TARI Global’s 2021 Recap
Although most would stand by any statements referring to the superiority of the impact 2020 had, this year’s been pretty crazy too.
The Year Of Blockchain
If crypto is the club, then the metaverse is pre-drinks; and NFTs are the bandwagon that carry you between the two.
Unlike most, I’d like to write this blog with zero mention to Covid or any soon-to-be pandemic for that matter. At TARI Global, we put a strong emphasis on optimism, particularly when it comes to technology.
Now, although the pandemic has helped showcase the functionality and usability of all this new tech, particularly the metaverse, there are more benefits than the escapism angle most think of when putting on a pair of oculus goggles.
Club Crypto
What was once considered to be the ‘underground king’ has finally penetrated the surface and risen to new heights. Not necessarily in market cap, but in popularity and publicity. Yes, the spike in 2017 caused major chatter, however many can argue that it was not enough to blow up the way it has during 2021.
It all goes back to decentralizing what many believe to be a broken financial system, and combatting inflation. Bitcoin is the digital gold, Ethereum is programmable money, and Polygon is the bridge. Established networks have achieved new heights in 2021, while multiple new DAO projects (decentralized autonomous organizations) running on alternative networks have begun to seriously challenge the infrastructure traditional finance was built upon.
We’re seeing APYs high enough to provide the returns an average year in real estate would provide, in just 5 days. El Salvador enabled Bitcoin as legal tender while Miami pushed for digital currency-backed paychecks.
2021 will undoubtedly go down as a staple year towards mass crypto adoption.
The Metaverse Is Having Pre Drinks
There’s been a tremendous amount of chatter about it, some are showing up early, others can’t find the location, some are confused about BYOB - or BYONFT ;)
2021 has been a year unlike any other with the development of multiple decentralized metaverse projects and the widespread hopes for a ‘ready player one’ inspired world.
We’ve seen massive corporations like Adidas recently stake their claim in the digital world, while poverty stricken areas have been able to generate notable incomes through playing games within the metaverse in exchange for digital currency.
The debate between blockchain based worlds like Sandbox and Decentraland will clearly remain an ever burning flame, although the adoption between both has been enough to sustain their hedge-like relationship.
Virtual plots of land have been sold at staggering prices, while these homeowners have begun to populate their houses with NFTs and party guests from different ends of the planet.
The NFT Bandwagon Has Reclining Seats And Perforated Leather
Out of all the technological advancements we’ve seen in 2021, NFTs have arguably been the biggest wave. Who would’ve thought minting JPEGs on the blockchain would turn into what it’s turned into?
NFTs only really started gaining traction earlier in the year, but thanks to major business influencers such as Gary Veynerchuck, adoption was majorly accelerated. Major NFT traders have been consistent in combatting the traditional outlooks on valuation, by setting record high sales.
Some were savvy enough to leverage the power of blockchain-based finance protocols like AAVE, enabling users to code flash loans from their lending pool directly into smart contracts. This resulted in an NFT belonging to the crypto punk collection being sold for over $500M.
Yes that’s right, million.
The current phase of NFTs are really only scratching the surface. We’re expecting to see mass adoption for the transfer of IP and information through NFT based structures. Picture the deed to a house minted on the Ethereum blockchain, or the pink slip to a car minted on the Avalanche blockchain. This instantly-available form of transfer cuts out the expense that would typically be allocated for any middle men.
What Will 2022 Consist Of?
We have a pretty good idea - particularly when it comes to the metaverse so watch this space.