New trends and inventions in the crypto world exploded in 2021, but this is just the beginning. Many industries have been transformed by blockchain technology, and new products have been launched as a result. This year, we’ve already seen some trends, and for the year 2022, here are some predictions for the crypto world:
Metaverse
Even though Mark Zuckerberg is working on an interconnected set of experiences straight out of sci-fi, it’s not just about Facebook’s new version called “Meta.” However, the metaverse isn’t like the Matrix or Ready Player One, but it does have some characteristics. The metaverse is required to:
-Rather than relying on a few people to create a set of predetermined realities, allow users to create their own worlds.
-Trade goods and services that have a specific value in a fully functioning economy.
-It should be like the real world in terms of content and variety of experiences created by individuals or businesses.
-Every time a user logs on, the experience will continue to be like a living experience for everyone in the real world.
Use augmented, virtual, mixed, or extended reality technologies to create the 3D expressions.
It’s not long before some companies begin implementing Facebook’s features in their own products. A company called Matterport, for example, helps companies digitally capture and upload 3D images of their spaces. Customers could explore their favourite stores from the comfort of their own homes. It’s the goal of Roblox, an online gaming platform, to give users and developers alike the tools they need to create virtual worlds. Even their own currency, Robux, has been established.
However, what is the link between the metaverse and the crypto world? Non-fungible tokens (NFTs) and cryptocurrency are used to build, own, and monetize innovative decentralised assets on new blockchain platforms. The metaverse would be incomplete without blockchain technology, as everything would be stored in a centralised network without the technology. Decentralization is possible because of the blockchain’s ability to work globally as a digital source. The internet as we know it will never be able to compete with the metaverse.
An example of the blockchain metaverse can be found in Decentaraland. Using the Ethereum blockchain, it is a 3D virtual reality decentralised platform. While cryptocurrencies could be used to trade goods in the metaverse, decentralisation would protect users and give them ownership of their data.
GameFi
Imagine being able to play the game you love and make money at the same time. When it comes to making money and having fun, DeFi and the gaming industry collide. Many new blockchain games have been launched in the last few years as a result of the advancements in blockchain technology.
Users of the Ethereum-based game Axie Infinity can breed, trade, and collect fantasy creatures called Axies like pokemons to earn tokens. Because of its “play to earn” feature, it is most popular in the Philippines and Venezuela. To earn SKILL tokens in the Binance Smart Chain-based CryptoBlades game, players must defeat their enemies, raid together with their allies, and stake their gains.
In most cases, the implementation of NFTs into the games is limited to items or characters that can be traded in the game itself. We can expect many popular gaming companies to enter the market of other more real-world brands, such as clothing or food, to start selling their products as NFTs in the games in the future.
Decentralized Autonomous Organization (DAO)
According to popular belief, DAOs (decentralised autonomous organisations) will replace the traditional financial system, while NFTs – the new digitalized generation of art – may also be the successors to centralised corporations or hierarchies.
DAOs are decentralised autonomous organisations (DAOs) that use blockchain technology and smart contracts to allow participants to invest and manage projects in a decentralised manner. A lack of structure and governance means that these organisations do not resemble traditional enterprises. Instead, the governance is coded into the smart contracts, making it difficult to change. There is no need to wait for a majority of the members to vote on a particular issue before making a decision. It’s all out there for the world to see. DAO tokens have the potential to eventually replace company stock, but first they must be approved by regulators.
Blockchain technology can be used in almost any industry, including gaming, art, and investment. With more and more people using virtual systems every day, we can expect an active improvement of the system to occur, especially if it can be done independently.
