Written by Justin Floyd, CEO of RedCloud
2021 was a great year for crypto adoption as we saw more fintech and traditional payment players embrace blockchain and adopt crypto-based solutions. Facebook and Square changing their names to Meta and Block, respectively, further points to growing interest from tech giants into blockchain technology and cryptocurrency. More importantly, we saw El Salvador become the first country to make Bitcoin legal tender.
I believe 2021 is just a preview of what we will see in 2022, as much of the groundwork for large scale adoption has already been laid. My top predictions for crypto in 2022 are more IPOs, more use cases and more adoption.
- In 2022, more crypto-intensive businesses to go public, following the trend set by newly listed companies in 2021. Crypto companies are at the forefront of digital transformation and are present in every sector, including payment gateways, software creation and value-added services, banking and asset management among others. As the crypto market continues to grow and the underlying technology continues to develop, I expect the market to grow with new listings and more crypto companies winning market share, even in traditional industries.
- NFTs (Non-Fungible Tokens) will hit mainstream culture with millions of users, with major use cases emerging. NFTs broke out in 2021, but I believe the best is yet to come. With rumours of Twitter looking to implement NFTs into the platform and Facebook’s intention of creating a metaverse, 2022 will shape to be a defining year for NFTs. However, two things must happen for NFTs to hit critical mass and gain widespread adoption. The first is that NFT platforms must become easier for non-crypto natives to access and use. For many new users, NFT platforms have complicated UI and UX which forms an artificial barrier to adoption. The second is that NFT use cases must grow beyond simply holding items in a wallet. Only by connecting NFTs to real-world applications, like gaming or virtual reality, will more non-crypto natives achieve the technology.
In conclusion, cryptocurrencies and blockchain technologies, while immensely popular are still incredibly young in their lifecycle. If we compare the evolution of cryptocurrency with the growth of the internet in its early days, we are not yet social media. At best, we are slightly past the days of forums and chat boards.
The best of the decentralized revolution is yet to come, and I for one am excited to see it.