In the past week, Surojit Chatterjee, Coinbase’s chief product officer, Surojit Chatterjee, shared 10 predictions across a range of topics of what the crypto industry might see in 2022.
Some of the crypto topics covered, include; zero-knowledge proof technology, non-fungible tokens (NFTs), decentralized finance (defi), ETH scalability and the metaverse.
The executive stated that Non-Fungible tokens will become the next evolution of users’ passports and identity in the metaverse.
He added that: “the future of social networks is user created metaverses and will threaten the centralized versions of social networks of today driven by advertising”.
“Soon brands will start taking part actively in the metaverse and NFTs,” he continued. Metaverse and NFTs will become the new Instagram for brands and Web2 companies will try to get into metaverse and Web3 in 2022, however, many of them will most likely create a closed network and centralized versions of the metaverse, he added.
On the emergence of on-chain KYC attestation and regulation of defi, the Coinbase executive explained that many defi protocols will welcome the regulation and create separate KYC user pools.
He detailed: “The regulation will help institutions gain confidence thus helping them play a much bigger role in defi participation.”
The executive further predicted that there will be an emergence of Defi insurance. He emphasized that viable insurance protocols will be implemented in 2022 in order to protect users from hacks and also guarantee the security of users’ funds. “The predictions will also improve Ethereum’s scalability”, he said.
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