Ripple, the San Francisco-based cross-border payments firm that currently faces the U.S. SEC in a long-standing XRP lawsuit, has recently released 2023 predictions for the crypto industry.
In the crypto predictions that focus on real-world applications, Global CBDC pilot programs, and non-fungible tokens (NFTs) that solve for efficiency & transparency in ownership, Ripple executives pointed out that 2023 will focus more on “utility”.
What does 2023 have in store for #CBDCs, #NFTs, #crypto and beyond?🔮
👉 A focus on real-world applications
👉 Global CBDC pilot programs
👉 NFTs that solve for efficiency & transparency in ownership
Read all of our #crypto predictions for the year ahead.https://t.co/KscpPINuCj
— Ripple (@Ripple) January 31, 2023
Read Also: Ripple CTO States Clear Difference between Billions of XRP in Escrow and Flare (FLR) Airdrop
In a blog post shared by Ripple on its official website, Devraj Varadhan, Ripple SVP of Engineering, says he expects to see a “general shift in the marketplace from highly speculative companies to companies that harness crypto solutions to solve real-world problems and address unmet customer needs.”
Varadhan said the companies that get themselves involved in things mentioned above will leverage benefits that will last longer this year.
In the prediction, it’s also stated that a focus on real-world applications will bolster the maturation of central bank digital currencies (CBDCs).
According to Sendi Young, Managing Director of Europe, the “the potential for CBDCs to amplify the role of central banks and boost financial inclusion will lead more non-eurozone European nations to announce CBDC pilots in 2023.”
Similarly, James Wallis, VP of Central Bank Engagements, looks forward to seeing more CBDC pilot programs around the world this year, which he expects to enhance cross-border payments.
As for Ripple CTO David Schwartz, he believes that these types of applications that solve for efficiency and transparency in ownership will determine which use cases stick and whether NFTs are here to stay.
Read Also: Ripple CTO David Schwartz: XRP Fits Into the Definition of a Commodity under US Federal Finance Rules
Crypto and Blockchain Adoption by Institutions
Ripple also believes that greater utility is rooted in the continued institutional adoption of cryptocurrency and blockchain.
According to Brooks Entwistle, Ripple SVP and Managing Director of APAC, concerns that are related to liquidity will keep expunging crypto companies built on hypes.
Sendi Young also expects institutions to accelerate long-term adoption of crypto solutions regardless of market downturn. She attributed this to crypto’s efficiency, transparency, and speed.
Sendi Young noted, “Banks and other large financial institutions will invest in new technologies with an expectation of realizing the benefits not in days and weeks, but in years, so we see the embrace of digital assets and blockchain continuing throughout 2023 and beyond.”
In terms of realizing the goal of connecting the World to Web3, the team at Ripple expects two shifts to play out in the areas of training and development throughout 2023.
In a nutshell, the entire Ripple team is optimistic that the crypto winter will give rise to a crypto spring that will make the industry forget the pains of 2022. The team believes that the crypto industry will become stronger in 2023 and focus more on real-world utility.
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