Which Blockchain Technology Is Trending in 2022?

2021 is a special year for the outstanding development of the cryptocurrency market and blockchain technology. Despite a significant correction by the end of 2021, the community still believes that there will be positive signals in the next year when numerous blockchain technologies will be applied to more aspects of life. Below are the most potential blockchain technology trends to be highlighted in 2022. Let’s explore with Tokenzie Xchange!

NFTs (Non-fungible tokens)

NFT, also known as a non-fungible token, represents unique ownership of a digital asset, related to art, collectibles, or in-game characters and items. An NFT can be anything, from music, artwork, basketball cards, or even a tweet.

Etherum is the most popular among many other networks that support NFT, under the format of ERC-721 or ERC-1155 tokens.

Because this phenomenon drew the attention of artists, celebrities, sports stars, and other crypto aficionados, last year was named “The Year of NFTs in Crypto and Beyond”. 

NFTs can be purchased within online auctions by USD or cryptocurrency. NFT has recently become trending after several NFT digital artworks have been sold. The recent participation of many celebrities and business leaders in the market also contributes to the popularity of non-fungible tokens. 

Rock band Kings of Leon released their latest album as a collection of digital NFT. Mike Winkelmann, a graphic designer, has published her digital NFT art on the Nifty Gateway e-commerce platform, getting himself millions of dollars. Musician Claire Boucher, the girlfriend of Tesla CEO Elon Musk, sold her NFT artwork for $6 million.

The adoption of blockchain apps and non-fungible tokens has the potential to change how people think about digital works. This is one of the blockchain technology developments that will rule in 2022, therefore Blockchain organizations should pay attention to it.

Along with the development of NFT, NFT marketplaces like Opensea, Rarible, etc have been growing strongly in 2021 and will keep thriving in 2022. NFT marketplaces are platforms where you can buy, sell, store, and display NFT. In other words, the marketplace is like an e-commerce platform where buyers and sellers are advertising, purchasing, and selling their goods. 

Web3

Web3 is simply considered as an umbrella name for an online ecosystem that eliminates the Internet’s large intermediary. Web3 platforms are not controlled by centralized gatekeepers, and you wouldn’t use Google to search the Internet. It is blockchain-based, the same technology that is behind cryptocurrencies and non-fungible tokens (NFTs).

While some detractors feel the web3 bubble is going to blow, others say it is not. These new technologies have not yet begun to be adopted. This is only the beginning.

Web3 is a game-changer in the cryptocurrency industry. It has rewritten the rules for how technology should work and what it means to produce value and utility. Web3 technologies offer a way out as the world continues to teeter on the edge of instability due to unequal resource distribution and centralized governance.

The global economy will recover from the COVID-19 pandemic and its numerous versions start to fade away or become a part of our daily life. By that time, activities will have resumed, and web3 standards and technology will have become mainstream in the rest of 2022.

Metaverse

Metaverse which is a combination of Meta and Universe is a virtual space created by the convergence of virtual reality (VR) and augmented reality (AR). The Metaverse definition was introduced in the early days of the Internet, mentioned in the novel Snow Crash, published in 1992 by Neil Stephenson. If VR is mainly used for gaming, then the metaverse can be used for all aspects of life.

In Snow Crash, people are represented by Avatar that can interact with each other. The Metaverse in the novel is described as a whole new world that can rewrite social rules and value systems and break free from cultural and economic rigidity.

>>>Read more: What is Metaverse?

The whole community is going crazy when Facebook had announced that this company was preparing to launch its metaverse, meanwhile, some other enterprises were already using its features. Take Matterport or Roblox as an example. 

The first one built a metaverse that supports their virtual exhibition. Customers can take a look at Matterport’s products although they are at home. While Roblox is an online gaming platform, tends to develop a gaming world in metaverse to compete with other play-to-earns in this crowded market. 

>>>Read more: Top 5 Metaverse projects in 2021 

This is pieces of evidence that people are gradually becoming more interested in the core technology of the metaverse, which is essential motivation for the metaverse to blow up in 2022.

GameFi

GameFi, a combination of “Game” and “Finance”, is an online game with finance features, in which players can make a profit by playing the game. This definition is similar to DeFi, which means decentralized finance.

GameFi projects, which allow players to take ownership of virtual in-game items, are usually developed on some sort of blockchain. For example, plenty of games have mission systems, certain tokens are rewarded for those who completed the quests. Some other games may reward with in-game items (in the form of NFTs), and players can exchange items on the marketplace to gain profit.

GameFi market in 2021 was heated up by a cult name, Axie Infinity. This is an Ethereum-based game in which players gather, breed, and trade virtual creatures known as Axies, similar to Pokemon, to gain AXS tokens. 

Because of its play-to-earn function, it is widely played by gamers all over the globe. Gaining high interest from the whole community, the AXS token rapidly reached its new ATH of $165.37 in November 2021, according to CoinMarketCap.

The success of Axie Infinity motivated a various number of GameFi projects in many different blockchains including Binance Smart Chain, Solana, and so on. Therefore, it is strongly believed that GameFi will be able to keep its trending up in the next year.

Bottom Line

This article indicates 4 blockchain trends in 2022 that will impact gaming, art, the internet, and other aspects of daily life. Based on the given information, you can navigate your investment effectively! Keep following Tokenize Blog for more market analysis!