What Will Be the Future of Crypto Native Consumer Products

 

There is a major shift of technology into the web3 space. Consumer tech companies are utilizing this new form of technology. At first, we had the emergence of e-commerce platforms like Amazon and eBay. The next wave was the popularity of social media and e-streaming web spaces like Netflix. Finally, we have the blockchain and NFT services. There is increased demand for crypto-native consumer products as they solve many problems and can be used to exchange and store money in digital form.

 

Crypto has several applications in art, music, gaming, and sports. Crypto has received a label of being something like “it hip”. Despite that, only 20% of the people are investing in crypto. Why is the number so low? One of the main reasons is a lack of trust and knowledge. Not many people are aware of crypto, while others are afraid of the fluctuations in the market. Most of the time when people hear cryptocurrency, Bitcoin, Dogecoin, and Coinbase come to mind. There are several more. However, there aren’t huge breakouts in the field of cryptocurrency. This article talks about the future of crypto for consumers.

Contents: 

- Why Is Crypto Not a Part of Everyday Life?

- What Crypto Has to Offer Currently?

- What the Future Might Hold?

- NFT Marketplace

- Native collectibles for entertainment & sport

- Native messaging system

- Native real-world usage

- Crypto-native social networking sites

- Final Thoughts

Why Is Crypto Not a Part of Everyday Life?

A product that is successful, needs to be useful and provide a feeling of accomplishment. Also, an adrenaline rush, or fulfilling safety requirements, connecting with others, showing creativity, and being socially acceptable by owning something are some other reasons that are targeted by businesses.

 

Crypto companies, on the other hand, can be a part of almost everything like art or music. However, they are yet to build trust and a deeper connection. A company functions by making you hooked to a particular product, first by providing discounts and offers. Later, you do not even realize that that product is a part of your daily life.

 

While crypto is being used by many, most of people either don’t understand or don’t think it is safe. Additionally, a seamless UX, an element of surprise, and extra features of safety are the things that help get the attention of the audience.

What Crypto Has to Offer Currently?

Currently, the crypto community is strong on principles and rules within the community. People are driven by a sense of belonging to a certain part of society. Crypto has already become a major part of the gaming world, NFTs, and certain marketplaces. You will see a new type of cryptocurrency being adopted every other day by a game, where a player can exchange the background or a skin for a particular amount of cryptocurrency.

 

So what is the problem? Well, for crypto to be a part of the future, it needs to be integrated with mainstream products and businesses. For example, being able to shop on Amazon using crypto or swipe a cryptocurrency for your purchase at a supermarket.

What the Future Might Hold?

Nothing can be said for sure, but based on the current rise in demand for crypto, here is a peek into the future of cryptocurrency:

1. NFT Marketplace

You already know that NFT is one of the major supporters of the growth of crypto. This can be turned into a marketplace where crypto can be a mass-market brand. For that, improving the UX and simplifying the purchasing process. Building trust and providing opportunities for businesses outside the e-commerce marketplace.

2. Native collectibles for entertainment & sport

This is a great place for crypto to appear appealing to the masses. The Crypto.com Arena is creating job opportunities for creator tokens. These tokens allow fans to invest in a particular brand, thus making it a form of currency.

 

Crypto native platforms help young and amateur creators to post their content without any obstacles. Also, the sports collectibles like autographed footballs or bats can be auctioned using crypto. It should be made safe and trustworthy.

3. Native messaging system

Messaging is dominated by web2 space apps like WhatsApp, and Messenger, but there is a recent shift into the web3 space. Several crypto-native communities like XMTP or Dialect have been given the work of developing infrastructure to be able to send a message to the wallet or the contents in it. Metalink and Mainchain are the ones working on the on-chain messaging.

5. Native real-world usage

Crypto has paved its way through real-world usages, like sleep-to-earn or walk-to-earn. It provides motivation for people to lead healthier lives. Play-to-earn was the original concept that kick-started the real-world usage of crypto.

 

The main issue is that this movement is not sustainable. It sounds interesting at first, however, people want more tokens when they fulfill a small task. Therefore, offering bonuses, access to special programs, and other incentives might be useful.

6. Crypto-native social networking sites

We all are addicted to Facebook or Instagram. Crypto has come up with its own. For example, POAP and Entre are two of those platforms. Entre helps you with professional affiliations with crypto and POAP provides incentives through NFT tokens for attending conferences or webinars.

Final Thoughts

In the end, it would suffice to say that crypto has the potential to replace the coins or notes in your wallet. The whole bureaucratic system involving banks, tons of paperwork, and commissions might be replaced with this digital form of currency.

 

As a company, your main task would be to encourage the usage of crypto and crypto-native consumer products. For example, if you use crypto, you get some rewards or crypto points. Then you would pay less if you use your crypto for native products. There is no limit to the utility of crypto, once the consumers are used to it or rather hooked to it.

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