Blockchain trends to watch in 2023

One of the most important growth areas for blockchain technology in 2023 must be the gaming sector. For a number of years, the wider gaming industry has flirted with the idea of ​​integrating blockchain, most prominently in the form of NFTs, into existing gaming revenue formats.

From a business perspective, many see how microtransactions, loot boxes and rare items represent a perfect fit for the digital scarcity blockchain can offer. But until recently, failed attempts have caused backlash from the core gaming community who have treated the integration of blockchain as a threat to fair gaming.

These concerns are not unfounded, as games that have been given the pejorative label of “play to win” have been rightly criticized for giving players who are willing to invest money on in-game blockchain assets tangible advantages over those who opt out. Nevertheless, it cannot be denied that blockchain will soon find its way into the industry’s biggest productions, from headlines EA Sports franchising to triple-A companies such as the Call of Duty series.

When NFTs exploded onto the scene back in 2021, many of the gripping headlines were related to their various uses in regards to art, culture and media. This is not without good reason – after all, global media producers have struggled over the past 20 years to find a viable way to monetize their products in the digital age.

The real share of profit a recording artist could expect from selling a compact CD in the 90s is significantly higher than they can expect to get through streaming royalties on music platforms like Spotify today.

While this image is slowly being corrected thanks to the rise of platforms that give more control and agency to individual artists, the fact remains that digital products are inherently less valuable due to their ability to be reproduced en masse, instantly.

It is in this context that NFTs have emerged as a potential savior for artists and creatives everywhere. By being able to link products to tokens stored on the blockchain, scarcity, rarity and thus value can again be derived from products.

This not only represented an almighty payday for the creator, but catapulted him into the top charts of the world’s most valuable artists overnight. In 2023, we can expect to see these kinds of trends continue, as collectors and producers continue to feel the real value of digital products that, because of their medium, have flown under the radar of the arts and culture funding world for many years.