2022 was rich in commotions in almost all global industries: from political relations to economic upheavals. Lots of significant moments in the crypto industry completely restructured and set new 2023 development trends. The burgeoning world of Web3, blockchain, and social media, however, continues to develop - from new technology to new methods of doing business - used 2022 as a testing ground and crucial soil. Let's look at some of the major movements and trends that are reshaping the world as we move from 2022 to 2023.
At the same time, the main question related to the industry since its inception remains unchanged: "How and for whom should blockchain technology be used?" On the one hand, various industries seemed to give a lot of diverse and intelligible answers to it, however the events of 2022 showed that they cannot become unambiguous. In addition, many unrealized ideas have been hovering in the industry for a long time, and have excellent chances to finally come true. Let's dive deep into each 2022 trend in order to understand what to expect in 2023.
Trend #1: Personalization of social media platforms
Social media platforms are becoming increasingly personalized - from tailored content algorithms to recommended friends. This trend is likely to continue into 2023 as platforms strive to keep users engaged and make their services more valuable. We can expect even more customization options as well as better AI-driven recommendations for content consumption. In addition to mastodons like Instagram and TikTok, Web3 social media players are also paying attention to this trend. For example, have a look at Cheelee, a GameFi short video platform with superior personalization, and monetization capabilities.
Trend #2: Increased use of AI and machine learning algorithms by businesses to optimize their processes
AI and ML enable faster decision-making by providing detailed analyses of large amounts of data in real-time, allowing businesses to act quickly on changes in their environment or customer needs, leading to increased efficiency and cost savings. For example, AI can detect patterns in customer behavior that may not have been noticed before, helping companies make decisions about products or services accordingly. Similarly, ML algorithms can analyze existing data about customers to identify trends that would otherwise remain hidden. Generative AI (hey, Siri or Jasper) also allows companies to automate mundane tasks such as content creation, data entry, and customer support inquiries, freeing up employees to focus their energy on more complex tasks.
Trend #3: Influx of blockchain technology into traditional sectors and Web2 products
Blockchain technology is taking root in traditional industries that had nothing in common with it before. For example, blockchain had a massive impact on the banking sector. Banks are now able to offer faster payments and greater security through the use of distributed ledger systems such as those underpinning cryptocurrency transactions. This reduces fraud and ensures that transactions can be cleared more quickly than ever before. Blockchain is also being used in the healthcare industry to securely store patient data and medical records. Besides, 2022 celebrated the emergence of non-financial decentralized apps for social media, consumer incentives, and others. Some of them have already become rather popular (meet India's Chingari). The others offer the market an intriguing shift from the obsolete crypto concept based on generating ridiculous yields: for example, the above-mentioned Cheelee introduces a completely reinvented attention economy powered by blockchain, as a means of supporting the product's basic values and rewarding every member of its community.
Trend #4: DeFi goes different
Individuals, financial institutions, investors, and regulators all have a better knowledge of the distinction between CeFi and DeFi by the end of 2022. The former occurs when transactions are subjectively intermediated by people who can tamper with the database. The latter is when transactions are conducted with complete faith. DeFi's capabilities brought to life new forms of business structuring and governance - DAO - which were integrated by a variety of blockchain-based projects ranging from gaming (crypto gaming guilds) to medicine (VitaDAO).
Trend #5: Crypto regulations
As cryptocurrencies continue to become more mainstream, governments around the world are taking steps to regulate them more heavily. This may include introducing new laws that require cryptocurrency exchanges and traders to register with authorities or comply with anti-money-laundering regulations. As crypto regulations become stricter and more complex over time, it will be important for anyone involved in crypto trading, investing, or raising owned blockchain-based projects to understand the legal framework surrounding their activities. However, even crypto-friendly legislative policy can backfire: consider El Salvador, the first country to adopt Bitcoin as legal tender. It has lost millions of dollars and is on the verge of default, but it refuses to change course. El Salvador has begun talks with the International Monetary Fund (IMF) for a $1.3 billion loan to close large gaps in its public finances.
Trend #6: GameFi and Web3 gaming are on the rise
Web3 gaming will get past its early flaws and ultimately reach players where they are. So far, Web3 gaming has mostly fallen short of its ambition. The most "successful" Web3 games, such as Axie Infinity and DeFi Kingdoms, have been heralded as the future of gaming, but have failed to create an effect among the world's 3 billion players. In reality, Web3 gaming has some essential tasks, which companies have to work on. Currently, the industry is focusing on AAA-quality titles as well as an ownership-oriented and community-building approach. Games are not jobs, and their fans are not cash cows to ensure the product economy and development team's long-term viability. However, there's still a huge gap between creators' and users' needs in this field. Nevertheless, there are already approaches in the market which can overcome this problem For instance, Cheelee with its brand new solution to this issue provides both parties with a win-win economy, paying users for their attention and engagement and accurately presenting creative people's work to their audience.
Trend #7: Web3 reputation
Years of development in the area of decentralized identification and reputation will culminate in 2023. Particularly in Web3, these systems will start to establish themselves as essential components of the infrastructure supporting the majority of our interactions and transactions. You will soon be able to use your spotless reputation gained from one application to another. This is made possible by decentralized identity and reputation systems, which aggregate user-centric, platform-neutral data to approach identity from a more comprehensive perspective. This feature is important for both individual users and industry institutions; for example, it assisted in preventing the consequences of the FTX's crush with numerous market players drowning their reputation, business, and clients.
Conclusion
Users of cryptocurrency, DeFi, Web3 products, and social media have reason to be optimistic as the turbulent year of 2022 ended, because only great innovative and cutting-edge initiatives will thrive on the market in 2023, which will be free of subpar and profit-driven ventures. Our main advice is to focus on companies and startups that innovate in their respective industries and prioritize customer needs over profit. Moreover, people in general tend to concentrate on rapidly growing and promising projects, whose main goal is to bring brand new value to industry and expand their influence on mainstream service consumption.
