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Despite an eventful year filled with crypto crashes and price declines, Steven Golden, senior research analyst at crypto trading firm Cumberland, predicts that 2023 will bring several “cryptocurrencies to the surface.” pointing out “sprouts”.
In a 14-page “Year in Review” report released on December 24, Goulden said he saw four “new narratives” in 2023, predicting cryptocurrency’s “big leaps” in the next 6-24 months. progress,” he said.
These include non-fungible tokens (NFTs) becoming the “go-to way” to tokenize brand intellectual property (IP), and Web3 apps and games becoming “genuinely popular”. increase. Commonly used as a national reserve asset.
In 2023, we expect meaningful green shoots to surface in several key areas, paving the way for significant progress over the next 6-24 months. Hear from Senior Research Analysts on new stories for 2023: https://t.co/8E0cZOp6Ta pic.twitter.com/rO1KKvxIdA
— Cumberland (@CumberlandSays) December 23, 2022
Goulden argued that NFTs have so far been “largely confined to the art space,” but believes the next step for NFTs will be in merging NFTs with brand intellectual property.
Analysts noted that many companies other than Web3 have already made “great strides” in using NFTs to monetize their IP and improve customer engagement.
These include the Starbucks partnership with Polygon to generate NFTs for Starbucks customers, and the launch of Nike’s Swoosh, which allows users to design customized sneaker NFTs.
“Hearing these companies talk about the Web3 initiative, it’s clear that they see digital engagement with customers and fans as a new aspect of the retail experience,” said Goulden.
He also said that “selling NFTs to retail users could generate significant revenue with high margins.” Nike is a prime example, where he makes $200 million from digital sneakers alone. Analysts expect Polygon’s MATIC, LooksRare’s LOOK, and 0xmon’s XMON tokens to lead on this front.
Cumberland analysts also say NFTs will be “the go-to way to tokenize IP,” sharing that there are around $80 trillion in intangible assets on corporate balance sheets today. doing.
Real-world utility apps that grab attention
Goulden also sees adoption of the Web3 platform, which offers “real-world utilities,” starting to gain momentum in 2023, acknowledging that it has been “extremely difficult” to break Web2’s monopoly so far. I admit it.
“The reality is that it takes time to build and bootstrap a project like this, so real traction is probably 12 months or more away, and serious user adoption is probably 2-5 years away. I expect it to be.”
Goulden highlights “truly useful real-world” platforms such as IT adoption platform Braintrust, Internet of Things protocol Helium, GPU rendering service Render, global mapping project Hivemapper, and ride-sharing app Teleport. I have.
Web3 games attracting ‘serious’ gamers
Analysts are also optimistic about the Web3 games market, with nearly 3 billion gamers worldwide, 200 million of whom are ‘serious’ gamers, with a total covered market of $200-300 billion. said to be equivalent.
“[…] But these users typically don’t own any in-game items and have little control or control over these game ecosystems,” said Goulden.
Related: 5 cryptocurrencies to watch in 2023
Goulden said that the play-and-earn aspect of blockchain-based games will be highly profitable for developers, but that “it takes about 2 to 2 hours to build a triple-A (highest quality blockbuster) game. It takes three years,” he added, so he probably won. “His Web3 game to be a star” he won’t be seen until 2023 or 2024.
BTC and ETH as reserve assets
Finally, research analysts suggested that close attention should be paid to the potential role of BTC and ETH as reserve assets, especially for countries with a strong focus on exports.
Golden said many high-exporting countries around the world could choose to build reserves in alternative assets such as cryptocurrencies instead of U.S. Treasury bills as a way to depreciate their currencies against the U.S. dollar. said to be sexual.
“Even a small central bank allocation to Bitcoin and Ethereum is significant, and other exporters could follow suit.”
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