Tag Archives: five

Web3 in Review: A Reality Check on 2023’s Top Five Predictions

Web3 in Review: A Reality Check on 2023’s Top Five Predictions

As the year draws to a close, it’s time to reflect on the Web3 predictions made at the dawn of 2023. Visionaries and experts from across the industry shared their insights on where the world of blockchain, NFTs, and decentralized technologies was heading. But did reality meet expectations? Let’s delve into the five key predictions and measure them against the outcomes.

 

1. Tokenization of Real-World Assets

 

Prediction:

Experts foresaw a significant shift with the tokenization of tangible assets like real estate, driven by the unique capabilities of tokens and smart contracts. “One of the big innovations of Web3 are tokens — both fungible and non-fungible assets that are inherently unique — and the ability to program them with smart contracts that track them,” said Avivah Litan, vice president and analyst at Gartner.

What Actually Happened:

The tokenization of real-world assets (RWAs) has indeed taken significant strides in 2023. Boston Consulting Group projects that by the end of the decade, the tokenization of global illiquid assets could be a colossal US$16 trillion industry. The total value of tokenized RWAs reached a record US$2.75 billion in August 2023, indicating robust market growth. Institutions have shown a marked interest in tokenized assets, with 91% of institutional investors considering investments in them. Real estate, in particular, has seen explosive growth with the value of on-chain real estate surging by 102% in just three quarters.

Projects like RealT and Tangible have dominated the market, with the latter growing the total market cap of its token from US$100,000 to an impressive US$95.6 million as of November 9, 2023. Beyond real estate, tokenization is making inroads into collectibles, luxury goods, and traditional financial instruments like bonds and ETFs. Even U.S. Treasurys have been tokenized, reaching a valuation of US$698 million. Banking giants UBS and JPMorgan have also entered the fray, launching platforms to bridge traditional financial assets with blockchain technology.

 

2. Web 3.0 Browsers: Empowering Users

 

Prediction:

Web 3.0 promised browsers that would return data control to the users, fostering trust and ownership, was a big prediction this year. The prediction suggested a pivotal change in how customer relationships are managed online.

What Actually Happened:

The landscape of web browsing has taken a significant turn with the adoption of Web 3.0 browsers, which emphasize user privacy, security, and decentralization. Throughout 2023, browsers like Brave, Opera, and Osiris have led the charge in integrating blockchain technologies, offering built-in crypto wallets, and providing direct access to decentralized applications (dApps). Brave, for instance, has seen a surge in users, boasting over 50 million monthly active users. These browsers have not only delivered enhanced privacy through anonymous browsing and ad-blocking features but have also incentivized users with cryptocurrency rewards.

The year saw a proliferation of such browsers, each introducing unique functionalities aimed at a decentralized web experience, ranging from Puma’s peer-to-peer file hosting to Beaker’s ability to create and host websites without servers. The developments in Web 3.0 browsers indicate a move towards a more secure, user-controlled internet, fulfilling the predictions made at the beginning of the year.

 

3. Accessible Blockchain via BaaS

 

Prediction:

Many, including Sani Abdul-Jabbar, a Forbes Councils Member, believed that in 2023, blockchain-as-a-service (BaaS) would be a game-changer for businesses, offering an easy and cost-effective way to adopt blockchain technology without the need for in-house development. This shift will enable companies to enhance operations and competitiveness in their markets.

What Actually Happened:

The blockchain-as-a-service (BaaS) market has experienced a meteoric rise, witnessing considerable growth throughout 2023 and projected to expand significantly until 2030. The surge is mainly attributed to the escalating demand across diverse sectors such as banking, financial services, insurance, information technology and telecom services, healthcare, retail, and government, among others. Notably, North America, and particularly the United States, played a pivotal role in this growth, leveraging advanced technology and housing major industry players. Europe also contributed to the market’s expansion with a significant CAGR. Leaders in the BaaS landscape, like Infosys, IBM, Accenture, AWS, and Microsoft, have driven innovation and adoption, with the market’s value anticipated to reach new heights by the end of the decade.

The increasing need for cost-effective and efficient blockchain solutions has bolstered the demand for BaaS, with a clear post-COVID-19 recovery trend and optimistic investment forecasts for the future. The sector’s growth trajectory is underpinned by technological advances, enhancing product performance and downstream applications. The BaaS market’s upward trend reflects a growing appreciation for blockchain’s transformative potential in mainstream business applications.

 

4. AI Integration in Web3 and NFTs

 

Prediction:

In 2023, AI was predicted to significantly influence NFTs, with creators using it to craft narratives through graphic novels, films, and interactive games that incorporate NFTs. This integration will allow for rapid world-building and asset creation, transforming the pace and scope of project development in the Web3 space. Anjali Young, co-founder of Collab.Land and chief community officer of Abridged, highlighted the profound impact AI will have on NFT innovation and engagement this year.

What Actually Happened:

In 2023, the NFT space was indeed significantly influenced by the integration of Web3 and AI, as highlighted by Anndy Lian in his keynote speech at the NFT 2023 Seoul conference. NFTs, which are unique digital assets verifiable via blockchain, have seen exponential market growth, with major collections fetching millions at auctions and sales volumes hitting staggering figures. AI has been pivotal in advancing NFTs, enabling the automatic generation of digital art and creating interactive, intelligent NFTs that can speak and learn. Web3’s decentralized, user-centric internet model further supports the NFT ecosystem by providing secure and efficient identity management and proof of ownership, enhancing user participation and control.

The union of AI and Web3 with NFTs is driving a new era of digital asset innovation and ownership, offering a democratized and decentralized internet experience. This fusion promises a future where digital assets are dynamic, intelligent, and integral to user interactions within the digital environment.

 

5. Democratization of NFT Creation

 

Prediction:

In 2023, the arrival of an open-source platform akin to “WordPress for Web3” is anticipated to revolutionize the creation and launch of NFT projects, removing current barriers and simplifying the process without the need for specialized developers or consultants. This innovation will pave the way for mass adoption and versatility in NFT use cases, supported by an open architecture that allows for extensive customization through third-party tools. Michael Stelzner, founder and CEO of Social Media Examiner, host of the Web3 Business Podcast, and author of the books Writing White Papers and Launch, predicts this pivotal development will catalyze a new era of creativity and entrepreneurship in Web3, laying the groundwork for its future expansion.

What Actually Happened:

OpenSea, the leading NFT marketplace, introduced OpenSea Studio in 2023, revolutionizing the process of NFT creation and making it a more inclusive and accessible activity. The platform democratized the creation of NFTs by providing a user-friendly interface that requires no coding skills, allowing creators to mint NFTs directly into their wallets with ease. With the inclusion of features such as blockchain compatibility and payment options via credit or debit cards, OpenSea Studio has lowered the barriers for entry into the NFT space, aligning with the efforts of platforms like Manifold and ThirdWeb.

This shift towards greater democratization has had a substantial impact on the NFT community, encouraging wider participation and innovation in digital art and asset creation. The move also signifies the end of OpenSea’s lazy-minting feature, paving the way for creators to establish collections on independent smart contracts, offering more control and customization over their digital assets. OpenSea Studio’s introduction is a testament to the evolving NFT landscape, focusing on creator empowerment and expanded access.

 

As we wrap up our comprehensive review of Web3’s trajectory in 2023, it’s clear that the year has been a watershed moment for blockchain technology, NFTs, and decentralized platforms. The advancements we’ve witnessed have not only met but in many cases, exceeded the ambitious predictions set forth at the year’s outset. From the burgeoning tokenization of real-world assets to the empowering shift in web browsing experiences, the strides made towards accessible blockchain services, and the exciting fusion of AI with NFTs, 2023 has been a year of significant milestones.

 

Embracing Web3’s Leap Forward

 

Reflecting on 2023, Web3 has surpassed expectations, marking a year of unprecedented growth and innovation. The tangible impact of tokenization, user-centric web browsing, the rise of blockchain services, and the synergy between AI and NFTs underscore a pivotal shift. With each stride, Web3 cements itself as a transformative force. Keep an eye on BTSE’s blog for future insights into this ever-evolving digital landscape.

 

 

 

Source: https://www.btse.com/blog/web3-in-review-a-reality-check-on-2023s-top-five-predictions/

How has AI integration influenced the NFT space within Web3?

In 2023, the integration of AI into Web3 significantly impacted the NFT space, revolutionizing asset creation and project development. Key figures like Anjali Young and Anndy Lian highlighted AI's role in crafting narratives, generating digital art, and creating interactive, intelligent NFTs. This integration accelerated market growth, with NFT collections fetching millions and sales volumes reaching unprecedented levels. Discover the profound influence of AI on NFT innovation within Web3.

What role does AI play in advancing NFTs and shaping the Web3 ecosystem?

In the context of NFTs, AI has been pivotal in automating digital art generation and enabling the creation of interactive, intelligent NFTs capable of learning and communicating. Anndy Lian, speaking at the NFT 2023 Seoul conference, emphasized AI's impact in empowering the NFT market's exponential growth. Explore how AI integration is reshaping the Web3 landscape, enhancing user engagement, and fostering a democratized digital asset ownership experience.

How does the fusion of AI, Web3, and NFTs drive innovation in digital asset ownership?

The convergence of AI and Web3 technologies has propelled the NFT space into a new era of innovation and ownership. This fusion not only facilitates the automatic generation of digital assets but also secures and verifies ownership via blockchain. Learn how this union revolutionizes the digital landscape, promising a future where dynamic and intelligent digital assets redefine user interactions and participation in the decentralized internet environment.

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”.

www.anndy.com
j j j

Crypto’s big year: The five best crypto investments of 2021

Crypto’s big year: The five best crypto investments of 2021

2021 has been described as a breakthrough year for cryptocurrencies. Increased regulation of crypto-assets has led to more mainstream acceptance.

We saw the UK’S Her Majesty’s Revenue and Customs (HMRC) weigh in on cryptocurrencies earlier this year by providing new UK guidance on the taxation of staking rewards and derivatives.

In the US, a 2021 bipartisan bill, which has a provision to levy taxes on digital currency transactions, imposed new tax reporting obligations on cryptocurrency brokers.

Such regulatory action has set the groundwork for cryptocurrencies to be considered a legitimate asset class.

In the UK roughly 2.3m adults are holding crypto-assets, up from 1.9m last year, according to data from the Financial Conduct Authority (FCA).

In November 2021, there were a 8.3m transactions on the Bitcoin network. Total fees incurred for all transactions on the Ethereum network that same month amounted to $1.82bn, a 34.6% increase from October 2021.

Other significant crypto developments include a Mastercard and Island Pay partnership this year that saw the launch of the world’s first central bank digital currency-linked card, along with news from PayPal in October 2021 of a new service that enables customers to buy, hold and sell cryptocurrency directly from their PayPal account.

And one of the world’s most well-known basketball teams, the Dallas Mavericks, announced this year that it will be accepting cryptocurrency payments for official merchandise and tickets.

The overall market capitalisation of all cryptocurrencies has grown from $500m in December 2012 to $782bn in December 2020, representing a compound annual growth rate (CAGR) of over 150%.

On 8 November, the cryptocurrency market soared to a new all-time high when it reached a global market capitalisation of $3tn for the first time, according to data from CoinGecko.

Best crypto investments of 2021

“This year has been an exciting one for cryptocurrency investors who have witnessed bitcoin hit two all-time highs, not to mention the rise of meme coins such as SHIB and DOGE, as well as lesser-known rising stars like LIGHT and XRDOGE,” Anndy Lian, chairman of BigONE Exchange and chief digital advisor for Mongolia’s national productivity agenda, told Capital.com.

“For example, a high performing crypto like AXS is seeing top players earning up to 1,500 smooth love potions (SLP) a day. It’s worth noting that Sky Mavis’s core revenue (the developer which created Axie Infinity and also raised $152m to help grow the game) is tied closely to AXS’s year-to-date performance.”

Let’s therefore take a look at the top five cryptocurrencies of 2021.

Shiba Inu (SHIB)

Shiba Inu is a meme currency created in August 2020 by the anonymous founder Ryoshi. It’s based on the Ethereum blockchain, like many other cryptocurrencies, but what stands out about the project is its declaration of being a community-run token led by 120,000 members who participate in spontaneous community building within an ecosystem that’s run by its own decentralised exchange (DEX).

In May 2021, Shiba Inu made the headlines when it sent half of its total supply – 50tn coins – to Ethereum creator Vitalik Buterin through his publicly available ETH address.

SHIB entered into the top 10 biggest cryptos on 28 October this year as the eighth highest-ranking coin on CoinMarketCap, jumping ahead of Dogecoin and Polkadot. That same day, the coin had achieved an all-time high of $0.0000844, a rise of 173% over the preceding seven days.

Last month, SHIB was listed on Kraken, one of the world’s largest digital asset exchanges, after a community-led Twitter post grabbed the attention of over 80,000 users.

SHIB’s price soared by more than 10% on 22 December to $0.00003638 after an unknown whale (a term used to describe individuals who hold a large number of coins of a particular cryptocurrency), added 4trn Shiba Inu tokens, valued at $136m, to their wallet on 21 December 202

SHIB tops the list as the best performing cryptocurrency of 2021, with a year-to-date return of 47,240,054%. As an indicator of wider adoption, 390 merchants worldwide accept SHIB as a payment. The dog-themed coin has the biggest 24-hour trading volume in this list at $2.4bn, dwarfing that of its competitor GALA’s trading volume of $566m. It’s currently (23 December) the 13th largest cryptocurrency by market capitalisation at $19bn, according to CoinMarketCap.

Gala Games (GALA)

Gala Games, a blockchain gaming developer that allows gamers to use their unique non-fungible token (NFT) characters in gameplay, was launched in 2019 with the goal of redefining the world of gaming. The project offers a whole range of different blockchain games. Since its launch, it’s sold 26,000 NFTs and attracted 1.3m monthly active users to its ecosystem.

A distinguishing factor for the project is the fact that all GALA tokens run on a network that’s secured by its own set of 50,000 Founder Nodes.

Create a trading account in less than 3 min

Create account

Given that users can even steer the direction of development and gameplay by voting on which games will be published on the Gala Games platform – a governance process that can have a direct impact on the overall trajectory of the Gala Games ecosystem – GALA is one of the best performing cryptocurrencies of 2021.

Furthermore, Gala Games entered into a partnership with Polygon, a layer-2 scaling protocol for building and connecting Ethereum-compatible blockchain networks in March 2021, which has allowed it to benefit from a decrease in transaction fees. In September this year, the company announced that its Town Star usership has been increasing at a high rate.

Other positive catalysts for GALA include three listings this year. First the coin was listed on Binance, the world’s largest crypto exchange, on 13 September. On 16 September, Bibox, an artificial intelligence digital assets trading platform, also listed the Gala Games coin, followed by the well-known crypto exchange Coinbase on 16 November. Overall, the crypto has pleased investors with a 38,026% year-to-date performance.

On 18 September this year, the GALA coin value rose 488% to the all-time high of $0.1236. It currently (23 December) ranks 48th in the list of cryptocurrencies by market capitalisation at $3.3bn.

CEEK VR (CEEK)

CEEK VR is a leading developer of hardware and software products that facilitate the omnichannel distribution of virtual reality (VR) experiences for the purpose of connecting music artists, athletes and other digital content creators directly to their fans in virtual worlds. The company is known for providing several channels of VR content (both originally created and professionally licensed) using patented headsets.

CEEK VR has secured high-profile partnerships with the likes of Universal Music, Apple and T-Mobile, with CEEK VR’s bundles being sold through major US retailers such as Best Buy and Target.

One possible reason for CEEK’s growth – a utility token used for transactions throughout the fully immersive CEEK VR network – is that the company claims to unlock new revenue streams for music artists and creators by offering them opportunities to directly reach their fanbases.

The promising cryptocurrency jumped to an all-time high of $1.20 on 29 November this year. It pleased investors with a 27,419% year-to-date performance. It currently (23 December) ranks 135th in the list of cryptocurrencies by market capitalisation at $522m.

Axie Infinity (AXS)

Axie Infinity is a popular Pokemon-inspired digital pet gaming metaverse that rewards users with play-to-earn opportunities such as collecting, breeding and raising creatures known as Axies.

The project, which entered the scene just four years ago, hit a milestone in October this year when Axie Infinity reached two million daily active users.

Axie Infinity boasts an annualised total revenue of $1.41bn and an all-time NFT sales volume of $3.81bn, with more than a million traders having bought or sold Axie Infinity NFTs in upwards of 11m transactions since launch. Given these metrics, it’s understandable that AXS has returned 17,391% year-to-date.

With meta-related coins up 37,000% this year, Axie Infinity has possibly benefited from the virtual land acquisition phenomenon within user-owned internet economies that saw a Axie Genesis Plot sell for 550 ETH last month, highlighting the real-world utility of play-to-earn gaming. This made Axie one of the most profitable cryptocurrencies this year.

16 merchants worldwide accept AXS as a payment. It currently (23 December) ranks 28th in the list of cryptocurrencies by market capitalisation at $6.1bn.

Anyswap (ANY)

Anyswap (rebranded to Multichain) is a fully decentralised cross-chain swap protocol founded in July 2020 that was originally positioned as a cross-chain decentralised exchange (DEX).

It provides interconnect infrastructure for 25 different mainstream public blockchains, including Ethereum, Binance Smart Chain and Polygon. The company has amassed more than 300,000 users and claims to be market-leading in terms of speed, security and decentralisation.

The project’s infrastructure has been developed for the seamless flow of on-chain asset interoperability, meanwhile the company is most well-known for providing a real-time cross-chain router protocol (CRP) system that allows assets on all networks to interoperate with each other.

ANY has been one of the most volatile cryptos this year. The token achieved an all-time high of $27.61 on 21 December this year, and has delivered a year-to-date performance of 14,560%. It currently (23 December) ranks 246th in the list of cryptocurrencies by market capitalisation at $376m.

 

 

Original Source: https://capital.com/best-crypto-investments

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”.

www.anndy.com
j j j