Here are 4 Big Events You Should Watch in Bitcoin and Altcoins!

Here are 4 Big Events You Should Watch in Bitcoin and Altcoins!

Steven Goulden, senior research analyst at crypto trading firm Cumberland, stands as an optimist towards Bitcoin and altcoins. The analyst highlighted a few elements that will point to positive developments in the crypto space in 2023, even though we have had an eventful year filled with crypto crashes. Here are the details…

These narratives are important for bitcoin and altcoins

In his 14-page annual report published Dec. 24, Goulden said he sees four “emerging narratives” for crypto in 2023 that will lead to “significant progress” over the next six to 24 months. In the midst of these is the rise of NFTs, first of all, which has become the “suitable method” of tokenizing a brand’s intellectual property (IP). In second and third places are Web3 apps and games becoming “really popular”. Fourth, the analyst pointed to the possibility of Bitcoin (BTC) and Ethereum (ETH) being used as more reserve assets by countries.

Goulden argues that NFTs have been “largely confined to the field of art” up to this point. But he believes the next step for NFTs will lie in the integration of NFTs and a brand’s intellectual property. The analyst pointed to the ambition of many non-Web3 companies to monetize IP. Thus, he stated that he has already made “significant progress” in improving customer engagement using NFTs.

In the middle of these is Starbucks creating NFTs for its customers. Starbucks established a partnership with Polygon for this purpose. Apart from that, Nike had launched the Swoosh. With this launch, the sports brand allowed users to design customized sneaker NFTs. “Listening to these companies talk about their Web3 initiatives, it’s clear that they see interacting with customers and fans as a new direction of personal experience,” Goulden said.

Here are 4 Big Events You Should Watch in Bitcoin and Altcoins!

Brands generate massive revenue from NFTs

It also stated that “selling NFTs to retail users has the potential to generate tangible, high-margin revenue.” Nike, which has made $200 million in digital sneakers alone, is an example of this. The analyst expects Polygon’s MATIC, LookRare’s LOOK and 0xmon’s XMON token to take the lead on this front. The Cumberland analyst also shared that there are approximately $80 trillion of intangible assets on corporate balance sheets today. As such, he said, NFTs will become a “method of IP tokenization.”

Goulden also admits that breaking Web2 monopolies has been “extremely challenging” so far. However, it sees the adoption of Web3 platforms providing “real world benefit” starting to gain traction in 2023. Goulden uses the following terms: Bitcoin and altcoins

The truth is, it takes time to build and boot projects like this. So we argue that momentum will likely pick up after at least 12 months, with significant user adoption likely in 2-5 years.

Here are 4 Big Events You Should Watch in Bitcoin and Altcoins!

Some of the “really useful real-world” platforms Goulden highlighted include IT recruiting platform Braintrust, Helium, GPU process service Render, global mapping project Hivemapper, and travel sharing app Teleport.

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Important players are coming to the field with Web3

The analyst was also optimistic about the Web3 game market. He stated that there are about three billion players in this field in the world, of which 200 million are “serious”. He stated that this represents 200-300 billion dollars in the total market. Goulden says the play-to-win side of blockchain-based games will lead to valuable profitability for developers. However, he added that we probably won because “it takes about 2-3 years to create a top quality (AAA) game”. He stressed that we can expect to see a “Web3 game with stars” by 2023 or 2024.

bitcoin and altcoins

Bitcoin and ETH as reserve assets

Finally, the research analyst suggested that close attention should be paid to the potential role of BTC and ETH as a reserve asset, especially for export-focused countries. Goulden said that many high-exporting countries around the world may choose to stockpile their reserves with alternative assets such as cryptocurrencies rather than US treasury bills as a way to lower their currencies against the dollar. The analyst used the following words:

Even a small central bank allocation of BTC or ETH would be valuable and would likely lead other exporting states to do exactly the same.

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