- Richard Chen posted underestimated product developments in 2023 as part of annual custom.
- Chen highlights ENS, MEV enterprise mannequin, and generative artwork as new developments for the incoming yr.
- He says ENS has already proven success by overtaking OpenSeas for ENS names purchases.
The crypto-focused funding agency, 1Confirmation companion Richard Chen introduced three product developments in 2023 in his latest weblog. Chen releases an under-the-radar product development checklist 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 line with Dune, Ethereum Identify Service acquired the best variety of distinctive holders in comparison with some other NFT venture.
ENS was the tenth most-called sensible 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 whole trade needing infrastructure to optimize milliseconds in execution velocity. He additionally believes that in comparison with different quicker and cheaper scalability narratives, MEV would be the primary purpose 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 precise to bundle transactions,” talked about Chen’s weblog. This manner wallets acquired the bids as income whereas additionally passing it again to customers.
Lastly, Chen forecasts generative artwork to turn into a product development in 2023. Calling it safer in comparison with PFPs, Chen provides that generative artwork reveals related properties as collectibles to develop a passionate NFT group, but options higher artworks from web3 artists.