7 Consensus Tests: How Long Has Crypto Coming To The Mainstream?

Between 2020 and 2021, the number of crypto wallets grew at a rate of around 20 million per year, and now stands at around 80 million. This means that in just two years, the number of participants in the crypto space has doubled. This figure represents more than 1% of the total world population. Crypto assets are another popular alternative after real estate, commodities, joint ventures, and contracts, with over 10% of investors reporting they have joined the crypto asset in CNBC-sponsored stock studies.

Next, we look at the development of the crypto industry in 2021 from seven perspectives.

NFT Mania: From Word of the Year to Mainstream Adoption

Industry expert forecasts

Big Financial Firms Look To The Crypto Market

Crypto licorne

Encryption is sports based

Old companies have turned to the crypto industry.

Bitcoin Futures ETF License Agreement

NFT Mania: From Word of the Year to Mainstream Adoption

NFT is the Corinthian Dictionary Word of the Year for 2021, and expert dictionaries believe the acronym of Non-Fungible Token represents a global term for this year more than any other buzzword.

Just as the NFT space was established in 2021, industry insiders plan to use NFT as soon as possible by 2022.

Grayscale CEO Michael Sonnenshein believes NFTs for using data rather than graphics will thrive in the future. NFTs have evolved from their current limits (charts) to newer and more complex limits. We specialize in facts, history, membership, fashion, music, sports, accommodation and tickets. "

Google search for "NFT" is increasing

NFT "out of the loop" is expected to be the largest in the crypto industry by 2021. According to data from Google Trends, "Crypto" is the most popular search term for Web 3.0, but "NFT “First reached” “crypto” in early Q1 2021, briefly crossing it in 2019. December.

Image: International search for "NFT" and "crypto"

In some regions (Africa, Asia) known to use large amounts of crypto assets, NFTs outperform Bitcoin in Google Trends. In Japan, for example, NFTs will become more popular in the second half of 2021. A similar “reversal” occurred in November in Ukraine. But in Nigeria, the NFT craze is still lagging behind. Crypto and Bitcoin assets are more popular here.

Image: Search volume for "NFT" vs. "crypto" in Japan

Iconic moments of 2021

The biggest NFT event of 2021 took place in March, when crypto artist Beeple sold his NFT “First 5000 Days” to Metakovan by setting up the Christie store for $ 69 million. According to Christie's file, the race really made Beeple one of our three most valuable people in the world. It is without a doubt an important time for the art of cryptography and declares to the world that NFT is a force that cannot be ignored.

Photo: First showcase of 5000 days

Shortly after Beeple sold NFT Sky High, another design firm, Sotheby's, followed the competition of crypto artists.

Christie's was also a contender for CryptoPunks, the most popular NFT in the cryptocurrency industry, and Sotheby's hosted a bid for the Bored Ape Yacht Club (BAYC), both of which were quickly featured on the NFT site. and important news. It is without a doubt one of the most memorable moments in the community.

BAYC off the road.

The Boring Ape (BAYC) series, launched in April of last year, is undoubtedly one of the most popular NFTs on the market, as it provides consumers with the benefits of options and features. In this series, all red positions are generated algorithmically. Randomly, each monkey has a background symbol, clothing, earrings, eyes, mouth, and fur. It definitely meets the needs of modern people to express themselves. Celebrities such as Jimmy Fallon, NBA player Stephen Curry and billionaire investor Mark Cuban also own the Boring Ape NFT.

After six months of experience BAYC changed and in November they launched two new groups together with Universal Music Group and legendary hip-hop producer Timbaland. And Yuga Labs, the creator of the Boring Ape series, is committed to leading Music Director Guy Oseary to explore options in a variety of genres, including film, TV, music, and video games. In addition, Yuga Labs continues to expand its research into the crypto world with plans to develop Ethereum-based crypto assets in the first quarter of 2022. Tokens can be used to reward users of NFT holding and for the management of DAO, finally helping Boring Ape to grow. on the DeFi site.

Image: Four boring monkeys 'debuting' on the Universal Music Group metaverse

Great Cooperation

Adidas

According to InftNews, the largest joint venture today is Adidas and BAYC, Gmoney and PUNKS Comics, to discuss plans with new partners, Adidas also opened a new "Adidas Originals" Twitter account and is buying BAYC. # 8774 as profile picture

Of course, the purpose of this movement is to catch up with the metaverse craze. Adidas quickly announced their search for the Metaverse for Adidas Originals and explained their feelings to users. Adidas released a short video explaining Boring Ape seamlessly crossing the sky and the metaverse, worn by Adidas and its partners.

Ubisoft

Ubisoft became the first game developer to use NFT for its AAA technology. In December 2021, Ubisoft announced a digital advertising platform called Quartz on the Tezos blockchain that would allow players to access in-game NFTs. The first NFT is a toy in "Ghost Recon: Breakpoint", and players can get the NFT for free if they reach level and playtime during the limited beta open time.

However, despite Ubisoft's entry into the mainstream world and the provision of NFTs for free, their efforts were not in vain. In fact, their YouTube video received over 20,000 "likes" in the first hour, and the company forced the video to stop amid protests against "NFT power consumption" in relationships. . For now, it remains to be seen whether Ubisoft will continue with its plans.

It also indicates that NFTs still need more training to be received and accepted by a wider audience.

Of course, Ubisoft's efforts don't end there. Ubisoft's Blockchain Technology Director said the digital platform is just the first step in seeing how players interact with NFTs. Play-to-Earn and blockchain games, which heat up until 2021, are also being considered.

Why write NFT fields? The boss means a lot to me. The move to distribution means Ubisoft will give players more control, and the blockchain will only change the actual game when game developers put players on the site. Only then will players be able to experience the infinity of the game world. For example, the toys can not only be related to a game world, but can recognize the interaction of the global game intelligence level. , which will also open the door to the goal of the true "metaverse". Ubisoft digital.

In addition to the names above, Pizza Hut, McDonald's, Coca-Cola and other companies have developed their own NFTs.

Although NFT is a new technology that is still in its infancy, it has already been applied to large enterprises and large enterprises by 2021, and the widespread use of NFTs is exceptional, slow or fast.

Industry expert forecasts

By looking at the growth of the cryptocurrency market from conventional lenses, you can see current and future trends.

Zebedee CEO André Neves said, “The size of the adoption will increase, especially as Bitcoin reaches the level of legitimacy from the perspective of investors, banks, businesses and certain countries. This interest will lead to the public interest. The key to unlocking the next one. The level of "streaming" resides in Bitcoin, providing easy access and information for users who want to use crypto tools for the first time. "

Michael Kong, CEO of the Fantom Foundation, said: “Adoption has taken place over the years. Over time, we have seen crypto assets become vital. For example, some retirees and pensions have started to invest in it. We will continue to see more examples of the use of crypto assets as far as key companies and governments are involved. "

Larry Pang, Director of Business Development at IoTeX, said, “The blockchain and crypto space has passed the 'innovative' stage in the life of tech and now it's at the 'early consumer' level. Famous people like Going Visa, Facebook and SoftBank have licensed this technology and, most importantly, have given investors confidence to explore the weak economy. ”

Don Basile, CEO of Roman DBDR, said: "Tesla, Square, MicroStrategy all have Bitcoin on their balance sheets. It never gets more important than that."

At present, the crypto industry is still a niche industry, but there are some great ideas you can do to create this model. At least the clear rules of the United States Securities and Exchange Commission (SEC) and the Securities and Exchange Commission. CFTC). . Other countries have moved ahead of the United States in this area, ensuring the security of the economy. Switzerland and Singapore aren't famous for their rights, but they know that's what the emerging industry needs.

Big Financial Firms Look To The Crypto Market

In 2021, the company's interest in cryptocurrencies and digital assets is growing exponentially, with traditional banks joining as well. ~

Banque Citi

Large Multinational Banks - Citibank is one of the leading financial firms interested in more crypto assets. In May, the bank said it was considering launching a cryptocurrency financial service after receiving inquiries from consumers. At the end of August, the bank announced that it was considering offering the future Bitcoin to certain individuals.

Citibank reiterated its vision for the whole of 2021 whether crypto assets will affect current payments and whether adoption as a market-based price will increase further with the emergence of paid cryptocurrencies. Materials, operations and accounting lead to new ideas. Today, large companies and other organizations must take into account the differences in their information.

Bank of America

Bank of America, the second-largest bank after JPMorgan Chase and the second-largest in the country, believes too many crypto assets are being ignored in July 2021, creating an ecosystem development from DeFi to NFTs formed crypto research team . Add to GameFi. More and more banks are opening up to the idea of ​​integrating cryptocurrency into their business model.

It should be noted that the Bank of America noted in its research report that NFTs are one of the main drivers in today's crypto market. The potential will extend far beyond the current livestock market and into other industries. "

DBS Bank

Singapore-based DBS, East Asia's largest bank, has become one of the first banks to expand digital exchanges in the region. Currently, the cryptocurrency trading company has opened, with 4 fiat currencies (SGD, USD, HKD, JPY) and 4 cryptocurrencies - Bitcoin (BTC), ETHereum (ETH), Cash (BCH) and Ripple (BCH). . bitcoin trading. XRP). ~

DBS will continue to measure as it owns more crypto assets in 2021.

Fidelity, JPorgan Chase, Morgan Stanley, and Standard Chartered Bank will also affect the global cryptocurrency to some extent in 2021, so I won't reveal any of them here.

Top U.S. Banks Love Cryptocurrency Talent

Research firm Revelio Labs examined 287 open source crypto-related projects on LinkedIn by Goldman Sachs, Wells Fargo, Fidelity, and JPMorgan Chase and found that these four companies are the biggest investors in crypto technology. Revelio also found that crypto professionals earn an average of 9% more salaries than bank workers.

LinkedIn also reported that crypto and blockchain related transactions have increased 615% since August 2020.

Cryptography is obtained from artifacts.

With the name of the cryptocurrency exchange Coinbase as the main base, existing financial institutions are gradually integrating cryptocurrency. Influencer broker Robinhood also mentioned the cryptocurrency market as a new development for the company.

Several mainstream financial advisers, including former SEC chairman Jay Clayton, have joined crypto venture firm Fireblocks as a consultant, former Goldman Sachs chief executive of government firm Faryar Shirzad joins Coinbase, and the Former Bridgewater CFO John Dalby Joins Crypto Investment Firm NYDIG Joins Crypto Firms.

With the advent of humans, the cryptocurrency market is slowly becoming more functional. According to September data, the company accounted for 63% of the total cryptocurrency market, down from less than 10% in 2017. Itay Tuckerman, managing director of Forex market at Citibank, said in an interview that it received very little. of orders from large consumers looking for the cryptocurrency market in 2020. 2021, taking multiple orders each week.

Crypto licorne

According to research, there are currently 8,785 Web3.0 companies, of which 60 have become unicorns. Historical data (which won't capture the latest snapshot of the Web 3.0 company) shows that as an entrepreneur creating the Web 3.0 company, there is a 0.7% chance of becoming a developer unicorn. These Web3.0 companies include exchanges / brokers, crypto infrastructure, crypto financial services, data analytics, and NFT / gaming.

Encryption is sports based

One of the most popular NBA stars today, Stephen Curry, has many fans around the world. Following the acquisition of Boring Ape NFT with 55 Ethereum as a media avatar on September 8, 2021, it partnered with the FTX crypto exchange to become the global representative and owner of FTX.

Argentinian football superstar Lionel Messi is leaving FC Barcelona after spending more than 20 years at Paris Saint-Germain. Indeed, upon acceptance of a new contract with Paris Saint-Germain, Messi's annual salary is $ 41 million (around 40 billion won), and part of his annual salary will be paid as a fan. PSG tokens (official Paris Saint-Germain tokens). ). The NFT Ethernity Chain distribution platform has also partnered with Messi to create the Messi-themed NFT series 'The Messiverse'. The letters go on sale August 20. Messi, 34, has been portrayed as the king, superhero and Greek superhero in the films "Man from the Future", "Worth Weight" and "The King", which represents the importance of his job.

Photo: Vitrine NFT from the series "The Messiverse"

When it comes to FTX, they've always been generous with their ad headlines and made a big difference. In April 2021, the NBA received the stadium naming rights from the Miami Heat for a 19-year, $ 135 million contract, one of the most expensive entry fees of all time. FTX signed a "long term partnership" with Major League Baseball (MLB) in June. MLB will have the FTX.US logo embroidered on all referee jerseys, and referees will wear this jersey and blow the whistle at each tournament. FTX also signed a 10-year, $ 210 million special naming rights partnership with esports club Team SoloMid (TSM). FTX has partnered with the founders of the League of Legends for a 7-year partnership in support of the League of Legends Championship Series (LCS).

Photo : Miami Heat Arena rebaptisé FTX Arena

Additionally, FTX actively supports global play, so it's very common.

The event is also sponsored and named by well-known crypto exchange / payment services such as Coinbase, Cryptocom, and Bitpay. The promotion of cryptocurrency companies is also one of the top favorites in the sport. Today, many people are dissatisfied with crypto assets, generally believing that crypto assets are highly desirable and fraudulent everywhere. These crypto companies are always developing their own images and sponsors or brands are helping to create their own branding.

Old companies have turned to the crypto industry.

Accept cryptocurrency

Throughout 2021, many artists, groups, organizations, and businesses have announced that they will accept payments with crypto assets.

Examples: Miami Member Francis Suarez, Tampa Florida Member Jane Custer New York Member Eric Adams Jackson, Tennessee Member Scott Conger, Missouri Cool Valley Member Jason Stewart Use Bitcoin to earn money. Odell Beckham Jr. of the NFL Los Angeles Rams, Sean Culkin of Kansas City and legendary star Aaron Rogers use Bitcoin to make money.

Photo: Miami member Francis Suarez speaks at Bitcoin: 2021 conference

The most profitable companies were followed by the railway company Tesla, which authorized short-term bitcoin payments in 2021, followed by the big cinema AMC, which approved BTC, ETH, BCH, LTC and Doge from November 2021. The company is currently seeking SHIBs for its payments.

PayPal and Visa

At the end of 2020, the big global payments giant Paypal expanded to Venmo stores after allowing users to trade crypto assets like Bitcoin and Ethereum and creating specialized "cryptocurrency payments" for buyers. . In 2021, we will expand into the UK market and announce the UK consumer cryptocurrency market, where consumers can trade large crypto assets such as BTC, ETH, LTC and BCH.

Image: Paypal - CNBC's UK-based crypto trading service

This is a significant addition to the crypto industry, given that PayPal has 277 million users worldwide. Payment companies have put a lot of effort into the crypto industry. Interestingly, its roots are diversifying in 2022.

PayPal has confirmed that it will release its own secure currency called PayPal Coins. Developer Steve Moser first saw the internal development of a cash-strapped code in the Paypal iPhone app.

Jose Fernandez da Ponte, PayPal's vice president for crypto and digital currency, confirms in an interview:

"We are looking for a stable room. If we want to move forward, of course, we will work closely with the authorities concerned."

Another great payment option, Visa, will be different from Paypal. In order to connect with the crypto industry, Visa has developed a strong strategy to bridge the traditional industry with crypto assets.

Visa has made shopping and service easier with Bitcoin and Ethereum by offering encrypted debit cards to many countries around the world. As part of its crypto credit card service, Visa last year entered around 60 partnerships with crypto exchanges such as FTX, BlockFi, Coinbase and Binance.

Image: Special crypto credit cards from Visa and Binance

Visa is also a favorite for NFTs. In August 2021, Visa will purchase CryptoPunk # 7610 for approximately $ 150,000. According to Cuy Sheffield, CEO of Cryptocurrency at Visa, OpenSea NFT shipped $ 1 billion in August 2021 alone, but traded less than $ 100 million for the whole of 2020. It can be seen that NFTs are growing rapidly in many areas. The potential of industry and commerce is enormous.

converted

Square (block)

Square started out as a traditional payment process, but the company's business has gradually shifted to blockchain and Bitcoin. In December 2021, Square, led by former Twitter CEO Jack Dorsey, announced that it would legally change the name of the company to Block, and as the name suggests, blockchain is a reason for the changes. .

Block now covers a wide range of markets, including the Cash App payment app, crypto research, Tidal music services, and decentralized Bitcoin exchange TBD.

It should be noted that the company has also invested heavily in Bitcoin, which holds over 8,000 BTC.

stop the game

GameStop is an American retailer of video games, electronics and gaming equipment. In early 2021, Reddit products rose from $ 20 to over $ 400 after Reddit retailers participated in a short show that featured attracted the attention of the whole world.

The company has benefited since GameStop overhauled its board and board, and in announcing its results at the end of 2021, the CEO announced that he is actively researching industry-related blockchain and NFT technology. Currently, GameStop has more than 20 employees focused on developing the NFT market and plans to work with other game developers to collect NFTs, from gaming clothing to weapons. , to the platform.

Image: GameStop NFT platform design

own

Phosus is an AI expert in graphic arts. Widely used AI-based image enhancement equipment. Now the company has entered the cryptocurrency market with a focus on NFTs and blockchain games.

The samurai employees who follow Twitter are the work of the company. Samurai Doge has released 5,000 unique 3D NFTs using advanced graphics technology. Each NFT comes with a beautiful background, nice decorative tools, cool weapons and flags, and some even have cute accessories and decorations. These 3D NFTs can finally be used in an augmented reality (AR) application. Second, users can also use metadata (for example, features of NFTs) as long as they are compatible.

The company is developing a "Play-to-Earn" game similar to Axie Infinity with more modes including PvP, PvE, PvNFT, etc., and NFT will play a role in managing the people game. According to company email interviews, the game requires no less than 3D NFT and gamers only need 2D NFT regularly to participate. The ultimate goal of the company is to gradually establish a competitive environment around the Samurai Doge NFT, which is expected to gain a foothold in the NFT community.

Cooperation

Many other companies will still be involved in crypto ventures in 2021. For example, Turkish electric vehicle (EV) maker Togg announced a partnership with Ava Labs to develop and grow smart services as a promise to improve traffic . ~

Bitcoin Futures ETF License Agreement

Many hoped that 2021 would be the year of the Bitcoin Exchange Fund (ETF), and in a way it was. While the cryptocurrency market failed to acquire the Bitcoin ETF from the SEC in 2021, many ETFs based on the futures market have moved on.

At an event last August, SEC Chairman Gary Gensler commented on Bitcoin ETFs: they were traded on the Chicago Mercantile Exchange (CME).

Now the competition has started and many companies have started to apply for Bitcoin ETFs based on futures contracts. ~

ProShares' Bitcoin Futures ETF, launched on the New York Stock Exchange on October 18, reported over $ 1 billion in daily trades, the second largest trading volume on day one in ETF history, and well beyond expectations. He followed the Bitcoin futures ETFs of Valkyrie and VanEck.

Figure: The ProShares Bitcoin Futures ETF has the second highest day 1 trading volume in history.

However, 2021 ends with the rejection of Bitcoin space ETFs by VanEck and Kryptoin. This year hasn't seen much hope for the Bitcoin Spot ETF, but it has created huge momentum for Bitcoin ETF discussions in 2022.

concludes

The use of "new products" can clearly describe the beginning of the growth of the crypto industry which developed applications such as DeFi, NFT, and blockchain games. At the same time, blockchain can transform a wide range of industries, from tracking container shipments to improving the integrity of medical information. And the “mainstreaming” of the blockchain application and crypto tools marks the next step in the technology.

What does alcohol really mean? "It describes 'always' in the eyes of most people in the community. The main meaning is also universal."

There are still significant challenges to overcome to improve the crypto industry, which is responsible for global governance, and once these challenges are overcome, the perfect opportunity for the crypto market arises.

Do you think the use of large amounts of cryptocurrency will accelerate as we welcome the new year?