Further growth in the number of cryptocurrency users, the launch of new Web3 DApps, and a sharper focus on security and crypto education are some of the future prospects expected in the crypto industry in 2023.
Looking at all the events that took place in the crypto industry and the world this year, Cryptocom Research analysts published a report on what is expected for the crypto industry in the coming year.
Increase in the number of crypto users globally
First, Cryptocom analysts expect the number of cryptocurrency users globally to double by 2023. In their report, they detail that despite the harsh crypto winter and bearish market conditions, crypto adoption remained strong this year, growing an average of 2,9% monthly to reach a total of 402 million cryptocurrency users worldwide.
Although it is unknown how the market will behave in the coming months, the crypto industry could reach between 600 and 800 million global users in 2023, if cryptocurrency adoption levels remain constant.
More developers focused on Web3
Web3 has exploded into the mainstream this year, motivating major brands and companies to enter this new open and decentralized digital ecosystem. This same momentum has increased the demand for projects, protocols, and applications focused on Web3 decentralization. That is why, by 2023, More Web2 developers and builders are expected to become interested in Web3 and flock to the new generation of the Internet to boost its development.
Cryptocom analysts highlighted that Web3 application creation has increased exponentially on Ethereum this year. The top Web3 development libraries, Ethers.js and Web3.js, grew 178% compared to the previous year.
Building a decentralized society
This year, Soulbound Tokens (SBT), NFT assets that represent the identity of users in an immutable and non-transferable way, began to gain importance and popularity. As analysts explain, these are non-fungible tokens whose operation is similar to a Curriculum vitae, as they are linked to the affiliations and credentials of their owners.
On SBT can accelerate the construction of a decentralized society focused on Web3Within this society, it will be possible for every individual to establish and map their reputation on the blockchain, create their own personal brands and build trustless human relationships. The goal of these digital assets is to boost the development of the Web3 ecosystem, expanding its use beyond the financial sector.
Increased focus on security and crypto education
For next year Security and education are expected to continue to play a leading role for the development and strengthening of the crypto industry.
In 2022, several projects related to training and education on cryptocurrencies such as Bitcoin and blockchain technology were launched. Likewise, developers have been increasingly focused on ensuring the security of their projects to maintain the trust of their clients and users.
As analysts point out, the collapse of Terra in May and FTX in November have accentuated the need to ensure greater transparency and security, as well as to strengthen users' knowledge of how the crypto ecosystem works.
Other perspectives on the crypto industry in 2023
The outlook for a more growth and development environment in 2023 remains for the DeFi and GameFi ecosystems, the crypto platform's analysts indicated. As for DeFi, project developers are expected to continue building new decentralized infrastructures and many of these projects will focus on improving public services.
On the other hand, many AAA video game developers may adopt blockchain technology to optimize their platforms and offer new immersive and gamified experiences to their gaming communities.
There is also a lot of anticipation about what awaits Ethereum next year, with the arrival of the Shanghai upgrade, which will release node validators’ deposits that remain locked in the Beacon Chain. There is also expected to be an increased focus on the development of ZK zero-knowledge technology, which is being implemented by projects such as Polygon Network to boost scalability.
Continue reading: Bitcoin education is growing in El Salvador
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
