Bitcoin and crypto has been around for many years, but none of the well-known assets of today have hit a peak. None have reached mainstream acceptance levels, and there are several people out there wondering what it’s going to take for these currencies to be given their due.
Why Is Crypto Not Further Ahead?
A recent panel of experts – including Chris Smith, founder of BIG Esports; Josh Marcus, COO at Rumble Gaming, and Evan Heby, senior marketing manager at Tipalti – sat down to discuss crypto, non-fungible tokens (NFTs), and many other aspects of this growing industry. What will it take for this arena to hit mainstream status? Why are these currencies not being given their day in the limelight, and when will the world realize what they’re capable of?
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Heby explains that the transition is happening from the world of traditional finance to digital currency. He says that things are slow, but in the end, many people are proving more comfortable with the latter industry, and he expects things to get bigger soon. He says:
What we’re seeing is a move, first and foremost, from some of the traditional methods of payment you might see, checks and things like that, to digital versions of that, whether it’s an e-check or wire or ACH, but we also predict that we’ll see even more movement as the metaverse develops and as people build more of that trust with cryptocurrencies and feel that there’s a lot of value behind things like NFTs. People will start to be more willing to get paid in those forms.
Smith commented that bitcoin and crypto will likely become far more trusted and used when they are valid solutions to problems that people are dealing with. He says:
Blockchain isn’t going to solve everything all the time, at least not right now. We need to have a way that it’s going to benefit [players], because otherwise we get the bad PR we’ve seen with gamers. Triple-A gaming studios try to shove NFTs in there because it’s the cool word, the cool thing to say.
The Valuation Is Likely Not Really Understood
One of the big things that Heby is predicting is that companies will utilize the crypto world to purchase land, like what Nike did with Roblox. He comments:
We’ll start seeing cutting-edge companies invest real marketing dollars — traditional currencies, not necessarily crypto — to benefit the long-term health and wellness of their businesses. In terms of types of transactions today, it’s still heavily based in fiat currencies like we’re talking about, but that has an opportunity to change toward crypto, toward NFTs, toward tokenization very quickly.
Marcus believes that one of the big problems inhibiting the crypto space is that the values of ownership behind it are not fully understood, which is why there are so many people unwilling to accept NFTs as valid representation of physical assets.