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It has become impossible not to attract the attention of the cryptocurrency and the technology that supports the industry. It has become commonplace and there does not appear to be a clear stop to the disturbance. It may seem like new cryptocurrency projects are popping up every day, and maybe that’s because they are. Entrepreneurs are quickly recognizing the opportunities to build in this wild west-type financial technology landscape.
A new wave of opportunities for entrepreneurs has emerged and the rush to innovate creative solutions for industries is only just beginning. Cryptocurrency and the industries around it have paved the way for real-world contributions, calling for even more disruption in industries that have lacked technological advancement in the past. This innovation is everywhere and it allows information flows and calls for more transparent and secure business solutions.
Now is the time to create cryptocurrency application solutions. Entrepreneurs don’t act slowly on real-world changes, rather, they accelerate the way businesses are connected in all industrial sectors around the world. These contributing factors prove real use cases in the business world.
Let’s explore how blockchains today enable decentralized applications on the Internet.
Non-fungible tokens (NFT)
These digital social tokens have become the latest craze. From collecting the most valuable works of art to raising funds for charities, NFTs have made it easier to trivialize media assets. NFTs are digital assets that represent digital content on blockchains. Currently, the most common NFT use cases are multimedia assets such as artwork, music, and in-game items. They are minted or created and can then be traded, bought, and sold person-to-person or in marketplaces. . Digital media assets are stored on the blockchain in which they are deployed and are held in a person’s digital cryptocurrency wallet.
March 2021 has made history for NFT enthusiasts as the most expensive digital artwork has been minted and sold. Beeple, a famous digital creator, sold a collage for $ 69.3 million at an auction. It has proven its legitimacy throughout the digital creator economy and has given hope to digital creators around the world. These days, it is common to see CryptoPunk NFT avatars selling for hundreds of thousands of dollars.
NFTs have provided digital content creators with the opportunity to monetize their work online. Digital artists no longer need to depend on physical galleries for sales, they now have the ability to sell directly to art fanatics around the world without paying high gallery or auction fees. Online marketplaces for NFT also allow the royalties to be encoded as part of the deployment, meaning that if the artwork is resold by the original purchaser, the artist will continue to generate income on the screen. digital artwork.
Related: What is an NFT? Inside the next billion dollar crypto sensation.
Decentralized Autonomous Organizations (DAO)
Just like any traditional organization where members work together towards common goals, DAOs are distributed and self-sustaining in nature. These organizations collaborate in digital communities, with each member occupying an important role in the organization. Blockchain technology enables choppy and reliable transactions of value exchanges, enabling a safe and efficient way to work with like-minded people around the world to work on a common goal.
DAOs typically use coded rules to work. These encoded sets of operations are used to create financial transactions and rules of operations in a smart contract and recorded on a blockchain. A smart contract can represent encoded rules and operations. No one can manipulate the rules without alerting community members to the public and transparent nature of smart contracts on a blockchain.
Compared to traditional companies, DAOs have a democratized organization. Members of a DAO’s team can vote for changes in the future of the organization, rather than a single member of a traditional organization making executive decisions. DAOs typically issue tokens through crowdfunding. These tokens then control the governance of the DAO compared to the governance of a traditional company managed by the CEOs and the board of directors. Be on the lookout for new DAOs popping up all over the cryptocurrency landscape.
Digital content creators
The cryptocurrency community has seen a clear change in the way users create and distribute their content online. From influencer to empire, digital creators have used their followers on social media platforms to generate value, which ultimately generates revenue for their personal brands. The cryptocurrency industry has seen an increase in non-fungible tokens (NFTs) as a form of ownership display of content creation and distribution. Driven by increasing connectivity, the role of the digital labor market is increasing. Cryptocurrency users find technological innovations, which help them find work through independent platforms and outsourced labor markets.
The gig economy plays a big role in how remote workers make a living, and some digital creators are becoming dependent on cryptocurrency for their income. The question arises as to how creators are viewed as employees when self-employment becomes a driving force in disrupting technological advancements. Managing the workforce ecosystem beyond traditional businesses remains a mystery and organizations need to think about how to create a corporate culture around open talent economies.
Related: How To Generate Passive Income Via The Cryptocurrency Market
3D virtual worlds
Metaverse experiences are gaining traction as more people socialize online, earn income from their content, and create their own mini-worlds. Decentralization in online 3D worlds is here. Decentraland is a virtual world owned and operated entirely by its user base. Users build worlds and can monetize their real estate online. Almost everything in Decentraland is a part of the game that can be traded, in this case an NFT. This includes virtual plots of land that can be bought, sold, and traded.
Social tokens are popping up as decentralized social media networks become more popular every day. They make way for some exciting ways for creators to make money online. Social tokens do away with the middlemen who collect large fees, ultimately allowing the development of mini-economies that grow with the fan base.
Decentralized applications (DApps)
Emerging blockchain and cryptocurrency technologies facilitate decentralized data networking, moving beyond central control and disrupting centralized aggregator-distributor platforms. Golem is a network for the decentralized management of online computing power. Golem can be considered the “Airbnb” for computing power. Users of the Golem network can allocate additional space on their hard drives as well as free computing power to users who need computing power for large machine tasks and are paid for the rental of their computing power. with the Golem network currency called GNT.
Blockchain coupled with artificial intelligence (AI) will enable more precise talent acquisition in the on-demand workforce and economy of digital creators. For job seekers around the world, talent platforms based on a peer-to-peer network help with all forms of verification of employee credentials. This includes steadfast and verified college degrees, past work experience, professional credentials, intellectual property rights and branded content, professional certificates and awards – the list goes on.
Working Towards a Sustainable Future in the Cryptocurrency Economy
We are witnessing one of the greatest transfers of wealth from private property to models of personal and community property. Brands no longer control the message, but instead rely on well-known and trustworthy individual communities to deliver the messages. Attention has become the most valuable asset among the vast amount of data collected. What was once the attention economy is now the designer economy. Building decentralized blockchain applications will lead the race towards this new economy.
Related: How Blockchain And Cryptocurrency Can Revolutionize Businesses