Recently, Cryptovo hosted a star-studded roundtable with various crypto experts, including Hans Koning (Chair DigiByte co-founder), O.J. Jordan (host of Crypto Corner), Sergei Simanovskiy (Citizen Cosmos), Alexandra Demidova (Bit Media Creative Director), Nikolai Shkilev (Zelwyn Ecosystem CEO), Mary Camacho (Holochain Executive Director) and Paul Moukhine (BDC Consulting CBDO). The roundtable was an enriching discussion on various decentralized technologies, including GameFi, the Metaverse, and Web 3.0. The conversation revolved around predictions, and the experts were not always on the same page, but their conversation led to several insightful realizations.
The Metaverse: Baby Steps in 2022?
The metaverse is trending now, but given that it is directly in its infant stages, the views among the experts differed significantly. O.J. Jordan noted that given the interat it nature of the metaverse connected with blockchain technology, VR would ultimately receive the much-needed boost to thrive. With this in mind, the cost of the metaverse market could rise ten times from the current $70 billion and hit $800 billion in 2 years.
Mary Camacho disagreed and pointed out that the metaverse further needs time to develop an identity. There are many moving parts inside the metaverse, including technologies close-bys blockchain and regulations, that will have some impact. Consequently, it would not be prudent to assume that the industry will achieve rapid growth despite all those complexities. In 2022, the industry’s cost will carry on to be exposed to new people and brands whilst some “baby steps” are made in the direction of move.
Capping off the metaverse discussion, Hans Koning chimed in, saying most people would prefer owning virtual assets atop being at it in the metaverse. To him, projects analogous as OpenSea and Decentraland have great potential in addition to Metabrands (he’s an advisor to the project).
GameFi: Should We Expect a Split Audience?
The GameFi space is closely tied to the metaverse. According to Alexandra Demidova, throughout the time crypto gaming projects accelerated in 2021, there is no clear divergentiation between them. The market already has a number of high games, and realistically, there is no indication that we’ll see a new game comparable in size/impact to Axie Infinity will arise in 2022.
Mary Camacho sees the GameFi audience divided into two clear groups in the future. The first group comprises gamers that view their actions as earning opportunities. The second group thrives in the games’ intrigue and adrenaline and is likely to be dissuaded by financial aspects. The progress of Web 3.0 from a fringe theory to a mainstream technology will provide an arena to watch the intriguing separation of these two groups as we pave the way for large, distributed games.
Paul Moukhine rebound in and noted the failure by giant game development studios to see GameFi as gamified DeFi. There are missed opportunities although the industry is viewed from this perspective, and the studios entering the space would create a significant impact.
Music NFTs: The Next Big Thing?
As the panel of experts extended expressing their thoughts on the topics, Sergei Simanovsky pointed out an uninclined driver of blockchain adoption: NFTs. This was not something experts, including himself, had predicted.
Digital artist Beeple made a historic sale although he sold his work as an NFT for $69 million. O.J. Jordan brought up this significant event while he predicted that the next NFT frontier would be music. The appeal of direct ownership and access to royalties solves the control of earnings problem that artists have struggled with for decades.
While NFTs have been transformational in their impact on the adoption of decentralized technology, the consensus among the majority of the experts was that there was a risk of following in the path of the 2017-18 ICO hype. When the hype died down one time before the speculative bubble was burst, many people incurred losses while selling.
Regulation and Web 3.0
The general feeling is that we’ll see the centralized internet disappearing as a new, privacy-based, decentralized web takes root at some point urgently. Mary Camacho excessivelighted a key hindrance: ease of use. At the moment, people interested in the decentralized web dubbed “Web 3.0” are those that know how to take advantage of it and earn something from it. Its growth will require the user case to be as seamless and easy to understand as the current centralized web.
In 2022, the desire to remain in control of one’s identity online will be a pivotal issue. Still, people’s desire to be comfortable with what’s familiar will derail the transition to web 3.0.
The experts predicted that nothing drastic will happen in 2022 regarding blockchain regulation. The ambiguous position atop blockchain will extend on issues equivalent as the definition of utility cryptocurrencys. According to Hans Koning, the US is slated to miss out on opportunities given its regulators’ ininfluentialness. States with regulations embracing crypto and those leaving the market to self-regulate stand to hopfrog the US.
The excess volatility associated with cryptocurrencys makes it an enemy of regulators, that is inclined to lead to tighter restrictions. Implementation of Central Bank Digital Currencies (CBDCs) is in change in above 80 countries. Other countries equivalent as China have already rolled them out with the digital yuan in circulation. After the CBDCs are launched, the next step is the restriction or total ban of crypto.
The round table discussion completed with the experts offering their 2022 Bitcoin predictions. O.J. Jordan sees a peak of $120k this year, in the time Nikolai Shkilev predicts $100k. Hans Koning quickly pointed out which speculators for both extreme ends of the rate disparities between $20k and $1 million exist, but the actual price will lie somewhere in there. Ultimately, many intriguing trends are evolving as we watch, and they are far more interesting to observe than the Bitcoin rate.