- As per popular predictions, the NFT sector would attain $210 billion by 2030.
- Overall TVL of the DeFi sector is under $90 billion, at press time.
Last week, the prominent experts in the crypto and blockchain industry across the globe gathered on the panel of AIBC Americas Summit 2022, a global tech summit, to cast their opinions on the need for regulation in the DeFi and NFT sector.
Assemblage of Opinions
In the opinion of Gabriel Laender, a blockchain researcher, the regulation safeguards users and lets them utilize the service securely even if they lack the information required to understand the product or service.
But now they are watching events unfold while waiting and attempting to learn before regulating. It’s a significant improvement.
Gabriele Pauliukaite, a DeFi enthusiast, stated:
There’s a huge misconception that DeFi – Decentralized Finance – failed. It didn’t – it worked great!
Lukas Navickas, the founder of 100xpartners.com, a crypto VC firm, added that the rules and regulations vary globally. He emphasized the need for every nation to agree on a united regulatory framework. He also pointed that there is still a chance for many scams to take place.
But he appreciates the variety in the crypto space, where sometimes can take a bigger risk and invest in a protocol devoid of any sort of legal processes. Some protocols allow users to invest freely, while others require authentication. He enjoyed that aspect of the crypto series.
As the use of cryptocurrencies grows, so are the restrictions that have been put in place to control them globally. It might be challenging to stay up to date with the laws in many international jurisdictions because the crypto landscape is rapidly changing.
Especially during the Covid pandemic, both the NFT and DeFi sector bloomed by pulling in several investors onboard. The year of 2020 is regarded as the ‘DeFi Summer’ and it also marks the beginning of the NFT mania.