What does mass adoption mean for the blockchain industry? Has it started yet? If not, what could get it g
What does mass adoption mean for the blockchain industry? Has it started yet? If not, what could get it going?
Yat Siu of Animoca Brands
Yat is the executive chairman and co-founder of Animoca Brands, which delivers digital property rights to the world’s gamers and internet users, thereby creating a new asset class, play-to-earn economies and a more equitable digital framework contributing to the building of the open Metaverse.
“Although we are still at a relatively early stage of the blockchain adoption curve, we are well on the way to reaching the early majority category sometime in 2022. This is being led by NFT gaming and the GameFi movement. As more game developers get involved and higher-quality game projects become available, mass adoption is inevitable.”
These quotes have been edited and condensed.
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Simon Lapscher of Liquality
Simon is a co-founder of Liquality, a multi-chain browser extension wallet.
“Around 17% of the adult population own at least part of a Bitcoin. So, mass adoption is certainly underway, but barriers to entry like fiat on and off ramping, high fees, and ease of use still prevent us from getting to the broader population. To help bring crypto to the mainstream in 2022, crypto enthusiasts and product developers will need to continue iterating on the basics of onboarding and crypto usage to make it easy enough and fun enough for the mass adoption of crypto applications like DeFi and NFTs. Wallets will play a critically important role in making complex crypto applications into simplified operations via in-wallet integrations, as well as easy bridging between all layer ones and layer twos to simplify the experience of using crypto for users.”
Sameep Singhania of QuickSwap
Sameep is the founder of QuickSwap, a decentralized exchange on Polygon that allows users to swap, earn, stack yields, lend, borrow and leverage all on one decentralized, community-driven platform.
“Just compare the overall market caps from the beginning of 2021 until today to illustrate how much crypto has grown this year. According to CoinMarketCap, on Jan. 1, crypto’s market cap was about $773 billion. Now it’s over $2.3 trillion. Despite the dollar’s rapid inflation, to me, annual growth of more than $1.5 trillion definitely suggests that mass adoption has begun, but there’s still a lot of room for crypto to continue to grow.
To enable that growth, more people need to learn about the alternatives to expensive layer-one chains, where gas fees can sometimes cost more than a transaction itself. That’s why I’ve always been a big supporter of Polygon, and it’s why I helped found QuickSwap. At Polygon, we aren’t competing with Ethereum or attempting to replace it, we’re helping Ethereum by providing a layer two where people can conduct transactions for far less than they cost on layer one. This service enables smaller investors to participate in DeFi with near-zero gas fees, while larger whales can continue to operate on layer one.”
Ray Youssef of Paxful
Ray is the CEO of Paxful, a global people-powered platform for buying, selling and trading digital currencies.
“The prospect of Bitcoin reaching mass adoption sooner than we think is massive. Mass adoption has started and Bitcoin is the future of finance. There are many key driving forces like gaming and sports that are contributing to its visibility. The expansion of Bitcoin as a means of exchange in the U.S. is gaining greater traction as we see mayors from New York City and Miami speaking very publicly about Bitcoin adoption while taking steps to integrate it within their own cities. Its implications are boundless.”
Mark Lurie of Shipyard Software
Mark is the CEO and co-founder of Shipyard Software, a decentralized exchange for retail crypto traders.
“There are two phases to mass adoption. Phase one is having crypto as part of one’s portfolio, typically through a centralized custodian like Coinbase. Over 16% of Americans and 43% of young male adults have used crypto. While there is still a long way to go, I think that qualifies as mass adoption. However, there is a second phase of mass adoption. Phase two involves holding one’s own crypto and interacting with Web3 applications, from games to DeFi. We are nowhere near phase two. The reason is primarily because it’s so technically complex to hold one’s own crypto. The reason it’s so technically complex is because there are regulatory barriers to simplifying the user experience — namely, custodying assets. We sit on the precipice of a swingback, where phase two of mass adoption could be stalled because of improper regulatory oversight or outright bans. The world and the established order are scared of what crypto, blockchain and decentralization can achieve….
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