The rise of consumer crypto
There’s a wide range of business uses for NFT tokens and other blockchain-based technologies
SINCE its inception with the launch of Bitcoin in 2008, blockchain technology has gone through numerous cycles of public attention. Over time, growing interest and investment in the best-known cryptocurrencies has led to greater acceptance, as highlighted by the US Securities and Exchange Commission’s approval of a spot Bitcoin ETF (exchange-traded fund) in January.
While blockchains and their associated “crypto” assets have yet to be adopted by a truly broad base of consumers, that is starting to change, owing to a shift in how these technologies are being used.
Contrary to what mainstream media coverage often suggests, for many people, the value of these innovations lies not so much in cryptocurrencies as in blockchain-based digital goods such as virtual sneakers, gaming assets, and membership passes – all managed by way of non-fungible tokens (NFTs).
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Opinion & Features
Putin will visit Xi, testing a ‘no limits’ partnership
To hold or sell deeply undervalued stocks, leave it to fate
Why forecasters are divided on interest rates
Wider boost for Biden’s global democracy promotion agenda
Increased longevity will bring profound social change
Investors should learn about psychological biases