INTERNET CITY, Dubai, 12th January, 2023

LBank Co-Founder Johnason Chan has shared a bullish thesis for 2023, tipping the crypto industry to reach new milestones this year. Chan predicts a resurgence in the NFT market, further growth of Web3 through layer 2 solutions and the convergence of TradFi and DeFi.

“Web3 will be a big opportunity for the next wave of blockchain applications, but more solid blockchain platforms are required to host them”, says Chan. The exchange boss claims that blockchains like Ethereum will continue to play a central role in the evolution of Web3, but layer 2 solutions will help new apps to blossom. “As more layer 2 technologies mature and infrastructure is built, it will bring new opportunities for the development of Web3.”

Elsewhere, Chan believes NFTs will enjoy a resurgence in 2023, saying: “NFTs still provide new opportunities for underlying assets and blockchain expressions. Currently, NFTs mainly consist of assets for chain games. But they can be used to express so much more. I believe they could be an important force to kickstart the next bull run in this market.”

LBank’s co-founder also expects GameFi to flourish in 2023, asserting: “The development of chain games may usher in completely new opportunities for the video game industry. As more institutions and game studios enter this new market, developers will be able to create more products in 2023.”

The penultimate prediction from Johnason Chan is that decentralized finance will see a resurgence, with some of this growth coming from the traditional finance (TradFi) industry. “Traditional finance will definitely find a way to implement some of these innovations. We could even see products developed by institutional players being launched on DeFi platforms one day,” the LBank Co-Founder says.

Finally, Chan tips digital identities to capture attention in 2023, saying: “Digital identity caught more attention last year but we’ve yet to see any killer applications utilizing this technology. I expect new DID use cases and apps to flourish this year, making it easier for web2 users to start experiencing Web3.”

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