Cryptocurrencies and the metaverse are driving technological innovation

<p>According to the Activate Technology and Media 2022 Outlook, cryptocurrency and the metaverse are among the disruptive technologies that will drive innovation and growth in the coming years.</p> <p>Additionally, the report identified gaming and esports, streaming, next-generation transport systems, and ecommerce as additional technologies to monitor over the next five years.</p> <p>Globally, Activate anticipates that technology and media spending will surpass US$2 trillion in 2021 and reach US$2.5 trillion by 2025.</p> <p>The report, now in its seventh year, predicts that cryptocurrencies will disrupt consumer finance and gaming, though numerous barriers remain to widespread adoption.</p> <p>In Australia, cryptocurrency made headlines last week following the release of a Senate enquiry report calling for tax reform and the establishment of an exchange licensing scheme to facilitate business and investor transactions in digital assets.</p> <p>In other predictions, gaming could emerge as an industry powerhouse, with the industry expected to grow at an annual rate of 8% and reach a value of more than US$220 billion in the next few years.</p> <p>Additionally, significant gaming acquisitions are likely in 2022 as 'Big Tech' recognises the need to bolster its gaming strategy in order to remain competitive and will look to integrate gaming services into existing platforms.</p> <p>With the continued growth of gaming, the sale of virtual goods and skins is expected to increase as well, serving as a significant driver of cryptocurrency and NFT innovation and proliferation.</p> <p>Reform is required to fully realise the potential of cryptocurrency.</p> <p>According to the report, one in every six people in the United States has already transacted with cryptocurrency for investment or speculation purposes.</p> <p>While consumers have primarily used cryptocurrency for trading rather than payments or other cryptocurrency use cases, many of the cryptocurrency's promised use cases have encountered barriers to adopti