Crypto Analyst, Hoskinson predicts Government May Clamp Down on NFTs Soon, Gives Reason

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TL;DR Breakdown

•Cardano founder, Hoskinson predicts that regulators would crackdown on NFTs in 2022.

•Predicts Ripple, SEC legal battle will end 2022 in favor of Ripple.

Founder and developer of Cardano, Charles Hoskinson has predicted that in 2022 and beyond, governments and regulators are going to clamp down on Non-Fungible tokens (NFTs) similar to how they’ve acted with cryptocurrencies and Initial Coin Offerings (ICOs).

Hoskinson predicted in a YouTube video on the eve of 2022 while speaking about the Cardano project and crypto industry entirely.

He expressed confidence that 2022 would be one of the best years for Cardano, outlining that the system has made a lot of progress with affiliates and community projects.

The mathematician said 120,000 people attended the Cardano summit in 2021 and people saw how the ecosystem works for themselves.

He also stated that the market grew too quickly and that “we’re going to digest as an industry the consequences for better or worse of becoming so big so quickly.”

Hoskinson Ripple, NFT crackdown prediction

Among some of the predictions he made in the video, he also said that “we’re probably going to have a resolution on the Ripple case,” while also outlining that, at this point, Ripple looks like they’re going to win.

Speaking on NFTs, Hoskinson said that going forward in 2022 and beyond, we’re likely to see a lot of regulatory involvement in the industry, specifically clamping down on DeFi and non-fungible tokens (NFTs).

He gave an example of what happened to initial coin offerings (ICOs) and how regulators aimed at them in 2018 and 2019.

Recently, Hoskinson, while speaking on Cardano’s plans for 2022, revealed that two million assets have been issued on Cardano, most of it being NFTs.

He added that more than 127 projects are currently writing code to build decentralized applications (dApps) on the network, with about 20 to 30 in the pipeline to launch within the next three months.

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