‘Crypto’ Is the ‘Voldemort’ of the Muggle World. Let Us Explain...
After the dumpster fire that was 2022, 'crypto' has in many ways become the 'Voldemort' of the muggle world.
Few dare speak its name in polite conversation.
Decrypt lists some solid points highlighting this reality:
NFTs are now being referred to as 'digital collectibles' on major platforms like Reddit and Instagram.
Many crypto companies are now rebranding - like Riot Blockchain, which recently changed its name to 'Riot Platforms.'
But what really got us?
This quote from the global head of innovation services Ogilvy advertising, Dickon Laws (helluva name):
“Nobody has made Web3 relevant or accessible for the masses, or really spent the time trying to understand how it solves ‘mass’ market problems or improves consumers’ lives,”
We sort of blacked out after this and went down an un-expected rabbit hole...because here's the thing:
We shouldn't want all of Web3 to have a mass market appeal.
Right now, crypto-currencies are mostly contained within the 'financial technology' niche (a HUGE niche - but a niche none the less).
To break out of that and have the majority of folks using cryptocurrencies in their every day lives (our parents, grandparents, neighbors, friends)?
For that to happen, our local currencies would need to become worthless - most likely through hyperinflation.
Which would mean a lot of pain, for a lot of people.
No one wants that.
The good news? We can have our cake, and eat it too.
Because, some forms of blockchain technology are perfectly suited for the mass market.
Specifically, NFTs. Which can be applied to all sorts of consumer technology:
Gaming, real estate, travel, memberships, ticketing, online/offline identity, art, fashion, loyalty programs, collectibles, etc.
Point is:
Failing to achieve a future where everyone transacts in say, Bitcoin or Ethereum, is probably a good thing.
But failing that doesn’t mean blockchain technology can't find a place in our everyday lives.
...and if you're wondering how we got from 'crypto needs a re-brand' to 'the mass adoption of cryptocurrencies = the downfall of the global monetary system.'
We don't know either.
And honestly, it's kinda freaking us out.
