There’s a crypto meltdown, the sky is falling!
No, it’s not. But what is the future of blockchain?
A little over 20 years ago, the dot-com bubble burst. The carnage there was 1,000x worse than this is. Yet now, just as then, while some garbage was thrown out of the system, the fact was (and is) that the market reaction was in no way an indictment of the industry. The internet would go on to utterly disrupt and transform the world, affecting almost everything we touch in our personal and business lives daily. And the businesses that embraced that rapidly evolving reality survived the market of that time and became some of the greatest and most valuable enterprises.
Now, in my opinion…
Will Bitcoin become the (or even “a”) currency of the future? No. Will Ethereum, Polygon, Provenance, Solana, and/or other tokens have increasing value in the future? Probably yes, as they are consumed in blockchain transactions, and we are barely in the first inning of that game.
Can people earn 6%-18% interest safely by lending or “staking” tokens? {{insert I’m-laughing-so-hard-l’m crying emoji}}
Will “algorithmic” stablecoins be worth $1.00? No, they were (quite obvious) frauds at the start and are still frauds today. Is “Web3” real? Very.
Is the current crypto market meltdown unpleasant? Yep. Is it an indictment of the industry and the future of blockchain? Not in the slightest.
What the Future of Blockchain Holds
Some trash is getting tossed, and that’s great. Some good businesses are getting hammered, and that’s not fair, but it’s temporary, just as it was with the dot-com crash. Most of the world can’t see it yet as it’s still in the infancy of development, and some critical infrastructure doesn’t exist vet (my team is building it, as I’m sure others are as well). Thanks to the future of blockchain and NFTs, the world as you know it will shift to a more positive light.
Event tickets for sports, music, business conference and more will all be NFTs to combat fraud, ensure royalties on resales, and form a new dynamic for post-event engagement with attendees and fans.
Surgical devices and equipment implanted in people’s bodies will all have NFTs attached to them to combat device and insurance fraud. Estates and wills will all be accessed via NFTs, making the data secure, portable, and easy to organize while confirming authenticity.
Music, film, and other intellectual property will all be issued as NFTs to assure royalties and create new paths for fan engagement. Additionally, theme parks and other “experiences” will use NFTs to gamify their real-world audience at home and, especially, while at the venues.
Real estate will all be tokenized, resulting in the long overdue death of the title insurance industry and revolutionizing lending, insurance, liquidity, resales, securities markets, and ownership records (provenance) to fight fraud.
Personal medical records will all be accessible via NFTs. Shipped goods and inventory will have NFTs attached for tracking movements and fighting fraud. Lastly, countless other industries, including gaming, securities, lending, healthcare, insurance, manufacturing, government, media, etc.
Our world will be transformed yet again. Like the internet, aka “Web3,” this is happening regardless of what the markets are doing today. So keep calm and carry on; we are all changing the world together again.
– Scott Purcell, Founder & CEO
