First believers
Luc Jodet, Crypto Partner at XAnge

What’s hot and not in Web3 – February 2023

NFTs, GameFi, Zero-knowledge – the narratives in web3 are constantly changing, and it’s hard to keep up. Starting this month, we will make sense of the most prominent developments, whether they are overhyped or overlooked. In this article, we will look at four current narratives, two just hot enough, one overlooked, and one overhyped.

This week:

🔥 Decentralized Identities and Loyalty Programs are hot

🥶 Decentralized oracles are overlooked

🥵 NFT minting platforms are overheating

🔥 Decentralized identity is emerging as one of the key narratives of 2023. With centralized social media companies like Twitter or Meta in shambles and the European Union accelerating its eID initiative, the space seems primed for a major update. Decentralized Identity enables individuals to take control of their data and decide how they share their personal information online. This has the potential to revolutionize the way we manage our online interactions. Users might just be able to get truly private and secure online identities… Current applications range from the streamlining of KYC/AML processes by companies such as Synaps or Violet to the development of new decentralized social media by projects such as Farcaster or Lens.Protocol. Emerging Hot Topic!


🔥 Loyalty programs based on web3 technology enable businesses to offer incentives and rewards to their customers with a higher degree of interoperability. Major brands are already launching experiments at scale. Starbucks, which already boasts one of the best loyalty programs in the world, just launched an NFT-based experience with the help of Forum3. IWC enrolled Arianee to launch their Diamond Hand Club, which membership is based on an NFT. More brands are launching projects throughout 2023: Asics with the help of Hang, and BMW on BNBchain. This trend seems to keep on accelerating. Mature hot topic!


🥶 Decentralized oracles do not get the love they deserve. Oracles are a key building bloc of the decentralized finance (DeFi) infrastructure, as they are real-time data feed that determines the price of an asset. A faulty Oracle can lead to millions of dollars of losses.  Like much of DeFi, Decentralized oracles are a relatively new and complex technology, and they desperately need to be refined. Poorly designed centralized oracle architectures are responsible for many DeFi exploits. Solving the decentralized oracle challenge is worth the energy as it will make protocols more secure by removing one of the most exploited single point of failure. Projects such as Chainlink, Uma, or Band are hard at work, but there is still a place for challengers. Cold topic, but keep an eye out!


🥵 NFT minting platforms have become a saturated space in web3 leading to concerns about the market’s sustainability. Many of these platforms offer similar services and do not bring much innovation, leading to a lack of differentiation among offerings and a race to the bottom when it comes to pricing. The NFT minting platform space needs more careful consideration and evaluation.
The two most prominent no-code NFT minting platforms, Manifold and, have faced difficulties raising a new round. This is a clear illustration of the difficulties this sector faces. Beware, overheating topic.

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