The blockchain space is one of the most rapidly developed. In fact, Web3 technologies develop so rapidly that they can be difficult to keep up with. With anyone aiming to run an eCommerce business in 2023 and beyond, they will need to be able to keep up with some of the latest trends within the blockchain space.
Today, we will be diving into what anyone needs to know about some of the latest developments and trends that they can keep up with for 2023 and what kind of solutions exist when it comes to their implementation, alongside how NOWPayments offers a payment gateway for cryptocurrency. Let’s dive in.
- A Shift From Custodial Wallets to Non-custodial Wallets
- Mainstream Adoption of Decentralized Finance (DeFi)
- Diversification
- Higher Bitcoin (BTC) Adoption
- Gaming-Related Transactions
- Better Cross-Border Payment Infrastructures
- Exchanges Becoming Replaced Y Wallets
- Higher Adoption of Stablecoins, Which Are Less Volatile Cryptocurrencies
- The Introduction of a Loyalty Program
- More Crypto Cashback Programs
A Shift From Custodial Wallets to Non-custodial Wallets
Many people will begin making the shift from wallets that are controlled by external exchanges, such as custodial wallets, and will switch to non-custodial wallets. Crypto custody providers are those that specialize in securely storing cryptocurrencies.
Non-custodial wallets are the ones where users have full control over their cryptocurrency holdings. Both methods can be used for crypto payment processing, and as such, investors will have a lot of variety.
Mainstream Adoption of Decentralized Finance (DeFi)
Decentralized Finance (DeFi) has seen a high level of utility across the blockchain space. From lending to borrowing services to liquidity pools and yield farming, the opportunities have been utilized by investors.
In the future, it is likely that we will see a lot more people begin utilizing crypto payments in DeFi, even mainstream audiences.
Diversification
Investors will hugely diversify their portfolios. What this essentially means is that during presales there will be more caution when investing in different asset classes, which are tokenized and can be bought using cryptocurrencies. This new trend in crypto payments will open the door to a lot more investment types.
Higher Bitcoin (BTC) Adoption
There are numerous countries that have begun making Bitcoin legal tender or have begun adopting the BTC cryptocurrency as a payment option.
Others have begun implementing educational courses surrounding blockchain technology, where Bitcoin is the main point of the studies. As such, we can expect a lot more services and companies to begin implementing BTC as a payment option.
Gaming-Related Transactions
Play-to-Earn (P2E) games have blown up in terms of popularity across the blockchain space.
However, in these games, players can earn non-fungible tokens (NFTs) or in-game currencies that can, later on, be used for making online transactions across DeFi. As such, we can expect crypto payments to be heavily implemented and influenced by these games at some point in the future.
Better Cross-Border Payment Infrastructures
As the economy recovers, numerous companies will begin making cross-border payments which are large in terms of the sum of money being transferred.
Current and future payment gateways will need to, in turn, provide a way through which these companies can complete the transactions with as little impact and fees as possible.
Exchanges Becoming Replaced By Wallets
Cryptocurrency exchanges are centralized platforms. What this means is that a third party is in control of them. The decisions of the people in charge, and their developments, can impact the overall performance of the exchange.
Wallets, on the other hand, are used to connect to exchanges and can be disconnected from them at any time. Users who want the highest level of security and privacy for their cryptocurrencies will, as a result, make the switch to using wallets exclusively.
Higher Adoption of Stablecoins, Which Are Less Volatile Cryptocurrencies
It is likely that as cryptocurrencies become more volatile than ever, those who just want to use all of the advantages of DeFi, and cryptocurrencies as a whole without much of the risk involved with their volatility, will begin utilizing cryptocurrencies more.
What this essentially means is that people will begin adopting stablecoins, which are cryptocurrencies pegged to the value of FIAT currencies such as USD, due to their underlying stability.
The Introduction of a Loyalty Program
Many companies or eCommerce platforms will also begin introducing loyalty programs as a means of incentivizing their customer base to remain shopping there.
Specifically, they might implement exclusive rewards for those that use cryptocurrencies instead of FIAT payment options. This can come in the form of lower fees or other types of benefits.
More Crypto Cashback Programs
As cryptocurrencies are still beginning to penetrate the mainstream markets, it is likely that some businesses might implement crypto cashback programs.
What this essentially means is that they will begin utilizing cryptocurrency payment cashback programs. For example, whenever anyone makes a purchase using a cryptocurrency, they can receive a specific percentage back, just to use it again for whatever they see fit. This will ultimately result in a much broader usage of cryptocurrencies as a payment option when compared to traditional payment methods.
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How To Accept Crypto Payments?
For anyone wanting to accept cryptocurrency payments throughout 2023 and beyond, the NOWPayments cryptocurrency payment gateway is a solution that they can implement.
- Visit the Official NOWPayments website and create an account.
- Connect your cryptocurrency wallet address to the payment gateway.
- Generate your API key. Each API key is unique and can get embedded into any website. The API keys will need to feature information surrounding what kind of payments will be sent to them or received by them.
- To enable the custody feature from NOWPayments, users will need to navigate to the left panel and click on the “Custody” button, after which users need to click on “I have read and accepted Custody Solution user agreement” and click “Continue.” This is how anyone can enable crypto custody.
- Next, users will need to whitelist their IP addresses, click on the box that says, “I intend to include the aforementioned IP address(es) to whitelist and take all the risks related to it,” and click “Continue.”
- Now, users will see a message saying, “Your balances are safe but temporarily unavailable.” initially. This is normal, and all users need to do is refresh the page once every 5 minutes until they see the default custody page message, which results in the activation of the feature. This is how anyone can use the crypto payment provider, and even begin a crypto custody business.
Conclusion
We have gone over some of the best trends within payments in the crypto sector that everyone needs to know about throughout 2023. Anyone can easily begin implementing many of these trends by utilizing the NOWPayments crypto payment gateway known and bringing their company or eCommerce platform to the next level.
There are numerous services and tools available on the platform that will be able to fill the needs and requirements of most businesses aiming to implement cryptocurrency payments and custody services on their websites.