Crypto has undoubtedly changed the world we are living in today. From its early currencies like Bitcoin, it has evolved into a technology that has affected almost every industry. From improving financial institutions’ cross-border transactions to securing digital contracts, cryptocurrency technology and applications are here to stay.
Despite the recent dip, cryptocurrency’s influence shows no signs of stopping. Apart from the industries that it has already penetrated, we’ll discuss a few more here that crypto will continue to transform. Online gaming, such as poker and casinos, art, and even professional sports are just a few of the industries that we can expect crypto to influence further.
Here are four industries that cryptocurrency will continue to transform in 2023:
Online gaming is just one of the industries that are changing due to crypto. One of the more apparent uses for crypto in online gaming is buying or selling cryptocurrencies via exchanges in e-wallets. There are also in-app purchases that allow players to buy something directly in-game, such as coins, custom characters, and extra lives. Online bitcoin games also let players buy items using crypto or buy crypto itself.
The iGaming industry has also changed given cryptocurrency’s accessibility and decentralization. Crypto is more beneficial because it’s faster, cheaper, and can bypass certain legal restrictions that make it difficult to play online poker in certain places. There is even a greater chance that the increasing popularity of cryptocurrency in online poker can make it legal nationwide. And as the virtual coin becomes more stable, bigger investors will be on board, resulting in the coin being a legitimate mainstream investment. This may change the mind of politicians who have long opposed legal online internet games to rethink their positions.
The rise of online banking has led to cryptocurrencies’ positive effects on the industry. These days, many financial institutions are readily accepting popular cryptocurrencies such as Bitcoin, which further secures their banking actions thanks to blockchain technology. Users may enjoy expedited international transfers, increased security and reduced fraud. It could lead to reduced overall costs and make lending easier for lenders and borrowers.
For instance, Digital Life Bank is one such banking platform in traditional finance that embraces the use of digital currencies on its platform. Services include but are not limited to crypto trading, yield farming, and much more, resulting in about 2 million active users on the platform! This shows that there is great potential in using blockchain technology in banking, and other banks ought to follow suit.
Blockchain technology from cryptocurrencies has also made it possible to enable more digital art. Digital artists can use tokenized assets called non-fungible tokens (NFTs) on the blockchain to bring scarcity to their artwork. This is because digital art has historically been easy to plagiarize for their own benefit. With so many copies saturating the market, artists have had a difficult time selling original pieces for their true value. This allows artists to profit more from their original work.
Artists are also using blockchain technology to merge seemingly unconnected fields of art. For example, they have been able to connect digital and physical spaces, such as Plantoids, which is basically the plant equivalent of an android — it is a robot or synthetic organism that looks, grows, and acts like a plant. These blockchain-based life forms or algorithmic entities are autonomous, self-sustainable, and capable of reproducing. Apart from that, artists are able to collaborate on a single project more easily without having to be in the same space.
Lastly, cryptocurrency has also changed the landscape of sports. It has a big upside in segments of the sports business, such as game tickets and merchandise. Blockchain, for example, can authenticate NFL jerseys that are sold to fans, successfully creating a solution to solve the problem of counterfeit items on the market.
Fan engagement is another big use for this technology in sports. Events such as Digital Bobblehead Night for the Los Angeles Dodgers in 2018 are one such example. This even allowed the first 40,000 fans to download a crypto token for a digital bobblehead version of some players. This was the first promotion of its kind in Major League Baseball.
The Bottom Line
Cryptocurrency may have its highs and lows, but it is certainly here to stay. The best that every industry can hope to do is welcome its advantages with open arms and stay ahead of the curve.