🧐 2022 has been a ride for the crypto industry.
We’re sharing our review of 2022 and outlook for 2023 👇
🧵Scroll down the thread
crypto.com/research/2022-…
📉Although the crypto market was negatively impacted by several events and macro headwinds, it is natural for market cycles to fluctuate between bearish and bullish periods.
🐼 @Ethereum transitioned to PoS with #TheMerge, and saw its energy consumption drop by a whopping 99.95%.
📈 Following the bankruptcy of FTX in late 2022, we saw decentralised exchanges (DEXs) take up a higher share of the total crypto spot trading volume.
🌟 New L1 blockchains were under the spotlight, while the L2 landscape was also vibrant.
💧 Liquid staking flourished because of the flexibility and security it provides depositors.
🎨 #NFT partnerships and innovations continued in 2022. As an official sponsor of @FIFAWorldCup Qatar 2022™, @cryptocom launched a series of NFT collections around the event.
It also debuted Crypto.com Land, expanding its foray into #Web3.
🎮 Despite the market downturn, there were still ~1 million daily blockchain gamers.
@cronos_chain announced Cronos Play, a comprehensive modular suite of developer tools for blockchain games in the Cronos ecosystem.
🤝The decentralised social network landscape grew rapidly. While Web2 is dominated by several large players, the Web3 landscape is much more varied and nuanced, with categories including social graph, identity, messaging, and even data storage.
💰 Capital investment and incubation in the blockchain space continued to grow. In terms of sector, the blockchain service category saw a consistent spread of investments throughout the year.
💻 At the time of writing, the total amount of money lost in crypto hacks in 2022 is about US$3.7 billion, which dropped by 63% compared with 2021.
Vulnerabilities in bridges accounted for over a third of the overall amount lost in crypto hacks.
Here is our outlook for 2023:
📈 In November 2022, the number of crypto owners reached a new milestone as it crossed 400 million!
Depending on market conditions, we expect the number of global crypto owners could reach 600 - 800 million in 2023.
💡More Web3 use cases are expected, such as soulbound tokens and decentralised societies.
🧑🔧 More Web2 developers will flock to Web3, and there will be more Web3 development tools.
🎉 The next significant Ethereum upgrade (Shanghai) is expected to happen in March 2023.
🎮 There are several AAA blockchain games set to be released in the near future.
🛡️The key to building a successful business model is to establish trust with end users. Going into 2023, we expect this trend of more focus on security and user education to continue.
Read our report: 2022 Year Review & 2023 Year Ahead 👇
Become a private member to access the full version of our 2023 outlook.
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