A recent report released by Steven Goulden, a senior analyst at Cumberland, has identified a number of “green shoots” that could emerge in the cryptocurrency market in 2023 in spite of this year’s turbulent cryptocurrency collapses and price drops. Goulden highlights four new trends in the report, titled “Year in Review,” that in the next two years will significantly advance the cryptocurrency market.
These trends include Web3 apps and games becoming genuinely popular, NFTs being the go-to approach for tokenizing a brand’s IP, and Bitcoin and Ether possibly being adopted as a nation’s reserve asset.
NFTs becoming the “go-to method”
While Goulden acknowledges that NFTs have largely been restricted to the creative world, he anticipates the merging of a brand’s intellectual property and NFTs. He noted that a lot of non-Web3 businesses are making meaningful strides toward IP monetization and enhancing customer engagement through NFTs.
Among them are Nike’s introduction of Swoosh, which enables crypto users to create unique sneaker NFTs, and a partnership between Starbucks and Polygon to produce NFTs for Starbucks customers. According to the analyst, these companies’ views on Web3 initiatives make it clear that they view digital interaction with clients and supporters as a novel element of the retail adventure and experience.
In addition, Goulden stated that the sale of NFTs to retailers has the potential to create high-margin revenue, with Nike serving as a prime example of that, having made $200 million from just digital sneakers. The analyst anticipates Polygon, LooksRare (LOOK),and 0xmon (XMON) to take the lead in this regard.
Real-world utility applications will become more popular
While acknowledging that it has been extremely difficult to overthrow Web2 monopolies, Goulden believes that the use of Web3 applications that offer “practical utility” will begin to pick up steam in 2023. This is exemplified by entities that are focusing on bringing blockchain technology into different aspects of the agricultural sector, such as Tingo Inc. (OTC: TMNA).
However, he also pointed out that it will probably take a year for the apps to gain noticeable traction and another two to five years for widespread user adoption because it takes a while to effectively build and bootstrap such projects.
Goulden listed a few platforms that were “truly useful in the real world,” including Teleport, a ride-sharing app; IT recruitment app Braintrust; Helium, the Internet of Things (IoT) protocol; Render, a GPU rendering service; and Hivermapper, the global mapping project.
Web3 gaming to woo “profound” gamers
Goulden expressed optimism regarding the Web3 gaming market, stating that there are around 3 billion gamers globally, 200 million of whom are genuine, representing a total potential market of $200–300 billion.
Goulden stated that the “play to earn” elements of blockchain gaming will generate substantial profits for the developers, but he also stated that the first triple-A (highest-quality blockbuster game) won’t be available until 2024 since it typically takes around 2-3 years to build one.
Bitcoin and Ether as nations’ reserve assets
The analyst concluded by urging people to pay close attention to Bitcoin and Ether’s potential function as reserve assets, particularly for countries with an export-oriented economy. In order to weaken their own currencies relative to the U.S. dollar, many high-exporting countries may decide to stockpile their reserves with cryptocurrencies rather than U.S. Treasury bills, according to Goulden.
NOTE TO INVESTORS: The latest news and updates relating to Tingo Inc. (OTC: TMNA) are available in the company’s newsroom at http://ibn.fm/TMNA
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