The future of crypto and NFTs

What will our future look like with cryptocurrencies and non-fungible tokens? What developments can we still expect? And what is possible?

Much has already changed in our world regarding cryptocurrencies and non-fungible tokens (NFTs). Bitcoin is already considered a second currency in some countries and can already be used to pay in some stores. NFTs also offer many opportunities to revolutionize the digital world in the future.

Crypto and NFTs are already a reality

Cryptocurrencies and NFTs have already changed our world to a great extent, revolutionizing and digitizing many fields. Cryptocurrencies are not just an investment opportunity and NFTs are not just a store of value. NFTs are used in the gaming sector to indicate digital ownership in the game. Play-to-earn models allow users to earn crypto during the gaming experience, which can later be exchanged for real money. An interesting project here is PlayDapp, a dApp service platform that offers C2C marketplaces and tournaments. All PlayDapp users are compatible with each other and offer a portfolio of PlayDapp service content that users can use with their NFT.

On social media, NFTs continue to offer a new way for content creators to monetize. And last but not least, they can digitally map their own identity. The indivisible tokens have already made all this possible. So the possible uses of NFTs can be very diverse: digital art, collectibles, games, services, NFT rights for computer applications, NFT as digital property rights for real assets and and and.

Cryptocurrencies such as Bitcoin or Ethereum have already penetrated the real financial market. Bitcoin machines have been set up in front of some Rewe and Saturn branches in Germany so you can invest locally. Many well-known brands such as Gucci, Puma or Starbucks are considering allowing payments with Bitcoin. And major payment providers such as Paypal, Mastercard or Visa already work with digital currencies. Crypto credit cards already exist, but NFTs can also be paid with conventional credit cards. The digital financial world and the traditional financial world are thus converging more and more.

The evolution of the metaverse

The hype surrounding Metaverse is also confirmed: more and more large companies are opening branches in the digital parallel world, including many banks. Everyone imagines the Metaverse differently. You can compare it to the movie “Ready Player One”. Everything needed in the real world – hospitals, taxis and banks – will also be available in the Metaverse. The real estate sector has already started working. NFTs as well as cryptocurrencies and metaverses merge in this place in terms of functionality. Companies that already use their brands in Metaverse are poised for incredible growth. They use new technologies to create new innovations. Brands already featured in the Metaverse include Nike, Zara, Gucci, Tommy Hilfiger and Balenciaga. Furthermore, it can be expected that more and more companies will use Metaverse’s marketing strategies. Especially when more and more people want to immerse themselves in the digital reality.

The crypto art market has become indispensable

Well-known NFT artist Beeple has sold one of his digital artworks for $69 million. This shows that NFT artworks are now in the price range of real artworks. eBay is also launching an NFT collection. Now, by partnering with One Of, they’re making coveted NFTs more accessible to a new generation of collectors everywhere.

Non-fungible tokens have already found numerous uses, and their possibilities are even greater. Think, for example, of passports, which can be encrypted as NFTs in your own wallet, as well as delivery notes and so on. FIFA also wants to create an NFT marketplace for the upcoming World Cup this month. These examples show that real benefits have already been reaped from this technology. With NFTs and Web3, we can enter a new digital age that will bring business to the people, create more transparency and completely redefine ownership.

Crypto as future means of payment?

The question now arises whether cryptocurrencies will turn our entire financial system upside down in the future. Will payments soon be made only with Bitcoin and Co.? A complete reversal is highly unlikely. Bitcoin is volatile, so going forward it is likely to be a smaller form of payment and likely to remain a store of value. Nevertheless, other forms such as stablecoins, central bank digital money (CBDCs) or the Lightning network are suitable as future payment methods. For example, the Lightning network offers a much faster transaction facility than the BTC blockchain. One million transactions per second are possible here. Stablecoins, on the other hand, are not as exposed to price fluctuations as e.g. Bitcoin.

Paypal is currently working on a stablecoin. As soon as this comes to market, the financial world will move a step further towards digitization. Because the financial service provider is one of the largest and most popular. Therefore, Paypal stablecoin would likely quickly become a digital currency. CBDCs come on the other side. Norway’s central bank announced that the infrastructure for its national digital currency is built on Ethereum. One can therefore expect that digital central bank money will be used in several countries. It will probably also reach Germany, and we will soon have an e-euro as our currency.

Conclusion

Now that we have witnessed several developments with crypto and NFTs, a world without them is no longer conceivable. In all likelihood, the development will not stop for the time being, because despite the recent crypto winter, digital currencies are in the fast lane. They provide the opportunity to continue digitizing our world. Very soon they will most likely enter even more realms. However, a complete turnaround is not conceivable for the time being. There will still be real paintings or real money, and you need that too. Because while crypto and NFTs offer countless possibilities, they will never be able to replace physical objects.

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