It isn’t exactly news, of course, that 2022 was a turbulent year for the crypto market, which frequently hit mainstream headlines for less-than-favourable reasons. Will 2023, then, see a continuation of such chaos, or will the year be defined by a strong rebound in the market?
As a leading crypto PR firm here at Bitcoin PR Buzz, we thought we would take a closer look at some of the crypto and blockchain trends that already appear to be emerging, and which look likely to continue maturing through the year.
With the crypto world having been largely unregulated up to this point, we can expect recent traumatising events in the sector like the FTX collapse to serve as a catalyst for the rise of more stringent regulation.
Tightening worldwide regulations on crypto
Crypto players becoming subject to tighter supervision and clearer regulatory frameworks around the globe doesn’t necessarily need to spell bad news for the sector’s growth prospects. Indeed, such regulatory developments – if done right – could be instrumental in better protecting investors in crypto products, and compelling crypto firms to operate in more transparent and responsible ways.
Debate will intensify about the need to avoid over-regulation
Alongside the development of stricter overarching regulatory frameworks for crypto, there will almost inevitably be much talk about what would constitute “overregulation” in the sector – indeed, there already has been such discussion.
Greater regularity clarity could be a great boon for the sector, but many market participants are eager for such regulation to not be so heavy-handed that it stifles innovation and growth.
The proliferation of CBDC projects
The acronym CBDC – standing for Central Bank Digital Currency – has come to be more widely used lately, as recent and ongoing developments in the crypto market have the effect of ushering in the era of CBDCs earlier than many observers had previously expected. It has recently been reported that more than half of the world’s central banks are now investigating the potential of CBDCs, with some CBDCs having already gone live. In 2023, we can expect many more CBDC projects around the globe to reach the stages of research, testing, and deployment.
Sustained innovation in relation to DeFi and NFTs
Whatever form the anticipated stringent regulation takes, it is unlikely that the ingenuity we have already seen from key and emerging DeFi (decentralised finance) and NFT (non-fungible token) players will slow down much in 2023. Indeed, tighter regulation might even provide an invaluable foundation for a revival in these markets beyond what we dare dream of in January.
Continued technological innovations in the DeFi market, for example, might play into such developments as the creation of new digital assets and online payment systems, as well as improved security. As for NFTs, we can expect the further realisation of their creative and technological potential, including as far as the likes of in-game NFTs and token-gated communities are concerned.
For an in-depth conversation about how the services of our crypto PR firm could help make a success out of your involvement in these sectors during 2023, please don’t hesitate to contact us.
The blockchain will become an even more mainstream fixture
The blockchain’s impact is permeating beyond finance, blockchain-based systems having seen ever-greater adoption in a number of industries. And in sectors that haven’t yet been touched much by the blockchain, solutions incorporating this technology are being searched for and considered.
Sectors like international trade, insurance, the law, and even logistics and healthcare are seeing the potential of leveraging the blockchain for streamlining their operations. As the associated technology becomes ever-more sophisticated, this is a trend that we can expect to pick up in pace throughout 2023.
It cannot be guaranteed, of course, that the crypto and blockchain sectors will only see ups, and not also downs, over the coming months. However, the potential that these technologies present is not just being recognised – it is becoming increasingly realised.