Applications and Use Cases

Blockchain and NFT Projects Gain Major Traction in 2021


April 29, 2021

2021 is shaping up to be a major year for blockchain technologies and investments. Cryptocurrency is now being accepted for payments by major companies, while non-fungible tokens (NFTs) are also gaining in popularity as an investment opportunity. Central banks are also pushing toward digital currencies based on blockchain, propelling the technology into the spotlight.

Tesla CEO Elon Musk has been a major proponent of bitcoin, and both Tesla and Square are accepting the cryptocurrency as a payment method. Meanwhile, NFTs, which represent units of data on a blockchain and can stand in for original items like artwork, music and video game items, are bringing in millions of dollars in investments and sales.

Exchange-traded funds (ETFs) that focus on blockchain and cryptocurrencies are also performing extremely well in the marketplace.

"Just over three years ago we launched the first actively-managed ETF focused on the dynamic market segment of blockchain-related stocks," said Christian Magoon, CEO of Amplify, a company that specializes in ETF investments. "Blockchain technology is primarily known for one application today: cryptocurrency. However, there is a fast-growing universe of applications for blockchain technology. We believe the growth of crypto is a case study on the values blockchain technology delivers when it comes to trust, data sharing, efficiency and transparency."

Scienjoy, a mobile streaming entertainment platform in China, is another company helping to propel blockchain into the mainstream. The company recently announced NFTs on its platform following a partnership with Snipp Interactive. Snipp provides digital marketing promotions, rebates and loyalty solutions to enable live streaming broadcasters to mint their own NFTs.

In the case of Scienjoy, platform users will be able to bid to purchase NFT mementos from their favorite broadcasters using points earned from the new rewards system. The NFTs will include accessories, skins and virtual objects that users and broadcasters alike can wear and display in Scienjoy's virtual livestreaming realms. They will also be used as unique prizes for gaming competitions as well as to reward users and drive engagement.

Earlier this month, WISeKey partnered with haute watchmakers Jacob & Co to NFT their popular Astronomia Sky model.

"This combination of a powerful NFT technology offering with Jacob & Co watchmaking expertise in conducting Trusted NFTs auctions is a great model on how WISeKey's unique Digital Identification NFT platform technology delivers the most secure and scalable blockchain backend for creating real digital twins for valuable objects," said Carlos Moreira, founder and CEO of WISeKey."This unique approach will make it possible to mint provenance and a digital version into an NFT that contains smart contracts on how the digital twin may be used, removing any uncertainty of what an NFT actually means to a collector by delivering authenticated digital twins to the watch luxury market."




Edited by Luke Bellos

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