Overview of New Products in the Crypto Industry

In 2022, the global economy faced an economic crisis that authorities decided to combat by tightening monetary policy around the world to fight inflation.

In addition to the fall in the global economy, the crypto market was also affected by the Terra stablecoin (UST) crash and the FTX bankruptcy, causing ripple effects and undermining confidence in the sector.

Tightening monetary policies around the world, along with the deepening economic crisis, have led to a decline in cryptocurrency investment due to the worsening investment environment.

In 2023, the banking crisis caused by the collapse of Silvergate, Silicon Valley Bank (SVB), and Signature banks, as well as the $100 billion drop in capitalization of JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Morgan Stanley, and Goldman Sachs since the beginning of the year caused the cryptocurrency market to stop falling and digital assets to start growing. The dynamic cryptocurrency market has begun to adapt and grow amid change and uncertainty.

Despite the decline of the cryptocurrency market in 2022, digital assets continued to evolve, and one of the milestone events of the year was the Ethereum Merger. 

This event led to a 99.95% reduction in Ethereum's energy consumption, as Proof of Stake (PoS) does not need energy-intensive Proof of Work (PoW) miners.

The FTX bankruptcy helped increase the share of decentralized exchanges (DEX) in the market, as well as increased the popularity of cryptocurrency wallets.

New achievements

• 	<p dir="ltr">Layer 1 (L1) blockchains </p>
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Layer 1 blockchains, which are called L1, have attracted a lot of attention in 2022. The most interesting of them are  Aptos and Sui blockchains. They were created by former developers from the Diem team at Meta. 

Both projects use resembling technologies, such as a parallel engine and the Move programming language. Besides L1, other blockchains such as Cronos have also increased their popularity in the digital asset world.

• 	<p dir="ltr">NFT collections</p>
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Despite the general decline of the NFT market, the creation of NFT collections continued. Crypto.com partnered with A Story to issue an NFT social series, called Extraordinary Whales Club. It is based on the Korean drama Extraordinary Attorney Woo.

In November, Crypto.com launched NFT Crypto.com Land: The First Frontier. It was created to support a new blockchain game developed on the Cronos blockchain.

• 	<p dir="ltr">Developer tools</p>
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Cronos announced the launch of Cronos Play. It is a modular set of tools for blockchain game developers in the Cronos ecosystem. 

Cronos Play is a key element of Cronos' strategy created to attract millions of users to Web3. It includes a wide range of integrations, developer products, and services that support multiple game platforms.

• 	<p dir="ltr">Soulbound tokens (SBTs) </p>
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The concept of using Soulbound tokens (SBTs) to represent the social identity of the owner is an interesting approach to creating a decentralized society. It can have significant potential for establishing origins and reputations, as well as for managing commitments and powers within the community.

A decentralized society (DeSoc) created from an SBT can be a platform for establishing and maintaining trust in the real economy. 

It can help SBT owners manage their obligations and credentials, as well as assess their reputation in the community. It can be an important tool for establishing new business contacts and strengthening existing ones.

• Web3 products and tools

The transition of developers from Web2 to Web3 is one of the important trends in software development. 

The increase in downloads of Web3 development libraries, such as Ethers.js and Web3.js, indicates a growing interest in this technology among developers. These libraries provide a convenient way to interact with the blockchain and create decentralized applications, making them popular among developers who want to create blockchain-based projects.

The growing interest in Web3 and the increasing number of developers working in this area are driving the growth of companies that provide Web3 development tools.

Conclusion

Cryptocurrency does not stand still and continues to evolve. New cryptocurrency startups are emerging, making digital assets easier to apply and providing new ways to use cryptocurrencies.

Cryptocurrencies are increasingly entering our daily lives, merging with the physical world and making it more convenient to use on a daily basis. The OWNR Wallet

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