particular, we’ll likely see the emergence of Web3 games, social media platforms, and Metaverses.
Chartered Banks
Federally chartered banks will enter the world of crypto. The Financial Stability Oversight Council is committed to creating a highly secure platform for customers by leveraging tech innovations. For example, PaaS provider VaultLink allows banks to provide crypto services by using their Digital Value Transfer Rail. In 2023, VaultLink is aiming to continue leading the charge when it comes to Federal collaboration in the crypto space.
NFTs and crypto have had a rough year in 2022, but this will likely change during 2023 as NFTs gain recognition beyond digital media. As mainstream acceptance of blockchain continues, the areas outlined above will continue to see NFT action.
