Mass Adoption, the on and off ramp barriers, Blockchain, NFTs, and physical item ownership.
Mass adoption is a term I remember right from the start of the Blockchain revolution, quite simply it refers to lots of mainstream users and businesses adopting blockchain as the versatile and useful tool that it is.
Since I started in 2012 its come a long way, more and more individuals and businesses use Blockchain than ever before. But something else is changing… the ease in which we can convert our Fiat currency to Digital currency so that we can interact with the Blockchain.
The early days saw operations like ‘Local Bitcoins’ and ‘Local Ethereum’ where you could literally meet someone in a Cafe and swap a pile of cash for some crypto, of course it did not take long for the obvious to happen, with huge growth comes huge responsibility the regulators must have said, and the hammer soon came down on this type of P2P transaction.
Before long there where other ways, it was pretty easy to deposit Fiat currency on an exchange like FTX, Bittrex, Binance, Bitfinex, Coinbase, the KYC required was at first despised by the decentralised masses that had come to love this new form of cryptographic currency but eventually, albeit reluctantly it was accepted.
Then we had the failure of several large funds, a whole stablecoin ecosystem and a very large exchange, quickly followed by several large fallout events that quickly signaled the end of the last Bull market. This left users and blockchain lovers with fewer and fewer ways to convert Fiat into Crypto or Stablecoins.
The industry is currently dominated by one large player who is currently on the receiving end of an ongoing onslaught by US based regulatory entities. when I say dominated I mean that they account for more than 50% of the total volume in the whole market. This tells me 2 things. 1. A broader change is on the horizon. 2. It could get even more difficult for Mass adoption to continue to grow.
The business I have been involved in building is about to break down some of these barriers and again break new ground in what is still a fledgling sector.
They started by giving people all over the world a vehicle to ownership of rare collectible assets they might not otherwise be able to afford.
They combined the new and the old and solved an ongoing issue of provenance using Blockchain technology.
They took away the ‘risk’ element by backing NFTs with real tangible physical assets with value.
And now they will soon be offering the option to get involved in blockchain and rare collectible physical assets by using a traditional payment method, the old fashioned debit card.
This may appear at first like ‘reverse’ mass adoption but what is actually happening here is the door is being opened to a whole new group of people who don’t want to be lumbered with the currently somewhat cumbersome method of obtaining digital currency. This is Mass Adoption en masse, and you can be a part of it.