6 Themes Important Themes for the Next Crypto Bull Run, According to Nansen’s CEO
Blockchain data analytics platform Nansen’s CEO Alex Svanevik just outlined six themes that he thinks will play a role in the next “cycle” in the crypto market via a Tweet thread.
Many analysts talk about macro themes such as potential easing of interest rates from the Fed and other major central banks, more certainty regarding crypto regulations, and increased institutional adoption as spot crypto ETFs gain approval as major drivers of the next bull run.
But the themes Svanevik outlined were more nuanced and crypto sector-specific. Examine them one by one.
Fintech Adoption Crypto as A Backend
Svanevik noted that major fintech firms are increasingly moving towards using blockchain as their main backend.
1/ Fintech frontend + crypto backend.— Alex Svanevik 🐧 (@ASvanevik) October 6, 2023
PayPal already has a stablecoin. Revolut lets you stake ETH.
And crypto startups like @basedappHQ already feel like fintech products.
Long-term, crypto replaces the backends for fintech.
Fintech firms are attracted to blockchains because of their potential to offer complete transparency, enhanced security, censorship resistance, fast and cheap transactions that offer zero cross border frictions.
“Long-term, crypto replaces the backends for fintech,” Svanevik noted.
Gambling And Betting Moving to Blockchain
2/ Gambling and betting.— Alex Svanevik 🐧 (@ASvanevik) October 6, 2023
Just makes a lot more sense with a DeFi backend. Instead of house taking a spread, it can live off the yields on capital.
L2s and account abstraction make apps more accessible to normies.@LooksRare launched Yolo. @rollbitcom @PoolTogether_ etc
Crypto casinos have been a huge success in 2023, with the likes of Rollbit seeing explosive user growth.
Meanwhile, a new Telegram-based crypto Casino called TG.Casino is currently enjoying a highly successful presale, having last raised over $725,000 to power its new platform.
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.
Real World Assets (RWAs)
Svanevik predicts that real-world assets will increasingly move on-chain, particularly US government bonds or “t-bills”.
Given they are yield-bearing, Svanevik hypothesized that on-chain t-bills will eventually eat up a substantial portion of the stablecoin supply.
3/ RWAs – specifically T-bills.— Alex Svanevik 🐧 (@ASvanevik) October 6, 2023
The continuation of the stablecoin arc.@superstatefunds @MountainUSDM @OpenEden_Labs and others will be prominent in 2024.
Tokenized T-bills may actually eat a lot of stablecoin supply!
Would be surprised if @circle @Tether_to don’t move here.
He noted he “would be surprised if @circle (and) @Tether_to don’t move here”.
Svanevik admitted that he has been touting the potential of web3 gaming for some time, but noted that, “in the next 6 months, we’ll see games launch after 2+ years of building”.
4/ Web3 gaming.— Alex Svanevik 🐧 (@ASvanevik) October 6, 2023
Yep been saying this for a while. But in the next 6 months we’ll see games launch after 2+ years of building.
Most will fail; a handful could become massive successes.
I’m backing @playSIPHER @MixMobOrigin and of course @AxieInfinity.
He noted he is backing Sipher Odyssey, MixMob and Axie Infinity.
Given the recent growth of protocols such as friend.tech, Svanevik noted he expects SocialFi to be a major pillar of future crypto growth.
5/ SocialFi.— Alex Svanevik 🐧 (@ASvanevik) October 6, 2023
Another unsurprising entry. But you only need to look onchain to see @friendtech having real usage.
Again L2s and account abstraction make these apps more accessible.
It’ll take a few iterations (and forks) but I think this is here to stay.
Recent reports suggest that the development team behind friend.tech has amassed nearly $20 million in revenue since its launch in August.
At its current pace, the platform is projected to generate an annualized revenue of $180 million.
“It’ll take a few iterations (and forks), but I think this (SocialFi) is here to stay”, he noted.
Svanevik hailed Pudgy Penguins’ Luca Netz as “showing us the path to Walmart” for NFTs.
One small step for Pudgy Penguins, one giant leap for Web3.— Luca Netz 🐧 (@LucaNetz) September 26, 2023
Web3 IP and blockchain technology are now front and center in the worlds biggest retailer. https://t.co/Vo4CP9Z1Zh pic.twitter.com/PHnESxUrI1
Pudgy Toys are now available across 2,000 Walmarts in the USA.
As per Walmart, “each toy has an official, scannable, redeemable code that unlocks digital penguin customization using different trait boxes”.
“That way, you can obtain rare and epic traits and have a one-of-a-kind forever Pudgy Penguin registered to your name on the blockchain”.