Source: news.google.com
Just as 2022 fizzled out, we asked several of our crypto contacts for their take on that year and the way forward. Here are some more thoughts and predictions from three industry experts.
Silver linings from 2022?
We are seeing positive price action in the cryptocurrency market to start the year, which is encouraging. But was there anything positive you were able to take from 2022 in crypto?
Ahmed Al-Balaghico-founder of the Biconomy Web3-stack toolset: “In 2022, NFTs continued to be relevant despite falling prices, while The Merge dominated headlines and even gained mainstream attention, bringing Ethereum into the spotlight as a result.
“These things show how the community is bigger than negative events and there are those who persevere despite recessions.”
kori whittakerCEO of Ethereum Name Service (ENS): “The year highlighted the importance of education and understanding when it comes to Web3 practices.
“The consequences of reliance on and trust in centralized exchanges demonstrated, once again, that for Web3 to be viable, DeFi must be more attractive and secure to new users than the centralized access option.
“Also, one area that held out in 2022 was NFT. Despite the market slowdown, interest in NFTs from individuals and brands continued at a higher than expected rate.
“But to maintain interest and participation in these latest additions to the space, we need to consider meeting them halfway. And that’s by providing simplified solutions to currently more complicated problems, starting with human-readable names.”
james kouzinasBusiness Development and Sales in Crew: “The greed and arrogance that prevailed in 2022 caught up with many players in the industry. Despite this, there are some positives: we saw the importance of DeFi and a number of interesting projects received solid funding.
“And despite the mess that year, we’re still seeing strong technology adoption from both consumers and institutions.”
Predictions for 2023?
james kouzinas, Crew: “CBDCs (central bank digital currencies) will likely receive global adoption from 2024 and beyond. We are starting to see central banks discover operational efficiencies, particularly with regard to the implementation of monetary policy.
“And expect to see Social Web3 take shape in 2023 and beyond. Be aware of the lens protocol.
“In the meantime, institutional adoption will happen when regulators provide clear operating frameworks.
“and fAlso, there needs to be a greater focus on technology development rather than price. The media tend to focus on the price fluctuations of major currencies like Bitcoin and Ethereum.
[Ed: Nah, we’d never do that.]
“Still, if we shift our focus to how technology is used and the problems it addresses, I think we will see a positive change.”
[Fair.]
Khori Whittaker, ENS:
“In 2023, there will be a big push for more decentralization and transparency in the Web3 space after the fallout from the 2022 centralized exchange.
“This will need to happen in conjunction with preparing for the next bull cycle, as long as the bear market continues.
“Easy-to-use decentralized protocols made for a broader audience will be necessary if we are to overcome the cryptocurrency crash and onboard new users.”
Ahmed Al-Balaghi, Biconomy: “I think the bear market may well continue for a bit longer.
“But like all bear markets, the focus will be on creating products with better utility and making improvements to user onboarding and retention, as well as ensuring a better understanding of the space ahead in the next bull cycle.”
These answers have been lightly edited for clarity. None of the information contained in this article represents financial advice.
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