When Bitcoin first caught the eye of the public, there were not many among the crowd of optimists for the success of the big orange coin. Then, to understand what crypto could be capable of was all but a distant foresight and not many would have been able to see the potential for something so heavily criticized.
Within the first year, there were not even 100 transactions per month, which is staggering when they now touch close to 10 million per month. When looking back, it’s difficult to identify a solitary defining moment that led to the level of adoption for crypto there is now. Many would look back on May 22nd, or ‘Bitcoin Pizza Day,’ where a Bitcoin holder exchanged 10,000 Bitcoin for just a mere two large pizzas, a real exchange of goods.
Now Bitcoin, along with various other coins such as Ethereum, Dogecoin, Tether, Cardano, and many more, can be used instantly in various ways. An immensely popular way it is used is with online casinos and bitcoin sports betting. With an abundance of highly immersive and socially stimulating games, the popularity behind it doesn’t come as a surprise.
The Central Bank of Digital Currency is coming
Upon the announcement of the Central Bank of Digital Currency (CBDC), crypto fans and enthusiasts throughout the globe didn’t take long to downplay the notion of this. The feeling of something being taken that’s somehow theirs after years of being looked down on for believing in the real-life application of cryptocurrencies.
In reality, the announcement and application of the CBDC, is proof central authorities worldwide recognize the use of blockchain technology and industries worldwide are integrating blockchain tech in various ways. The regulatory framework that will be introduced in the Markets in Crypto Assets (MiCA) will undoubtedly pave the way forward for businesses to act on the various potential upsides.
Rumoured to be fully implemented in 2025, the UK will be the first to properly integrate a digital currency into society, and just like with MiCA, much of the framework will be used to implement crypto further into everyday life. Currently, there are many uses, and vendors in all kinds of industries accept different forms of crypto and this is not new by any means. Many stores have been accepting coins like Bitcoin for years, it’s just that transactions are more or less instant these days.
The Rise and Fall of the NFT
Non-fungible tokens, or NFTs, came under some extreme scrutiny when they began becoming popular and amid a crypto bull run where many of the heavy hitters were reaching all-time highs week on week. Much of the doubt arose from much of the world not knowing what an NFT was or the potential to come from owning one.
Depending on the project, some NFTs have ample use in the wide world, such as staking claim to native tokens, ownership and distribution of merch and airdrops of various art pieces or even in-game items for games running on various blockchains. To deny the potential uses of NFTs wouldn’t be all too dissimilar to rule out Bitcoin 10 years ago. The notion of owning a digital license to your home or even your car on the blockchain may not be all that far away.
Unfortunately for the crypto community, NFTs were a way for scammers to take advantage of the curious community vested in various blockchains. Ethereum, Cardano, Avalanche and Solana are among some of the big hitters in the NFT world, with all of them once hosting millions of dollars worth of transactions daily, and sadly, volume is only a fraction of what it used to be. It’s important to consider that the hype may return should NFTs become a hot topic again with further upgrades to blockchain technology.
Real uses for NFTs that work
A few companies that have appeared through the big crypto bang saw fit to take on the task of hosting their own digital currencies and have digital goods on offer in return. Veve was a notable example of this, and they are a platform that hosts officially partnered digital collectibles. Marvel and DC are among the names that suit and with such large die-hard followings, the daily and weekly releases were instant sell-outs, with the secondary market on Veve producing a vast amount of volume in their digital currency, gems.
Another great example is Sorare, a collectible trading card application for MLB, NBA and newly partnered Soccer leagues scattered across Europe. However, with Sorare, owning the cards is just one step, with a fantasy game tied in around it too.
Earlier and special additions of cards are available to buy from an after-market using Ethereum but also provides a free version for all that want to take part. Simply signing up will grant you a budget to get the team you wish to have.