NovationWire: Main Trends of Blockchain and Crypto in 2022
Hong Kong – Tailor Insight, the Asia based market research institute, has released a report on ‘Main Trends of Blockchain and Crypto in 2022’. In 2022, it is unexpected that the booming of De-Fi market, as well that of NFT. In addition, a growing number of traditional financial organizations entering the crypto scene, increasingly believing crypto are here to stay. Here are some interesting trends of blockchain industry:
First, Blockchain technology appears the most suitable way to the various 5G IoT challenges
It can potentially help to solve many problems around security as well as scalability due to the automated encrypted and immutable nature of blockchain. It is expected to hear about more pilot projects and initial use cases in this field during 2022.
Metaverse application is another top blockchain trend in 2002
Metaverse is the emerging universe where there will be ‘immersive’ experiences with new technologies like blockchain, augmented reality, virtual reality etc. Without blockchain technology the Metaverse would be incomplete because everything would be stored in the centralised network.
Blockchain will enable the upcoming of a new wave of social networks that could be bigger and even better than the existing ones that are now synonymous with the word social media. Blockchain in 2022 is expected to run multiple platforms on Metaverse with NFTs and cryptocurrencies. Digital assets like NFTs will thereby De-Fine ownership on the Metaverse and cryptocurrencies will power the new digital economy.
CBDCs is becoming popular
With 80% of the world’s central banks now exploring Central Bank Digital Currency (CBDC) projects during 2021, according to the Bank of International Settlement, the year 2022 will see a further breakthrough. Governments worldwide realise that cryptocurrencies are here to stay and the majority of CBDCs are being introduced to ensure their monetary system stays relevant to consumer demands and not necessarily to eradicate the use of Bitcoin and other private cryptocurrencies.
De-Fi is quickly emerging as a transparent and permissionless way for users.
This year the value of assets in De-Fi reached more than $180 bn and expectations are that this will further rise in 2022. As there is an increasing need to replicate physical items properties like uniqueness, ownership proof, we will see a further uptake of the De-Fi market as well as the arrival of more dedicated De-Fi applications. Upcoming regulation, as well as the growing acceptance that crypto is here to stay, may in the longer term lead to more convergence between traditional or centralised finance (CeFi) and decentralised finance (De-Fi).
NFTs is a new story
The remarkable growth of the NFT market in 2021 is expected to continue in 2022. As almost everything is becoming digital, there is an increasing need to replicate physical items properties like more uniqueness, ownership proof and scarcity. The Metaverse concept that was earlier described will bring plenty of new opportunities for innovative NFT use cases.
Various new use cases including gaming, music, ticketing, post on social media etc. are entering the NFT market attracted by the various benefits and the profits that can be made.
However, the risks and challenges this market is confronted with will ask for regulatory intervention. This raises the importance of having an international regulatory body of non-fungible tokens for its better regulation and legalization. The outcome could have a great impact and will be decisive for the future of NTFs. It is however still uncertain how that will proceed.
About Tailor Insight
Tailor Insight offers deep insight into industry trends in the financial market. Tailor Insight provides easy and quick solutions that allow customers to capture, monitor, and audit market data from a holistic view down to an individual task on market research and industry trend insights, especially in AI, AR, VR and Blockchain & Cryptocurrency industries.
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SOURCE: Tailor Insight Limited