- Richard Chen posted underestimated product trends in 2023 as a part of annual tradition.
- Chen highlights ENS, MEV business model, and generative art as new trends for the incoming year.
- He says ENS has already shown success by overtaking OpenSeas for ENS names purchases.
The crypto-focused investment firm, 1Confirmation partner Richard Chen announced three product trends in 2023 in his recent blog. Chen releases an under-the-radar product trend list every year and in 2022, he featured vertical-specific NFT marketplaces, trust-minimized cross-chain bridges, and investment DAOs.
However, for 2023, Chen explores other NFT-based products including ENS. He shares that according to Dune, Ethereum Name Service acquired the highest number of unique holders compared to any other NFT project.
ENS was the 10th most-called smart contract on Ethereum in 2022, while launching their own 3 and 4-digit ENS names version of Picture for Proof (PFPs) titled 999 Club and 10k Club. Moreover, verticalized marketplace ENS Vision has overtaken OpenSea as the go-to destination to purchase ENS names.
With MEV business models for apps and wallets, Chen argues MEV has grown into an entire industry needing infrastructure to optimize milliseconds in execution speed. He also believes that compared to other faster and cheaper scalability narratives, MEV will be the number one reason for dApps to shift to their own chains or rollups.
In addition, MEV allows wallets to “create their own private mempools for users’ transactions and have MEV searchers bid on the right to bundle transactions,” mentioned Chen’s blog. This way wallets received the bids as revenue while also passing it back to users.
Lastly, Chen forecasts generative art to become a product trend in 2023. Calling it safer compared to PFPs, Chen adds that generative art exhibits similar properties as collectibles to grow a passionate NFT community, yet features better artworks from web3 artists.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
