Leo Zhao, Partner at M-ventures talks about Web 3 and 2023 opportunities

Liu Zhao, investment partner at MEXC, recently talked about Web3 trends and opportunities in 2023. He used the box office movie The Good, Bad, the Ugly as a perfect example to describe the crypto market in 2022.

Starting with record high inflation rates and continuous increases in the Federal Reserve interest rates. These financial events led to a sharp decline in the capital market. However, hope remains.

Upcoming trends and opportunities

Zhao predicts many trends and opportunities in 2023 to boost the crypto space. He notes that scaling solutions are becoming more sophisticated and popular. Despite the low TVL in USD terms, more individuals are securing their assets in DeFi protocols. According to him, adopting the layer 2 function of the main network will facilitate the network load.

It is also expected that the year 2023 will be a decisive year for more openness and adherence to the applicable standards. According to him, the introduction of DeFi technologies may erode the market dominance of centralized institutions. More governments will have to clarify the legislative environment as more customers accept cryptocurrency and blockchain daily.

He added that this year will likely see improved designs for web3 dApps, especially wallets. Web3 users will have the ability to invite others to participate in managing their accounts via email. This feature is similar to the social recovery logins in Google and Facebook accounts.

Zhao also touched on NFTs. He explained that although NFT consumption declined in 2022, it may rebound in 2023. As evidenced by the data, more people are using Lens Profile daily, which is a decentralized, disallowed, and configurable social scheme.

He stated that this innovation could revolutionize how social media platforms are created with an impact on the gaming and music industries.

In terms of the gaming industry, Zhao mentioned that it will continue to improve as it integrates with blockchain technology in more innovative ways. Play-to-Earn (P2E) blockchain games are still in development and are in the “web page” games period. Their infrastructure is being built, such as improved engines, trading and distribution, which signifies a brighter future for this billion dollar industry.

Zhao finished giving advice to programmers to identify and take advantage of these opportunities. He advised cryptocurrency venture capitalists to continue funding the great concepts mentioned above. He pointed out that it will enlighten the future and create a better financial environment.

The author took

Although these predictions are favorable for the crypto space, they are not guaranteed to happen this year. It is advised to learn how to use DYOR and acquire skills such as risk management to reduce chances and margins of loss in the crypto space. Keep watching crypto.news for market trends and other crypto-related news.