In a current analysis, the global payment service provider Checkout.com surveyed key players in the crypto scene and e-commerce retailers and based on this made a forecast for the future development of the industry. . As a result, 2022 is set to be a breakthrough year for cryptocurrencies and Web3 possibilities.
By the end of 2021, the global cryptocurrency market capitalization had reached over $2 trillion. Thanks to the continued rise of digital assets such as non-fungible tokens (NFTs) and the rise of Bitcoin and Co., cryptocurrencies saw gigantic growth in 2021. But the boom was abruptly curbed over the past first weeks of 2022 by falling cryptocurrency prices. Now the question is what awaits the world of digital currencies in 2022.
Getting into cryptocurrencies is getting easier
According to Checkout.com, the massive growth of cryptocurrencies will continue in 2022 in the longer term. “The general acceptance of cryptocurrencies is now driven by a variety of factors. Additionally, it is becoming increasingly easier for consumers and businesses to get into cryptocurrencies,” says Ralph Piater-Frankenfeld, Country Manager DACH at Checkout.com.
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A Quarter of Merchants Prepare for Crypto Payments
In a recent Checkout.com survey, a quarter of European merchants now say they are preparing to offer cryptocurrency payments. A fifth plan to sell digital assets such as NFTs this year. “Commodities that can be traded in the metaverse is an area traders are focusing on this year. With the growth of the Metaverse, but also with developments like GameFi and SocialFi, more and more users will enter the world of crypto as fiat to cryptocurrency exchanges improve and acceptance of cryptocurrency is increasing in the decentralized and centralized world. Therefore, payment processing when exchanging fiat currencies for digital coins will continue to be extremely demanding – here we are already setting standards with Checkout.com,” emphasizes Piater-Frankenfeld.
NFT Boom offers new payment methods
As the nature of purchases changes with the popularity of digital goods like NFTs, payment methods will also have to change in 2022. video games and buy art. Market evolution makes localization and personalization of payments in e-commerce 2022 more important than ever. The constant addition of new payment methods through new products such as NFTs is becoming an important part of online retailers’ expansion plans. In addition to local payment methods, retailers will therefore increasingly rely on cryptocurrencies such as stablecoins,” predicts Piater-Frankenfeld.
Development in Germany is just beginning
Overall, however, the country manager emphasizes that development in Germany is just beginning: “Although acceptance is growing, we are still at a very early stage in this country. From our point of view, in addition to the opportunities this market offers, there is also a lot to consider, especially in terms of regulation,” says Piater-Frankenfeld.
www.checkout.com