The cryptocurrency industry is experiencing a surge in newly developed interest. It has gained significant traction all over the world.
However, given that crypto is relatively new to the market, there is a great deal about them that is still a mystery and that is to be discovered.
The financial markets look like they will be on a wild ride throughout the course of this year. There are a number of trends that Crypto faithful and investors should keep an eye out for in the next months and well beyond into the year 2023. These trends range from problems with the supply chain to possible laws on cryptocurrencies and NFTs and the massive demand for web 3 roles in the labor market.
1. CRYPTO REGULATION
The crypto market, on a global scale, will keep working towards a more specific, regulatory framework for cryptocurrencies.
Since it will be more difficult for cybercriminals to commit their crimes, tighter regulations might really not be the worst idea. However, there is a possibility that compliance with the regulations will be difficult because various bodies may or may not have the authority to monitor everything.
In markets that are already very volatile, regulatory announcements could have an effect on the price of cryptocurrencies. Despite this, many industry professionals continue to assert that regulation is beneficial to the sector. In the end, regulation that is both reasonable and effective will be a game-changer for the crypto industry.
This is still a significant issue, despite the fact that the majority of nations around the world have not yet decided whether or not they would regulate the crypto business. Existing innovations can be stifled by a lack of framework, which can have a negative effect on the sector as a whole. Innovative ideas including as DeFi, NFTs, and even the Metaverse will, thankfully, make it more difficult for government agencies to oversee the business.
2. WEB 3 JOBS
As the cryptocurrency industry grows tremendously, there is a corresponding increase in the demand for blockchain and cryptocurrency expertise. The rise of both cryptocurrencies and the underlying blockchain technology that enables them is driving the expansion of the blockchain industry, which in turn is contributing to an increased need for specialists in the field.
For example, blockchain is currently at a position where enterprises and even governments are beginning to comprehend the potential that the technology has to enhance people's lives and create more resilient organizations. This is a positive sign for the future of blockchain.
The situation is the same with public relations firms that specialize in working with clients and assisting them in increasing publicity in business and the media. Some committed businesses hire professionals in the industry to provide services to clients and assist in increasing coverage. Companies seeking to achieve their objectives in any crypto-related industry need the assistance of knowledgeable professionals.
Examples of Web 3 jobs that are gaining momentum in popularity so far are Blockchain Developer, Product Manager, Blockchain Engineer, Community Moderator. Roles like the Community Moderator do not require specialized skills and still gives newbies the opportunity to learn more about Web 3 on the job.
3. THE FUTURE OF WEB 3
Web 3.0 is already making a lot of waves, and the third edition of the internet is something that people need to keep an eye out for between now and 2024. Web 3.0 provides a workable alternative for users who want to finance their websites independently, without depending on giant corporations that either own servers or charge exorbitant fees.
One of the advantages of Web 3.0 is the ability to customize one's experience on the internet. In addition, preventing the failure of a single point at any given time.
Additionally, if Web 3.0 becomes more widely adopted, it will have a beneficial effect on several cryptocurrencies, including Ethereum, Solana and BNB.
4. NFTS’ MASSIVE POTENTIAL
The potential of NFTs is enormous, due to the fact that they can be used to transfer ownership in relation with both digital and real property. As a result, the involvement in NFTs is expected to increase, and established institutions such as museums and galleries are likely to get in on the NFTs craze soon.
Expectedly, a number of sizable businesses and well-known public figures have already begun exploring the possibility of adopting NFTs as the future foundation of the digital economy. The appeal of the NFT market is that it is comparable to the early days of the internet, when a multitude of new technology businesses were vying for a foothold in the industry by bringing their own distinct brand of enthusiasm and panache.
NFTs enable users have access to a variety of decentralized funding possibilities, which has been of tremendous assistance to creators and artists in 2022. Because of this medium, they have more leeway in terms of financing projects.
The silver lining is that they are relatively safe thanks to the implementation of blockchain technology in the NFTs. In addition to this, they are useful for verifying the ownership of digital assets.
5. ETHEREUM 2.0’S GREEN ENERGY
With the completion of the Merge, Ethereum has eliminated the need for Antminers, Whatsminers, and other heavy mining chips. At this point, the only variables that consume energy are Ethereum's mining algorithm and the (regular) computers that are used to operate it.
On a more fundamental level, this will operate as an incentive for a greater number of people to participate in Ethereum's network. This is due to the fact that in the past, everyone who wanted to validate blocks and obtain mining rewards had to invest in extremely pricey mining equipment and facilities, and most probably a factor that discouraged people from participating.
The mainstream media is also paying more attention to the transition to proof-of-stake. A rising number of credible media outlets are writing articles that all appear to agree that the transition is of enormous significance for cryptocurrencies.
The Ethereum Merge had an impact on the cryptocurrency market, which is why many of them began to fall. But often this is a good opportunity to buy cryptocurrencies at a lower price. On the crypto Exchange platform TimeX you can find out the current Ethereum price AUD chart and make a decision to buy or sell crypto online.
Since these news organizations have not traditionally been known for their outspoken support of cryptocurrencies up to this point, the fact that they are suddenly reporting positively on the Merge shows a very major shift in their mentality.
The fact that these reports are being made alongside persistent criticism of Bitcoin and its continued reliance on the more energy-intensive proof-of-work consensus method is also noteworthy and contributes to the significance of the Merge.
FINAL WORDS
Over the course of the past few years, the cryptocurrency market has demonstrated an almost unfathomable degree of volatility. Not only because of recent developments (such as NFTs), but also because of the general volatility of the market, which affects both mainstream coins and a host of other alt coins.
However, one thing that can be said with absolute certainty is that there will be further innovation in this field.
The recent years have seen a surge in the number of new technical advances. But it seems the time is due where these innovations are finally getting off the ground, and the emerging technologies are making it possible for real-world applications to be developed.
