Blockchain Trends to Expect in 2022
December 22 2021 - 11:11AM
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Blockchain industry spending is expected to break the $11 billion
mark next year thanks to the growing interest in cryptocurrency,
smart contracts, and other technologies fueled by blockchain.
There’s no doubt that in the previous years, the entire
cryptocurrency domain had to sustain worldwide regulatory
resistance until the Covid-19 pandemic broke out in 2020. However,
the pandemic taught us to accept a new normal way that might spark
the need for a Blockchain-based world. You might be wondering how
the top trends related to Blockchain might impact you in the coming
year. We’ve compiled a quick report that will highlight the
Blockchain industry trends that you will see in 2022 and why you
should be ready for it: Adoption of Blockchain in Finance and
Banking With the launch of Ethereum in 2015, developers found a way
to exploit the years-old finance and banking system in the world.
The introduction of smart contracts made it possible for many
businesses to dream of a system where making a contract will be
easier than thought before. In 2022, we will see the adoption of
the blockchain ecosystem by many major finance and banking
organizations. Reports show top banking institutes like JPMorgan,
Citi, and Wells Fargo have already accepted blockchain. Other
popular payment gateways like VISA and Paypal might also keep
investing heavily in Blockchain in 2022. Source: Infosys Co-founder
of Aurora, Alex Shevchenko has been highly optimistic about
blockchain and announced the implementation of the Ethereum 2.0
vision—a sharded EVM environment—in Aurora in production. In a
recent interview Alex discussed the four main trends regarding
blockchain apart from finance and banking: 1) Scalability (L2s,
Rollups) 2) GameFi 3) DeGov 4) Generative art on the blockchain
(NFTs v2.0) A Shift in Demand: NFT vs Web3 “The market is becoming
more and more mature as Web 3 progresses parallelly with GameFi and
DeFi. I believe that in this year there will be a big growth in
social finances, med-fi (medical finances). I don’t see a big
development of the NFT market as it was in the last year. The NFT
collectible items will probably be on a decline but the technology
itself will progress. Also, a key trend will be financing public
goods – there will be more initiative to finance and support the
research of Web3 development, says N.H, a core member of the
founding team for Mate and Orakuru. Source: Reddit It’s hard to
deny that the 328% growth of the NFT marketplace in the first
quarter of 2021 will be a difficult thing to see in the coming
years. But the co-founder of NEAR Protocol, Illia Polosukhin, is
seeing potential in Web3. He said, “NEAR’s goal is to get to 1B
users in web3 in the next 5 years. We see next year as a
fundamental shift to mass adoption – where social apps that are
integrated with web3 and crypto are going to start becoming
mainstream. Comparing with the existing social landscape – because
web3 is highly composable, this will mean not just a single app but
the whole clusters of apps that work on common protocols will drive
future usage.” Evgeny Yurtaev, the CEO of Zerion believes the NFT
trend is an evolving one with its own nature and is here to stay.
In a recent interview he elaborated on the future plans for the
project, “Next year, we are going to release the best social wallet
to take the UX of DeFi & NFTs on mobile to the next level.
Partnering with more chains allows us to onboard new users and give
them a much cheaper trading experience.” Additionally, thanks to
Web 3 evolvement 2022 will see an explosive growth of DAOs. Ivan
Fartunov who is an acting Head Of Ecosystem for Aragon, in
particular, sees the growth of composability of DAO tooling:
“We believe the biggest trend is towards composability of DAO
tooling and making sure that teams that want to build something can
seamlessly utilize multiple products and services regardless of the
framework they are using. Most DAO creators will be Web 3 natives
and working with them will be essential for making useful and
scalable services/products to set the stage for new entrants into
web3. ” Blockchain for Metaverse Since Facebook announced the new
name Meta, the word ‘Metaverse’ got the attention of millions.
Blockchain will be fuelling the components of the metaverse. These
components can be NFT and Defi that already got strong traction in
the previous years. Source: Google Trends Sergey Kravchenko, CEO at
Tank Metaverse announced, ”In accordance with global demand and
tendency, we are building the next generation NFT metaverse that
harmoniously embodies modern social interaction on the blockchain
with opportunities for creativity, p2e income, and pleasure.”
Research on Central Bank Digital Currencies Central banks around
the world are reporting a possible shift towards the
cryptocurrency-like national currency. Already, China said that
they will implement a digital version of their own currency in the
coming years. Although countries like the UK will delay the
implementation of a Central Bank Digital Currency (CBDC) until 2026
we must keep in mind that many central banks have already started
researching blockchain technology. There will be a sudden shift in
cryptocurrency regulations in the next year thanks to the
involvement of some government agencies and regulatory boards
worldwide. Wrap Up The year 2022 is a year when many investors,
founders, bankers, and developers will look for new opportunities
to go beyond the traditional means. Blockchain is certainly the
technology that gives them the power to change the world.
Innovators from the automotive industry to healthcare saw how
blockchain can bring a balance in the world using the power of
decentralization. So, companies and government authorities will
surely invest in blockchain technology in 2022 and pave the way for
massive transformation in the blockchain industry. Image:
Pixabay
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