In the 21st century, we see the obvious growth of cryptocurrency in the world. It’s booming and transforming with its new trends and inventions, but this is just the beginning. Blockchain technology has taken over many industries and given a head start to new products and solutions to ease complexities. We’ve seen some trends this year, and here’s what to expect in the cryptocurrency world in 2022.
No, it’s not just about Mark Zuckerberg’s new Facebook “meta”, it’s going to be a set of inter-connected experiences straight out of science fiction. While some people imagine Metaverse to be like the world of The Matrix or Ready Player One, it has some peculiarities that underlie it to constitute a better ecosystem on the Metaspace.
- It’s user-generated content, driven by no-code world-building, rather than a set of predetermined realities made by a handful of people.
- It is a fully functional economy where all participants can trade goods and services of some specific value.
Like the real world, with content and experiences created by individuals or businesses,
is continuous, just like everyone’s life experience in the real world. While one special attribute is that the users could log in and account every moment.
They are three-dimensional representations developed using augmented reality, virtual reality, mixed reality, and with extended reality technology.
When Facebook is about to create its metaspace, some companies are already implementing its features. For example, a company called Matterport is helping businesses digitally capture three-dimensional images of their spaces and put them in the cloud. Customers can virtually go to their favorite stores and explore them by actually staying at home.
The online gaming platform Roblox wants to give users and developers a way to create digital worlds. Moreover, Robux has its cryptocurrency already evolving and functioning in the ecosystem.
But do you wonder
What is the connection between the meta space and the world of cryptocurrencies?
Many new platforms operating on blockchain technology use non-fungible tokens development (NFTs) and cryptocurrencies to build, own and monetize innovative decentralized assets. Blockchain is one of the subordinates and it’s important for Metaverse. Without it, there doesn’t exist the liberty to act free. And centralized storages are not today’s trend as decentralization has caught the eye of the market already.
Among them, cryptocurrencies enable decentralization due to the ability of blockchain to work on a global scale as a digital source. And to be precise, we will have to accept that the meta world is different from what the internet offers today.
Decentraland is one example of a blockchain metaverse. This is a three-dimensional virtual reality space that is completely decentralized. This is built on the Ethereum Network which is EVM compatible, and the data is also well secured.
Most of the Metaverse platforms are built on Ethereum Blockchain, while other networks are also on the verge of breeding their abilities. Decentralization will give users protection and security and allow them to own their data, while cryptocurrencies will make it possible to buy and sell goods in the metaverse.
Gaming is most of our favorite and if we could earn through our favorites?! That’s amazing, right? GameFi is where Defi meets gaming, or where profitable financial decisions meet fun and creativity. Blockchain technology has undergone advancements over the past few years, giving the start to many new blockchain games. Here are some popular ones.
- Axie Infinity (market cap – $10 billion) is a game built on Ethereum where users collect, breed, and trade fantasy creatures called Axies like pokemon and earn tokens. It is mainly played by gamers in the Philippines and Venezuela because of its “play for money” feature.
- In the CryptoBlades game built on the Balance Smart Chain, players earn SKILL tokens by defeating enemies, raiding with friends, and stakes earnings.
Currently, most of the existing games are simple and implement NFTs in the game in the form of items or characters, which can be traded in the game. There is a lot of potential in this area, and as the next step, we can expect many popular gaming companies to enter the market of other more real-world brands and start selling their products which also include utilities like clothes or food in games such as NFTs.
DAO – Decentralized Autonomous Organization
While many believe that DeFi will be a replacement for the traditional financial system and NFTs – the new digital generation of art, the well-known DAO (Decentralized Autonomous Organization) is gaining favor and may also become a Successful hierarchy in the new business spaces.
Working on blockchain and smart contracts, DAOs are organizations where participants invest in a decentralized manner and jointly manage projects. This means that these organizations do not have any specific structure like a business and are not managed by anyone. Instead, governance is coded in smart contracts and difficult to change.
No one needs to wait for a sufficient number of members to vote on some decisions. Everything is open and transparent. DAO tokens may even replace equity in companies in the future, but they will first need to overcome some regulatory issues.
Below are a few examples of well-known DAOs.
- Please DAO and Flamingo collect various NFTs and invest in other assets.
- For the Black women and non-binary artists, HerStory DAO helps in collecting funds.
- Komorebi Collective DAO funds female and non-binary cryptocurrency founders.
- MetaCartel Venture DAO is a for-profit venture that invests in early-stage decentralized applications and seeks to build a venture capital investment group within the DAO structure.
Whether it’s gaming, art, or investing, blockchain technology can be implemented almost anywhere and everywhere. Virtual systems are becoming more popular and we see a need for them, so we should expect positive improvements to the system soon, especially when we have the opportunity to make it decentralized and independent.
Boopathi Krishnan is a Digital Marketing Executive. He designs marketing strategies with the intention of using high-quality content to educate and engage audiences. His specialties include social media marketing specialist, SEO, and he works closely with B2B and B2C businesses, providing digital marketing strategies that gain social media attention and increase your search engine visibility.