2022 ended with a crypto winter, exacerbated by the collapse of the centralized crypto exchange FTX and the arrest of its founder and ex-CEO, Sam Bankman-Fried, (a.k.a. SBF), for fraud. This followed other major events earlier in the year: the fiasco of Terra (Luna) becoming worthless, the bankruptcy of Voyager and Celsius, and the contagion risk that spread throughout the crypto market. All these events made people doubt the value of blockchain technology, Web3 and the economic use cases of cryptocurrency and their benefits.
But we must differentiate between cryptocurrency as an asset class trading on a trading platform such as FTX and the technology – blockchain technology and Web3. The two are separate concepts and should not be confused. Trading, especially in the crypto space, is mainly based on speculation, hype, and influencers, not much on merit or value.
After a wild 2022, here’s a look at some of the trends that will influence the future of Web3 in 2023.
