Author: Alex Svanevik
Compiled by: Felix, PANews
On October 6, Alex Svanevik, CEO of crypto analytics company Nansen, shared his thoughts on the future of crypto on social media platform X. Svanevik highlighted six narratives that he believes will play a key role in shaping the next cycle of the crypto industry.
Alex Svanevik has over ten years of experience in the data, analytics and encryption industries. He has been CEO of Singaporean company Nansen since October 2019. Prior to joining Nansen, Svanevik was the founder and data scientist of D5 (The Data Science DAO), a decentralized organization designed to accelerate data science initiatives. Alex Svanevik also served as chief data scientist at CoinFi and has been a member of the Wallet Connect board of directors since February 2022. Rich experience gives Alex Svanevik a considerable say in the field of encryption and data science.
Combining traditional finance with cryptocurrency
Svanevik pointed out that traditional fintech platforms are increasingly incorporating cryptocurrencies into their systems. For example, PayPal launched its own stablecoin; British digital bank Revolut launched staking services, including ETH, ADA, DOT, etc. In addition, emerging crypto startups (such as BasedApp) are already similar to traditional fintech products in terms of user experience. Svanevik predicts that in the long run, crypto technology will become the underlying infrastructure for fintech services.
Related reading: Ten thousand words research report on Web3 payment: How will the giants reshape the crypto market landscape when they launch an all-out attack?
Gambling is being disrupted by DeFi
According to Svanevik, the gambling and betting industry is ripe for disruption by DeFi. Instead of earning spreads from bets, platforms have the potential to generate revenue from capital gains. Svanevik also highlighted how Layer 2 solutions and account abstraction help improve the user experience of using applications. He cited LooksRare's Yolo as well as platforms such as Rollbit and PoolTogether as examples.
Related reading: Revelation from the gambling industry: From GGR to NGR, the law of attraction of crypto games?
RWA and Stablecoins
Svanevik discussed the growing importance of RWAs, especially Treasury bills (T-bills), in the crypto ecosystem. He believes that tokenized treasuries could have a significant impact on the supply of stablecoins. Companies such as Superstate, Mountain Protocol, and OpenEden are expected to emerge in 2024. Svanevik also speculated that stablecoin providers such as Circle and Tether may enter this field.
Related reading: Why are government bonds the only destination for short- and medium-term RWAs?
Web3 Games
Web3 games are another area that Svanevik is optimistic about. He mentioned that several games have been in development for more than two years and are expected to be released in the next six months. Although he does not expect many games to be successful, some games may be very popular. In addition, Svanevik expressed support for projects such as SIPHER Odyssey, MixMob, and Axie Infinity.
Related reading: Dialogue with the former president of Polygon Labs: Games will be a key factor in promoting the mainstreaming of encryption
SocialFi
Speaking of SocialFi, Svanevik said data has shown that platforms like friend.tech are gaining market attention. He believes that Layer 2 solutions and account abstraction will make these platforms more accessible to users. Svanevik expects SocialFi to go through multiple iterations and forks, but the development cycle will be longer.
Related reading: Why Friend Tech didn’t gain popularity like other SocialFi, and what risks does it have?
Physical NFTs are becoming more popular
Svanevik concluded by talking about the potential of physical NFTs. He mentioned that innovators like Luca Netz have paved the way for mainstream adoption, while companies like IYK are helping others experiment in this space.
Related reading: NFT quietly integrates into the mainstream: "Fat Penguin" enters Walmart, Microsoft Xbox may integrate crypto wallet