So why the sudden surge in popularity?
In an article published by Harvard Business Review, analysts narrowed it down to one critical factor. NFTs allow owners to form part of a digital or virtual club, becoming a shareholder of a profitable movement. More so, it allows them more freedom and leniency to trade off any piece of a digital property via a decentralized platform.
Advancement and development of NFT programmability have allowed them to form part of organization profit modules. Giving headway to creators to still receive a portion of the profit if the NFT is resold or traded on the market again.
There has been an ever-growing interest surrounding decentralized finance, or DeFi platforms throughout 2021, as the technology underpins both cryptocurrencies and NFTs.
DeFi has left a powerful message on global consumers, enabling them to freely trade and transact. Already we see some eCommerce sites and retail giants looking to move towards a DeFi space, it has left many wondering how long the bubble will keep expanding before government intervention will see its ultimate demise.
Pulling away the tarp reveals an evermore convoluted continuum that shows the complexities on which blockchain and DeFi technology is built. Recent developments have already made it easier for everyday individuals to form part of the future of trading.
Ultimately, this environment will only keep increasing in the coming months, as the crypto market will prove once again its stability and influence within the global economy.
Ethereum VS Solana
There has been an ongoing war between Ethereum and Bitcoin, as ETH became the second most valuable crypto on the market. This gave ETH a push to become a strong contender against other altcoins and BTC, but experts are now keeping a close eye on a third rival, Solana.
Many are still unsure about the future of Solana (SOL) in 2022, but in 2021, we saw its token value increase from $1.59 in January to more than $250 in November. Throughout the year, SOL increased its value by more than 11,000%, placing it in the top five digital currencies to trade within 2021.
Currently, SOL supposedly can accommodate more than 700,00 transactions per second, while ETH can only do 15.
It’s a long road still ahead for Solana, but we can see that it might become a strong contender for other digital coins.
Bull traders have placed some ambitious predictions for the crypto market on the table, with Abra CEO, Bill Barhydt predicting BTC will reach the $100,000 mark. Already BTC was down by more than 30% between November and December 2021, as new regulations and government intervention pegged the crypto bubble.
All around, the crypto community has been making some bold predictions, with BTC leading the pact. Much of the world is keeping a close eye on what it will do in the coming months, and some are hoping for a serious jump in price.
For the most part, we’re not quite yet sure how the crypto market will perform in 2022, as tightening regulations from various government entities are closing in on digital currencies and assets. There is, however, strong support from buyers and traders, willing to tie all loose hanging ends together to ensure the market can yet again outperform standing predictions.