It has been weeks since New Year 2024, and the digital assets industry continues to take steps to progress further. Despite the onset of crypto winter since last year, individuals, corporations, and institutions continue searching for reliable tokenization platforms, such as Nyala.
Prospects for the industry aren’t entirely doom and gloom since experts from various institutions have also predicted how digital assets will become this year. Furthermore, high-profile crypto conferences, which invite experts from the industry, will also take place.
Amid all challenges, let’s see how the digital asset industry may turn out in 2024 and beyond.
Long-waited Bitcoin ETF approval
Crypto investors who had to wait weeks for bitcoin ETF approval by the US Securities Regulator (SEC) were eventually relieved after the SEC approved the ETFs on January 10. With the approval of the long-awaited investment fund, investors may own prominent digital assets without owning them directly.
Appetite for ETFs may garner $50 billion to $100 billion profit in 2024, according to an analysis by Standard Chartered. Furthermore, Bitcoin saw a gradual growth of 74.96% in the past year thanks to the anticipation for the ETF approval.
“We believed that bitcoin could change the world, and we were and remain excited at the prospect of democratizing access to this asset,” said Grayscale CEO Michael Sonnenshein.
Despite several mishaps in regulatory announcements by the SEC following the ETF approval, they did not sour the mood of celebratory crypto users. Furthermore, the ETF approval may lead to the development of newer digital assets innovation that the SEC cannot deny any longer, said Georgetown’s McDonough School of Business associate professor Jim Angel.
Development of RWA tokenization
Although real-world asset (RWA) tokenization has become a buzzword among digital asset users in the last few years, some experts predict that tokenization may grow further in first-mover countries in 2024.
Thanks to RWA tokenization, institutions may transfer these tokens to intended parties without intermediaries in the blockchain. Considering many RWA are worth millions to billions of dollars, RWA owners may want to tokenize their assets to prevent unintended loss of ownership.
Governmental institutions have made strides to tokenize RWA since last year after taking notes from Singapore’s Project Guardian, a project to test the feasibility of applications in asset tokenization and DeFi. For example, the European Union (EU) and United Arab Emirates launched market rules for digital assets and guidance for companies to streamline the assets’ securitization.
Upcoming conferences on digital assets
Much like the previous year, many global crypto communities will hold conferences to shape the digital asset industry in 2024.
Digital asset owners or beginners may want to participate in the upcoming Crypto and Digital Assets Summit in London, UK. Financial Times (FT) will host the event from May 8 to 9, 2024, inviting experts from the crypto sector, traditional banking executives, and governmental institutions.
However, the London-based event isn’t the only one digital asset owners can attend in 2024. Major cities such as Austin, Dubai, Singapore, Paris, New York City, and Hong Kong also have upcoming conferences that discuss the prospects of developing digital assets in their respective regions.
After reviewing these trends, it’s evident that people still want to explore the digital asset industry even further to see how the technology can benefit owners compared to traditional assets.