Cryptocurrency made many of the strangest headlines of 2021.
Critics pointed to crypto’smassive environmental footprint, as well as its popularity in online crime.
The chasm between these views will be hard to bridge.
And, as it often goes with innovation, what we get may not be what we expect.
CNET asked experts to help us navigate crypto’s journey to new lands in 2022.
Here’s what they told us.
Crypto moves further into the mainstream
Big companies are trying to figure out how cryptocurrency fits into their business.
And more discussion around financial inclusion."
One of the most notable NFT collections of 2021 was calledthe Bored Ape Yacht Club.
But the potential of NFTs goes far beyond eccentric digital artworks.
NFTs are also used fordigital land purchases in virtual worldsand fornext-generation musicownership, licensing and publishing.
Some observers see a future in which NFTs offer access to special sales or limited-edition products.
How about using a NFT as a concert ticket?
Or when you log into your favorite video game online?
Expect to see all of that in 2022.
Some of America’s biggest brands,including Nike, are already working on expanding the app of NFTs.
But NFTs used in consumer products may only be the tip of the iceberg.
How about using an NFT to prove you are you?
So I wonder if we’ll see some focus on leveraging NFTs for digital identity."
The$85 billion video game industrymay be one of the most fertile areas of potential for NFTs.
Some of the larger studios are alreadyexperimenting with them.
Bigger hacks and bigger ransoms
Cryptocurrencies were used to facilitatemillions of dollarsof ransomware payments in 2021.
That’s because digital currencies include features that make them attractive to criminals.
Decentralized finance, or DeFi, involves finance that works independently of a central authority or institution.
You’ll hear more about stablecoins
Bitcoin and other cryptocurrencies have grabbed headlines because of their volatility.
you could become a millionaire or lose it all at the hyper speed of the internet.
But try buying a latte with bitcoin, and that volatility can make things confusing fast.
This subcategory of cryptocurrency, which is tied to an underlying asset, mitigates much of that volatility.
Transferring assets more efficiently is one of the central values of a stablecoin.
This value is powerful for companies that need to move digital assets and cash quickly and efficiently.
New crypto rules appear on the horizon
Washington lawmakers sense that cryptocurrency is a big and important thing.
But they are struggling, perceptibly, to understand it.
This is tricky stuff.
Creating the right standards will take time.
There could be more milestones to reach before Americans see a comprehensive framework for crypto-focused legislation.
“Governments globally are working with industry players to create legislation that protects consumers and fosters innovation.”
