Web 3.0 And Blockchain Predictions for 2022 And Beyond 🚀
The internet has changed our lives and brought us closer together in ways we could’ve never imagined. When the web was created, we didn’t know how big it would get. But we were curious, we were adventurous, and we were excited to see what the future would hold. 🚀
That addictive curiosity is a characteristic that drives us today as well. We don’t quite know where blockchain will take us — but we can’t wait to find out, and in ten years’ time, I’m sure that blockchain & web 3.0 will be just as revolutionary for us as the internet is for our generation.
Decentralized blockchain technologies born from the internet promise a future that may change everything about how we experience that cyberspace. While the blockchain industry is only just starting to take off, there has been a lot of talk about what the future holds.
Despite the fact that there are some very strong opinions and differing views on this topic, one thing that most people seem to agree upon is that blockchain technology and cryptocurrencies will play a huge role when it comes to shaping our digital future.
In this blog post, we take a look at some possible future predictions for the web 3, blockchain, NFTs and more. Let’s dive in!
Web 3 & NFT Prediction Highlights From Chris Cantino
First, let’s look at Chris Cantino’s predictions, who is an entrepreneur and Partner at Color Capital, investing across consumer, crypto, commerce, and marketplaces.
- Chris is stating as the new money entered in the NFT ecosystem NFs will multiply in the market cap.
- With the adaptation of NFTs, gas fees will drop with the ETH 2.0 developments.
- There will be Blue Chips (an established, stable, and well-recognized corporation) in the NFT ecosystem. Half of the top 10 current non-fungible token projects will lose value as an increasing number of players enter the market, dividing the attention economy. The ones that survive will experience short-term volatility but a longer term increase in value.
Blue Chips: an established, stable, and well-recognized corporation
- As the tooling for Ethereum (ETH) improves and developers gain easy access to decentralized networks, projects like MATIC, TEZOS, ATOM, IMX, DOT and others will thrive.
- Price will fluctuate following the Ethereum 2.0 (ETH 2.0 is an upgrade that will take Ethereum from a proof-of-work mining system to a proof-of-stake staking model to improve security and scalability. ) upgrade but will begin to settle down afterward.
Ethereum 2.0 : ETH 2.0 is an upgrade that will take Ethereum from a proof-of-work mining system to a proof-of-stake staking model to improve security and scalability.
- The blockchain infrastructure is moving toward a modular structure. Layer 1 and Layer 2’s (a term for solutions that help you scale your application by handling transactions outside the main Ethereum chain.) will not go away in the future.
Layer 1: A Layer 1 (L1) blockchain refers to a blockchain protocol that ensures the integrity of blocks within the blockchain. Bitcoin, Litecoin, and Ethereum are Layer-1 blockchains.
Layer 2: Layer 2 is a term used to describe a category of solutions that enables scalability by conducting transactions off-chain while still leveraging the robust decentralized security model.
- The lines between NFTs and DeFi will become even more blurred as early adopters learn how to use new technologies and identify opportunities in this space.
- DEXs and CEXs will begin to act more like social networks in 2022.
CEX: A centralized exchange (or CEX) is an online trading platform that uses its own infrastructure to manage user accounts and transactions. In contrast to a decentralized exchange (DEX), a third party will always control the trading activity. A cryptocurrency exchange (such as Binance, Huobi, or Coinbase) is based on a central system controlled by the company that owns it.
DEX: For DEX, there is no central authority that controls transactions; instead, the entire DEX system is run by a collection of smart contracts.
- Public companies will be forced to make moves — they’ll buy communities (Nike + RTFKT), or create their own worlds (Meta). Netflix will explore the use of NFTs. Visa may buy a wallet app.
- The demand for web3 developers will outpace the growth of the talent pool. The market will respond by offering ever-higher salaries and flexible work environments.
Web 3 & NFT Prediction Highlights From Nigel Eccles
Continue with Nigel Eccles, CEO and Co-founder of VAULT.
- Web3 Mobile is about to become a thing. Right now, there are almost no widely used web3 applications. Without mobile apps, the user base of web3 might be too small to really grow its adoption.
In 2021, venture capital funds poured $30 billion into the crypto market — more than ever before.
- With the large amounts of funding being raised this year, 2022 is going to feature a lot of venture capital entering bitcoin and cryptocurrency. Expect a lot more debate about the role of venture capitalists in the crypto world.
- Social media remains no-decentralized. The costs of decentralization outweigh the benefits — slow, clunky interfaces, no community.
- NFTs can be used to increase utility for consumers. For example, NFTs may provide admission tickets to an event or act as claim checks for real world assets.
- OpenSea is currently the dominant force in non-fungible token (NFT) marketplaces. However, it will only take the next year for subcategories of NFTs to move to more dedicated marketplaces. This happened with eBay in about 20 years, but OpenSea’s dominance may fall within a single year.
Web 3 & NFT Prediction Highlights From Ian L
Third expert is Ian L ,Co-Founder of Syndicate + IDEO CoLab Ventures.
- New Web 3 projects combine DeFi, NFTs & DAOs (Decentralized autonomous organization) — and they will all interact seamlessly.
- DeFi applications grow quickly on Cosmos-based chains like Terra.
Cosmos: Cosmos is the Internet of Blockchains, a project to create an Internet of blockchains. Cosmos uses a bridging mechanism called the Inter-Blockchain Communication protocol that allows data and assets to be exchanged between blockchains. Cosmos is an ecosystem of interoperable blockchains that will allow people to exchange digital assets across a powerful network.
Inter-Blockchain Communication: IBC, an open‐source protocol for relaying messages between blockchains, is a project to connect blockchains together.
- In 2022, PFTs (Profile Tokens) & PFP ( Profile Pictures) will be on the scene more. Many NFT projects collaborate, consolidate, and aggregate around PFP and PFT (profile token) NFTs.
- In 2022, DAOs will outnumber NFTs and protocols. The rise of DeFi in 2020 and the continued evolution of NFTs in 2021 have set the stage for the DAOs (2.0) trend to take off in 2022.
DAOs: DAO is made up of a series of smart contracts that build upon one another to automate decision-making. Decisions about how organizations run are made through voting. This voting is usually done by members who own DAO tokens — the organization’s cryptocurrency.
- Web 3.0 and web 2.0 technologies will continue to overlap as the parts and layers of a specific product are built on both types of technology. Web 3.0 primarily relates to the economic, ownership, access, and composability models.
- You’ll hear web 2.0 companies trying to rebrand themselves as a 3.0 start-up, but their centralized business model and shareholder structures are too entrenched to truly make the switch.
DeFi & Web3 Prediction Highlights From Jai Bhavnani
Fourth analysis is from Jai Bhavnani, founder of Rari Capital DAO.
- DEX will start to specialize. Each DEX will find its own way and area of focus. DEX verticalization begins.
- In 2022, there will be a huge token-driven phenomenon. They’ll be everywhere. People will be experimenting with them all the time. Tokens will be used in group chats and other social media activities.
- Web3 social apps continue to stumble in 2022 & doing it well on the blockchain is even harder.
Liquidity mining will die in 2022.
Liquidity Mining: In liquidity mining, crypto holders loan their assets to a decentralized exchange in return for rewards. These rewards stem from trading fees that are collected by the exchange.
As you can see, a lot will happen in the next few years and we can’t wait to see how everything plays out. With the way that this industry is moving, we think it’s a good idea for companies to start strategizing about how they can get involved. Opportunities abound, but there are also some risks.
I’m a true believer in Web3, blockchain, and DAOs. Their potential is staggering — brilliant technologies that enable trustless, borderless collaboration on a scale we’ve never seen before. And I think it’s inevitable that they play a role in our future!
Future is already here, and we’re only beginning to scratch the surface of what it can do for us. 🎆