Surojit Chatterjee, Chief Product Officer at Coinbase, dropped top 10 predictions for Web3 and the cryptocurrency market for 2022. Here are the main takeaways:
1. Regulated DeFi
Chatterjee believes many decentralized finance (DeFi) protocols will embrace regulation in 2022. This will be supported by separate KYC pools. He also says the market will see more acceptance of ENS-type addresses.
2. Competition between NFT-based communities and Web 2.0
The Coinbase CPO says NFTs will become "the next evolution of users’ digital identity and passport to the metaverse." Here's what Chatterjee expects from digital art:
User created metaverses will be the future of social networks and will start threatening the advertising driven centralized versions of social networks of today.
Chatterjee admits some of the largest Web2 companies, such as Facebook, might try to recast themself as Web3 companies.
3. DAO 2.0
Even though Chatterjee didn't clarify what DAO 2.0 might represent, he said more people will join decentralized autonomous organizations (DAOs) to redefine how the labor market works.
We’ll see a plethora of tools emerge to help DAOs execute with efficiency. Many DAOs will also figure out how to interact with traditional Web2 companies.
However, Chatterjee admits the growth of this space will likely draw regulatory's attention who will make an attempt to educate themselves on how DAOs work.
Read also: Crypto Job Market Hit by Perfect Storm
As To The Moon earlier reported, venture capital is in a hurry to accept the Web3 space as the COVID-19 pandemic made a wave of creators and influencers leave their jobs to start businesses from scratch. For instance, Ann Bordetsky, an NEA partner, says there's a race to find the Uber, Twitter, Stripe of the Web3 economy as talents flooded into the space.