3 signs that encryption is being adopted on a large scale

3 signs that encryption is being adopted on a large scale



With decentralized finance (DeFi) and Irreplaceable tokens (NFT) Push encryption technology to the focus of mainstream media every day.

From the rise of meme coins such as Dogecoin (dog) And Shiba Inu (SHIB) to the breakthrough popularity and Popular protocols such as Axie Infinity2021 has always been about showing the world the revenue-generating opportunities that exist in the cryptocurrency ecosystem.

It’s not just the participation of ordinary people suggesting that the mass adoption of cryptocurrencies is imminent, because multiple major developments in finance and popular culture indicate that blockchain technology is slowly becoming the backbone of the global society.

The following are some of the most important developments in 2021, which show that the massive adoption of cryptocurrencies has arrived.

Huge endorsement deals become mainstream media headlines

One of the most important signs of mass adoption in 2021 is the proliferation of major endorsement deals and cooperation agreements between cryptocurrency-related companies and other major organizations, such as sports teams and professional sports organizations, and popular celebrities and influencers.

Recently, Crypto.com announced the signing of a 20-year naming rights agreement with leading sports and entertainment company AEG, shocking the world Renamed the Staples Center in Los Angeles to Crypto.com Arena.

As part of the $700 million transaction, Crypto.com will work with the Los Angeles Lakers and the Los Angeles Kings to become the “official cryptocurrency platform partner” for popular sports teams.

Crypto.com’s naming transaction follows a similar move by the cryptocurrency exchange FTX earlier this year. The exchange signed a 19-year, $135 million transaction with Miami-Dade County and renamed it FTX Arena, home of the Miami Heat By 2040.

In addition to these major multi-year, multi-million dollar endorsement deals, there are many other endorsements related to cryptocurrencies, including the sponsorship agreement between Coinbase and the National Basketball Association, and the New York Digital Investment Group and the Houston Rockets. An investment company will use Bitcoin to pay for the franchise (Bitcoin).

Major brands embrace NFT culture

Another sign of mass adoption is the acceptance of NFT culture by global brands such as McDonald’s and Burger King, who want to use the popularity of the rapidly growing crypto sub-industry as a way to interact with customers.

Despite China’s extensive crackdown on cryptocurrencies, McDonald’s China launches To celebrate the company’s 31st anniversary in the Chinese market, its “Big Mac Rubik’s Cube” series of NFTs distributed 188 NFTs to employees and customers as part of the gifts on October 8.

In September, Burger King launched NFT-focused marketing activities In the event called “Keep It Real Meals”, customers have the opportunity to scan the QR code provided with the meal to obtain one of the three collectible game works. Players who collect all three game pieces can exchange them for digital collectibles as rewards, a one-year supply of burgers, or call a celebrity spokesperson for the event.

All of these major brands and companies’ attention to NFT happened in Public interest in NFTs is soaring Data from Google Trends proves that the search volume for NFT-related phrases has reached a record high, because NFT queries have now surpassed searches for terms such as “DeFi”, “Ethereum” and “blockchain”.

TV viewers are also increasingly exposed to commercial advertisements related to cryptocurrency. Well-known speakers include Actor Matt Damon And the National Football League Quarterback Tom Brady.

related: NFT sales are booming, but ownership is highly concentrated

Traditional finance finally embraces Bitcoin

The third development indicating the mainstream adoption of cryptocurrency is the integration of cryptocurrency-related projects into the mainstream financial sector. The biggest example is the release of ProShares Bitcoin Strategy Exchange Traded Fund (ETF) (BITO), the first to be approved for listing on the US market Of Bitcoin-related ETFs.

After BITO was launched, it was followed by VanEck Bitcoin Strategy ETF (XBTF), indicating that the US Securities and Exchange Commission is happy to approve the Bitcoin futures ETF at this time, but Not yet ready to allow spot Bitcoin ETFsThis development may not happen until 2022 or later.

2021 also witnessed a major integration of blockchain technology with the broader financial sector, as major payment processing networks such as Visa and Mastercard have signed a large number of transactions across the cryptocurrency industry to enable cryptocurrency holders to use them Tokens for payment.

Many influential cryptocurrency-focused companies, including the aforementioned Crypto.com, BlockFi and Coinbase, use the Visa network to support their debit and credit card systems, and MasterCard has partnered with the digital asset platform Bakkt and also For the final realization Support central bank digital currency (CBDC).

Many central banks around the world have announced that they are researching or developing their own CBDCs. This fact proves the inevitable integration and mass adoption of blockchain technology in the broader global financial ecosystem.

Although the entire crypto market is likely to continue to experience its boom and bust cycles over time like all markets, crypto holders should rest assured that the long-term development trajectory of blockchain technology is toward widespread adoption and integration Direction development With the continuous development of the Internet of Things and Web 3.0, all aspects of our daily lives.

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