In 2021, with Bitcoin reaching all-time highs, the crypto industry has seen significant growth. Bitcoin is being ripped apart by Altcoins. Interest in other cryptocurrencies such as Ethereum, Dogecoin, and Shiba Inu is high, with crypto industry recognition peaking as interest in GameFi and Fan Tokens has grown this year.
According to a Nasscom report, by 2030, the total value of the Indian crypto market is expected to reach $241 million, potentially creating 877,000 jobs. It is estimated that in 2030, retail investors will invest $15.6 billion in crypto, compared to $6.6 billion currently.
What will happen in 2022?
VCs in both traditional and crypto space will increase their investment. These funds stimulate innovation, especially emerging projects that require financial support. Numerous innovations will increase use cases and accessibility, fostering global acceptance and adoption of cryptography. India will benefit as the crypto industry can provide financing opportunities for entrepreneurs, other sources of income for individuals, and stronger support for Indian creators. DeFi and GameFi will be just the tip of the iceberg as tech giants enter the crypto space. We are optimistic that global crypto adoption will jump from the current 5% to 20% by 2022.
Regulatory clarity and compliance
As crypto gets closer to widespread retail adoption, clear regulation is needed. Regulatory guidelines will protect investors and projects from exploitation, unknowing participation in criminal activity and malicious conduct by bad actors.
Encryption technology is widely used and can be used as currency, asset, reward token, utility token, etc. The applicability of crypto and blockchain has disrupted and will further disrupt the financial industry. Regardless of how the Indian government chooses to categorize it, it is important that they support and promote innovation within the blockchain and crypto space in the country.
India has historically invested heavily in science and technology and created a digital society by providing greater internet access. The country is expected to become a leader in the blockchain and crypto space. In addition to banking and financial services, blockchain can effectively improve land title deeds, supply chains, agriculture and corporate sustainability.
Innovation advances by leaps and bounds
With more funding, expect to see more innovation than in 2021. Attention from retail investors will help drive innovation efforts such as social networking, gaming, FinTech (financial technology), VR, AR, and more.
While businesses are skeptical about rushing into crypto and blockchain, compelling use cases for solving real-world problems may help ease doubts. Integrating innovative solutions will build confidence and encourage more creativity in the field. Crypto innovations in 2022 promise to bridge the gap between traditional and new-age businesses.
The explosive development of the DeFi field
DeFi has seen rapid innovation in 2021, and with SocialFi and GameFi as key drivers, we are likely to continue to see booming interest and innovation in 2022. The growing popularity of NFTs, P2E games and the Metaverse has enriched the community as they are not solely concerned with financial gain. They attract interest from a diverse population of identity building, futuristic gaming, virtual real estate, art collections, and fan bases.
The challenges facing DeFi remain, especially in building complex financial instruments, establishing liquidity and capital efficiency, and managing risk and security. As DeFi matures, smart solutions will emerge to support the needs of the community.
In 2021, the crypto industry has made great progress, among which excellent projects and partnerships have laid the foundation for the development of crypto technology. Continued improvements in regulation, innovation, and acceptance have created synergies that have put crypto on a steady path to mass adoption. We look forward to a bigger and better blockchain world.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/cz-looks-to-2022-indian-market-socialfi-and-gamefi-are-key-drivers/
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