Real-World Utility for Web3 and Digital Assets
Digital assets and the blockchain technology they are built on have often been criticized for lacking practical applications and real-world utility. However, there are promising signs that this is changing in 2024. Recent developments involving Visa, Blocktrade, and Solana showcase the potential for digital assets in the real world and the Web3 ecosystem.
Visa’s Web3 Loyalty Platform
Visa has made a significant commitment to Web3 by launching a new loyalty engagement platform for brands. This platform allows brands to offer customized digital wallets to their customers, enabling them to engage with virtual and real-life experiences, earn digital collectibles and rewards, and discover new ways to use their loyalty balances. Visa aims to shift from traditional points-based systems to digital collectibles, making it more interactive and appealing to consumers. The platform also eliminates the need for brands to onboard Web3 developers, making it accessible for broad adoption.
Blocktrade Enables Crypto Payments
Blocktrade, in collaboration with SKAi2, has announced a solution that allows retailers to accept payments in multiple cryptocurrencies. These payments are instantly converted to euros and deposited into the retailer’s Blocktrade account. Unlike traditional credit card transactions, this solution offers immediate processing, encouraging retailers to accept crypto payments. Consumers can download the Blocktrade app and use it to pay with over sixty different cryptocurrencies while earning cashback for each purchase. Blocktrade anticipates that over 100,000 merchants will adopt this solution by the end of 2024.
Solana’s Second-Generation Saga Smartphone
Solana’s first-generation Saga smartphone gained significant traction in the crypto community due to its free token allocation. After a sellout success, Solana has announced the release of a second version of the Saga smartphone at a lower price point. This device features a built-in crypto wallet, a dApp store, and a custom Android operating system. Its success may pave the way for more Web3-enabled phones and consumer hardware in the future.
Hot Take: Real-World Adoption Promotes Value and Adoption
Creating real-world utility and tangible ties is crucial for the widespread adoption and sustainable growth of digital assets. Visa’s loyalty platform, Blocktrade’s crypto payment solution, and Solana’s smartphone demonstrate the value and potential of Web3 and digital assets in everyday life. As more practical applications emerge, the crypto industry can continue to evolve and gain broader acceptance.
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