As cryptocurrency continues to take the world by storm, businesses have recognised the potential this has to make a huge impact on their industry. With many already seeing disruption caused by the phenomenal growth of cryptocurrencies. Use of Blockchain technology and the tokenization of some assets has been embraced by some industries already, with many seeing this as a way to solve security challenges, and to modernise their industry, as GMR has helped to explain.
To keep it simple, cryptocurrency can be described as digital currency. This type of currency is not reliant on any authority like a government or bank to be upheld and maintained. Instead it works on a decentralised system called a blockchain. This blockchain will record the information of a cryptocurrency and retain this information, making it impossible to create counterfeit crypto. There are many types of cryptocurrencies, much like currencies around the world. You may have heard of the likes of Bitcoin, Dogecoin and Ripple.
The gaming industry is worth billions of dollars and is often at the forefront of adopting new digital technologies. With this, it is not surprising that many companies within the gaming industry have embraced the use of cryptocurrencies and blockchain technology. With some gaming developers hoping to use cryptocurrency as a way for gamers to buy, sell and trade their digital gaming assets. With the use of blockchain technology within the gaming industry companies also see this as the perfect opportunity to introduce NFTs into gaming. These are digital assets which can be stored, traded and sold on the blockchain. Giving gamers control and ownership over their very own in-game merchandise.
Now that the use of cryptocurrency has become recognised across the globe by people of all walks of life, it is unsurprising that the sports industry has joined the trend. Sports teams around the world have begun to accept cryptocurrencies as a legitimate form of payment, with major sports stars and agencies opting to be paid in crypto! On top of this, some blockchain networks allow for the creation of smart contracts, allowing players to make deals directly with owners of teams rather than through third-party agencies and managers. Giving sports stars and players much greater control over their own career.
As previously mentioned the use of blockchain technology has opened up the opportunity for the creation, sale and purchase of NFTs (non-fungible tokens). Types of NFTs can include digital files like photos, video and audio! Which means NFTs and the use of blockchain technology has the potential to completely transform the future of music. Only recently, Kings of Leon released an album as an NFT, being the first band to do so.
On top of this, the power of blockchain technology and cryptocurrency could allow content creators within the music industry to wish producers and agents a farewell as they take payments for their music directly.
This trend is only going to continue as more and more industries benefit from the rise of blockchain technology and the use of cryptocurrencies in this digital age. Now is the time to embrace cryptocurrency and prepare your company or industry for the impact this may have.