Industries That Have Embraced Crypto

3 Industries That Have Embraced Crypto 

Editorial Team Avatar
Jun 16, 2022
4 min reading time

Cryptocurrency has gained a significant boost in popularity over the past couple of years. It has been accepted by a few countries around the world, the most prominent being El Salvador where Bitcoin, the leading crypto asset, is now being used as a legal tender. Because of its global recognition, cryptocurrency is now being embraced by major industries around the world.

Popular brands and communities have seen the convenient utilities of cryptocurrencies and have jumped on the bandwagon to embrace them. Several major industries have started using crypto assets for transactions, which stands as a testament to the asset class’s fame and use cases. Three of the major industries have taken advantage of the best crypto has to offer.

iGaming Industry

The iGaming industry has seen quite a few changes given the vast rise in the popularity of gambling websites. Gone are the days when punters and players needed to visit casinos for entertainment, now anyone can download a casino app and start playing online. 

Cryptocurrency has played a huge part in iGaming’s rise, acting as a means of transferring funds. There are several online casinos that offer Bitcoin to players for making deposits and withdrawals with additional perks, such as extra Bitcoin-based games, bonuses, promotions, etc. 

There are several benefits to using crypto for gambling activities. Firstly the transactions are anonymous, therefore a person’s gambling activities will not be in the public domain. The deposits and withdraws are instant and there is also the possibility that one’s winnings might increase significantly over time since this has been the trend for cryptocurrencies in recent years.

Video Games

Unlike the iGaming community that thrives on gambling games, the conventional video game industry has also seen changes due to cryptocurrency. Many gamers have lived up to their dreams of making a living by playing video games, specifically cryptocurrencies. Several online games have been launched based on Non-fungible tokens, or NFTs, that gamers can win by playing video games. Popular platforms are Axie Infinity and Animoca where gamers are now stakeholders within the virtual world and they play to earn NFTs. 

Fashion Industry

The shopping industry has undergone massive changes thanks to Bitcoin. There are several shopping outlets and major brands that have embraced cryptocurrencies. One of the bigger brands is Gucci, which has tapped into the world of crypto assets by accepting payments. Customers can now shop for luxury accessories using cryptocurrencies such as Dogecoin, Bitcoin, and Ethereum among other leading currencies. 

The luxury brand has also tapped into NFTs, such as SuperGucci and Gucci projects. It marks a major move for the luxury brand as it ties NFT collections and its own items in the Web3 community to real-world consumption. 

Real Estate

Blockchain technology has revolutionized several markets and industries, one of them being real estate. Ownership of property is determined by judges and courts, but now thanks to the digital age, the blockchain ecosystem has taken it a step further. Crypto provides ownership rights to individuals efficiently by alleviating paperwork, bureaucracy, and expense all with the guarantee of transparency.

In short, blockchain technology is a secure and decentralized means that transfers ownership of assets, whether virtual or physical, in a reliable fashion. This evidently revolutionizes the real estate industry, providing a number of ways that buyers and sellers could carry out transactions in real estate in the future. 

Conclusion

Major industries have accepted cryptocurrencies as a means of payment and this trend will likely continue in the future. It boosts the fame of crypto-assets and may compel more industries and brands to embrace the asset class, integrating it into their business to drive the business value up in an efficient manner.

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