Web3 refers to the third generation of the World Wide Web, which focuses on decentralized technologies such as blockchain and peer-to-peer networks. Web3 technologies have the potential to disrupt traditional centralized models and enable greater user control, privacy, and security.
There are a few reasons why Web3 is gaining popularity:
Decentralization: Web3 technologies are decentralized, meaning they are not controlled by a single entity or organization. This can give users greater control over their data and assets and reduce the risk of censorship or interference.
Security: Web3 technologies are designed to be more secure than their centralized counterparts. For example, blockchain networks are secured through cryptographic techniques, making them resistant to tampering and fraud.
Privacy: Web3 technologies can help preserve user privacy by allowing individuals to control their own data and assets rather than relying on a third party.
Interoperability: Web3 technologies are designed to be interoperable, meaning they can work together and exchange data seamlessly. This can enable the development of new and innovative applications and services.
The popularity of Web3 technologies is driven by the potential for greater control, security, privacy, and interoperability in the digital world.
But does the wider audience in the crypto space think the same? How do we survive and strive in the Web3 environment? This topic is covered by a panel of experts at Twitter Spaces on 30th Dec 2022 at 21:00 SGT.
Hosted by Blockcast (https://twitter.com/Blockcastcc) and
Co-Hosted: Bybit NFT (https://twitter.com/Bybit_NFT) and Bybit Web3 (https://twitter.com/Bybit_Web3).
It was moderated by Scott Tripp, Marketing Lead of Blockcast.cc.
With the following guests discussing the Web3 topic:
– Allan, Head of Operation, Moledao (https://moledao.io)
– Anndy Lian, Book Author, NFT: From Zero to Hero (https://anndy.com)
– Grace, CMO of TwitterScan
– Jenny Zheng, BD Lead of Bybit NFT (https://www.bybit.com)
– Yoka, Secretary General of ABGA
In conclusion, here are a few tips that might help you survive and thrive in the Web3 ecosystem:
Keep learning: The Web3 ecosystem is constantly evolving, so it’s important to stay up-to-date on the latest developments. This can be done through online courses, attending conferences, and following industry leaders on social media.
Network: The Web3 ecosystem is still small and tight-knit, so networking with other professionals can be incredibly valuable. Join online communities, attend meetups, and participate in hackathons to meet others in the industry.
Focus on a specific area: While it’s important to have a broad understanding of the Web3 ecosystem, it can also be helpful to focus on a specific area and become an expert in that field. This could be a particular protocol, platform, or application.
Experiment: The Web3 ecosystem is still in its early stages, so there is much room for experimentation and innovation. Don’t be afraid to try new ideas and approaches, and be open to learning from your failures.
Stay positive: The Web3 ecosystem is full of challenges and setbacks, so staying positive and maintaining a growth mindset is essential. Keep an open mind and remain resilient, and you’ll be well-equipped to handle whatever comes your way.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
“Web 3.0 brings endless opportunities to many people, changes lives in Kenya, removes barriers in India and empowers developers in China to service global audiences during the COVID lockdown period. Your gateway to Web 3.0 is just one click away. Let’s innovate.”
At the beginning of the year, when the crypto market was red hot, it was extremely tough to understand what was going on in the NFT industry.
At the beginning of the year, when the crypto market was red hot, it was extremely tough to understand what was going on in the NFT industry.
The massive influx of collections, new marketplaces, and easy money in the space created the perfect mix of incentives for fraudulent activity. As we know, I published an article in October about NFT wash trading, several “OpenSea killers” were built entirely on fake activity, and not everything was as it seemed when you looked at NFT collection leaderboards. As the market crashed, so did activity across the board (both fake and organic).
But not all was negative. Several highly innovative NFT collections broke the mold of zany PFP images and proved a market for digital, non-fungible art existed.
While there was a proliferation of small collections and grassroots community-building in some corners of the industry (e.g., Solana and Magic Eden), the year also saw consolidation with the birth of the first NFT megacorp in Yuga Labs.
Instead of telling you what to think about 2022 and where the NFT world is heading in 2023, this article has the essential stats from last year so you can create your own analysis.
9 Stats about the NFT Industry
1. Total sales of NFTs in 2022 was $55.5B
This is up 175% from $20.2B in 2021. When you compare 2020 to 2022 total sales, it is 390X more.
2. The market capitalization of the NFT industry peaked on April 4th at $41.5B
Market capitalization is calculated as the sum of each NFT valued at the greater of its last traded price and the floor price of the collection, respectively. Suspected wash trades have been filtered out.
2022 Market Cap & Trading Volume
3. Roughly 85K NFT collections were launched last year
In 2021, there were around 14.5K collections, while the number nearly reached 99K by the end of 2022. Notice that Opensea remains the leader in both years.
5. Only 2,623 collections had more than 1000 unique buyers
As with all stats in the NFT industry, this one should be taken with a grain of salt due to the significant amount of wash trading, especially during the year’s first half.
6. NFT trading volume reached its 2022 peak in January, with $17.4B in value
This was more than a 4x jump from the previous month (December 2021). This was also the month when Google searches for the keyword “NFT” reached their all-time high.
7. The biggest gap between the number of sellers and buyers was in January, with about 200K more sellers than there were buyers.
Yet January was also the hottest month for NFT prices for most major collections, indicating that using these metrics as an analog for supply and demand has flaws.
8. Last year, 46% of total NFT trading volume was likely to be caused by wash trading
There are several indicators and filters to detect suspicious activity. To identify these types of transactions, I use Footprint Analytics’ filters to separate transactions to the following formula:
a.) Overpriced NFT trades (10x OpenSea Average Price)
b.) Collections with 0% royalties (except CryptoPunks and ENS)
c.) An NFT bought more than a normal amount of times in a day (currently filtered for more than 3+)
d.) An NFT bought by the same buyer address in a short period (currently filtered for 120 minutes)
9. The collection with the largest market cap by the end of the year was CryptoPunks at $1.1B
Crypto Punks, launched by Larva Labs in 2017, was the first NFT collection to become a household name and have the highest floor price in the industry. Yuga Labs acquired the IP of the collection in March 2022.
10. Trading volume of major collections in the Yugaverse—Yuga Labs’ portfolio of products—was $3.1B
This sum includes Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Otherside, and CryptoPunks. It excludes Meebits, which had more trading volume than all of these combined,
11. Yuga Labs’ portfolio accounts for about 20% of the total market cap of the entire NFT industry
This sum includes Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Otherside, CryptoPunks and Meebits.
12. Without any wash trade filtering, Terraforms by Mathcastles had an astounding $12B in trading volume, more than any other collection, across 11,341 transactions
However, 99.8% of the volume and 46.3% of transactions were detected as wash trading.
14. ArtBlocks Curated was the 4th most traded collection by volume and amassed a market cap $325M
ArtBlocks demonstrated that there is a market for high-end artistic NFTs—it stands out among Yuga PFP projects, and metaverse land NFTs at the top of the rankings
15. There were 7 major collections whose volume was over 95% wash trading
For this stat, “major” means having over $1M in real trading volume. Terraforms by Mathcastles, More Loot, dotdotdots, Dreadfulz, Audioglyphs, CryptoPhunksV2, and Meebits.
6 Stats about Chains and Markets for NFT Projects
16. Ethereum had 95% percent of volume, 47% of transactions, and 71% of protocols
These figures are almost the same as in 2021. Based on the data, Ethereum is still the most widely used for NFT.
OpenSea remained the marketplace of choice for Ethereum and Polygon. However, Magic Eden capitalized on its Solana first-mover advantage to be the marketplace of choice for collections on this chain (OpenSea started listing them in April.) Note: a collection can list on multiple marketplaces.
19. Solana had more active users in October, with 411K, than Ethereum, with 392K
While most of the blue-chip collections and collectors transact on OpenSea and Ethereum, Solana built up a sizable community of NFT enthusiasts in 2022. Solana’s active users hovered between 20-45% of the total market share—October was the only month it overtook Ethereum for this metric
23. Animoca Brands closed the largest round of the year, $358M led by Liberty City Ventures
Animoca has said it will use the funding for strategic acquisitions and investments, develop its games and metaverse products, and acquire licenses for popular intellectual properties.
27. The 2 largest rounds for pure NFT projects went to OpenSea ($300M) and Dapper Labs ($250M)
The OpenSea round was one of only 5 Series C or D rounds in 2022. Dapper Labs is the studio behind the NBA Top Shot collection.
Key Takeaways
As we can see, Web 3.0 is proliferating. NFT is undoubtedly part of the whole Web 3.0 ecosystem. In the Web 3.0 ecosystem, NFTs are often used to facilitate the buying and selling of unique digital assets on decentralized platforms. These platforms use smart contracts to enable transactions without the need for intermediaries. They can facilitate the buying and selling of NFTs and allow NFT holders to earn passive income by lending out their NFTs. There are many use cases to showcase.
Web 3.0 will continue to draw more investment in 2023 based on some of the deal flows I see in the market. OKX Ventures and GSRV co-lead a $2 Million seed round for a Web 3.0 decentralized Identity platform. Binance Labs launched a $500M fund to support promising Web 3.0 projects and start-up firms with great potential earlier this year. Du Jun, the co-founder of cryptocurrency exchange Huobi Global, runs ABCDE Capital, a $400M Web 3.0 venture capital fund is dedicated to investing in web3 builders.
Apart from the crypto firms-led firms, it’s also true that traditional investment companies are beginning to take notice of the Web 3.0 ecosystem and are starting to invest in companies and projects that are working on decentralized technologies, such as blockchain and non-fungible tokens (NFTs).
There are several reasons why traditional investment companies might be interested in investing in web3 technologies. One reason is that the Web 3.0 ecosystem is still in its early stages and has much growth potential. Decentralized technologies have the potential to revolutionize many different industries, from finance and real estate to art and collectibles.
Another reason is that the Web 3.0 ecosystem is relatively uncorrelated with traditional financial markets, which can offer diversification benefits for investors. This can be especially appealing in times of economic uncertainty, when traditional financial markets may be more volatile.
Ending with a quote:
“Web 3.0 brings endless opportunities to many people, changes lives in Kenya, removes barriers in India and empowers developers in China to service global audiences during the COVID lockdown period. Your gateway to Web 3.0 is just one click away. Let’s innovate.” – Anndy Lian.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
Dogecoin mascot makes “miraculous” recovery after illness.
Experts advise investors to consider use cases and technical factors before investing in Dogecoin.
Dogecoin mascot Kabosu, a 17-year-old Shiba Inu, has made a “miraculous” recovery after falling “very dangerously” ill on Christmas Eve.
The Shiba Inu’s owner disclosed on Dec. 26 that Kabosu has a medical history including chronic lymphoma leukemia (cancer) and acute cholangiohepatitis, an inflammatory condition affecting the liver and bile ducts.
According to an Instagram post by her owner Atsuko Satō on Friday, Kabosu has fully recovered from her illness and is back to eating chicken tenders and drinking plenty of water.
“She no longer needs diapers as she can go to the bathroom on her own. I’m amazed (at) how quickly she bounced back. I took her for a 5-minute walk to the park today. She looked happy in the sun and fresh air,” the dog’s owner said.
What started as a joke in 2013, when Markus and Jackson Palmer created the first “meme coin” Dogecoin, has now become a beloved cryptocurrency.
Ethereum founder Vitalik Buterin visited Kabosu and Satō in their Tokyo apartment in 2018, further affirming Kabosu’s place in history.
The value of Doge shot up over 4,000% after Tesla CEO Elon Musk advocated for the cryptocurrency and called it “the people’s crypto.”
Focus On Dogecoin Use Cases
Experts advise investors to avoid buying the meme coin on the basis the dog’s physical condition and rather, focus on the use cases of the cryptocurrency.
“There may be some wild swings in the short term basis of the dog’s physical health but investors must know that the dog won’t generate wealth for them. They have to look at a variety of factors before investing in Doge,” Raj A Kapoor, founder of the India Blockchain Alliance, told Benzinga. “Keep a keen lookout for a change in the use cases for Doge and if there is, there will be long-term wealth creation. Besides on a shorter time frame, check the crypto’s technicals before investing.”
Anndy Lian, chief digital advisor of the Mongolian Productivity Organization, says investors should use “logic” and that the dog’s fate is only important to its owner and not the cryptocurrency.
“I think the retail investors must look at this with a logical mind. The dog’s fate is important to the owner, the dog could be gone but the legacy will continue with Dogecoin. For long-term crypto gains, you should look into Dogecoin’s utility and use cases. Only with adoption, you see a good future,” Lian said.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
