What Trends Show are the Preferred Use Cases of Crypto Investors
Since the first whitepaper for Bitcoin was created back in 2009, cryptocurrency has been a force of nature, becoming one of the most important disruptors of finance in history. Over the last fifteen years, Bitcoin has reached a peak of $75,830, while thousands of other alt-coins have found their way into the market, with Ethereum, specifically, forming an entire blockchain ecosystem of decentralised apps, smart contracts, and decentralised finance protocols.
In many ways, the concept of cryptocurrency has become far more than just a finance disruptor. This is a concept that has the potential to revolutionise multiple industries, dragging the world into the new Web3 era while transforming the way we interact with technology, data, and the issues of ownership. In line with this, over the last few years, a variety of use cases have arisen for crypto investors looking to diversify their portfolios and participate in emerging industries. Below, we’re going to look into three of the most popular use cases, looking at the intricacies of non gamstop casinos and how they have incorporated cryptocurrency, the revolutionary impact of smart contracts in the business world, and the game-changing growth of NFTs and how they have benefitted creatives.
Crypto Gaming
Fifteen years ago, the specific use case of Bitcoin – other than simply being a decentralised token of supposed value – was unclear, but as the world of crypto evolved and its importance became more widely recognised, a number of industries evolved along with it. One of these industries that has experienced significant growth over the last decade is the iGaming industry, which is expected to reach a valuation of nearly $100 billion by the end of 2024. Part of the reason why this industry has been growing from strength to strength is its ability to diversify its offerings and cater to what the players want.
Non-gamstop casinos, specifically, are setting the standard for the adoption of blockchain technology to guarantee openness, security, and customisation. According to a recent report, nearly 40% of non-gamstop casinos have now incorporated cryptocurrency, and the trend is anticipated to pick up even more speed – as more players understand non gamstop casinos, and how they can form a new wave in the online gaming sector. Whether it’s through non-gamstop platforms or regular crypto casinos, however, crypto investors have taken to placing bets with their crypto tokens and winning cryptocurrencies as a reward. For them, it offers a unique opportunity to grow their digital assets while engaging in traditional games that they know so well. Moreover, they can play those games with faster transactions, lower fees, and even more security than they could have done before.
Supply Chain Management
Another trending use case for crypto investors is, of course, supply chain management. By recording every step of a product’s journey on blockchain, companies around the world can ensure goods are sourced ethically, verify their authenticity, and track them from origin to end consumer. This essentially ends the risk of fraud and greatly enhances accountability – it would be hard to conceal or manipulate the status of a product when every transaction and movement is recorded on the ledger.
Additionally, blockchain-based supply chain management can automate and streamline processes through what are known as ‘smart contracts’. These contracts automatically enforce the terms of agreements and trigger actions, such as payments or inventory updates, all of which are based on predefined conditions. Not only does this reduce administrative overhead, but it reduces the potential for human error, leading to more efficient, reliable, and effective supply chain operations across the board. With this in mind, while the world of crypto or blockchain-based gaming are important offshoots of crypto, this very simple use case has been key to putting the industry front and centre of the business world – and for this reason, remains a top trending use case for investors in the crypto ecosystem.
NFTs
One last trending use case of cryptocurrency in 2024 is the ‘NFT’, which stands for ‘non-fungible token’. Unlike cryptocurrencies like Bitcoin, Ethereum, Dogecoin, or USDC, NFTs are completely unique and cannot be exchanged on a like-for-like basis, making them particularly valuable when it comes to digital ownership and provenance. Over the last few years, especially, NFTs have been providing a way to establish and prove ownership of digital assets like art, music, videos, and other virtual items. For creative types, they have also provided a way to tokenise their work, enabling them to sell directly to collectors, rather than go through a third-party business model – which could end in them not receiving adequate pay for something they created in the first place.
Once again, NFTs have also proved popular in the gaming world, where they are used to represent in-game items such as characters, skins, and virtual real estate. Across the board, NFTs have steadily been evolving, to the point where they are now considered one of the most transformative technologies in the crypto industry. For this reason, we can expect to see more investors jumping on board in the years to come, with an even greater demonstration of their versatility and potential to revolutionise various industries.