Is Cryptocurrency In A Slump

Is Cryptocurrency In A Slump
Nft Constructer

Rick John

Nft Constructer


10 Min Read

So far, those familiar with the technology have mostly driven the growth of the crypto business. Many compare it to a rabbit hole, in which the average individual begins with an interest in Bitcoin, discovers Ethereum, and then wanders off on tangents discussing good contracts, Defi, NFTs, or any of the other sub-segments of the crypto sector.

Is Cryptocurrency In A Slump?

However, having extensive knowledge of technology to utilize it creates an exorbitant barrier to entry. Non-technical customers must be able to use new technology for it to be widely adopted. For example, the Home windows operating system made it simple for everyone to utilize a computer without the extra detailed knowledge of the operating system that MS-DOS demanded. 

Web browsers allow anyone to use the internet without understanding what terms like TCP/IP mean. Technology must be offered in a way that makes it accessible to everybody.

Nonetheless, this turning point occurs when Bitcoin enters a severe bear market. One striking trend we're witnessing is that adoption indicators in certain verticals such as gaming, music, and even well-being and health are defying market trends.

These accomplishments have in common practical Web3 use cases that may appeal to and keep non-crypto native customers, making them incredibly robust to market conditions.

Blockchain technology is currently at a tipping point as the era of Net 3.0 dawns and moves beyond Defi (decentralized finance).

The following wave of adoption will come from customers who aren't interested in crypto as a speculative asset or a technology for its purpose.


Blockchain knowledge is sliding into obscurity

There are now more use cases for cryptocurrency that are less ecosystem-centric and rely less on the individual to actively and deliberately interact with a blockchain. They enable clients to own tokens or NFTs and comprehend them simply in terms of their usefulness or worth.

Apps that "gamify" physical activity and reward movement with tokens are one example of "move-to-earn" technology. Customers may purchase a pair of digital shoes through the Web3 app STEPN, which is targeted at the global working group. 

Once users start working, the app uses GPS to measure their mileage. Customers may use the awards they earn to buy different items from the STEPN app or sell them for cash.

Then again, the awards are tokens on the Ethereum network and the digital shoes are NFTs. Many compare purchasing the NFT to paying for a gym membership with the chance to recoup the cost (plus more).


Attracting Users To GameFi

Another area of the blockchain industry where technology has started to lose prominence and adoption indicators are diverging from market conditions is the gaming industry. Games like Axie Infinity, blockchain gaming, or GameFi, have advanced significantly in recent years. 

The "play-to-earn" business model of the sport gained enormous popularity in several Asian countries during the epidemic as people utilized it to make up for lost income when they couldn't work.

It's true to say that Axie Infinity, as the pioneer, has seen its fair share of growing pains, including a high-profile hack and justifiable criticism of the viability of its business model. However, the GameFi app ecosystem has also expanded significantly in recent years, and Axie Infinity now faces intense competition from other games that use NFTs and tokens.

Blockchain gaming is "fiercely fighting" the bear market, according to a June report from Dapp Radar, which is primarily based on individual activity. While the cryptocurrency market was in a tailspin, the number of unique active wallets playing games fell by only 5% between May and June. With over one million active users per day, blockchain gaming accounted for over 60% of all blockchain activity in July, making it the most popular use case.

There is a lot of interest in the industry across various gaming groups. According to a recent study by NewZoo and Crypto.com, over 40% of devoted players who haven't yet played blockchain video games are either somewhat or extremely interested in doing so.

Turning up the music's volume NFTs

Among new audiences of non-crypto natives, the music industry is a prime example of one area where blockchain can find widespread appeal. NFTs are essentially another development in the format's history in several regards. It's comparable to the switch from vinyl to CDs or from MP3 to streaming, as one commentator points out.

Additionally, merchandise has always played a significant role in the music industry, with fans willing to pay for memorabilia like shirts, signatures, and limited-edition releases that may fetch high prices on secondary markets.

There are several options available for digital music collections now that the switch to digital music is mostly complete. Therefore, it shouldn't come as a surprise that musicians are primarily ignoring market conditions and utilizing NFTs as a brand-new format.

It's intriguing to think that there could be greater value in doing so today. The English rock band Muse recently announced that they will release the world's first-ever chart-eligible NFT, which implies that album sales would directly depend on where it appears on the U.K. and Australian music charts. This greatly boosts the NFT's appeal, usefulness, and value to users and further abstracts from the underlying technology.


Aspects of entry

All the signs are there that the technology starts to recede into the background after a few years when the crypto community was built for insiders as more everyday use cases come to the fore. As a result, there has never been a stronger chance for popular acceptance.

By developing products that leverage blockchain to further an existing business, passion, or curiosity, entrepreneurs may close the adoption gap for Web 3. To make blockchain gradually disappear into the underlying stack of technologies, alongside technologies like electrical energy and TCP/IP, we must get fixated on individual experiences rather than token prices. The next wave of customers won't be interested in the technology or the premise, but rather in fun games, getting faster, or enjoying music more evenly.


Why Should You Select Our NFT Development Services?

At NFT NFT Constructer

We have expertise in "blockchain" technology and have been studying and developing blockchain-related projects since 2017. As a consequence, our development team has a flawless portfolio of NFT projects that lend confidence. Furthermore, we continue to assist our customers' business aspirations even after the launch of the token or platform by offering round-the-clock technical support.

We work hard to give our customers the option of "100% customization," allowing them to modify the source code as needed. We begin with a precise "project plan" that outlines how our NFT development service will go from inspiration to deployment.




Don’t miss anything!

Join our community of 15,000 who receive the best in design and marketing content, biweekly.