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With rising chatter about Bitcoin's potential to become the most valuable global asset in 2022, the world’s eyes are firmly trained on crypto and its peers in the blockchain ecosystem.


Some key projections to watch out for include:


  • NFT market growth likely to continue


NFTs have helped artists and creators get access to decentralized funding options. As a result, they get more freedom in financing their creation. Being based on blockchain technology, NFTs are quite secure and help to authenticate the ownership of the digital asset. Thanks to such benefits, NFTs are quite popular among artists and creators. Hence, the crypto market is expected to see an increase in the valuation of the NFT market.


  • Crypto regulations to be in focus


Regulators across the world spent 2021 assessing the impact of cryptocurrency on the economy. Central banks from many countries, including India, warned of risks to financial stability from cryptos. From El Salvador's adoption of bitcoin as a legal tender to China's ban on crypto-related activities to India's announcement of a crypto regulation bill soon including a ban on all private cryptocurrencies, the year 2021 saw a lot of regulatory action. The trend is expected to continue in 2022. It may also see the introduction of central bank digital currency (CBDC).


  • Web 3.0 expected to enter the mainstream


Web 3.0, the third version of the internet, is in the works. In Web 3.0, people get to fund their website without depending on large corporations that own servers and charge hefty fees. There are many other advantages of Web 3.0 like being able to personalize the internet and avoiding the occurrence of a single point failure (a particular social website crashing, for example, will not affect your activities for the period). The increasing acceptance of Web 3.0 will have a positive impact on cryptocurrencies such as Ethereum, Livepeer, and Helium among many other cryptos that are linked to the third version of the internet.


  • Bitcoin likely to remain under pressure


Bitcoin is likely to end the year at a little under $50,000, but that is after making a fresh high of nearly $70,000 in November. It had started the year at around $29,000. After the massive gains clocked this, investors expect a bearish trend in the legacy cryptocurrency in the year 2022.


  • Blockchain in the Metaverse


The Metaverse has been a hot topic recently, with Facebook and Microsoft both staking claims in this potential online virtual universe, powered by augmented and virtual reality technologies.


The term was coined by Neal Stephenson in his cult science fiction novel 'Snow Crash', where he envisioned virtual, lifelike avatars who congregate in realistic 3D virtual reality environments.


Notably, crypto, NFTs, and the wider blockchain technology will be key to growing the metaverse, where ownership of identity, utilities, and access to environments will be at the crux of this virtual world.

  

In the backdrop of the rising participation of global investors, I expect in 2022, crypto platforms that maintain robust compliance and risk management programs will be successful and prosper.

 

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