They say life can only be understood backwards, but it must be lived forward. This is because the future is unknown to us. Only hindsight is 20/20. However, we can predict the future to a remarkable degree of accuracy by tapping into the wisdom of hindsight. With that said, this article will ride on the wave of crypto trends in the recent past to predict where the future is headed. This is what 2022 might have in store for us:
NFTs
Non-fungible Tokens (NFTs) are proving to be the best discovery ever made in the ownership of digital assets. NFTs have enabled us to redefine the whole concept of property rights in the digital space. However, it looks like we have only scratched the surface with what we can do with NFTs. Art and gaming projects on block chain have showed us just a few ways in which the NFT technology could be harnessed, and they have been successful thus far. As a result, more projects are continuing to build and explore other ways to use NFTs. That, coupled with the hoard of celebrities and social influencers jumping on the NFT bandwagon has exacerbated the NFT craze. As we go into 2022, I expect NFT projects like THETA, MANA, SAND, AXS and GALA to continue flourishing because they have so far shown great potential to lead the NFT evolution.
property rights of digital art have been enhanced by the NFT technology
Web3 - the decentralized web
The internet has been evolving; the internet of today is different from the internet of a few years ago. Concerns about transparency, privacy and data ownership are taking centre stage in today’s internet. Thus, we are moving towards a decentralized web where there are no big tech corporations being in control of user data and using it as they please. A decentralized web entails increased transparency, privacy, and increased IP rights for creators. As the internet evolves into the web 3 phase, projects facilitating the evolution into a decentralized web including ICP, FIL, LINK and DOT will be expected to pioneer this evolution. Hence, the use of the mentioned cryptocurrencies will substantially increase in 2022 and beyond.
web3 will make the internet an asset that is truly owned by everyone
Ethereum alternatives
Far into the future, the crypto story will probably be told like this;
“In the beginning, there was Bitcoin. Then, there was Ethereum. Due to Ethereum’s self-destructing properties, many Ethereum killers emerged. Unfortunately, the real Ethereum killer was Ethereum itself.”
For quite a while, Ethereum has dominated the crypto space as the most popular platform for the execution of smart contracts. Consequently, most DeFi and NFT projects were originally built on the Ethereum network. However, the network has experienced scaling challenges as the network has grown. This has led to congestion and high gas fees to process transactions. The high gas fees on the Ethereum network have prompted the rise of other platforms capable of executing smart contracts faster, and for much lower fees. As such, Ethereum’s dominance has continued to dwindle as funds seep from Ethereum to Ethereum alternatives like AVAX, ADA, MATIC, FTM, SOL, NEAR and LUNA. Even though the Ethereum upgrade has been on the horizon for a while now, the crypto community will not just sit idle and wait for Ethereum so solve its scaling problems. They will explore other block chains in 2022.
Conclusion
My outlook for 2022 is based on the crypto trends that have been building up until the close of 2021. I have highlighted some of the projects I expect will outperform many other projects in 2022. All the cryptocurrencies mentioned in this article can be traded on BitYard, the leading cryptocurrency contracts exchange in the world. Open an account with BitYard using my referral link and receive a welcome bonus.
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