Use cases for cryptocurrency technologies
Many of the cryptocurrencies listed on BtcTurk | PRO are built around new technologies.
These projects, and their accompanying technologies, are now showing potential use cases in more than one area.
Web3 use cases
Web3 refers to the decentralised, blockchain-based phase of the internet.
It is based on establishing a peer-to-peer connection without the use of an intermediary and prioritises the data security of its user.
Here are five of the areas where Web3 will be used most:
Blockchain-based games
Blockchain technology has many uses and is now being rapidly integrated into the games industry.
Game developers are starting to incorporate features Web3 technology offers into their blockchain-based games.
DAO
DAOs, short for Decentralised Autonomous Organisations, are based on decentralisation and fairer governance.
The values of Web3 technology are implemented in the management style and structures of DOAs.
DeFi
DeFi, shorthand for decentralised finance system, uses Web3 principles to improve the financial infrastructure and benefit its users.
Virtual land
The arrival of different metaverses has led to people challenging the real estate sector’s standard processes.
People are now using digital wallets for transactions on Web3 platforms. The buying and selling of virtual land is an example of this.
Apps
Many developers have used blockchain technology to create decentralised applications and browsers. One goal they have in mind is to protect users’ data and prevent this data from being copied to a central server.
Decentralised applications are one of the areas where Web3 is used the most.
NFT use cases
NFTs are a cryptographic digital asset that cannot be exchanged for any other token of the same kind.
NFT is an abbreviation of the phrase Non-Fungible Token.
Here are five of the areas where NFTs will be used most:
Art
With the emergence of crypto art, artists in the 21st century have turned to exhibiting their works in a digital environment.
With this digital transformation, Art NFTs emerged and began to be valuable like the traditional art works.
The preservation of NFTs on the blockchain, the transferability and permanence of copyright and the preservation of ownership are some of the aspects that have made NFTs popular.
Gaming
One of the most common uses of NFT technology has been in the video game industry.
Game developers have started to release in-game characters, costumes or special powers as NFTs.
Music
Blockchain-based music platforms attempt to bring artists and listeners together using a decentralised business model.
Because of the spread of NFTs in the music industry, artists can now hold and transfer the copyright of their work as NFTs without the need for third parties.
Fashion
Fashion companies have experimented with digital clothing and accessories as NFTs. One example is dressing your online character with NFT clothes.
Fashion NFTs are creating a new market for manufacturers and collectors.
Collectibles
The urge to collect and hoard, often related to subcultures, is present in the digital environment.
Moments such as tweets or video clips that exist in the digital world could be used for an NFT.
Metaverse use cases
Metaverse is a term for virtual worlds, furnished with digital land, buildings, avatars, clothes and other items.
Here are five of the areas where the Metaverse will be used most:
Fashion
One of the areas where the Metaverse has had the most impact is in fashion.
Famous brands open stores in different metaverses and sell exclusive digital products in them.
Real estate
In the metaverse, the real estate industry functions in a different way.
Metaverse technology is often used to give people tours of real estate property and to facilitate the sale of virtual land.
Gaming
The metaverse has opened up many new possibilities in the games industry.
Games have been integrated into various metaverse universes with a variety of different business models. Players will often earn a form of income for participating in games.
Tourism
Virtual tourism employs augmented reality (AR), allowing those unable to visit tourist destinations with an opportunity to experience them.
Virtual tourism excursions in the metaverse can provide a fun experience, especially when taken with others.
Social media
Social media is a key usage area in the metaverse.
The use of digital avatars and virtual characters brings social media closer to the metaverse.
DAO use cases
A DAO is a self-organising and governing community or organisation without a central point of control and management.
DAO is an abbreviation for Decentralised Autonomous Organisation.
Here are five of the areas where DAOs will be used most:
Crowdfunding
DAOs are the perfect model for crowdfunding initiatives.
DAOs review projects that are in need investment and vote on whether to support them.
Metaverse
DAOs are actively used in metaverse projects.
DAOs allow users to decide on proposed changes within the relevant metaverse platform.
DApp management
DApps, which stand for decentralised applications, are one of the main uses of DAOs.
DAOs with dApps can support users in suggesting improvements or changes to be made in decentralised applications.
NFT
DAOs can be used in NFT-based investments.
DAOs create an ownership structure for NFT-based investments. With DOAs, collective decisions about members’ NFTs can be made.
Proposal execution
DAOs play a key role in executing proposals for blockchain-based projects. Users are granted the right to vote according to the number of shares they own in a project.
They are given a voice with the opportunity to vote on the project’s operation or activities.
