• Conflux Network

Blockchain trends in 2022 so far

Updated: Aug 23

In the first half of 2022, the blockchain technology industry saw a lot of major shifts, especially in the financial markets. There was news about Cryptocurrency regulations and also incidences of a fall in the market. NFTs witnessed a great wave of adoption alongside a terrible downfall as well. So far, the blockchain industry has witnessed some level of growth and popularity that is set to quicken its adoption in the coming months and years. Below are some of the five major trends in 2022 so far. Rise of new careers and employment opportunities in Blockchain Industries Due to the market's growth, there is a huge demand for skilled and knowledgeable workers in the blockchain and crypto industries. 2022 saw a huge rise of new entrants in this industry which equals more jobs. At the point when discussions about regulations are on a high and there’s more involvement in governments and bigger corporations in the industry, the need for more skilled workers is emerging. Across job sites, similar to other job requirements, organizations are placing ads relating to the need for specialized industry experts to help meet business goals. At the end of the year, the industry will have witnessed a substantial growth of workers. Increase in Talks about Government Regulations The first half of 2022 saw an increase in recognition and adoption of cryptocurrency by governments. However, more countries are still making decisions on the need for regulation in blockchain technology. The rise of more intermediary technological formats such as the metaverse, Web 3, and the growth of NFTs have made it increasingly important for the government to create or establish regulatory frameworks to protect their interests. As these industries grow, there is also the need for a legal framework to protect users as well. For example, discussions around what can be permitted in the metaverse are becoming increasingly important hence the need for legal input and clear guidelines on use cases. There are also talks on what can be accessible by minors as the internet widens. Crypto Adaptation. Just as the increase in regulation remains at the forefront, the world is also seeing a major rise in the adoption of cryptocurrency even among countries/governments that were initially aversed towards it at the beginning. In 2022, the Central African Republic (CAR) became the first country in Africa to adapt and approve Bitcoin as a legal tender. Although there are reservations around the use case and its adoption; the majority within the political undertones; the adoption by a government is a great win for the industry and the coin itself. It’s expected that instances like this will help other countries see develop some interest and implementation in their financial systems. The Metaverse Global NewsWire projects that the global metaverse market size will grow from USD 61.8 billion in 2022 to USD 426.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 47.2%.

The article also highlights the major opportunities for growth to be the distinctive usage, adoption, and growth of the other technology markets. For example; Augmented Reality & Virtual reality (AR & VR), Mixed Reality (MR), Blockchain Technology, Cryptocurrency, 5G & Internet of Things (IoT). The Asian markets seem to be the spot for the growth. The adoption of these technologies are embedded in their consumer and commercial products and lifestyle. The next few months in 2022 will see a huge rise and adoption in the Asian market in comparison to other markets across the world.

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