NFTs and Play-to-Earn games were reported to be the main gateway for crypto adoption by beginners. As one of the leaders in the NFTs and GameFi space, Worldwide Asset eXchange (WAX) is predicted to be a bullish investment for 2022 and beyond.
Crypto exchange giant Crypto.com is looking back at a huge year for digital assets and making predictions for the future.
In a sprawling document published on the Crypto.com research page, the exchange’s research team is forecasts further crypto adoption in 2022 – led by one sector in particular.
First, the exchange giant predicts that the number of international crypto users will “reach 1 billion by the end of 2022.”
“Nations can no longer afford to ignore the growing push toward crypto by the public. We may in many cases expect a friendlier stance towards the crypto industry:
We expect developed nations to devise clear legal and taxation frameworks for crypto assets.
In parallel, more nations facing a highly inflationary economy & depreciating currency may adopt cryptocurrency as legal tender, following the example of El Salvador.”
Next, Crypto.com’s research team predicts that cryptos will become a staple in traditional finance portfolios.
“Crypto will become a fixture in the alternative asset class for investment portfolios.
The first crypto ETFs launched this year were met with demand beyond their capacity, suggesting that more crypto instruments in the mainstream finance industry will soon follow.
Bitcoin and Ethereum spot ETFs [exchange-traded funds] like Valkyrie’s received approval earlier this year.
Traditional banks and financial houses like Morgan Stanley, Citi, Goldman Sachs, JP Morgan, E&Y, Bank of America, and Credit Suisse are seeking partnerships with crypto exchanges to integrate crypto into their main services from payments to transfers and investment.”
The exchange’s research team expects the mass crypto adoption to be fueled, in part, by the acceleration of one crypto sector in particular: the ever-expanding world of non-fungible tokens (NFTs), blockchain gaming, and the metaverse.
“The metaverse has grown exponentially in 2021, leading the way for evolution in online culture through NFTs, gaming, and online identities. It is crystallizing as the gateway for crypto adoption by non-natives.
We predict GameFi/Play-to-Earn to be one of the main vehicles for mass conversion to the crypto space, with traditional game studios racing to incorporate these elements into their existing line-ups.
As Web 2.0 tech giant Facebook, now Meta, peers into the metaverse and uses it as a venue for monetization, we expect more to follow.
NFTs collectibles are booming, with NFT profile pictures as a stepping stone between the metaverse and the real world as the space matures.”
Read the full Crypto.com report here.