Let's take a look at the three attributes which determine the development of mass adoption of cryptocurrencies.
The transition to mass adoption of blockchain and cryptocurrencies has made significant strides in 2021 as the growth of decentralized finance (DeFi) and irreplaceable tokens (NFT) propel crypto into the central media spotlight on a daily basis. From the rise of mem-coins like Dogecoin (DOGE) and Shiba Inu (SHIB) to the breakthrough popularity of game-winning models and popular protocols like Axie Infinity, 2021 is all about showing the world the revenue-generating opportunities that enter the cryptocurrency ecosystem.
And it's not just the usual Joe and Jane commitments that show that mass adoption of cryptocurrencies is ahead, as many major events in the financial and popular culture arenas show that blockchain technology is slowly becoming a mainstay in the global Society. Here are some of the major developments in 2021 that suggest mass adoption of cryptocurrencies is here.
Mainstream media headlines make big deals to agree
One of the main signs of mass adoption in 2021 will be the growth of major licensing deals and partnership agreements between cryptocurrency companies and other large organizations such as sports teams and professional sports organizations, as well as popular celebrities and influential people.
Crypto.com recently shocked the world when it announced the signing of a 20-year naming rights agreement with leading sports and entertainment company AEG to rename the Staples Center in Los Angeles to Crypto.com Arena. As part of the $700 million deal, Crypto.com will partner with the Los Angeles Lakers and Los Angeles Kings to become the "Official Cryptocurrency Platform Partner" for the popular sports franchise.
This naming deal for Crypto.com follows a similar move earlier this year from cryptocurrency exchange FTX, which signed a 19-year $135 million deal with Miami-Dade County to have Miami Heath's home stadium at FTX Arena by 2040 renamed. In addition to the millions of dollars in this deal, there are many other deals for cryptocurrencies, including a sponsorship deal between Coinbase and the National Basketball Association and a partnership between the New York Digital Investment Group and the Houston Rockets, The See How the Die Bitcoin (BTC) Securities Firm franchise paid off.
Big brands rely on NFT culture
Another sign of widespread adoption is the takeover of NFT culture by world-renowned brands such as McDonald's and Burger King who are trying to capitalize on the popularity of the rapidly growing crypto subsector to connect with their customers. Despite the widespread suppression of cryptocurrencies in China, McDonald's China launched its "Big Mac Rubik's Cube" NFT line on October 8 to celebrate the company's 31st anniversary in the Chinese market and sold a set of 188 distributed NFT employees and customers.
In September, Burger King launched an NFT-focused marketing campaign called Keep It Real Meals, which gives customers the option to scan the QR code included with their meal to receive one of three game collections. Players who collect all three game pieces can exchange them for digital collector's value as a gift, a year's worth of burger deliveries, or chat with one of the campaign's leading supporters.
All of this focus on NFT from big brands and companies comes at a time when public interest in NFT is growing, as data from Google Trends shows that shows searches for NFT-related phrases are at record highs, as they are now. with NFT queries beyond search terms like "DeFi", "Ethereum" and "Blockchain". Television viewers are also increasingly seeing cryptocurrency-related commercials starring prominent speakers including actor Matt Damon and National Football League quarterback Tom Brady.
The world of traditional finance finally supports Bitcoin
The third development that shows that mass adoption of cryptocurrencies is underway is the integration of cryptocurrency-related projects into mainstream finance. The biggest example is the introduction of the exchange-traded ProShares Bitcoin Strategy (ETF) (BITO), the first Bitcoin ETF to be approved on the US market. The launch of BITO was immediately followed by the launch of the VanEck Bitcoin Strategy ETF (XBTF), which shows that the US Securities and Exchange Commission currently supports Bitcoin futures but is not ready to approve Bitcoin ETFs locally. developments that may not occur before 2022 or later.
There will also be significant integration of blockchain technology into the broader financial sector in 2021 as major payment processing networks such as Visa and Mastercard have completed a number of deals within the cryptocurrency industry to allow cryptocurrency holders to use their tokens for payments. Many influential crypto-focused companies, including Crypto.com, as well as BlockFi and Coinbase, use the Visa network to power their debit and credit card systems, while Mastercard works with digital asset platform Bakkt and also lays the groundwork for possible support for the currency. digital central bank (CBDC).
The fact that many central banks around the world have announced that they are studying or developing their own CBDCs is a testament to the inevitable integration and widespread adoption of blockchain technology in the wider global financial ecosystem. Although the crypto market as a whole is likely to continue to experience boom and bust cycles, as it does in all markets from time to time, cryptocurrency holders should be confident that the long-term path from blockchain technology to broad and integrated integration runs aspects of our daily lives as a The Internet of Things and Web 3.0 are constantly evolving.
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