- Richard Chen posted underestimated product traits in 2023 as part of annual custom.
- Chen highlights ENS, MEV enterprise mannequin, and generative artwork as new traits for the incoming 12 months.
- He says ENS has already proven success by overtaking OpenSeas for ENS names purchases.
The crypto-focused funding agency, 1Confirmation associate Richard Chen introduced three product traits in 2023 in his latest weblog. Chen releases an under-the-radar product development listing yearly and in 2022, he featured vertical-specific NFT marketplaces, trust-minimized cross-chain bridges, and funding DAOs.
Nonetheless, for 2023, Chen explores different NFT-based merchandise together with ENS. He shares that in response to Dune, Ethereum Title Service acquired the very best variety of distinctive holders in comparison with every other NFT challenge.
ENS was the tenth most-called good contract on Ethereum in 2022, whereas launching their very own 3 and 4-digit ENS names model of Image for Proof (PFPs) titled 999 Membership and 10k Membership. Furthermore, verticalized market ENS Imaginative and prescient has overtaken OpenSea because the go-to vacation spot to buy ENS names.
With MEV enterprise fashions for apps and wallets, Chen argues MEV has grown into a complete business needing infrastructure to optimize milliseconds in execution pace. He additionally believes that in comparison with different sooner and cheaper scalability narratives, MEV would be the primary motive for dApps to shift to their very own chains or rollups.
As well as, MEV permits wallets to “create their very own personal mempools for customers’ transactions and have MEV searchers bid on the suitable to bundle transactions,” talked about Chen’s weblog. This fashion wallets obtained the bids as income whereas additionally passing it again to customers.
Lastly, Chen forecasts generative artwork to change into a product development in 2023. Calling it safer in comparison with PFPs, Chen provides that generative artwork reveals comparable properties as collectibles to develop a passionate NFT neighborhood, but options higher artworks from web3 artists.