As 2022 approaches, more leaders in the crypto world have tried their hand at fortune telling to try and anticipate what next year will bring in terms of new trends, intriguing plans, and worldwide regulations.
According to industry experts, a number of tendencies that may already be seen in the crypto world will continue to strengthen next year, with non-fungible tokens (NFTs), the metaverse, and crypto gaming among them.
1. NFT interest will grow in 2022
The most anticipated trends for the next year are an even greater interest in digital art and NFTs, despite the fact that the field has already experienced a significant surge this year. This was the most popular trend among our panel of experts, with some claiming that 2022 will be even more successful for the digital art industry than 2021.
According to Justin Banon, co-founder of the decentralized commerce network Boson Protocol, interest in the NFT sector will continue to snowball in 2022.
“[I]n the early half of the year sales of the most popular NFTs were coming in at about USD $64 million per month. We are now seeing USD $41 million worth of NFT sales per day,” Banon stated.
On the same subject, Mance Harmon, CEO and co-founder of Hedera Hashgraph (HBAR), was equally enthusiastic about the NFT market.
“NFTs will be the gateway drug to crypto,” Harmon predicted about the future of digital art sales and how they will help bring crypto into more homes.
“If we go back 25 years, most of the population never interacted with the Worldwide Web before they used email,” Harmon continued, adding “just as email drew users into the Web, NFTs will draw users into Web 3.0.”
While some individuals have previously expressed worry about how long the NFT boom this year will last, others feel it is only beginning.
“During 2022, we can expect NFTs to continue on an upward trajectory, given sufficient regulatory breathing room,” predicted Witek Radomski, blockchain gaming platform Enjin (ENJ) co-founder and CTO.
2. Gaming and the metaverse
“The metaverse will become the new interface for people to engage with the web and each other,” Boson Protocol's Justin Banon said. But, as he tells it, this is just the start. Many other things we own will also follow this path and begin to operate freely between the virtual and real worlds.
“Digital-to-physical commerce is one of the biggest retail trends right now, and the brands who get it right have their eyes on the prize,” said Banon. He added that an important debate for the sector will be the one between open versus closed metaverses.
Meanwhile, Don Norbury, Shrapnel's Head of Studio, predicted that crypto gaming will become even more popular, and that blockchain and traditional gaming communities would merge.
This is a hard task, agreed Norbury. However, if designers create games that people want to play simply because they are fun and engaging, it is doable.
3. Scalability and interoperability
“As crypto adoption continues to accelerate, conversations about scalability and interoperability will continue,” said the founder of Ontology (ONT), Li Jun.
He also stated that while traditional public blockchains will continue to be the main carriers of Web 3, modifications are required.
There are several challenges that must be overcome in 2022, including "size limitations, slow speeds, network bandwidth, and interoperability," ONT's creator added.
4. Crypto could falter, but Bitcoin will continue to dominate
In regards to the present state of the digital asset market, Kay Khemanu, managing director at trading platform cautions, “The rising global interest and inflation rates could have an impact on financial markets, which in turn could test the resilience of crypto-asset prices to aforementioned market fluctuations."
However, despite the fact that some macro factors might weigh on the entire cryptocurrency market in 2022, others believe that bitcoin (BTC) will continue to be adopted.
“In 2022, we expect more countries to follow El Salvador’s lead and adopt Bitcoin as legal tender, particularly countries across Latin America and Asia,” said Sebastian Markoswsky, Bitcoin ATM provider Coinsource CSO.
Others were equally confident in the bitcoin relative strength, with one expert predicting that coins such as ethereum (ETH) will be a long way from challenging bitcoin's dominance. In an interview with CNBC, DeFi platform Swarm Markets' Timo Lehes said that Bitcoin would maintain its market capitalization lead, stating, "While alternatives such as Ether now make a compelling case for investment, the market is still a long way away from a ‘flippening’ moment."