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Interesting Events That Are Happening in the Crypto Space 2022by@gabrielmanga
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Interesting Events That Are Happening in the Crypto Space 2022

by Gabriel MangalindanAugust 11th, 2022
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Let's look at some essential developments within the crypto space this year.

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We've seen many new developments and innovations within the blockchain space over the years. 2022 has seen some interesting innovations in particular. So, let's look at some essential developments within the crypto space this year.

Web3, the Next Stage of the Internet, Is Growing 

When discussing the development of blockchain technology in more detail, it is impossible to avoid at some point bringing up Web3. Most people believe Web3 will be the most significant factor influencing how the internet evolves over the next several years. In terms of growth, the Web3 blockchain market is expected to bring in $23.3 billion by 2028.

Web3 is a version of the internet that does not have a central server and is accessible to everyone. People and organizations in this form of the internet may collaborate to operate the services that everyone uses. It is considerably different from Web2, which is now the most popular version of the internet. 

Web2 is controlled by large corporations such as Meta (formerly Facebook), Amazon, and Alphabet (Google's parent company), which provide popular but centralized services and have significant power over users and their personal information. Web3 aims to change this and create an internet where users have more ownership, free from censorship and privacy issues.

Blockchain is one of Web3's most crucial technologies. It functions similarly to a shared ledger and may be used for various purposes, including financial transactions and smart contracts.

In addition, it sets the framework for many of the platform's most essential features, such as the ability to have both fungible (i.e., cryptocurrency) and non-fungible tokens (NFTs) and a large variety of various types of decentralized apps (i.e., DEXs, borrowing/lending protocols and more).

Shopping.io integrates EQX token for crypto-based online retail

EQIFi, a leading regulated global Defi services platform backed by EQIBank, integrates its $EQX token with crypto-to-retail bridge Shopping.io. Through the integration, EQIFi users can use $EQX to buy goods at some of the world’s top e-commerce platforms, including Amazon, eBay, Walmart, and Home Depot.

Inflation in the U.S. reached 8.6% in May 2022—the highest rate since 1982 and, according to BBC News, one of the highest rates in the world today. This, in turn, has forced central banks to hike interest rates, leaving financier’s scratching their heads in their attempt to predict the length of the current recession. In addition, consumers have felt the brunt of this recession, with many now searching for new, innovative ways to use their assets to optimize their financial standing and purchasing power. 

EQIFi’s partnership with Shopping.io allows users to spend their $EQX staking rewards seamlessly while enjoying seven days of free international shipping and a 2% discount on all orders for 30 days starting August 15. In addition, both ERC-20 and BEP-20 versions of $EQX can be used as forms of payment through Shopping.io’s payment processor, ShoppingPay. Shopping.io currently fulfills orders from Amazon, eBay, Walmart, and Home Depot, though this merchant list stands to grow with the launch of Shopping.io’s Web Extension. In addition, the Web Extension will allow Shopping.io to collaborate with a plethora of new merchants, aiding the expansion of $EQX’s purchasing capabilities to the farthest reaches of the web.

EQIFi makes Defi as accessible as regular online banking, offering users a convenient platform incorporating the largest array of financial services in the Defi space. Backed by a licensed bank, the platform grants its clients the certainty and security that comes with the highest level of regulatory compliance. EQIFi’s relationship with EQIBank also cements it as one of the most efficient gateways between Defi and traditional finance, providing its users with a streamlined crypto/fiat On/Off ramp for greater control over their finances.

“EQX token has been the backbone of our platform, and with this partnership now, it becomes part of something even bigger,” says Brad Yasar, CEO of EQIFi. “We offer our users an opportunity to grow their money through Defi, and now they can spend it at the world’s top retailers, which don’t even officially accept crypto.”

“This collaboration with EQIFi brings us closer to our vision of a future where people have the flexibility to buy anything with everything,” says Arbel Arif, Founder, and CEO of Shopping.io. “The time has come for the liberation from traditional forms of payment! Consumers deserve the freedom to spend their money however they see fit. Shopping.io is committed to helping them do that.”

The Metaverse Is Here to Stay

Since Facebook announced the Meta rebranding in 2021, interest in the metaverse has been steadily growing. Today, the metaverse market's value is estimated to reach $800 billion by 2024, up from its previous estimate of $478.7 billion in 2020.

Decentralized Autonomous Organizations (DAOs) will play a part in creating and managing the many metaverses we'll see. DAO members will use blockchain-native tokens to vote on how their specific metaverse world should be governed and developed. Metaverses can also bring many offline events and programs into the digital space. 

For example, users could engage in online shopping via a virtual store where users pay for goods using tokens. In addition, digital goods can be shipped directly, users can send blockchain-based assets to your wallet, and real-world goods can be linked to digital tokens and fulfilled offline.

While users may use the metaverse for various purposes, the primary premise is a digital world where real-world activities take place, such as virtual meetings, consultations, and more.

The metaverse is made up of a plethora of 3D environments that users may explore and interact with. It enables individuals and organizations to connect, communicate, play, and participate in online events. The metaverse is also growing in popularity within the gaming industry. 34% of gamers expressed an interest in using crypto within the metaverse.

Conclusion

The crypto space continues to grow and innovate as blockchain technology matures. So as time goes on, we'll hopefully see more innovations and projects within the industry.