The Applications for Crypto Are Growing—Here Are a Couple of Notable Ones
Cryptocurrency is the current buzzword in the realm of economics these days. But for those who haven’t dipped their toes into this lucrative market, the world of crypto remains a questionable investment, especially in light of today’s months-long crypto winter.
But there is a good reason to believe that crypto will become bullish, especially due to the increased use of blockchain technology and the crypto market in different industries. Crypto’s value has seen exponential growth in the past year, with the market cornerstone Bitcoin reaching an all-time high of $68,000 in 2021. And although crypto has declined this year, Bitcoin is still projected to be worth $100,000 in two years.
This growth is especially reasonable considering the growing use-cases of cryptocurrencies. While numerous establishments are starting to accept crypto, its applications have spread beyond conventional transactions and into more unexpected and exciting areas.
Here are some novel applications for crypto and digital assets.
Gaming is one of the most popular uses of cryptocurrencies, as they benefit from streamlined and decentralized payments. Online casino games, for instance, have started using cryptocurrencies in their operations, accepting crypto payments for cash-ins and handing them out as rewards. There are also play-to-earn games like Axie Infinity and Pegaxy, whose mechanics award players with cryptocurrencies once they complete certain goals within the game.
Yes, incorporating crypto-based rewards allows you to accrue assets that have value in fiat. But more importantly, it allows you to monetize gaming for leisure.
Fan Support for Sports
Crypto assets can now allow you to support your favorite sports teams by purchasing fan tokens officially. Although not exactly a cryptocurrency, fan tokens operate similarly as a public ledger authenticates them. Elite sports teams worldwide, including top soccer clubs PSG and FC Barcelona, are embracing fan tokens. Fan tokens can be bought using a proof-of-authority blockchain called CHZ, giving the owner access to voting and membership rights ownership. These tokens allow you to participate in official team polls to help your team make fan-related decisions in notable sports clubs. They are also interchangeable for merchandise, rewards, exclusive promotions, and VIP experiences.
Charities and nonprofit organizations, such as UNICEF and the Rainforest Foundation, are largely benefiting from the secure transactions they can afford from cryptocurrency donations. Because the blockchain enables a transparent flow of information, donations based on crypto assets allow for a more cost-effective, convenient, and secure receipt of donations. For the same reasons, they also facilitate anonymous donations without donors entrusting their anonymity to the organization’s discretion.
Most significantly, perhaps, are the low processing fees that come with donating in crypto. Because of this, more money goes to the organizations’ projects and initiatives and allows administrators to declare these assets as non-cash gifts.
Because of the numerous use-cases of cryptocurrencies, travelers can now rely on their digital assets to travel more conveniently. Notable travel agencies like Expedia now accept Bitcoin as payment for logistical travel expenses like flights, car rentals, and hotels. Some even offer discounts if you choose to pay with Bitcoin. Moreover, Bitcoin ATMs, available in select countries, make it much more convenient for you to convert your digital assets into the local currency in many major cities.
Cryptocurrencies are here to stay. As the world opens up to cryptocurrencies, these assets’ applications become more and more relevant in the real world. Ultimately, widespread implementation of these uses will pave the way for optimal convenience.