The new year of has come upon us. May the new year bring you much success and positive vibes to spread throughout.
In our last issue of Wise Crypto Life we took a look back at ’21 and in this year’s first issue we will take a look at what to expect this year. As the blockchain and cryptocurrency sectors have received much attention over the past year generating various new topics. Accordingly, we will take a look at some new developments to come this year.
The NFT Craze Continues
NFT (Non-replaceable token), was one of last year’s keywords. It is expected to continue its fever this year. NFT, which has already been mentioned several times, is a new conceptual asset that has given digital assets unique ownership by utilizing blockchain technology that cannot be forged. With great attention in 2021, NFTs were created in various fields such as art, sports, fashion, and games, and more NFTs are constantly appearing.
The reason why NFT is expected to draw more attention is that accessibility is rapidly expanding. If you own copyright and ownership, NFT can be produced and issued by anyone without investing in the traditional overhead adding to operating expenditures. The number of platforms that can produce NFTs is increasing, and there are many reviews from individuals that they have made their own NFTs. In addition, just two days ago, Shinhan Card opened a function to create and store NFTs for the first time in the financial sector, and Samsung Electronics and LG Electronics announced that they would launch a TV that allows users to enjoy NFT-applied works.
Play to Earn (P2E) has soared last year, capturing both those interested in games, those interested in profits, and those interested in these changes and trends in that they can get cryptocurrency while enjoying games. In particular, Mir 4, which was released by Wemade, has been a huge success worldwide, and this atmosphere predicts that more game companies will release P2E games. It’s already a hot topic, but it looks like it’s going to continue to renew its peak.
Although it is pointed out as a limitation in Korea that P2E games cannot be released due to “speculative” problems, the game industry is expressing keen interest in such blockchain games. It is also worth paying attention to how these institutional problems will be handled this year.
In episode 16 of Wise Monetary Life last year, Ethereum 2.0 was covered while dealing with the Ethereum Hard Fork. Ethereum 2.0 can be seen as the updated version and the biggest change is that it will change from Proof of Work (PoW) mining to Proof of Equity (PoS). This can solve energy waste problems and graphic chaos. In addition, Ethereum 2.0 is expected to improve in terms of security and scalability.
Ethereum co-founder Vitalik Buterin said the work for the transition to Ethereum 2.0 is currently about halfway there and Phase 1 is expected to be completed by year’s end.
We hope that the increasingly sophisticated blockchain technology will be used more actively to create more exciting opportunities and innovate existing industries.
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