Blockchain data analytics platform Nansen’s CEO Alex Svanevik recently shared his insights on the upcoming trends in the crypto market. While many analysts focus on macro themes like interest rate adjustments and regulatory developments, Svanevik highlights sector-specific factors that will shape the next cycle.
Fintech Firms Embracing Blockchain
Svanevik observes that major fintech firms are increasingly adopting blockchain technology as their primary backend infrastructure. This is evident through initiatives like PayPal’s stablecoin and Revolut allowing users to stake ETH. Fintech companies are attracted to the transparency, security, and low-cost, fast transactions that blockchains offer. Svanevik predicts that, in the long run, crypto will replace the backends for fintech services.
The Rise of DeFi-backed Gambling
According to Svanevik, gambling and betting platforms are better suited for a decentralized finance (DeFi) backend. Instead of relying on the traditional model where houses take a spread, protocols can generate profits by utilizing capital yields. Crypto casinos, such as Rollbit, have experienced significant success in recent years. Furthermore, emerging platforms like TG.Casino are leveraging Telegram and blockchain technology to attract users and facilitate transparent and secure gambling experiences.
- Web3 Gaming: Solving Industry Challenges
- Real-World Assets Moving On-Chain
- SocialFi: A Key Pillar of Growth
- NFTs and Mainstream Adoption
“Web3 can solve a number of problems that have plagued the traditional gambling industry by providing greater transparency, security and offering an avenue to gamble without having to give up custody of your funds.” – Alex Svanevik
Svanevik further predicts that web3 gaming will witness significant advancements in the coming months, with various game launches after years of development. Notably, projects like Sipher Odyssey, MixMob, and Axie Infinity are gaining his support. Additionally, Svanevik highlights the potential of moving real-world assets, particularly US government bonds or “t-bills,” onto blockchain networks. As these assets generate yield, Svanevik expects them to play a substantial role in the stablecoin ecosystem.
“It’ll take a few iterations (and forks), but I think this (SocialFi) is here to stay.” – Alex Svanevik
Svanevik identifies SocialFi as a crucial driver of future crypto growth. Platforms like friend.tech have already shown impressive revenue generation, with projections indicating significant annual income. SocialFi combines social media features with decentralized finance, opening up new possibilities for crypto enthusiasts.
“Pudgy Penguins’ Luca Netz is showing us the path to Walmart for NFTs.” – Alex Svanevik
Finally, Svanevik praises the success of NFT project Pudgy Penguins’ partnership with Walmart. By incorporating unique digital traits linked to physical toys, the project seamlessly bridges the gap between the physical and digital worlds. Walmart is now offering these collectibles in over 2,000 stores across the USA, providing a mainstream pathway for NFT adoption.
