3 Promising Trends in Crypto Startups

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While most people have some knowledge of investment in cryptocurrencies, some of the biggest trends surrounding digital money remain unknown to the mainstream.

Given the often obtuse language surrounding cryptocurrency, this isn’t too surprising. The technology world and the finance world have always used their own arcane languages, and blockchain has essentially combined those worlds with jargon all its own.

Away from the hand-wringing about the reliability of investing in major currencies like Bitcoin and Ethereum, small startups are using the possibilities of digital currencies to create new business models within every major industry, but especially within the arts.

Let’s look at some of the most promising (and interesting) trends within the world of crypto startups.

Crypto Video Games

Video gamers have a natural and understandable attraction toward cryptocurrency, given that so many modern gamers live much of their lives interacting with others online.

The advent of digital currencies has empowered gamers to earn money while they play, disrupting the traditional model of the gaming industry.

According to a 2018 report from the Worldwide Asset exchange, 75 percent of online gamers said they would exchange their virtual assets for a currency that can be used across multiple platforms.

As a result, crypto gaming has exploded in popularity. It enables players to collect and trade virtual assets they can sell or trade to other gamers all over the world, while simultaneously creating another avenue for generating profits for the gaming industry.

In CropBytes, a farm simulation game, players can use NFTs and cryptocurrencies in the farms they manage within the game, allowing them to earn money when they play. The game has more than 80,000 users.

Crypto Movies

Film production, with its large overhead costs and complex personnel needs, has remained largely the domain of major studios, most of them in Los Angeles or New York.

With cryptocurrencies, that could finally be changing.

Mogul Productions, which describes its business model as DeFiFi, or decentralized film financing, launched in February 2021.

The company has created an app aimed at film lovers, aspiring filmmakers, and lovers of cryptocurrency. Essentially, users can purchase STARS Tokens, which are based off Ethereum, to become a part of a community approach to filmmaking.

Users can spend the tokens to vote on which scripts get made into movies, get tickets to exclusive screenings, purchase NFTs that are actually unique to the movies that Mogul produces, and even get an executive producer credit.

It’s a new model, but one that could bring massive change to the film industry.

Crypto Arts

 

If you haven’t checked out OpenSea, then you’re already behind the times.

As the biggest repository of NFTs available anywhere, the platform is giving artists and musicians a new way to sell their art.

Scarcity is an essential part of how something receives value, and NFTs are finally bringing that back to the arts with the power of blockchain, which has the power to transform a piece of music or a drawing into an authentic and verifiable digital asset.

Many now see this as the future of the arts and music, and if you check out the number of NFTs on Open Sea — and how much they’re selling for — you will see why.

One thing is clear: It’s an incredibly exciting time for cryptocurrencies, and a good time to start being an early adopter.

About Neel Achary 18874 Articles
Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.