After the turbulent times in 2022, all eyes are on the expected recovery of cryptocurrencies in 2023. Many analysts say that if they can make good use of the opportunities that come their way, such as Web3, crypto companies can gain great momentum in 2023. Here are a few reasons that could lead to this potential rise.
The Rise in Web3 Platforms Can Be A Huge Advantage.
Web3 is a revolutionary idea that has the potential to unlock immense power for all users of the global network. It seeks to create an internet where every user can regain control over their data and be free from centralization and censorship, ushering in a new era of digital independence.
Alex Zhang of Friends with Benefits DAO is hopeful that this market downturn will make crypto projects less speculative and more focused on their utility, such as the “meaningful, entertaining social experiences.” By doing so, the entire industry can become even stronger.
Fashion Industry Web3 Can Thrive Using Cryptocurrencies
It is evident that the fashion industry is one of the largest industries today. On the other hand, as in all other industries, it is an industry that needs to reach more people more effectively by using developing technology. According to Cathy Hackl, Chief Metaverse Officer at Journey, fashion is set to spearhead the introduction of Web3. She predicts that collaborations between Web3 personalities and leading consumer brands will form as they look for inventive ways to reach out to customers and establish new distribution models as a part of their recovery plan.
Reorganization Is a Must After the Havoc in 2022.
Saying that people’s trust in cryptocurrencies has been damaged for many reasons, analysts emphasize that there should be a reorganization plan to restore this trust. The advice from Sandra Ro, CEO of the Global Blockchain Business Council, could outline how the crypto industry might proceed after a difficult 2022: “Reorganize with humility, rebuild with integrity, regain trust and rise again.”