We’re still in the earliest stages of Web 3.0, but this period of innovation suggests that we’re heading toward a decentralized version of the web that’s all about transparency. You’ve probably heard about cryptocurrency, but you may not be familiar with what it is or how it could potentially impact the future of business. As the metaverse develops, cryptocurrency is expected to play a more prominent role in how we conduct transactions. Interested in learning more about this new form of currency and how it may affect everything from ecommerce marketing services to beyond? Here’s a glimpse into how crypto could make its mark on the business world:
Details You Need to Know
Bitcoin and other types of cryptocurrency increase in value because they don’t rely on banks or governments for production or valuation. The price of Bitcoin, for example, has risen astronomically since its introduction, and other forms of crypto may follow suit.
Unlike the traditional form of currency, cryptocurrency’s traceability plays a unique role in how it may be used for business. If you’re new to the term non-fungible tokens (NFT), this refers to a unique identifier on the blockchain. Although there can be multiple copies of the same NTF, each has distinctive markers that make it possible to track its history, such as previous purchase price and which wallets it’s been exchanged between. Because of the exclusive nature of NFTs, this property of cryptocurrency makes an interesting case for the future of marketing, especially in creative sectors.
How Crypto May Affect Business
Crypto may sound futuristic for the uninitiated, but it’s already making a splash in the here and now. Big-name innovators such as Eric Schmidt, Elon Musk, and Jack Dorsey have all become involved in crypto, and other mainstream institutions such as PayPal, Mastercard, and Visa are early adopters.
With cryptocurrency expected to grow in influence in the coming years, it’s important for entrepreneurs to start thinking about its applications. Smart contracts are one way to begin incorporating the usefulness of crypto. In contrast to conventional contracts, smart contracts may only be completed when all parties adhere to their end of the agreement. As each step is completed, payments will be immediately transferred and tracked. This has the potential to make agreements more convenient and secure, and is an exciting prospect for businesses of all ventures.
Social tokens, on the other hand, are an emerging byproduct of crypto that may further shape the digital experience in the future. Social tokens are already beginning to become mainstream, and have been popularized by artists and streamers. Upon creation of a token, a business or entrepreneur can then provide incentives for individuals who purchase their tokens. The use of social tokens to gain access to events and other exclusive experiences is something that marketers should consider.
Although cryptocurrency isn’t considered mainstream just yet, it may play an important role in the future of business. Smart contracts and social tokens are just two of the emerging trends that business owners and marketers should pay attention to, as these applications for crypto are becoming more prominent. If you’re always trying to stay on top of how you can improve your ecommerce marketing services, consider partnering with a forward-thinking marketing firm. Our team has the expertise to help your brand optimize your digital presence, now and in the future. Ready to learn more about the services we offer? Please contact us for a consultation.