Where Does Cryptocurrency Industry Currently Stand
When the cryptocurrency industry was launched back in 2009, the industry had only one goal to achieve and that was global finance dominance. Since the beginning of the 20th century, people from around the world had been preyed on by the traditional finance rules and conditions.
According to stats, more than 1.5 billion people all over the world are still not able to acquire financial services. The main reason behind this is because it is completely up to the traditional financial institutions to decide whom they are going to facilitate and who they are not.
Therefore, the cryptocurrency industry was launched so everyone could benefit from the financial solution. With time, its aim was to provide an alternative to the traditional finance system that is being practiced in the entire world.
So far, it seems that the cryptocurrency industry has managed to do it by gaining mainstream adoption. Since the beginning of the last year, mainstream institutions have been lining up to acquire cryptocurrencies in the masses. Many countries from around the world are now planning to launch their own digital-currencies backed by central banks.
However, the cryptocurrency industry has not remained in this circle but people thinking out of the box achieved more than just financial adoption. Over the course of time, the industry has gained vast adoption from other sectors as well.
During the pandemic, the crypto-blockchain industry was able to offer its technology for health and logistics tracking. China has even become the first country to launch the first blockchain hospital for its citizens.
Then, the industry has also spread its branches into the music industry. So far, several rappers, hip-hop artists, and DJs have joined the crypto-blockchain industry. The majority of the music artists are attracted to the NFT technology that is a product of the blockchain industry. Through NFT, the artists get the opportunity to launch their music on exclusive channels backed by blockchains. The fans can gain access to these channels by spending the NFT they purchase from the platforms.
Then there is the physical sports and esports sector that has adopted crypto-blockchain technology on a wide scale. One of the most recent adoptions was carried out by SBI eSports back in 2020 when it partnered with Ripple (XRP). The company SBI eSports announced that it was going to pay its e-players in XRP and other cryptocurrencies.
Apart from esports, the physical sports sector has also partnered with cryptocurrency firms for advertisement and betting purposes. Recently, Stake signed up a UFC Heavyweight Champion as its brand ambassador. Then there is a football club that has launched its own NFT through the blockchain network. The fans of the club can use the NFT to vote and choose the home or away kits for the club’s team to put on during friendly matches.