Surojit Chatterjee, Coinbase’s chief product officer, gave ten forecasts for the crypto sector in 2022 last week. Scalability of ETH, zero-knowledge proof technology, decentralized finance (defi), non-fungible tokens (NFTs), and the metaverse are among the themes covered in the predictions.
Non-fungible tokens, according to the CEO, “will become the next generation of users’ digital identity and passport to the metaverse,” adding:
“User created metaverses will be the future of social networks and”
” will start threatening the advertising driven centralized versions of social networks of today.”
More so, He went on to say, “Brands will start actively participating in the metaverse and NFTs.”
“For brands, NFTs and the metaverse will become the new Instagram.”
“Web2 companies will wake up and want to go into Web3… and metaverse in 2022,”
So, he adds.
“Many of them, on the other hand, are likely to develop centralized and closed network metaverses.”
“Many defi protocols will embrace regulation and will build separate KYC user pools,”
Then, the Coinbase executive said of regulated defi and the “development of on-chain KYC verification.”
Then, He goes on to say:
“Institutions will play a much bigger role in defi participation… Growth of regulated defi and”
“on-chain KYC attestation will help institutions gain confidence in defi.”
“Defi insurance” will develop, according to the Coinbase executive,
“to safeguard users from hackers, effective insurance protocols insuring”
“users’ assets against security breaches will emerge in 2022.”
The scalability of Ethereum is also covered in the projections. According to the executive,
“ETH scalability will improve, but newer L1 chains will see substantial growth”
” — As we welcome the next hundred million users to crypto and Web3,”
“scalability challenges for ETH are likely to grow.”
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