TABLE OF CONTENTS
Cryptos Potential Gaming – 3 Areas To Watch For Crypto Expansion
Cryptos Potential Gaming – Most of the attention surrounding crypto focuses on the potential value of mainstream currencies. We speculate about the future prospects for Bitcoin, the long-term price potential of Ethereum, and so on.
Less and less attention seems to be devoted to the potential for cryptos to emerge in sectors where they can make a practical impact and gain value. Here, we’ll take a look at three sectors that we should keep an eye on for potential crypto expansion.
Areas to watch for crypto expansion include the following:
- Gaming
- Sports and;
- Environmental Movement
Gaming
Games such as Axie Infinity and Decentraland have gained popularity of late –– particularly given the pandemic and how much it drove people into online gaming environments.
These are games that incorporate blockchain tech and NFTs, and which speak to the potential of crypto and NFT gaming moving forward. As one write-up on the advance of crypto gaming put it, the appeal comes down to this equation: crypto + gaming = fun, income, building, community.
These NFT-based play-to-earn games are still relatively new to the market, but we should keep an eye on them.
After all, the global gaming market is worth $180 billion, and that number is expected to climb in the coming decades, almost certainly with more emphasis on “meta” games that blend the real and digital worlds.
Many game studios and developers are branching out into the NFT and crypto market, and in all likelihood, this is going to produce some very valuable tokens over time.
Sports
Cryptos are moving into sports in a number of interesting ways. First and foremost, some athletes have begun to request salaries in crypto.
Right now this mainly means Bitcoin, but there’s at least theoretical potential for sports and leagues to establish their own cryptos. Similarly, some arenas accept crypto payments now and could do so in the future through team-specific currencies.
We are also seeing cryptos creeping into sports through fans-related initiatives. Specifically, the emergence of digital fan tokens these last few years has given followers of major teams the chance to commodify their interests.
These tokens are small cryptocurrencies that give fans stakes in their favorite teams; they unlock special polls and promotions, but also carry real value –– meaning they can be bought, sold, and traded in a sort of sports-specific crypto market.
It’s unclear exactly how this concept will evolve, but one can begin to imagine cryptos tied to specific teams or even athletes gaining significant value.
Environmental Movements
Now that people are showing concern for cryptocurrency’s impact on the environment, the crypto world is shifting towards a cleaner, more sustainable future with less carbon emission.
For example, the Cut Utility Token (CUT) is a green asset created to help corporations operate within their carbon allowance.
As noted in a piece on cryptos and a greener future, each CUT token sale facilitates investment in carbon capture and carbon offsetting programs.
This doesn’t negate the growing concerns over cryptocurrency mining, which takes up far more energy than many initially realized.
Indeed, some influential countries (namely China) have banned mining outright due to these concerns.
But if anything the fact that this remains a problem only means we’re likely to see more attempted solutions –– which likely means the emergence of more “green” cryptos with real potential.
These are three categories we should be looking at for the next few years with regard to crypto’s practical potential.
That doesn’t mean the cryptos and concepts listed here are guaranteed to last (or serve as fruitful investments). But they do demonstrate that there are still spaces in which digital currency is likely to prove extremely influential.
