NFT Role in Mass Crypto Adoption
The worldwide interest in cryptocurrencies as a new decentralized sort of asset has compelled numerous authorities to establish unique regulations in the cryptocurrency sector. During the pandemic, the price of bitcoin more than quadrupled by trading volume. Read the article to learn what global changes crypto technologies and NFT brought in the financial systems.
The term mass acceptance of cryptocurrencies refers to the point at which cryptocurrency is generally adopted as legal currency all over the world. This implies that governments will need to establish a conducive climate for cryptocurrencies to thrive, and the general public will begin to incorporate the technology into their daily lives. However, some 2021 news about the adoption of NFT technology illustrates the cryptocurrency field’s importance.
As the market progressed, NFT began to be applied to digitize one-of-a-kind virtual creations. In this approach, NFTs enabled the acquisition of the unique right to possess a work of digital art in the same way that we preserve our ownership of physical property in real life by making entries in public registries.
Worldwide brands accept NFT
To begin with, many marketers see NFT as a wonderful chance for brand promotion because parts of the cryptocurrency economy are integrating into a variety of industries. As we can see, some famous brands attempt to use the popularity of the rapidly rising NFT sector as a means of communicating with their consumers. NFT transaction volume increased 328 % over the first three quarters of 2021, according to Brandessence Market Research and Consulting research. According to the report, the increasing number of major companies entering the industry, including Microsoft, Home Depot, Tesla, Whole Foods, and Starbucks, as well as the expanding attraction of cryptocurrency tokenization, remain critical drivers of development.
Furthermore, Nike submitted a trademark application for virtual goods in November. These demands imply that the company aims to market its products as virtual goods or NFTs, or that it is attempting to prevent its products from tokenization. Also, Burger King, a global fast-food chain, has introduced NFT as part of its ‘’Keep It Real Meals’’ marketing plan. With QR codes on Burger King boxes, customers can unlock NFTs from the collections of celebrities.
In conclusion, the success of the NFT market explains the fact that it attracts prominent entrepreneurs, stars, worldwide brands, and bloggers. Their importance and impact in society considerably boost interest in cryptocurrencies. Thus, cryptocurrencies have grown in popularity this year, and the crypto revolution is only getting started. The digital economy will be involved in a wide range of sectors, potentially leading to broader use and adoption of digital assets.
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Valentyna Bereza, Team bit4you.
