The Global Cryptocurrency market has been going through major changes for the past few years. If you are a Crypto trader at Immediate Edge, you may already know what these changes are. But that’s not all.
A dynamic legal and regulatory environment makes it imperative that crypto investors and platforms seek guidance from an attorney specializing in these markets and industries.
There are many Crypto changes that have recently been introduced into the market, and we are here to familiarize you with those trends.
So, without further ado, let’s have a look at them right here:
1: Bitcoin Goes Green
Since the demand for Bitcoin has witnessed such an increasing hit, environmentalists all over the world are rooting for it to turn green.
Bitcoin mining is energy-sensitive, and it depends on a whole process of decentralizing some high-performance computers across the world to get the coins. It consumes a whole lot of energy, which is not good for the environment.
According to recent reports, Bitcoin has a higher carbon footprint than any other Cryptocurrencies. Its carbon footprint score is 36.95 megatons of carbon dioxide annually, which is similar to New Zealand’s whole carbon footprint score.
Hence, 2022 will see Bitcoin’s transition into a greener Cryptocurrency, and Ethereum will likely follow suit.
Many technological firms have collaborated to make Bitcoin a greener Crypto and make Blockchain more energy-efficient.
2: NFT’s Market Explosion
If you talk about 2021’s market, NFTs changed the dynamics of Blockchain technology pretty much. It is still set to be one of the most disruptive technologies of 2022.
The NFT is developing into areas that help many people, from small companies to multinational corporations, expand their business to a new audience group.
NFT is an exciting marketplace that has created diverse business opportunities for companies. If you take a look at the NFT trading volume, you’ll see it’s not just a passing fad. According to market predictions, NFTs will grow up to $1.5 trillion in 2022.
2022 will likely be an augmented NFT 2.0 model. It will be more about utility and less about art, which is why it is appealing to more and more exclusive communities.
3: The Advent Of Web 3.0
Web 2.0 is powered by disruptive technologies like social networks and mobile internet, but web 3.0 will break all barriers and introduce a new frontier.
It will adopt deep web and Blockchain technologies, and thus its users will gain control of their personal data and make it more centralized. It means web 3.0 will be more verifiable and secure to appeal to more and more millennial.
The pioneers of Web 3.0 believe that one should not ask for any permission from the central authority to post on the web. It is supposed to be free for everyone because nobody owns it.
There should be no single point of failure and not a kill switch. Instead, it will be powered by Blockchain technology, where people control their data and bounce them from email to social media to shopping websites.
4: Mass Adoption Of Bitcoin
You may have seen the headlines of 2021 when El Salvador made headlines by adopting Bitcoin as their legal tender.
The country has also adopted new methods to become the ‘Bitcoin City.’ It has planned to use geothermal energy near the Conchagua Volcano to harness its power to mine Cryptocurrencies.
Not only El Salvador but also Australia is preparing for its massive haul of Crypto regulations. A new licensing framework and a new digital currency will enter the pipeline of Australia’s economy with these new regulations.
The Eurozone will also roll out new Crypto regulations to initiate its mass adoption, and Morgan Stanley will become the first bank in the U.S. to help citizens access Bitcoin funds.
5: Blockchain’s Incorporation In Metaverse
Since Microsoft and Facebook have staked their claims in this virtual universe powered by virtual and augmented reality, Metaverse has become a hotbed.
Now, the metaverse cannot grow without the growth of Cryptocurrency and Blockchain. The ownership of identities, utilities, and access to environments will be the essence of this virtual world.
Apart from that, NFT will also play an integral role in shaping communities, social identities, and experiences. This ability to track these identities and experiences will be the crux of Metaverse.
Thus, like-minded individuals will develop parallel communities and share their experiences in Metaverse, and if Metaverse is bound to grow, Crypto will follow its suit in a similar vein.
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