These Are The Exciting Blockchain Trends To Watch In 2022 And Beyond

The blockchain industry constantly evolves, and passionate developers are exploring new use cases. Some of the trends that seemed impossible a year ago are now nearing their proof-of-concept. Although not all ideas will "stick to the wall," many bright ideas are still waiting to be explored.

The Ongoing Evolution of Blockchain

Now that the world has grown accustomed to the concept of blockchain technology and its potential implications, it is time to explore new ideas and trends whenever possible. There is no time to stand still in this industry, and developers continue to experiment with bold ideas. Of course, not everything needs a blockchain – nor would everything be better off if it ran on this technology – but that doesn't mean one should give up on exploring the opportunity.

Growing Focus On DAOs

The idea of a Decentralized Autonomous Organization (DAO) is to ensure everyone has an equal say in particular projects. Every DAO uses blockchain technology to record and enforce rules, financial management, etc. Several DAO-based concepts have come and gone over the years – including the ConstitutionDAO attempting to buy a copy of the US constitution but ultimately failing to do so – but it remains a viable way for global communities to work together.

The DAO concept has tremendous merit for any organization without ties to governments or non-profits. More transparency and immutability will always be beneficial, and blockchain technology is the catalyst driving that new narrative.

Digital Identity (And Its Regulation)

As the world has been introduced to NFTs and the Metaverse, establishing a digital identity has become a hot topic. Whether through avatars or other means, the world seems to transition to digital identities sooner rather than later. That will also bring forth a new set of regulatory requirements. The EU and UK want to know more about the identities associated with cryptocurrency transactions. Ultimately, that will also apply to NFTs, metaverse activity, etc.

Due to the growing push toward digital identity, DeFi protocols and other service providers will need to step up their game. Establishing a digital identity will enforce more regulation – especially KYC and AML measures – in decentralized finance. As a result, protocols must focus on compliance ahead of time and devise ways to deal with the red tape. The time for building first and asking for permission later is ending.

Broader Collaboration In The NFT Scene

Although 2021 has been a successful year for NFTs, 2022 seems far less bullish. That is primarily due to many individual projects popping up, resulting in a lack of ross-overs and collaborative efforts. Thankfully, the industry will see some crucial changes, courtesy of projects like Apeiron. Not only will it support NFT-token lottery staking, but it also paves the way for collaborations with other projects and their assets.

NFTs will be a big part of the ongoing blockchain push toward the metaverse. In the metaverse, all worlds will come together, making collaboration a foregone conclusion. Moreover, growing mainstream interest in non-fungible tokens can lead to many exciting partnerships and collaborations. It is a fascinating industry vertical to watch, as the sky's the limit for NFTs.

Social Trading Creates Opportunities

When people say blockchain, the conversation will often turn to cryptocurrencies and how to trade them conveniently. The world of trading as we know it is set to undergo some changes, with a stronger focus on the social aspect. The result is social trading, where blockchain technology will establish communities of like-minded traders. That will enable traders to copy the behavior of their favorite traders, exchange new ideas, etc.

Furthermore, social trading will serve an educational purpose. These types of platforms and services contain tremendous information on analyzing the market and sentiment, allowing more people to get acquainted with trading cryptocurrencies. Joining a blockchain community where one can learn the ropes by seeing other people's trades in action can become a priceless resource to onboard millions of people.

Broader Implementation Of Scholarships

The concept of scholarships has become popular among various play-to-earn games and blockchain gaming guilds. It removes the need for users to invest in games and NFTs before they can start playing. Although they need to share rewards with the person supplying the tools for the scholarship, it tremendously lowers the barriers to play-to-earn gaming.

There is no reason to think why such concepts could not apply to other blockchain-based industry verticals. Decentralized finance, social trading, and other concepts can all borrow elements from the scholarship initiative and make the industry more accessible to billions of onlookers. It may take some tinkering to implement such a concept in other verticals properly, but the idea of removing entry barriers is always worth exploring.

Much More To Come

There are many ways to implement blockchain technology, either in existing or new ideas. Trial and error will lead to innovation and new breakthroughs. The examples above are just a glimpse of what the future will hold for distributed ledgers and how the technology can impact billions of people. Rest assured there is much more to come in this industry.