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Despite the growing number of bankruptcies and contagion fears, the adoption of blockchain and cryptocurrencies has continued to grow in theglobal market. The trend is particularly higher in countries where inflation has surged significantly over the last 12 months. In Latin America, Argentina and Venezuela have witnessed a substantial rise in inflation rates, 79% and 114%, respectively, in 2022. mid the growing instability in the region, citizens have found cryptocurrencies as a powerful tool to preserve value amid the plummeting local currencies. Read More -NFTs are becoming mainstream amid the rising cryptocurrency adoption in Latin America Trends are similar in Turkey and Nigeria, where inflation is driving the adoption of cryptocurrencies. These regionsÃ¢€™ failure to reach the unbanked population and provide price stability is the major factor that is driving the adoption of blockchain technologies. The need to settle payments instantaneously and preserve purchasing power has emerged as the leading use case of blockchain. In July 2022, the Italian central bank published a report analyzing the benefits of blockchain technology for settlement purposes. However, the approach toward blockchain is differing from region to region. China, for instance, has outlawed cryptocurrencies in its CBDC rollout. Italy, on the other hand, has adopted a differentiated approach by leveraging blockchain security and interoperable digital assets. In December 2022, the Bank of Italy choose Algorand as a public blockchain to support the digital guarantees platform in the country. The platform is projected to become operational in H1 2023. The project makes Italy the first EU Member State to use ofblockchain technology for bank and insurance guarantees. In Africa as well, more and more central banks are exploring their own digital currencies projects. The South African central bank is testing a wholesale CBDC. It can be only used by financial institutions for interbank transfers. The Bank of Ghana, on the other hand, is experimenting with a retail CBDC. Anyone with a mobile wallet or smart cards can use the digital currencies. Although, these central banks have differing motives CBDCs in Africa can drive financial inclusion on a broader scale. Read More -More brands are exploring the metaverse as part of their Lunar New Year marketing efforts In regions like Africa and Latin America, the unbanked population is driving the adoption of cryptocurrencies. For instance, in Nigeria, where the government announced a ban on blockchain-based cryptocurrencies in 2021, the country has led global adoption over the last 12 months. According to a report from Bloomberg, less than 0.5% of the total population is using government-issued digital currencies one year after their launch. This shows that the citizens are not showing the same kind of enthusiasm toward central bank-issued currencies as that for blockchain-based cryptocurrencies. Consequently, as more and more consumers continue to use cryptocurrencies, they will keep forcing the hands of the central banks to explore interoperable solutions. Read More -Firms continue to raise venture capital dollars to develop innovative metaverse projects globally Many other central banks, around the world, have been exploring and launching pilot CBDC projects. Saudi Arabia, for instance, is still in the process of exploring CBDC and there is no decision on deployment yet. On the other hand, India has announced the launch of CBDC in December 2022. Notably, the CBDC pilot launched by the Reserve Bank of India in the retail segment has components that are based onblockchain technology. In 2023, TechInsight360 expects more central banks around the world to dip their toes into blockchain-based solutions.

By TechInsight360

Launch of a state-backed NFT marketplace in China

Non-fungible tokens (NFTs) had gained widespread popularity among both brands as well as consumers. Many of the leading domestic and global luxury brands have launched NFT projects to better engage with their customers while driving the popularity of their brands in a tough and competitive market. Amid the surging popularity, leading tech giants have launched NFT marketplaces over the last two years, thereby allowing Chinese individuals to buy, sell, and trade their digital collectibles. However, unlike the rest of the world, buying NFTs using cryptocurrencies is prohibited in the country. Read More -Adaptation of NFTs by luxury brands in China While the Chinese government had banned cryptocurrencies, it has consistently shown interest in the NFT segment. The launch of a state-backed NFT marketplace is a testament to its interest. According to a report published by the Chinese official media source China Daily, the government is planning to launch a new NFT marketplace on January 1, 2023. For the launch of the marketplace, Beijing is expected to hold an opening ceremony in the country. The China Digital Asset Trading Platform has been partially built by the China Technology Exchange, the State Intellectual Property Office, the Chinese Academy of Sciences, and the Beijing Municipal PeopleÃ¢€™s Government. The state-backed NFT marketplace will enable Chinese individuals and businesses to transact digital collectibles, copyrights, and intellectual property rights. The marketplace will use a blockchain called the China Cultural Security Chain. However, it will rely on the trading instruments and settlements offered by China Technology Exchange. Read More -NFTs are becoming mainstream amid the rising cryptocurrency adoption in Latin America TechInsight360 expects a lack of interoperability between the marketplace and other blockchains, due to the negative view of the Chinese government towards decentralized cryptocurrencies. The country, however, had made a significant move towards the protection of digital collectibles. In December 2022, the Hangzhou Court of China announced that digital collectibles are virtual properties and therefore, enjoy protection under Chinese law. Different jurisdictions have opted to place NFTs under property law. In October 2022, Singapore High Court designated digital collectibles as physical property such as fine wine or luxury watches. This trend is projected to further emerge in more emerging markets in 2023, where NFTs are gaining widespread popularity. Globally, many innovative NFT projects have launched in 2022. Even during the current economic uncertainty, brands and businesses have invested significantly in the space and the trend will further continue in 2023. Over the last two years, industry leaders such as Apple, Starbucks, and Reddit, have launched NFT projects to mark their entry into the segment. The presence of these big corporations explains the growing interest in the space and the future potential of the NFT market. Read More -Firms are launching innovative NFT marketplaces to serve different industry verticals From the domestic market point of view, the foray of the Chinese government into the NFT sector will further accelerate NFT adoption among brands and individuals. A favorable regulatory landscape will also lead to greater investment in the space, driving innovation and a competitive landscape from the short to medium-term perspective. This will keep supporting the growth of the domestic NFT market over the next three to four years in China.

By TechInsight360

Starbucks launches Polygon NFT loyalty program

As part of its strategy to move into the world of Web3 technologies, Starbucks has extended its rewards program to the blockchain. In December 2022, the popular coffee chain launched a beta version of its Odyssey program, combining customer rewards with non-fungible tokens and other gamified elements. The new initiative allows loyalty program members to earn a wide range of rewards and has therefore garnered strong interest from consumers. While the firm did not disclose how many of its customers have signed up for the waitlist or how many have been given access in the beta launch, the firm did announce that Starbucks has received unprecedented interest in its NFT-powered loyalty program. The firm first announced the experiential rewards program earlier in September. Built on the Layer-2 Ethereum scaling protocol, Polygon, Starbucks Odyssey introduces a new platform where members can engage with interactive activities known as Journeys. When completed members are rewarded with Journey Stamps, which are basically NFTs. Read More -Starbucks bet on NFT is paving the way for future loyalty programs Notably, members can earn their first Journey Stamps after collecting 500 points. With the program being in its beta phase, the first of the Journey Stamps launched by the firm include those which are designed taking inspiration from Starbuck’s history. Members participating in the program will earn NFTs. These NFTs will have a point value based on their rarity. It means that while the NFTs will be tied to real-world experiences, members can also buy and sell their digital assets on the Odyssey marketplace, which is due to launch in 2023. · Starbucks is expected to launch the NFT marketplace, which will be powered by Nifty Gateway. To make the buy, sell, and trade process simpler, Starbucks is allowing members to buy the Stamps using their credit cards. There is no need to have a crypto wallet. Furthermore, there is no need to have any understanding of Web3 technologies to participate in the NFT loyalty program. For Starbucks, the program not only engages its most loyal customers but also provides the firm with a potential revenue stream. In 2023, the firm is planning to release limited edition Stamps. Starbucks is planning to give away a portion of the revenue to support different causes. It is expected that the firm will release the limited-edition Stamps four to six times every year. Read More -Apple's move into NFTs can further accelerate the Web3 evolution Many of the leading brands have already forayed into the world of Web3 technologies over the last two years. Reddit with its NFT program has amassed millions of users, while brands such as Nike and Gucci have generated millions of dollars in additional revenue through their NFT projects. From the short to medium-term perspective, many more brands across industry verticals are projected to foray into the world of Web3 technologies, including NFT and metaverse. Read More -Reddit lays out the blueprint to engage the audience and drive NFT adoption The overwhelming response received by Starbucks towards its Odyssey program indicates that the NFT-powered loyalty program can become mainstream over the next few years. Brands such as Budweiser have already launched such NFT-powered loyalty programs and the trend is expected to further grow from the short to medium-term perspective. Notably, an NFT-powered loyalty program can potentially become a powerful tool for smaller brands that are struggling to compete with bigger brands, that are spending millions of dollars on their customer acquisitions strategy. https://www.techinsight360.com/

By TechInsight360