Cryptos, Blockchain technology, and other Web3 projects saw immense growth in the previous couple of years. Parallelly, we also witnessed several crypto scams, rug, pull(s), and incomprehensible market crashes. Despite them, the Crypto blockchain-based Web3 projects are developing continually, forming the New Crypto Essentials in 2022!
What are Crypto Essentials?
The Crypto market is already huge in 2022, influencing every business sector and the world of finance each day. From hospitality to entertainment, gaming, logistics, manufacturing, etc., all such industries have upcoming Web3 projects aimed at advancing their individual markets.
In such times, the following types of Crypto-based Web3 projects and products are emerging to become the Crypto Essentials of 2022.
- VDAs (Virtual Digital Assets)
- DeFi (Decentralized Finance)
- DAOs (Decentralized Autonomous Organizations)
- GameFi (Game-Decentralized Finance)
The above-mentioned Web3 projects & products are named essentials because their applications collectively affect every industry.
Although the Crypto Market houses everything else like CEX/DEX, NFT Marketplaces, Crypto-eCommerce Stores, and other Web3 projects, they all are linked together closely by these essentials.
Crypto Essentials Blockchain Projects for Web3 Growth in 2022
Here’s a closer look at how Crypto Essentials quantifies to make the Web3 network an evolutionary success in 2022.
1. VDA Crypto
Virtual Digital assets or VDA Blockchain products are the gateway to the Metaverse besides being a form of digital ownership. No longer is the existence of the VDAs limited to being an eyes-only asset, as owning such cryptos or NFTs can also provide legal ownership of tangible real-world items and commodities.
Another reason VDA cryptos are Essentials is that users can own them for as low as $10 or even for free, depending on their participation in NFT Collection Airdrops. Also, NFTs were the second largest crypto items after crypto tokens or cryptocurrencies within the VDA segment to raise the Global Crypto Market Cap to $3 Trillion.
2. DeFi Crypto
Having trustworthy DEX & CEX or Decentralized and Centralized Crypto Exchange platforms is all good, but DeFi platforms are the keys to their sustainability.
Currently, DeFi platforms that allow users to stake crypto or offer crypto lending services are already competing with the growth & revenue of VDAs. Hereon, it may surpass them, which both proves and actualizes the theory that the role of DeFi Blockchain Projects is indispensable to advancing the Crypto Market.
3. DAO Crypto
The DAO Blockchain entities are the co-contributors and leading collaborators in building the Web3 future. Their projects already encompass various DeFi platforms and VDA collections, besides developing Web3 technologies that let users access content and even free Internet!
DAOs are globally less hyped than the news concerning crypto sales and regulations. But simultaneously, they’re open communities with their native/independent Governance & Utility tokens that anyone could exchange for VDAs.
Several DAOs members already include names of personalities holding prominent positions in their respective native government bodies. Additionally, the DAOs also feature Crypto educational programs that make applicants familiar with the crypto world on different levels.
It’s said that the gaming industry annually earns more than the Music & Entertainment industry combined, which is true. Hence, game creators have already released GameFi Blockchain games or blockchain-based games that offer multiple benefits to their players.
For instance, GameFi projects primarily offer users Play-to-Win-to-Earn games and similar business models. They are adjacently assisted by other games that offer rewards in different crypto tokens like NFTs or utility coins.
Trading such assets between players is something that the gaming industry has long avoided, but the GameFi projects make them appropriate for investment(s).
Also Read : Can GameFi Crypto Acquire DeFi Success?
Global Trade & Business Advantages of Crypto Essentials
To declare that the Crypto Market exists only for Finance enthusiasts or any singular group would be an incorrect generalization. That’s because the effects of the existence of crypto have sedimented or birthed specific activities, which are soon to be a daily reality if they’re not already.
For instance, the blockchain technology or the crypto essentials are creating grounds for the emergence of the following business markets:
- IoT Blockchain Devices
- EV Blockchain Automobiles
- Blockchain Healthcare Systems
- Blockchain Data Network
- Blockchain VR Applications
- Blockchain Accounting & Finance
- And many more
It is undoubtedly inevitable for Crypto Essentials to drive the crypto market upwards of $4 Trillion by the end of 2022. In this space, in the meantime, it’s verily possible to witness an indefinite number of crypto Web3 project releases that can amp up the Crypto prices to unparalleled levels. Still, the Crypto essentials will be where most global investors would put their money.
DAOs are Decentralized Autonomous Organizations whose committee is formed by the owners of their governance tokens. A DAO needs the affirmation of all its board members using Governance tokens to make changes to its blockchain protocols.
The matter of taxation on Crypto assets and essentials is subjective to the jurisdiction of the country of the respective resident. While some nations have condemned crypto transactions, other nations have made them tax-free already.