Thinkers360 2023 Predictions are member-sourced from our opt-in B2B thought leader and influencer community with 100M+ followers on social media combined. The 2023 Predictions are part of a series to provide actionable insights for business and technology executives.
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We asked a selection of our Thinkers360 global thought leaders and influencers about their predictions for Cryptocurrency & NFTs in 2023. Here’s what they told us…
What are your predictions for Cryptocurrency & NFT in 2023?
Digital Assets facilitated by blockchain including cryptocurrency, NFTs and smart legal contracts are undoubtedly the future of global agility, resilience and sustainable socioeconomic practice and impact. 2023 will be a year of education, education and more education of decision makers, regulators, business, and people to disseminate the authentic value of this suite of technologies and deploy pragmatic solutions. 2023 will also see greater clarity by all jurisdictions, currently being led by the UK of the extraordinary opportunity afforded through legal recognition of digital assets and for the first time through the technology of NFTs derive value from previously unquantifiable digital data. This will see a reduction in the emotional reactive volatility of financial and economic markets, producing greater exponential growth through deployment into solutions such as digital trade that will include SMEs – the often missed 96% of the economy. This will equate to unlocking an opportunity of greater than $100T missing in current supply chains. The capacity of ‘uniqueness and singularity’ for NFTs, as a technology will become apparent in uses cases such as identity, evidentiary trails, insurance, trade, ESG metrics and many more functional cases outside the popular art and metaverse environments. 2023 is a year of education, deployment, and growth. This means more focus on what value and impact these assets will deliver to the economy.
– Professor Lisa Short, Founder at Mind Shifting.
The desire for disintermediation and decentralization arises from our will to be a proactive part of the economic and social dynamics. Cryptocurrencies and NFTs express our ambition, but paradoxically, they are also the main obstacles to their acceptance by government entities that tend to retain power. In my opinion, this will change in the next few years mainly due to the contribution of digital natives, born in a society that approaches the post-digital era. But many doubts remain in my mind due to the inevitable friction between our will and central authorities.
– Antonio Grasso, Founder & CEO at Digital Business Innovation Srl.
The Dutch invented (maybe by default) the idea of speculative economics with tulips. Crypto and NFT’s feel a little like this. Value have boomed, sunk and done spirals better than any rollercoaster. Right now we are in a downward curve and spiral. The reality though is that the idea of Blockchain is 100% here to stay. It is secure, tradeable and very agile in its purpose. Once we break through the barrier of being able to sell our NFT’s or truly use a stable cryptocurrency for enough physical things this becomes interesting. Think about the value of Bitcoin. Launched at $132, nine years ago. It hit $48,000 a year ago and is now at $19,000. Speculative markets give people indigestion. Ask the Bank of England and the Chinese government where they are heading with this. If, in 2023 we can see cryptocurrency break across the metaverse to real world things this could be very interesting. It will take generations for a major shift as currencies tend to sovereign properties, but the power of blockchain to power AI, data science and knowledge management is extraordinary.
– Michael Gale, CMO, Snr VP at Wind River.
In 2022 we entered a bear market when it comes to crypto and NFTs, which will continue in 2023 due to wider macro-economic conditions globally. However, from a technical point of view, this is not problematic as it offers the wider Web3 community the opportunity to continue to develop and improve the technology without all the price-driven media attention and ‘investors’ trying to make a quick buck without truly understanding the technology. Once the markets turn, the technology will have improved significantly, offering more value for companies and customers who want to use cryptocurrencies and/or NFTs in their applications.
– Dr Mark van Rijmenam, Founder & Future Tech Strategist at The Digital Futures Institute.
Institutional investment in crypto will continue to grow in Bitcoin, Ether, security tokens and stablecoins. As publicly traded blockchain stocks become available, they will attract more institutional investors. The key use case for NFTs in the future will be to represent ownership of a specific digital asset, and act as a permanent record of the transfer of that asset. They will be used to tokenise licenses, academic credentials and certificates and authenticate and preserve the ownership of the documents, and verify the uniqueness and validity of physical goods. Regulatory breakthroughs will reduce barriers to crypto adoption.
– Dr. Jane Thomason, Chair Of The Board Of Directors at Kasei Holdings.
I believe Cryptocurrency, NFTs and more broadly Blockchain technology is going to see a significant rise in 2023. Not only do we find new or upgraded “cleaner” blockchain platforms (more respectful to the environment) but also, we find new applications that make the use of Cryptocurrency and NFTs much easier. Moreover as Metaverse platforms erupt, NFTs will become more widely minted and used. NFTs are the key to Metaverse success. They will ensure optimized ROI and simplify the economical activity. In 2023 Blockchain applications will become mainstream.
– Nicolas Babin, President at Babin Business Consulting.
The traditional capital markets that have tried to destroy and prevent Crypto (Bitcoin) from gaining ground will use the current economic and social breakdown to further restrict its use, as THE PEOPLE look for safe havens for their cash, their assets, their value. Given we are likely to see a run on banks as capital flows tighten and inflation runs riot. Most of the Cryptos will continue to fail because they do not have genuine Utility for the User. Their liquidity remains fake at best and the engineering if Ethereum is used cannot deliver on the promise. More people will move to Bitcoin which is price controlled by the big banks of Walls Street and Whales – stolen from the people once again. Priced beyond affordability for what was meant to be the peoples payment system that didn’t discriminate. As for NFTs the loses will pile up as the scams continue and the SEC will and are chasing people. NFTs are not a viable technology as they are engineered in main Ethereum – made worse by centralisation effect of PoS. NFTs have to become Non Fungible Assets where the proofs include a receipt of the exchange of value (DRUID) and can be audited properly, where the messaging and thus the settlement happens in the same stack – NFAs will become a solid options for people safe in the knowledge that its real.
– Nick Ayton, General Partner at Solarix-Ventures Ltd.
2023 will be the year of sustainable energy efficient blockchains that will allow creation of scalable enterprise grade apps. This will pave the way for greater adoption in secure metaverse solutions where crypto and NFTs will promote digital identity, trust and an acceptable medium of value exchange. Cryptos will break out of their speculative legacy and address their true underlying purpose – that of providing a viable financial alternative to the un-included. They will find their way back into UHNI portfolios as well. And NFTs will bring order to various unstructured and informal markets by allowing individual reputation to be verifiable, immutable and monetizable. Regulated marketplaces for NFTs will emerge.
– Samiran Ghosh, Co-Founder at unblox Solutions.
I believe we will see a lot more practical use of cryptocurrencies, specially stablecoins, being integrated as means of payment, and new DeFi (decentralized finance) applications being integrated with traditional financial products, propelled by the increase of regulatory clarity in major jurisdictions. As for NFTs, we keep seeing a lot of discussion about utility, but enterprise adoption might take a while, given the nature of the NFT construct. We will definitely see the music industry coming aboard with NFTs, remodeling the business dynamic and enabling more artists to produce in collaboration with the fans. It is my hope that regulators start to participate on-chain, with regulated SDKs for various products and services, and make use of the available on-chain data for financial reporting, forensics, analytics and disclosures.
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