Cryptocurrency and NFT in 2023
Predicting the future is not easy, but exciting and absolutely necessary, especially if you are a trader or investor. In order to successfully invest and withdraw your assets on time, you need to understand in which direction the market will move, and society as a whole.
2021 was a very favorable year for cryptocurrencies and NFTs, but we were already talking about the impending crypto winter. 2022 really turned out to be difficult for the crypto market. Hype of 2022 gradually faded away, Ethereum switched to PoS, Terra/Luna crashed, and then FTX crashed. However, something positive for the crypto market also happened in 2022 — people stopped perceiving cryptocurrency solely as a tool for speculation. Due to sanctions in March 2022, traditional payment systems like Visa and Mastercard stopped working in Russia and banks began to be disconnected from SWIFT. Then the cryptocurrency was realized as a means of circumventing sanctions for cross-border payments, and even at the official level they realized it. In Russia, the Central Bank and the Ministry of Finance have long been arguing about state policy towards cryptocurrencies, where the Central Bank believes that cryptocurrencies should be banned in Russia, and the Ministry of Finance insists on legalization. After the sanctions, the position of the Ministry of Finance has become stronger, but the dispute continues. As for NFTs, there were no problems with their legalization in Russia. Sberbank will allow users to issue NFTs on its platform, VK already allows you to set NFTs as an avatar. In China, despite the ban on cryptocurrencies, NFTs are completely legal and even protected by law. That is, despite the bear market in 2022, favorable trends were observed in the legal field. But enough about 2022, it’s time to talk about 2023.
Cryptocurrencies in 2023
Skeptics already buried the crypto market in 2018, but it continued to grow and in 2021 it was already breaking new records. The crypto market has long proved that it is with us for a long time, despite any shocks. However, the nuances are important.
Sanctions by foreign centralized crypto exchanges (CEX) against Russian users and the collapse of FTX may undermine trust in centralized crypto exchanges, but for decentralized crypto exchanges (DEX) and the DeFi industry, this is an additional incentive for development, since the loss of trust in custodial services can motivate people to switch to decentralized ones.
Especially interesting are the development trends of stablecoins. Stablecoins have become very popular in 2022, especially in a turbulent period for the market. However, this has intensified competition between stablecoins. For example, recently Binance temporarily banned the withdrawal of USDC stablecoin. The ban was quickly lifted, but the event is significant. Binance has already auto-converted other stablecoins to BUSD in September. Coinbase also encouraged users to convert USDT stablecoin to USDC (Coinbase is the co-founder of USDC). Large centralized exchanges are issuing their stablecoins and in 2023 this trend will gain momentum.
We, at our Barter Smartplace site, do not believe that it is right to restrict our users in using “foreign” stablecoins, but it is definitely worth releasing our own. On our platform, there is a ruble stablecoin for which you can buy a variety of goods.
NFTs in 2023
Despite the end of the hype around digital art and GameFi, typical for 2021 and early 2022, the trends in the NFT market are quite favorable. First, as we mentioned above, there is a clear trend in the legal adoption of NFTs in various countries. Secondly, in November 2022, for the first time since April, there was an increase in sales.
Of course, institutional adoption has not kept up with the hype, but the NFT market is gradually becoming more mature. NFT is not necessarily digital art, you can also tokenize real art, transport, real estate — there are many ways to use NFT technology, just a few were willing to take legal risks. Now that right-wing adoption of NFT has taken place, the technology may begin to gradually move beyond the virtual realm as well.
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