NFTs could face Regulatory Clampdown

 NFTs could face Regulatory Clampdown

NFTs could face Regulatory Clampdown.

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One of the world’s most prominent blockchain projects, Cardano, founder Charles Hoskinson put forward some thoughts about the last day of 2021.

In 2022 and beyond, Hoskinson predicted that regulators will become more involved, especially in regard to DeFi and non-fungible tokens (NFTs). A recent example he gave was what happened to initial coin offerings (ICOs) and how regulators took aim at them in 2018 and 2019.

NFTs were present before 2021, but in 2018, digital art burst forth on the blockchain universe, and NFTs gave spotlight to digital artists. NFT artists forayed into the largest artistic movement the world has seen yet, as the crypto world became an exciting place to be.

Earlier last month, he went live on YouTube with an hour-long video discussing Cardano’s past, its present, and its future.

A point Hoskinson brought up in the video was that 2022 should be a good year for the crypto industry and Cardano specifically.

In addition, he mentioned that the market grew too quickly, and that “we’re going to have to deal with the consequences of becoming so big so fast for better or for worse.”

Aside from some of the predictions he made in the video, he also mentioned that “there is probably going to be a resolution to the Ripple case,” noting that at this point, Ripple appears to have the upper hand.

From the year 2021, we can take away that technology has impacted all aspects of our lives. It is expected that NFTs will ignite a spark in 2021, but an explosion in 2022.

Despite global regulatory changes, the NFT market is expected to grow at a faster rate. NFT will also be adopted and implemented by the film industry, art industry, and luxury industry. The NFT will feature a new YouTube-like platform for new artists.

NFT is expected to witness Web3-based social networking. Metaverse and NFT use cases are more promising. Sand and Decentraland are expected to gain traction in the coming years

Olumide Adesina

Olumide Adesina a France-born Nigerian, a Certified Investment Trader, with more than a decade of working expertise in Investment and Trading. He is also a reputable author and writer for CoinDesk and FxEmpire.

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