Web 3.0 and related fields, as well as the cryptocurrency market as a whole, faced many difficulties in 2022. Notwithstanding these difficulties, a recent focus group discussion and report from Forkast show that business professionals have some optimism about the future of blockchain technology. They discussed the trends and advancements in the blockchain industry for 2023 and their expectations for how gaming will drive the widespread adoption of cryptocurrencies.
Report on Key Findings
The adoption of Web3 technology by traditional businesses and the contribution of gaming to the widespread uptake of blockchain technology are two key elements that will determine the future development and prosperity of the cryptocurrency industry, based on a report from Forkast.
The report also discusses the continued significance of non-fungible tokens (NFTs) and their potential for future expansion. We can learn a lot about the future of the blockchain industry and what it can accomplish in the upcoming year from these opinions from experts in the field.
The Main Force Behind the Widespread Adoption of Cryptocurrencies Is Gaming
Cryptocurrencies and blockchain technology will be widely adopted, according to Animoca Brands, a prominent investor in the blockchain gaming sector. Yat Siu, the CEO, and founder of Animoca Brands believes that many players will enter the market as a result of the possibility of earning cryptocurrency whilst also playing top blockchain games.
These AAA games are anticipated to be released progressively over the next year, with many of them debuting in 2024. This will result in a massive influx of new players in the blockchain gaming industry.
New governance models and DAOs created for collective financial management may start to appear in 2023. In the blockchain and cryptocurrency gaming industries, these models may lead to greater transparency. A further benefit of the DAO model is that it gives businesses a chance to innovate with it and enhance transparency and accountability. In general, the implementation of the DAO and related models of governance could lead to major advancements in the way that money is managed in the blockchain sector.
DAO Feature Will Solidify Its Position in Blockchain Games Further
A key component of Gamefi that enables players to seize control and restructure power from developers is the DAO, or decentralized autonomous organization. In 2023, the gaming industry is predicted to see a significant increase in this feature.
As an illustration, the DAO in Alien Worlds enables players to participate in elections for the leadership of a virtual planet. The successful candidates join the council and have control over the treasury, allocating funds, and making crucial decisions. The gaming community is strengthened and more active thanks to DAO activities of this nature.
NFTs Will Keep Growing in Popularity in 2023
Wasinger of Cryptoslams predicts that traditional royalty structures will disappear in 2023 as new and cutting-edge revenue models become more commonplace. This trend will give creators and artists more freedom and control over how they make money from their digital assets. In the upcoming years, we can anticipate seeing more well-known names from different sectors joining the NFT movement.
Industry insiders predict that the evolution of tokens will resemble the progression of the internet from static websites to interactive cloud software. Tokens are predicted to develop into more sophisticated and interactive on-chain agents in the future. As artificial intelligence (AI) develops in strength, AI and the metaverse might interact in interesting ways. These developing technologies coming together could revolutionize the market and hold great promise for it, given their impact on the adoption of cryptocurrencies.