Where Mass Crypto Adoption Will Come From
Many are wondering when and how we will achieve mass adoption for cryptocurrency. This is a difficult situation to forecast and, of course, is all speculation.
In this video I discuss some of the parameters that might be involved with reaching that end. We look into both industries and regions where this could come about.
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BEER.Interesting topic as always. I agree with most of your paths of adoption, however I am a bit skeptical about the mainstream adoption of P2E games. I myself have played several P2E and think the idea is fantastic and I absolutely see how the players would benefit, however I struggle to see why big game corporations (E.g. Blizzard, Activision, Etc...) would adopt the idea of creating blockchain based games. Some questions that always comes to mind:
And that is just talking about ownership, the implementation of the technology would be tremendously costly specially if they lack the know-how. What is your take on this @taskmaster4450?
I don't blame you because I feel the same way about most of the games. They haven't delivered but the best game that I have seen that might work out is the one made by Dr Disrespect. From what I see, the gameplay is looks fine and it won't be bad compared to the existing game and he has stated that there should be a blockchain component to it. However, I don't know if it will be play to earn.
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The key question here is that triple AAA game developers have to jump in the bandwagon of the blockchain trend before we see mass adoption. From what I have seen in Dr Disrespects game it will not be a P2E, they are selling a special beta access pass that will be done via a blockchain. This pass will give some benefits related to the game but it wont impact the gameplay.
The problem is that game development and creating a sustainable game economy are 2 very different things. If mass adoption happens we will soon see game companies employing practical economist to create in-game economies, wouldn't that be cool?
Or the existing gaming companies go the way of Blockbuster, record companies, and Kodak. There are many examples of industry players not adapting to change.
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It would be cool but we need a good game to start off the process. The utility of the blockchain needs good apps that can compete with the existing games/applications.
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Disruption rately comes from within an industry. Hence, looking for Blizzard to disrupt itself isnt going to happen.
The attraction to P2E is from those who arent the major gaming companies. That is where the disruption comes in. Typically what happens is that companies are forced to adjust to keep pace.
This is how I see gaming evolving.
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The adoption is tough but I do think it will depend more on the applications and if they prove to be superior to the existing ones. I am kind of disillusioned at how bad the crypto games look compared to the big game studios. It just doesn't seem to deliver when you see games like Earth 2 using in-game store assets and there are a ton of undelivered goals.
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Naira is pronounced Nye-Rah (nai·ruh).
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Mass adoption for crypto? Would say smart phones!
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Summary:
In this video, the speaker explores the potential for cryptocurrency adoption, particularly focusing on the role of gaming, developing nations, and blockchain technology. He emphasizes the familiarity that gamers have with digital assets and the potential of blockchain gaming to ease the transition into cryptocurrencies for a large population. The speaker discusses how developing nations, with their weak currencies and unstable banking systems, could greatly benefit from cryptocurrencies. Furthermore, he delves into the role of blockchain in addressing issues like property rights and corruption, highlighting its potential to offer solutions in both financial and non-financial domains. The speaker also mentions a project called PodPing and its contribution to the decentralization and efficiency of podcasts indexing, as well as the importance of incentivization for mass adoption of cryptocurrencies, particularly in developing regions.
Detailed Analysis:
The video begins with the speaker pondering the path to crypto adoption, mentioning the role of gamers in familiarizing users with digital assets due to their experience with in-game tokens and assets. He highlights the potential for blockchain gaming to bridge the gap towards crypto adoption for a significant number of people. The speaker acknowledges that while the current number of crypto users may seem substantial, there's an even larger untapped population online that could potentially engage with cryptocurrencies.
Moving on, the speaker delves into the importance of cryptocurrencies for developing nations with weak currencies, especially in the face of currency depreciation against the dollar. He emphasizes how cryptocurrency can provide stability and protection in financial transactions where traditional banking systems may fail. The speaker stresses that blockchain technology can play a crucial role in securing property rights and combating corruption, particularly in countries where these issues are prevalent.
The discussion shifts to the significance of projects like PodPing, which contributes to the efficiency and decentralization of podcast indexing. The speaker underscores the value that blockchain technology brings to projects like PodPing, offering decentralized solutions that enhance transparency and accessibility.
In exploring the future of cryptocurrency adoption, the speaker underscores the need for incentivization, especially in developing countries where the current financial systems may lack efficiency or security. He predicts that the momentum for widespread adoption of cryptocurrencies will likely stem from these regions, where individuals face greater financial challenges and could benefit significantly from the advantages offered by blockchain technology.
In conclusion, the speaker emphasizes the importance of expanding cryptocurrency usage in developing countries like Venezuela, Brazil, and Nigeria. He advocates for giving individuals in these regions access to their own wallets and a means to safeguard their assets against currency devaluation, ultimately promoting financial inclusion and stability.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.