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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

The Bright Future of Crypto: Anndy Lian’s Predictions for 2030

The Bright Future of Crypto: Anndy Lian’s Predictions for 2030

The year 2030 marks a pivotal era in finance where cryptocurrencies, once considered on the fringe and associated with speculation, have now become an integral part of the global economy.

That’s the view of Anndy Lian, who illuminated the factors that propelled this rapid surge in crypto’s acceptance in his enlightening closing speech at the Bitcoin Cash (BCH) Seoul Meetup. As we delve into the future, what obstacles and opportunities are expected to shape the trajectory of the crypto industry and its users?

The Surge in Cryptocurrency Adoption

Blockchain, the pioneering backbone of cryptocurrencies, has revolutionized how transactions are recorded and managed. Its innovative distributed ledger system stands as the linchpin behind the widespread adoption of cryptocurrencies. This groundbreaking technology securely logs transactions in an unchangeable, transparent manner, facilitating direct peer-to-peer exchanges without intermediaries. By bypassing middlemen, blockchain significantly reduces transaction costs and friction, ultimately enhancing efficiency and fostering greater trust among participants.

The evolution of blockchain technology has given rise to a rich array of crypto assets that extend far beyond just Bitcoin (BTC) and Ethereum (ETH). This spectrum includes stablecoins, utility tokens, security tokens, and non-fungible tokens, each designed with distinct functionalities. These assets serve a multitude of purposes, ranging from acting as a secure store of value to enabling seamless exchanges of digital assets, representing tangible real-world assets in a digital format, granting access to decentralized applications (DApps), and enabling ownership of unique digital collectibles.

Forecasts from a comprehensive study conducted by Grand View Research, Inc. paint a compelling picture of the future trajectory of the global cryptocurrency market. The study predicts that by 2030, the market is poised to burgeon to an impressive USD 4,600 billion. This anticipated growth reflects a robust annual expansion rate of 7.1% from 2021 to 2030.

Escalating demands from both retail and institutional investors drive such exponential growth. Additionally, the integration of blockchain technology across a diverse spectrum of industries plays a pivotal role in transforming how businesses operate and transactions are conducted.

Furthermore, the backing of supportive regulations in specific nations contributes significantly to this upward surge, fostering an environment conducive to the flourishing of cryptocurrencies and their associated technologies.

Rising Popularity and Mainstream Embrace

The rise in awareness and understanding among the general populace stands as a pivotal driver behind the soaring popularity of cryptocurrencies. More and more individuals are gaining insights into the potential advantages that cryptocurrencies offer, including their role in fostering financial inclusivity, empowerment, privacy, and autonomy. This increasing knowledge has propelled the uptake of cryptocurrencies.

The availability of diverse platforms and services has played a crucial role in expediting the adoption of cryptocurrencies. These platforms encompass exchanges facilitating crypto trading, wallets for securely storing digital assets, and lending platforms offering innovative financial services within the crypto sphere. Their widespread availability has simplified access for newcomers and seasoned users alike, fueling the growth of cryptocurrency adoption on a global scale.

Forecasts by some analysts, such as Boston Consulting Group (BCG), Bitget, and Foresight Ventures, present an astonishing forecast: surpassing one billion crypto users by 2030. This exponential surge is fueled by a historic growth rate of 63.2% annually.

A multitude of factors contribute to this anticipated surge in crypto users. Notably, the expanding reach and influence of flagship cryptocurrencies like Bitcoin and Ethereum, the emergence of groundbreaking trends like decentralized finance (DeFi) and non-fungible tokens (NFTs), institutional involvement through specialized crypto products, and endorsements by influential personalities collectively drive the mass adoption of cryptocurrencies.

These factors, coupled with the continuous evolution and innovation within the crypto space, are poised to reshape the financial landscape and solidify cryptocurrencies’ position as a mainstream and transformative force in the global economy.

Decentralization: Pillar of Web3

Decentralization serves as the fundamental and revolutionary aspect of cryptocurrencies, defining a system where control isn’t centralized but shared among participants. This concept applies to networks, protocols, or data structures where power and accountability are distributed. It encourages collaboration through consensus mechanisms and economic models that reward cooperative actions.

At the heart of Web3 lies the vision for a next-generation internet constructed upon blockchain and related distributed technologies. Decentralization within Web3 aims to create a more open, fair, and democratic web environment. In this paradigm, users gain increased control and ownership over their data, identity, and digital assets. This shift in power dynamics allows individuals to have a greater say in how their information is used and shared.

Web3’s impact extends beyond mere ownership; it facilitates the development of decentralized applications (DApps), which operate on distributed networks, ensuring greater transparency and security. Smart contracts, encoded within these networks, execute predefined actions autonomously based on predefined conditions, fostering trustless and transparent transactions.

Governance mechanisms within Web3 enable decentralized decision-making processes, allowing stakeholders to actively participate in the management and evolution of the network or platform. Furthermore, the rise of decentralized finance within Web3 has disrupted traditional financial systems, providing innovative and accessible financial services without the need for intermediaries.

Looking ahead, the evolution into Web4 is envisioned, aiming to integrate the physical and digital realms more seamlessly. This next evolution would merge technologies such as artificial intelligence (AI), virtual reality (VR), and the Internet of Things (IoT) into a cohesive ecosystem, further blurring the boundaries between the physical and digital worlds.

The underlying premise of decentralization within Web3 paves the way for a future where users have increased sovereignty over their digital lives, fostering a more transparent, inclusive, and interconnected global landscape.

Challenges and Opportunities Ahead

Despite significant advancements, the landscape of cryptocurrencies faces persistent challenges. The lack of clear regulations across different regions poses substantial risks and obstacles for users, developers, and businesses involved in the crypto space. Additionally, ensuring the robust security and scalability of crypto networks remains a top priority, especially considering the intricate technical intricacies involved.

Addressing these challenges also involves bridging educational gaps and streamlining adoption processes, which are crucial components for realizing the full potential of cryptocurrencies. Simplifying the understanding of cryptocurrencies and their usage can significantly contribute to their widespread acceptance and integration into mainstream use.

Amidst these hurdles, numerous opportunities arise. The collaborative spirit and innovative drive within the crypto community continue to foster groundbreaking advancements and enhance accessibility. This collective creativity holds the potential to empower individuals who are unbanked or marginalized, providing them with access to financial services and opportunities previously unavailable to them.

The transformative impact of cryptocurrencies extends beyond just finance, permeating various industries. Cryptocurrencies have the potential to disrupt traditional models, offering novel solutions that are peer-to-peer and decentralized. These alternatives challenge existing norms, creating avenues for more inclusive, transparent, and equitable systems across different sectors.

The Bottom Line

Cryptocurrency transcends its technical aspects; it symbolizes a movement advocating for transparency, fairness, and democracy. It embodies a cultural shift fostering innovation, collaboration, and diversity. Envisioning a future where everyone has equal access to and benefits from the digital economy is at the core of this vision.

Looking ahead to 2030, one can anticipate crypto’s continued growth, evolution, and the navigation of new challenges and prospects. Its impact will endure, shaping not only the future of currency but also becoming a cornerstone in shaping finance, the web, and the global landscape as a whole.

 

 

Source: https://www.techopedia.com/anndy-lian-looking-ahead-to-cryptos-future-in-2030

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 trends of 2024: My predictions and disruptions

Crypto trends of 2024: My predictions and disruptions

As we turn our gaze to the future of the cryptocurrency industry, it is vital to anticipate the trends and developments that will shape the landscape in 2024. Let’s delve deeper into each of the discussed predictions:

Artificial Intelligence: Transforming everyday life

AI is expected to have a significant impact across various sectors, seamlessly integrating into our daily lives. Its influence will be profound, reshaping industries and revolutionising how we interact and conduct business.

AI has the potential to optimise processes, enhance decision-making, and unlock new possibilities in areas like healthcare, finance, and transportation. As AI technology advances, it will transform our everyday experiences and pave the way for a more efficient and interconnected world.

CBDC: A game-changer for the crypto industry

Central Bank Digital Currency (CBDC) holds immense significance in tracking, tracing, and taxing financial transactions. The introduction of CBDCs has the potential to drive widespread adoption of digital assets and revolutionise the entire crypto industry.

CBDCs offer enhanced transparency and accountability, reshaping the way we perceive and engage with cryptocurrencies. With the support and endorsement of central banks, CBDCs can bridge the gap between traditional finance and the crypto ecosystem, fostering greater trust and regulatory clarity.

Crypto travel rule: Advancing traceability and taxation

The imminent advancement of the crypto travel rule is set to elevate traceability and taxation within the crypto space. By implementing stricter regulations, authorities can closely monitor transactions, creating a more secure and transparent ecosystem for all participants.

This increased oversight will enhance the industry’s integrity, reduce the risk of illicit activities, and foster greater trust among users. As the crypto market matures, regulatory measures like the travel rule will become crucial for its sustainable growth and widespread adoption.

Layer 2: The growing influence of Bitcoin and Ethereum

Bitcoin and Ethereum, as the leading cryptocurrencies, will continue their upward trajectory in 2024. The emergence of BRC20 tokens and the development of zero-knowledge proofs (ZK) will contribute to the expansion of Layer 2 solutions.

These advancements promise to enhance scalability, security, and efficiency within blockchain networks, addressing some of the limitations that hinder mass adoption. Layer 2 solutions will enable faster and more cost-effective transactions, making cryptocurrencies more viable for everyday use and driving their integration into various industries.

Next level NFT: Adoption and brand recognition

NFTs have gained significant adoption thanks to the support and endorsement of major brands. While sales volumes may not have seen exponential growth, the relevance and influence of NFTs continue to expand.

NFTs provide unique digital assets with inherent value, securely traded on blockchain platforms. This revolutionises the concept of ownership and collectibles, opening up new avenues for artists, creators, and collectors. In 2024, we can expect NFTs to permeate further various industries, including gaming, virtual real estate, and intellectual property rights management.

Web4: A decentralised and autonomous web

The emergence of Web4 signifies a shift toward a more decentralised and autonomous web. Internet natives actively participate in building decentralised narratives, fostering inclusivity, and empowering individuals in digital spaces.

This transition aims to ensure a democratic and accessible online environment free from centralised control. Web4 envisions a future where individuals have more control over their data, privacy, and online experiences. It promotes collaboration, transparency, and user-centricity as foundational principles, enabling a more equitable and empowering digital landscape.

Security tokens: Advancing crypto’s potential

Security tokens play a crucial role in unlocking the full potential of the crypto market. By tokenising traditional financial assets such as stocks and bonds, security tokens have the potential to revolutionise traditional markets.

This democratisation of access to financial assets reshapes the investment landscape, allowing a broader investor base to participate in the crypto space. Security tokens provide fractional ownership, increased liquidity, and programmable functionality, enhancing the efficiency and accessibility of traditional financial instruments.

Commodity trading with crypto: Expanding possibilities

The integration of cryptocurrencies into commodity trading markets introduces exciting new possibilities for investors. From oil to gold, crypto enables individuals to seamlessly trade popular commodities, providing greater flexibility and choice while reducing traditional barriers to entry.

By leveraging blockchain technology, commodity trading becomes more transparent, efficient, and accessible to a wider range of participants. This integration paves the way for a more inclusive and globalised commodity market, with cryptocurrencies acting as a bridge between traditional and digital assets.

Mainstream adoption: Defi and financial institutions

Decentralised finance (Defi) is gaining traction among mainstream financial companies. Banks, their clients, and family offices are increasingly allocating a significant portion of their assets to crypto. This mainstream acceptance solidifies the legitimacy and potential of Defi as an integral part of the financial ecosystem.

The integration of Defi into traditional finance offers opportunities for greater financial inclusivity, transparency, and efficiency. Collaboration between traditional financial institutions and Defi protocols will drive the development of innovative financial products and services, catering to the evolving needs of investors.

Final thoughts

In conclusion, embracing the disruptions brought about by artificial intelligence, CBDCs, decentralised governance, and other emerging trends will be essential for individuals and businesses to thrive in an ever-changing world.

By leveraging these transformative forces, we can unlock new opportunities, reshape traditional models, and shape a future that is both innovative and inclusive. The crypto industry is poised for continued growth and evolution, and those who adapt and embrace these trends will be at the forefront of this transformative journey.

The article highlights the insightful keynote speech I delivered at the Web3 Creator Summit, focusing on the crypto trends expected to shape the year 2024.

 

Source: https://e27.co/crypto-trends-of-2024-my-predictions-and-disruptions-20230706/

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