The crypto space continues to reach into new industries and markets weekly. All of this growth has improved the adoption rate for this technology. It has also increased the time it takes for new users to become well-informed. What was once simply electronic cash systems like Bitcoin, now includes a huge selection of decentralized services, features, and purposes.
Keeping up with the crypto trends can seem like a daunting task. However, you won’t need to quit your job or spend hours scrolling through social media channels to find the hottest trends in 2021-2022. Here are some of the top crypto trends in the market today.
On the top of the list are NFTs (non-fungible tokens). These digital assets differ from regular cryptocurrencies in that they represent unique assets. As such, they can’t be interchanged with each other without value fluctuations. Hence their name, non-fungible assets.
These tokens have found a home within the art and gaming sectors. There are all types of games that leverage this technology to improve the user experience. The first popular NFT game was Ethereum’s Cryptokitties. This title enables collectors to gather different cats and mate them to create unique combinations of “cattributes.” The rarer the kitty and the more value it held.
Today, NFT gaming is on an entirely new level. You have titles that enable users to sell and buy their in-game assets using Bitcoin and Ethereum. You also have a new class of NFTs that enable users to improve value based on their actions. These titles solve the age-old problem of locked funds and efforts in titles when gamers quit. Now they can sell their assets to the community.
The DeFi (decentralized finance) sector is one of the fastest-growing in the industry. DeFi refers to the removal of centralized financial providers from the equation. These networks eliminate corporations and banks and replace them with community governance and smart contracts.
The main advantage of DeFi is that it enables the creation of entirely new wealth generation methods. These features can include low-risk passive income streams and much more. Here are some of the top DEX services of 2021 that are sure to remain popular moving forward.
DEXs (decentralized exchanges) provide crypto traders with more flexibility and privacy when compared to centralized alternatives. For example, most centralized exchanges require you to provide a lot of registration data including personal information. Once the firm has this information, you must trust that it gets stored safely. Sadly, in many instances, this isn’t the case.
Platforms like the META DEX provide high transactions throughput on par with the NASDAQ and more privacy. To use these networks, you simply need to connect your wallet to the network. Additionally, most DEXs are non-custodial. This designation means that you don’t need to upload your funds to begin trading. Instead, you trade directly from your wallet.
Another popular DeFi feature that continues to gain momentum is peer-to-peer lending services. These platforms allow people to lend out their unused cryptocurrency in a secure and decentralized manner. Most platforms leverage large lending pools to provide benefits to both borrowers and lenders.
For example, lenders gain the ability to receive repayment even if the borrower repays the loan late. Additionally, borrowers avoid any discrimination due to gatekeepers.
Anyone who has requested a loan from a bank can attest to the high level of scrutiny put forth in these actions. Sadly, gatekeepers can keep you from your funding even if you meet all the financial criteria. They also gain access to funds faster than traditional systems.
Liquidity mining is a term used to describe the earning of rewards for providing liquidity to smart contracts or platforms. There are a growing number of DEXs integrating this feature. Liquidity mining DEXs provide you with rewards for trading. This approach helps to incentivize users and drive liquidity deeper.
DeFi High Yield Savings
Those seeking low-risk high yield accounts don’t have to look further than the DeFi sector. The META savings account pays out 10% APY to savers. This rate is more than 20x what your bank pays you on your savings account. As such, more and more users are making the switch from centralized banking to DeFi.
Crypto Debit Cards
Over the last two years, there have been some significant developments in the way people can spend their crypto. Aside from more payment processors accepting crypto, there has been a push towards crypto debit cards. These unique protocols enable you to spend your crypto anywhere VISA is accepted.
The META1 VISA card converts the corresponding amount of crypto to fiat currency at the time of your swipe. This conversion happens in seconds and is not noticeable to the vendor. They receive fiat currency and you take your goods or services. Crypto debit cards up the convenience and usability for all users. As such, they are more popular than ever.
Crypto Trends for 2022 and Beyond
If you want to stay ahead of the curve, you need to track the trends. The crypto space is in the midst of record expansion. The features and services listed above can be credited for much of this growth. Consequently, platforms that offer these features will also see a boost in usage and adoption moving forward.