5 key takeaways from Huobi 2022 crypto industry report

1 year ago

Over the past twelvemonth the crypto, and greater Web3 manufacture has seen a rollercoaster of loss, maturation and innovation - and the information shows.

In the latest manufacture study from cryptocurrency speech Huobi, "Global Crypto Industry Overview and Trends", trends and stats were pulled from the manufacture connected everything from nonfungible tokens (NFTs) and the metaverse, to centralized speech (CEX) usage and regulations.

Despite the turmoil of large events similar the FTX collapse, LUNA’s implosion, and 3AC bankruptcy, the manufacture inactive accounted for astir 320 cardinal crypto users worldwide successful the past year.

While the full magnitude of concern and financing successful the “primary market” surpassed $27.7 billion, the full magnitude of marketplace capitalization of crypto assets shrank by implicit $2.2 trillion.

1. NFT becomes the astir discussed crypto word worldwide

The study analyzed 5 of the astir googled hunt presumption pertaining to the Web3 industry, which include: “cryptocurrency”, “DeFi”, “GameFi”, “NFT” and “BTC”. Of these terms, searches for NFTs dominated worldwide.

According to the study NFTs amusement dominance because:

“NFTs tin beryllium good integrated with assorted industries, specified arsenic sports, arts, entertainment, taste creations, expanding the exertion scenarios connected a larger scale."

This past twelvemonth has seen the absorption of NFTs power from hyped drops to projects with past utility, specified arsenic solving diamond certification fraud. Some projects are adjacent targeting the adjacent procreation of users with “family-friendly” NFTs.

As for the different hunt terms, "BTC", "DeFi" and "Cryptocurrency" were astir often searched successful emerging markets including successful South America, South Africa and the Middle East.

2 . The United States dominates CEX usage and manufacture development

Another cardinal uncovering related to CEX activity, which reportedly has been connected a dependable diminution implicit the past year.

However determination were definite countries which had important shares of postulation to CEXs. The United States (U.S.) took the apical spot with astir 10% of each CEX postulation followed by South Korea (7.4%), Russia (6.1%), Turkey( 5.6%) and Japan (3.8%).

The U.S. besides came successful apical for crypto marketplace improvement maturity. This was based connected 4 cardinal indicators which included percent of crypto users, stock of CEX volume, stock of DeFi measurement and net colonisation index.

Lastly, the U.S. has the largest full crypto colonisation with implicit 46 cardinal users and is archetypal for its stock of DeFi postulation (31.8%). Of U.S. crypto users implicit fractional are betwixt the ages of 18-34.

3. Asia is connected apical for heated involvement successful NFTs

NFTs whitethorn person been the astir searched word globally, but it has been connected the diminution from the erstwhile year. Nonetheless successful Asia the involvement successful NFTs remains heated.

According to the report, 4 of the apical 5 spots were occupied by Asian countries. In the apical spot for NFT involvement based connected searches was Mainland China followed by Hong Kong, Singapore, Nigeria and Taiwan respectively.

Recently the courts successful mainland China declared that NFTs are virtual property to beryllium protected by law. This is simply a large determination considering the country’s harsh crypto crackdown which began successful 2021.

4. GameFi and Metaverse predominate investments

Both GameFi and the metaverse person been large winners successful the manufacture implicit the past year.

Reports person consistently recovered involvement and concern successful these 2 sectors. Many large manufacture names similar Animoca Brands CEO Yat Siu person said GameFi volition go the onboarding point for metaverse.

In Huobi’s report, it revealed that for a 2nd twelvemonth successful a enactment GameFi and Metaverse collectively exceeded the fig of investments compared with categories specified arsenic tooling, and trading and lending. In these 2 categories, superior concern has changeable up from $874 cardinal successful 2021 to $2.4 cardinal successful 2022.

A Q3 DappRadar study revealed $1.3 cardinal successful concern for GameFi and metaverse initiatives combined for that quarter. In the adjacent six years, the GameFi manufacture alone is estimated to person a valuation of $2.8 billion.

5. Over 100 regulations person been issued for the crypto industry

Lastly, determination is nary talking astir 2022 without talking astir the slew of regulations which person been pointed astatine the crypto manufacture implicit the past year.

The study chronicles 105 “regulatory measures and guidance” for the crypto manufacture from implicit 42 sovereign countries since the commencement of this year.

According to the research, regulations from the U.S., the European Union (EU) and South Korea are the astir concentrated and intensive.

The U.S. peculiarly has taken the spotlight successful presumption of crypto regulations with a full of 22 national and authorities regulatory statutes, touching connected everything from: crypto transactions and regulatory guidance,to judicial decisions and stablecoins.

After the catastrophic illness of FTX, planetary regulators person been calling for much unified crypto regulations with intentions to tame the chaotic westbound and support consumers.

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