crypto: The many faces of crypto commerce

Crypto and blockchain technology have permeated deeply in various commercial sectors, including decentralized investment, gaming and art. With this, investors and capitalists have found a thriving avenue for minting profits and expanding businesses. According to market data provider, Pitchbook: In the first 3 quarters of 2021, venture capitalists invested over 5 times as compared to last year. A whopping $21.4 billion was invested in blockchain and cryptocurrency-related industries, New York Times reported. Here’s looking at the various crypto-based industries that have flourished lately: Gaming- Play-to-earn games have been the biggest rage for gaming enthusiasts and cash-strapped individuals in poverty stricken economies. Some of the most popular crypto games are: Axie Infinity- It is a play-to-earn, Pokemon-inspired game of Vietnamese origin. It is an NFT-based online video game which uses Ethereum-based cryptocurrencies. It removes institutional middlemen and is paving the way for disruptive industries. The game allows players to collect, breed, raise, battle, and trade creatures known as Axies, which are digitized as NFTs. Axie’s Vietnamese game developer recently raised over $150 million in a Series B funding round at a $3 billion valuation in October 2021. The game caught up strongly in Venezuela, Brazil and the Philippines. CryptoKitties – It is an Ethereum blockchain-based video game created by Canada’s Dapper Labs in 2017. It is a collectible digital cat game. This platform charges only a 2.5 percent fee on sales against traditional galleries. The game gained considerable popularity in the same year of its launch and reached its highest number of transactions in December 2017. Non Fungible Tokens (NFTs) in crypto gaming: OpenSea – It is the world’s first and largest NFT marketplace. Digital artists can sell their works eliminating intermediaries and physical galleries. It sells NFTs from CryptoPunks, Sandbox and Decentraland. Decentralized finance and artificial intelligence: This is meant for trading, borrowing and leading digital assets on platforms sans KYC and other regulations. It is for users who want to enter into new projects and store funds on their own wallets. Some of the leading Ethereum-blockchain based DeFi platforms are : Uniswap: This is the world’s largest decentralized exchange with a $15.93 billion market cap on December 11, according to Pancake Swap and Sushi swap are among top 5 decentralized exchanges. Helium – It is a wireless network that incentivizes users with its native HNT crypto for building decentralized public wireless networks. Social Networks- Here users make profits by betting on the popularity of public figures and purchasing tokens linked with those person’s profits. BitClout – This platform depends on data collected from Twitter to measure social repute. Thus, people who believe in the social clout of a person can buy the coin named after them and gain higher financial returns with the growing fame of the person. In just a month of its launch, BitClout made over $225 million. Friend With Benefits(FWB)- It is a social and cultural network albeit crypto-based, that holds events in the virtual and physical worlds. The content and ideas created and shared by the users of that social network gives value to this space. One needs to own at least 75 $FWB cryptocurrency tokens, the native crypto of the platform like Uniswap or other decentralized exchanges to use this app. The value of the token increases with the popularity of FWB. For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.

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