Consumer-friendly cryptocurrency goods in 2024

"Consumer Crypto" refers to the use of cryptocurrencies and blockchain technology by consumers to create a financial experience and live their lives in response to convenience and needs. Recently, NFTs for ownership of artistic creations started a major trend followed by numerous new uses.

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This time, SCB 10X has extracted key points from Messari's report regarding the industry's forecast for 2024 under the heading of "consumer crypto." Numerous cryptocurrency applications were accessible in the previous year. Numerous products have grown to be vital components of the industry's infrastructure, particularly "public blockchain networks" and "NFT," which may be essential for an AI-driven future. Though the price and confidence may not be high at the moment, it is concluded that cryptocurrency will undoubtedly have a better trend in the coming years. The following are some additional intriguing points of view.

1. The trend toward the ownership economy will continue to grow

An ownership economy is one in which each person is free to own their assets and data and where no one can interfere or be taken advantage of by others. There have been efforts in this sector to promote equality, transparency, and greater user benefits.
The most intriguing aspects are DeSoc (Decentralized Social Media) and NFT Trading, both rapidly developing.
Crypto Gaming: The surge in popularity of crypto gaming is comparable to that of Free To Play (F2P) a decade ago. The benefit of crypto games is that they have a mechanism for generating revenue and will likely become the next big business model.

2. DeSoc (Decentralized Social Media) platform

DeSoc is making substantial progress and offering more necessities because people are tired of having their data manipulated on social media.
Many interesting platforms and effective systems are available, headed by Friend.tech, Lens, and Farcaster.
One benefit is that content creators on DeSoc will get an equitable share for their contributions.

3. NFT Market Models

The NFT market faced several challenges in the previous year. In the bear market, major markets such as OpenSea experienced severe losses. Additionally, there was competition for market share in the NFT marketplace, which altered the market leader. After just five months, the NFT marketplace "Blur" has the potential to capture up to 80% of the market.
Even though NFT was struggling through a difficult time, the project endured because it was innovative, practically helpful, and applicable in many ways. As a result, one benefit of Solana's cNFTs (Compressed NFTs) is that they lower the price of minting or storing NFTs.

4. "Ordinal Theory" opens up new possibilities on the Bitcoin network

In the NFT industry, "Ordinal" is a highly popular protocol. It refers to burying data in the smallest Bitcoin unit, "Satoshi" (Sat). Ordinal allows users to generate NFT on the Bitcoin network by converting Sat into NFT through the Taproot upgrade for Bitcoin.
Ordinal is the source of inspiration for BRC-20 or the standard for designing the blockchain token for Bitcoin. It can also open up many new opportunities.
Earlier this year, the Bitcoin Ordinal increased in value by over 300 times. This raises hopes for a positive trend and supports the theory that there may be more uses for the Bitcoin blockchain than just facilitating asset transfers and financial transactions.

5. Token Bound Accounts (TBA)

The first implementation of "Token Bound Accounts" on the NFT standard, such as "ERC-6551," which transforms NFT into a digital wallet, was another important NFT development that occurred last year. Without modifying infrastructure or smart contracts, users can respond to Dapps applications and own assets in a way similar to that of regular accounts. To put it simply, it adds more features to NFT.
NFT Lending benefits greatly from TBA's "Cross-Margining." This trade increases liquidity and lowers the chance of forced sales and bad debt.
The use case, "Len Protocol," saw significant development as a result of better infrastructure made possible by TBA. This allowed mints and other activities to be promptly entered into the wallets of the profiles rather than the users' addresses.

6. Co-Creation and User-Generated Experiences (UGX)

Digital world development presents financial challenges that demand enormous financial resources.
Many years ago, Meta invested over 20 billion USD in Metaverse. In order to meet user needs, the game companies also made significant investments in research and development.
The cryptocurrency community finds it challenging to overcome the financial obstacles to compete and build an "autonomous world," a fascinating Web3 gaming trend for the future.
However, autonomous world games possess enough potential to prevent stagnation in the gaming industry. It calls for far more skilled game developers, teamwork from many different parties, and the storytelling and content creation of actual users with genuinely good outcomes, particularly the "co-creation" kind of content creation via Story Protocol, Shibuya, StoryCo, and Storyverse. These are the platforms that make use of NFT and offer a payment option that has a major positive impact on the ecosystem. This is an intriguing idea for changing the way that content is created, as mentioned by Messari.

According to Messari's report, it is anticipated that by 2024, the cryptocurrency market will stabilize after a period of unpredictability and instability. It is like screening technology that works. We might have to wait and see this year to see if these modern innovations become more widely accepted.

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