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It's impossible not to be interested in cryptocurrency and the technology that supports it. It has become mainstream and there is no stopping the disruption. You might feel that there are always new cryptocurrency projects popping up every day. This wild west-style financial technology landscape is attracting entrepreneurs who are quickly recognizing the opportunities for growth.
There is a new wave of opportunities for entrepreneurs and the rush to find creative solutions for different business sectors has just begun. The cryptocurrency industry and its surrounding industries have opened up new opportunities for real-world contributions. This has created the potential for more disruption in sectors that had not experienced technological progress in the past. This innovation is all around and its enabling flow of information and calling to more transparent and secure business solutions.
It is now more important than ever to build cryptocurrency application solutions. Entrepreneurs aren't slow to make real-world changes, but they are speeding up how businesses are connected across all industries around the world. These factors have real-world applications in business.
Let's see how blockchains enable decentralized applications today on the internet.
Non-Fungible Tokens (NFTs)
These social tokens are the latest trend. NFTs allow for the commoditization and collection of media assets. NFTs are digital assets that represent digital content on blockchains. The most popular NFT uses are for media assets like artwork, music, and in-game items. They can be minted or made and traded, bought or sold through online marketplaces or person-to-person. Digital media assets are stored on the blockchain where they were deployed. They are kept in a digital cryptocurrency wallet.
NFT enthusiasts made March 2021 a historical month when the most valuable digital artwork was created and sold. Beeple, a well-known digital creator, sold a collage at an auction for $69.3million. This demonstrated legitimacy in the digital creator economy, and gave hope to digital creators all over the globe. It is not uncommon to see CryptoPunk avatars for sale for hundreds of thousands of dollar.
NFTs gave digital content creators the opportunity to make money online. Digital artists don't need to depend on physical galleries to sell their work. They can now sell directly to art lovers around the globe without having to pay expensive auction or gallery fees. The NFTs can also be embedded within the deployment to allow royalty payments. This means that if the artwork is resold, the artist will still generate revenue from the digital artwork.
Related: What is an NFT? The Next Billion Dollar Crypto Sensation.
Decentralized Autonomous Organisations (DAOs),
DAOs, like any other traditional organization, are autonomous and distributed. These digital communities allow for collaboration between these organizations, with each member having an important role in the organization. Blockchain technology allows for secure and reliable transactions of value exchanges. This makes it possible to collaborate with like-minded people around the world to achieve a common goal.
DAOs often use coded rules for their operations. These codes allow financial transactions and rules to be created in a smart contract that is then recorded on a blockchain. The smart contract can be used to represent the coded operations and rules. Because smart contracts are transparent and open to the public, no one person can alter the rules without the community being alerted.
DAOs are democratized organizations, which is a significant difference to traditional companies. DAOs allow members of their team to vote on changes to the organization's future. This is in contrast with traditional companies where only one member can make executive decisions. DAOs typically issue tokens via crowdfunding. The tokens can then be used to control governance, as opposed to traditional companies whose governance is managed by the chief executives and board. Keep an eye out for DAOs that are constantly emerging in the cryptocurrency space.
Creators of digital content
There has been a shift in the way that cryptocurrency users share and create content online. Digital creators have gone from being an influencer to becoming an empire by using their social media followings to create value that ultimately generates revenue for their brands. As a way to show ownership in content creation and distribution, the cryptocurrency industry has seen a rise of non-fungible tokens. The digital labor market's role is growing due to increasing connectivity. Users of cryptocurrency are discovering technological innovations that help them find work via freelance platforms or outsourced labor markets.
The gig economy is a key factor in remote workers earning a living, and some digital creators are dependent on cryptocurrency to make their income. When freelancing is a major driver in the disruption of technological advances, it begs the question: How are creators viewed as employees? It is difficult to manage the workforce ecosystem outside of traditional enterprises. Organizations need to think about how to create a company culture that embraces open talent economies.
Similar: How to generate passive income through the cryptocurrency market
Virtual 3D worlds
Metaverse experiences are growing in popularity as more people socialize online and make an income from their content. Online 3D worlds are becoming decentralized. Decentraland is an entirely user-owned virtual world that can be operated and managed by the users. Online users can create worlds and monetize them. Nearly every item in Decentraland can be traded. In this instance, it is an NFT. Virtual plots of land can also be traded, bought and sold.
As decentralized social media networks grow in popularity, social tokens are appearing. These tokens open up new avenues for creators to make a living online. Social tokens eliminate intermediaries that charge large fees and allow for the creation of small economies that grow with the fan base.
Decentralized Apps (DApps).
Emerging blockchain and cryptocurrency technologies are facilitating decentralized data networking, thereby leaping over central control and disrupting centralized aggregator-distributor platforms. Golem is an online network that allows for decentralized management of computing resources. Golem is a network that allows for the decentralized management of computing power online. It can be described as an Airbnb for computer power. Golem Network users can share extra storage on their hard drives with others who use it for large-scale computer tasks. Users are also able to rent their computing power using the Golem Network currency, GNT.
Blockchain and Artificial Intelligence (AI), will allow for better talent acquisition in the digital creator economy and on-demand workforce. Peer-to-peer networks-based talent platforms are a great option for global job seekers. They allow you to verify all types of credentials. This includes academic credentials that are immutable and verifiable, work experience, professional references, trademarked content, professional certificates, and awards.
A sustainable future for the cryptocurrency economy
One of the most significant wealth transfers is from private ownership to community-based and personal ownership models. Instead of controlling the message, brands rely on trusted communities to spread it. Amongst all the data that is being collected, attention has been the most valuable commodity. The creator economy has replaced the attention economy. This new economy will be built using decentralized blockchain applications.
Related: How Blockchain & Cryptocurrency can Revolutionize Businesses
