Depending on when you got into crypto and to what extent you chose to be maximalist for a particular cause (likely either Bitcoin or later Ethereum, because they have the most single-minded communities), your initial perception of the industry would be very different. In the early days, even that word sector wouldn’t have been a suitable descriptor, and crypto meant Bitcoin.
In the beginning it was a side move with all the pros and cons of staying on the sidelines. For the better, alternative moves are destructive and limitless in their capacity to ignore convention and play by their own rules. On the other hand, they are open to ostracism or ridicule from the mainstream. And, it tends to be the case that people, products and ideas that actually do change the world don’t wait around to request permission, they simply go ahead and produce alternatives.
Exploring New Uses
In the next crypto era, the atmosphere is changing as Ethereum and altcoins begin to play important roles. Noise, chaos, and competition have been injected into the space, and there is a branching out into the crypto space as a form of money as a technology tool that can take on roles other than just cryptocurrency. It is suggested that Ethereum and others can act as platforms on which to build decentralized applications and networks. From there, we have the DeFi era. On the one hand, this is a new frontier of fintech.
It opens doors for the financially excluded and replaces human error with transparent, unbreakable code. By contrast, ponies, which can do nothing but catch the attention of regulators, are a sight made for pyramid schemes and baseless speculation.
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Although these various cryptocurrency phases diverge in multiple directions and differ from each other in important ways, they all still remain within the broad realms of technology and finance.
For this reason, they will primarily attract the attention of people and institutions interested in technology and finance.
Art, Gaming and Memes
With NFTs, the crypto dynasty has had its own spin present and reversed as crypto has become psychedelic by definition and a new edge to the precise technique, multi-money making, has opened up. Through NFTs, crypto has become with the traditional art world. From there, NFTs are knocking on the doors of the music world, literature and, in the process, grudge-inducing video games. While the gaming industry is hostile to blockchain technology, blockchain technology continues to advance regardless of gaming.
More importantly, in an age of online culture wars and ideological conflicts, NFTs have demonstrated a capacity for immense memetic power. The fact that those unrelated to NFTs often outright hate NFTs is an indication of how powerful they have become culturally.
Onboarding and Adoption
It should be noted that the technology itself has a number of reasonable applications. A unique digital portable token can be installed with any utility that its creator sees fit to implement.
A simple example is that an NFT can act as a verifiable, trusted key to unlock online doors. On a broader level, NFTs act as a great built-in attracting crypto participants from disciplines that have no natural connection to blockchain technology. In areas where centralization was not part of the conversation before, they begin to embed decentralization and the concept of purely peer-to-peer execution of transactions.
Perhaps this development, used by volunteer newcomers who don’t have to make an effort to think about the technology, is what true crypto adoption will look like and NFTs moving down that path in strange and remarkable ways.
What is your thinking ?