2023 has already seen some pretty sizable shifts in the media and tech landscape. Even without the influence of the major (tweeting) players, our consumer communities’ own engagements with technology have been shifting dramatically in 2023.
As a company with technology at its heart, we’re more interested than most in the way that the world’s changing behaviours are shaping the tech industry.
Here are a couple of snippets that we’ve uncovered in the last three months…
NFTs and Crypto are down, Blockchain Technology is up
There has been a noticeable decrease in interest in NFTs and cryptocurrencies across many of our tracked communities, with a significant 20% decline seen among our tech-focused communities each month. It’s no secret that the end of 2022 and the beginning of 2023 dealt a series of blows to the credibility of Crypto, with FTX’s collapse and legal issues being among them. Combined with a cost of living crisis, people are now more hesitant to take substantial financial risks, particularly in an unregulated market, despite the hype online.
However, an intriguing trend has emerged alongside the decline in interest in NFTs and Crypto: a sharp increase in interest in Blockchain Technology. This trend is particularly pronounced for our tech communities where interest in Blockchain has risen by a staggering 40% year on year.
We’re also seeing this trend amongst communities not typically associated with Technology - such as Luxury and Business communities. Here, interest in Blockchain has risen 43% since 2022, and interest in Blockchain Payment Processing is up by 41%.
The tech that underpinned crypto and NFTs is now being looked at through a new lens: how can it be used to protect traditional financial assets?
Interest in VR is waning, could XR and the metaverse be the answer?
As we observe the decline in interest in cryptocurrencies, we can also witness a drop in enthusiasm for VR, both among our tech communities and the wider audiences on the Codec platform. Despite VR's high ranking during the pandemic years, overall interest has been fluctuating, trending downwards by 30% since 2021.
As people return to normal life post-lockdown, there is a renewed interest in "real world" experiences, which has led to a decreased appeal for gimmicky AR applications. Despite its potential in education, there are yet to be daily AR applications that benefit most people.
On the other hand, interest in the Metaverse has also seen fluctuations, but it continues to trend upwards, albeit at a slower pace than before, with a 10% increase since 2022. For businesses interested in investing in this technology, taking a hybrid approach and creating Extended Reality (XR) experiences could be the way forward. This approach combines AR, VR, and other technologies to create engaging and immersive experiences that are beneficial and practical for most people.
At Codec, we work with ambitious brands globally, helping them supercharge their growth through the power of communities.
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