3 signs that cryptocurrencies are gaining mass adoption
A number of key developments in finance and popular culture suggest that the mass adoption of cryptocurrencies will officially begin in 2021.
The path to mass adoption of cryptocurrencies and blockchain has already made significant strides in 2021 as developments in DeFi and NFT push crypto into the center of mainstream media.
From the rise of meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) to the popularity of the Play-to-Earn (P2E) game model, to popular protocols like Axie Infinity, 2021 has both given the world the opportunity to generate income exist in the crypto ecosystem.
And it is not just the participation of ordinary people that suggests that we are on the cusp of mass adoption of cryptocurrencies, as some of the key long-term developments in financial and popular culture show that blockchain technology is gradually becoming a mainstay Society becomes the pillar in the world.
Here’s what cryptocurrencies are seeing in mass adoption in 2021.
Huge sponsorship deal gets mainstream media attention
One of the main signs of mass adoption in 2021 is an increase in funding contracts and partnership agreements between crypto-related companies and other large institutions such as professional sports teams and organizations, and celebrities and influencers.
Most recently, Crypto.com made headlines when it announced it was signing a 20-year naming rights agreement with leading sports and entertainment company AEG to rename the Staples Center in Los Angeles the Crypto.com Arena.
As part of a $ 700 million deal, Crypto.com will partner with the Los Angeles Lakers and Los Angeles Kings to become the “Official Crypto Platform Partner” for the popular sports franchise.
Crypto.com’s naming deal follows a similar move by Exchange FTX earlier this year with a 19-year deal ($ 135 million) with Miami-Dade County to rename the Miami Heat’s home stadium the FTX Arena by 2040.
Aside from the multi-year multi-million dollar sponsorship deal, there are a variety of other crypto-related recommendations, including a sponsorship deal between Coinbase and the National Basketball Association (NBA) and a partnership between New York Digital Investments Group (NYDIG) and the Houston Rockets, where the investment firm will be content with franchises in Bitcoin.
Big brands are adopting the NFT culture
Another sign of mass adoption is the acceptance of the NFT culture by globally recognized brands like McDonald’s and Burger King, which aim to harness the popularity of the rapidly growing cryptocurrency subsector to interact with their customers.
I will present you the most important NFTs. RT for a chance to win one of ten exclusive prizes #McRibNFT
– McDonalds (@McDonalds) November 1, 2021
“I’ll show you the most important NFTs. RT to win one of ten unique McRibNFTs. No search, not yet identified. The winner needs a crypto wallet to receive NFT. ”
Despite the widespread crackdown on cryptocurrencies in China, McDonald’s in the country launched the “Big Mac Rubik’s Cube” NFT line on October 8th to celebrate the company’s 31st anniversary in the Chinese market and sales and reward distribution.
In September, Burger King launched an NFT-focused marketing campaign called “Keep It Real Meals”, which gave customers the opportunity to scan a QR code that came with their meal to receive one of three dishes.
All of this focus on NFTs by big brands and corporations comes at a time when public interest in NFTs is growing, as data from Google Trends shows that the search volume of searches for NFT-related terms is increasing with NFT. Search queries now outperform searches for terms such as “DeFi”, “Ethereum” and “Blockchain”.
TV viewers are also increasingly exposed to crypto-related advertisements starring prominent speakers such as actor Matt Damon and National Football League defender Tom Brady.
Traditional finances are finally accepting bitcoin
A third development, indicating the continued mass adoption of cryptocurrencies, is the integration of crypto-related projects into the mainstream financial sector, the largest example being the issuance of funds. ProShares Bitcoin Strategy (BITO) ETF, the first Bitcoin-related ETF to licensed in the US market.
The launch of BITO was quickly followed by the launch of the VanEck Bitcoin Strategy ETF (XBTF), suggesting that the US Securities and Exchange Commission (SEC) approves Bitcoin futures ETFs at this point, but is still not ready for a Bitcoin ETF – likely not before 2022 or later.
There has also been a significant integration of blockchain technology into the broader financial sector in 2021 as large payment processing networks such as Visa and Mastercard have made many transactions in the crypto industry to allow cryptocurrency holders to use their tokens for payments.
Many influential crypto-focused companies, including Crypto.com as well as BlockFi and Coinbase, use the Visa network to operate their debit and credit card systems, while Mastercard has already partnered with the digital asset platform Bakkt and also laid the foundation for the Support from a. Banking Digital Currency Center (CBDC).
The fact that many central banks around the world have announced that they are researching or developing their own CBDCs is evidence of the inevitable integration and mass adoption of blockchain technology in the financial ecosystem.
While it is likely that the crypto market as a whole, like all past markets, will continue to boom and bust cycles, crypto owners should rest assured knowing that the long-term evolution of blockchain technology will depend on widespread adoption and integration into many aspects of. our daily life is aligned as the Internet of Things (IoT) and Web 3.0 are constantly evolving.
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