While future predictions should be made with caution, Euronews Next has highlighted several major tech trends that will be prevalent in 2023. The metaverse bubble hype appears to have given way to AI, while cryptocurrency prices continue to fall amid numerous controversies and economic pressure and the tech sector has been severely impacted by mass job cuts.
Last year’s crypto prices were heavily impacted by difficult economic conditions. For starters, the third-largest crypto exchange, FTX, which was headed by Sam Bankman-Fried, spectacularly collapsed, shocking the sector as a whole. It occurred at a time when the total value of the cryptocurrency market had fallen by more than $1.4 trillion in the year due to numerous crashes, including the Terra Luna saga.
According to Samantha Yap, founder and president of YAP Global, a global PR and communication services consultancy specializing in blockchain and decentralized finance, it has been a trying year for the cryptocurrency and Web3 industries because markets have experienced turbulence because of the increase and collapse of Terra Luna and FTX.
Yap did, however, add that the development of multichain ecosystems over the previous year has eliminated the need for users to switch networks when conducting transactions across multiple chains at once.
European Union technology regulation
This year, government regulations, particularly those concerning cryptocurrencies, are anticipated to have a major impact on the industry.
The EU regulation known as the “Trading in Digital Currencies (MiCA) Regulation,” which governs the transfer of digital assets among member states, is scheduled to go into effect in the early months of 2023. The bill aims to support the evolution of the crypto asset market while simultaneously protecting investors and preserving financial stability.
Additionally, the Digital Services Act, which undoubtedly takes effect on Sept. 1, 2023, is something that online platforms should be prepared for, according to Thierry Breton, head of internal markets for the European Union.
The purpose of the DSA legislation, which primarily targets social media companies, is to combat online hate speech and misinformation, safeguard children and stop consumer fraud.
The creation of ChatGPT, a powerful AI chatbot that self censors and generates text on demand, is one of the most significant developments in artificial intelligence. The application, created by the OpenAI Foundation, was released as a prototype on Nov. 30, 2022, and quickly gained popularity for its thorough and intelligent responses in a wide range of subject areas.
As a result of its ability to quickly sift through vast amounts of data and make many business decisions cheaper, AI is expected to have an impact on every industry in the coming years.
The shaky metaverse
There was a lot of anticipation surrounding the metaverse in 2020 after Mark Zuckerberg, Meta CEO, revealed his significant bet on the VR-based industry, which unfortunately didn’t go as planned.
The pricey shift in emphasis has angered Meta’s shareholders, who have seen the company’s stock declined by more than 65% this year.
Economic difficulties in the tech sector
Not only Meta but also other technology behemoths such as Twitter, Amazon and Lyft have seen layoffs.
According to Chowdhury, the U.S. technology sector in particular started off hiring way too quickly, and as a result, development and profitability have plateaued, leading to employment losses. However, this can present a chance for specialized or small-sized IT companies to hire employees from the industry’s titans.
It remains to be seen how market players such as Bit Digital Inc. (NASDAQ: BTBT) will respond to those trends this year.
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