Coinbase’s chief product officer, Surojit Chatterjee, shared last week 10 predictions of what the crypto industry holds in 2022. The predictions cover a range of crypto topics, including ETH scalability, zero-knowledge proof technology, decentralized finance (defi), non-fungible tokens (NFTs), and the metaverse.
Non-fungible tokens “will become the next evolution of users’ digital identity and passport to the metaverse,” the executive described, 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.
“Brands will start actively participating in the metaverse and NFTs,” he continued. “NFTs and the metaverse will become the new Instagram for brands.” Furthermore: “Web2 companies will wake up and will try to get into Web3 … and metaverse in 2022. However, many of them are likely to create centralized and closed network versions of the metaverse.”
Regarding regulated defi and the “emergence of on-chain KYC attestation,” the Coinbase executive explained that “Many defi protocols will embrace regulation and will create separate KYC user pools.” He detailed:
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.
The Coinbase executive further predicted that “Defi insurance will emerge,” emphasizing that “To protect users from hacks, viable insurance protocols guaranteeing users’ funds against security breaches will emerge in 2022.”
The predictions also cover Ethereum’s scalability. The executive said: