The insolvencies and fallout of crypto firms have triggered a liquidation cascade that we believe could extend the downcycle for at least several more months. As it suggests that we are already at the last stage of the worst-case scenario, the crypto prices will pick up in Q3 of 2023.
The second half of 2023 will change the market sentiments as suggested in the above-mentioned crypto prediction for 2023. The Web3 initiatives in spite of starting slow at the beginning of the year may skyrocket at the year-end.
Several big brands have already ventured into the crypto space whether via accepting cryptocurrencies as payments, launching NFTs, or making a metaverse debut. Later in 2023, we could see the subsequent wave of brands that will join the crypto bandwagon.
In 2022, many countries announced their plans to launch the CBDC; they will begin the pilot rollout phase in 2023. However, tightening crypto regulation is expected due to recent bankruptcy and collapse events.
Considering all the crypto predictions, it’s fair to say, we can see a lot of metaverse and play-to-earn games initiatives in Q3 of 2023.