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NFL quarterback Tom Brady gives fan 1 BTC for his historic 600th-touchdown-pass ball

The GOAT rewarded a Tampa Bay Buccaneers fan after wide receiver Mike Evans mistakenly handed him the ball following the historic touchdown.

Tampa Bay Buccaneers quarterback Tom Brady nearly lost ownership of the ball behind his 600th touchdown pass, but now he’s paying for it… in Bitcoin.

In an Oct. 24 game between the Buccaneers and Chicago Bears, Brady threw his 600th career touchdown pass to fellow teammate Mike Evans — he is the only player in NFL history to have ever achieved so many touchdown passes in his career. The wide receiver, apparently not realizing the significance of the ball, handed it off to Byron Kennedy, a fan wearing a jersey with Evans’ namesake.

According to Ken Goldin, the founder of sports memorabilia auction company Goldin Auctions, the ball could be worth anywhere from $500,000 to $900,000. Kennedy at first seemed to give up the ball in exchange on a vague promise of a meet and greet with the quarterback. However, Brady later revealed on Monday Night Football that he had offered the fan 1 Bitcoin (BTC) — roughly $62,081 at the time of publication — as thanks for quickly handing it over. 

“There were a lot of negotiations in order to get the ball back,” said Brady. “Byron realized he lost all of his leverage once he gave the ball away [...] I’m also giving him a Bitcoin. That is pretty cool, too. At the end of the day, I think he is still making out pretty.”

According to Tampa Bay Times reporter Rick Stroud, the Buccaneers have also agreed to give Kennedy 2 signed team jerseys, a helmet with Brady’s autograph, Mike Evans game cleats, a jersey signed by the wide receiver, season tickets for the rest of the year and through 2022, as well as a $1,000 credit towards purchases at the team’s store. Even with some experts predicting the BTC price is likely to rise, many online pointed out the value of Kennedy’s compensation did not come close to that of the historic football.

“I would have gone for season tickets for life,” said investigative reporter David Amelotti.

Related: Football-focused NFT platform plans to kick off in style, with some big names

Brady is one of many crypto-friendly professional athletes. He launched his own nonfungible token platform called Autograph — where he plans to auction the 600th touchdown ball as an NFT — and received tokens as part of an endorsement deal with crypto exchange FTX.

ESL Gaming to Offer NFTs at Flagship E-Sports Event

Culture converges with blockchain as luxury fashion brands launch NFT collections

Luxury fashion brands are launching NFT collections, but will the concept resonate with the fashion industry at large?

It’s no surprise that nonfungible tokens (NFT) have been dominating the crypto market this year. The booming digital asset class generated over $2.5 billion in sales within the first six months of 2021, demonstrating unheard-of financial gains for artists, brands and content creators across the globe. 

The rise of metaverses has also impacted the adoption of NFTs, as the world is moving closer toward visions of a future defined by augmented reality. As such, NFTs are further demonstrating the convergence of culture with technology, which in turn is having an impact on a number of mainstream industries.

Showcasing culture and community

Specifically speaking, the million-dollar luxury fashion sector has started taking note of NFTs. High-end fashion brands, such as Dolce & Gabbana and Jimmy Choo, have recently launched their own NFT collections, while designer Rebecca Minkoff became the first American female designer to create and showcase an NFT collection during New York Fashion Week 2021.

Megan Kaspar, managing director at Magnetic Capital and member of Red DAO — a fashion-focused decentralized autonomous organization — told Cointelegraph that she believes fashion is one of the most interesting NFT categories:

“The fashion industry, one of the largest industries in the world, generated $2.5 trillion in global annual revenues prior to the pandemic. Red DAO’s thesis around digital NFT fashion includes the potential of global revenues at least doubling over the next two decades due to the digitization of fashion and new capabilities offered.”

While NFTs for the fashion industry is still a very early concept, Kaspar explained that physical fashion today has limitations. For instance, she pointed out that luxury fashion items will always have a secondary retail market value, but as a product is diminished over time, the items lose their worth.

Yet digital fashion pieces will always remain intact, with the added potential to increase in value if they are highly sought after. Kaspar commented that digital NFT fashion pieces can also be worn virtually, as she recently demonstrated during a video interview where she sported virtual NFT earnings and other accessories.

Kaspar further noted that unlike tangible fashion pieces, digital items can be used as collateral for client retention and community engagement. Kaspar mentioned that high-end designers currently have limited engagement with consumers: “NFTs can be used to redeem physical items or to unlock upcoming fashion drops. They can also provide access to private events.” She added, “Designers will also be able to communicate with customers through digital wallets, almost like email.”

While Kaspar realizes that these use cases are still very early, she believes that more brands will eventually start to create NFTs to achieve such benefits. For now, however, it’s notable that a few innovative luxury and haute couture fashion brands have already started to demonstrate the potential of NFTs.

Source: UNXD and Dolce & Gabbana

Shashi Menon, the Dubai-based publisher of Vogue Arabia and founder and CEO of UNXD — a creator and curator platform that designed all of the digital assets for Dolce & Gabbana’s nine-piece NFT collection — told Cointelegraph that his team directly approached Dolce & Gabbana in April this year with the idea of launching an NFT collection.

Menon shared that the opportunity was contextualized from a place of understanding both the luxury fashion sector and the crypto world. “We’ve been involved in both for years and think we have a unique perspective to offer,” he said. Menon believes that the story around NFTs and fashion is not one of technology but rather about culture, remarking that both fashion and NFTs are “ultimately forms of cultural expression.”

While culture may be the most important element from a brand’s perspective, blockchain technology plays a critical role in ensuring the unique benefits achieved by NFTs, such as immutability and provenance. For instance, Menon explained that Dolce & Gabbana’s NFT collection — known as “Collezione Genesi” — was historic for a number of reasons:

“There is deep provenance — here we had one of the world’s iconic luxury brands creating its debut NFT collection, and it was personally designed by the founders/namesake designers. There is also extreme rarity, as the collection only featured nine items. These pieces were made once and will never be made again.”

Menon added that the craftsmanship and materials used in the physical creations were exquisite, which in turn meant that a great deal of time was spent on the digital artwork. “We obsessed over the smallest details of texturing, fabrics, lighting, shadows, reflections and physics to achieve an intensely photorealistic result. The dresses and suit featured Murano glass and Swarovski crystals, while the crowns were made of silver, plated in gold and palladium, and featured beautiful rubies, sapphires and diamonds,” he commented.

The Gold Glass Dress NFT designed by Dolce & Gabbana. Source: UNXD and Dolce & Gabbana

One of the major benefits of digital fashion pieces is the experience they can bring to the virtual world. Menon elaborated:

“The benefits for Genesis holders bridge the digital and the physical worlds in a way not previously done before. We’re providing digital utility through metaverse wearables, physical utility with the products, and exclusive access/experiences to create a truly special result.”

Although the concept remains futuristic, sales were impressive. Dolce & Gabbana announced on Sept. 30 that it had sold the nine-piece NFT collection, alongside some physical couture pieces, for a total of 1,885.719 Ether (ETH), equivalent to nearly $5.7 million at the time.

Kaspar mentioned Red DAO won the auction for “The Doge Crown,” which also came with a physical version. Red DAO paid 423.5 ETH or $1.27 million at the time of sale. The organization also won the two purely digital “Impossible” jackets, bringing its total spending to nearly $1.9 million.

“The Doge Crown” designed by Dolce & Gabbana. Source: UNXD and Dolce & Gabbana

Kaspar explained that winning “The Doge Crown” was an exciting moment for Red DAO, given the fact that the rank of “Doge” (as in an elected head of state) has its roots in Italy, along with the Dogecoin (DOGE) crossover. “We’ve already had a number of celebrities who promote Dogecoin reach out to us asking to wear the crown at upcoming events,” said Kaspar.

In addition to Dolce & Gabbana’s Genesis collection, luxury fashion accessories brand Jimmy Choo has recently launched an NFT initiative in collaboration with New York artist Eric Haze. The collection features 8,888 “mystery boxes” for purchase, underpinning the theme of collectability.

Jimmy Choo x Eric Haze Mystery Box. Source: Ucollex

In addition, a digital version of the sneaker produced for the collection was recently made available for bidding on the Binance platform. All profits from the auction will be donated to The Jimmy Choo Foundation in support of “Women for Women International,” an organization helping female war survivors.

Robert Tran, CEO of Ucollex — the NFT platform behind the launch of the Jimmy Choo collection — told Cointelegraph that the sneaker NFT rotating against a canvas of Haze’s signature script only exists digitally. However, the auction’s highest bidder will also receive a limited-edition hand-painted sneaker.

Remaining true to the theme of culture, Tran added that this collaboration blends fashion with art, along with the evolution of street culture in an experimental meeting of creative minds from different worlds:

“The notion of collectability is a strong theme in the collaboration, as seen with the limited edition ‘Be@rbrick,’ which sold out the morning it launched. So, the timing felt right for the brand to enter the NFT conversation, amplifying New York artist Eric Haze’s creativity and Jimmy Choo’s designs as digital collectibles talking to a new audience. The fusing of digital and physical will only continue to grow in influence.”

Is the mainstream ready for fashion NFTs?

While there certainly are a number of benefits associated with digital fashion today, the concept is still in early development. As social media platforms such as Facebook and TikTok continue to invest in metaverse capabilities, industry experts predict that fashion NFTs will become increasingly common.

For instance, Tran pointed out that metaverses have already been introduced to the mainstream through remote work meetings. In turn, he believes that mass NFT adoption is not far off: “There should be no argument, the industry will only continue to explode. There will come a day when fashion shows are done digitally and the rights of those elements on display are bid on and sold, purely for digital use.”

Jimmy Choo x Eric Haze, Chasing Stars Auction. Source: Ucollex

Menon added that while these concepts may not be universally applicable today, they will become the norm in the future. He pointed out that fashion brands and other businesses interested in continuity will want to create NFTs for their audiences moving forward. In terms of community engagement, Menon said that Dolce & Gabbana plans to launch its own NFT community known as “DGFamily,” which will be rolled out in the near future.

Education is still required

Although it may be safe to assume that more brands will want to create NFTs to stay current, Kaspar pointed out that we are also witnessing a trend where fashion brands and designers are jumping in on the NFT hype just to capture their share of the market. With this in mind, she believes that most brands still do not fully understand the power of wearable digital fashion and the full range of features that NFTs can provide.

For instance, Kaspar shared that a less-discussed disruptive feature of digitizing luxury fashion is the ability to use these items as collateral in decentralized finance smart contracts: “These will all be NFTs on the blockchain that will be tied to smart contracts. That’s what this technology provides.”

Given the early nature of fashion NFTs, Kaspar mentioned that this opportunity also comes with an educational component: “I have fashion brands calling me to figure out how to get involved. I think what Dolce & Gabbana has done is progressive and will lead the way for other brands.”

ESL Gaming to Offer NFTs at Flagship E-Sports Event

Okcoin reports altcoins drove institutional interest in crypto for 2021

The recent purchasing behavior of institutional investors contrasts with that in 2020 and earlier, when “institutions exclusively favored altcoins that were at least four years old, such as Ether and Litecoin.”

Cryptocurrency exchange Okcoin has reported the number of and trading volume of institutions surged significantly in the last year, driven largely by stablecoins and tokens in decentralized finance.

In a report released on Oct. 26, Okcoin said it had seen a 450% increase in the number of institutional customers on its platform between September 2020 and September 2021, as well as a 124% increase in institutional trading volume over the same period. According to the report, 53% of the purchases institutional investors made in September were for altcoins. In addition, the customers showed “a greater appetite for non-Bitcoin crypto assets” compared to previous years.

Specifically, the exchange reported institutions had turned to “younger assets” in 2021, including MiamiCoin (MIA) — the city of Miami’s own token released by CityCoins on Aug. 3 — as well as Avalanche (AVAX), which launched more than a year ago. This contrasts with purchasing behavior in 2020 and earlier, when “institutions exclusively favored altcoins that were at least four years old, such as Ether and Litecoin.”

Related: Cointelegraph Consulting: How Avalanche is reimagining DeFi

“Institutional activity on the platform is indicative of macro sentiment among large-scale investors, with clientele including asset managers, venture capital and hedge funds, retail brokers, payment processors, and other entities around the globe,” said Okcoin.

Other firms in the crypto and blockchain space have reached similar conclusions based on data from trading platforms. In September, analytics firm Chainalysis reported that transactions of more than $10 million accounted for over 60% of DeFi transactions in Q2 2021. CoinShares also reported that over a week in September, institutional interest in Solana (SOL) far exceeded that of Bitcoin (BTC) and Ether (ETH).

Founded in 2013, Okcoin is one of the world’s oldest crypto exchanges and has steadily expanded to serve customers in more than 185 countries. Though its headquarters are based in the United States, the exchange recently secured regulatory approval to operate in Malta and the Netherlands.

ESL Gaming to Offer NFTs at Flagship E-Sports Event

Billion-Dollar Real Estate Firm To Accept Crypto for Ownership Shares of Second Homes

Pacaso, a real estate platform focused on second homes, is now supporting cryptocurrency payments. The startup, which reached $1 billion in valuation months after its launch in October 2020, partnered with crypto payment service provider BitPay to allow clients to buy ownership shares in second homes using digital assets.  In a statement, the firm says […]

The post Billion-Dollar Real Estate Firm To Accept Crypto for Ownership Shares of Second Homes appeared first on The Daily Hodl.

ESL Gaming to Offer NFTs at Flagship E-Sports Event

What has been standing in the way of a pure-Bitcoin ETF?

With regulators slowly starting to come to terms with Bitcoin as an asset, how could this affect the present and future views of BTC ETFs?

With regulatory bodies rumored to soon accept a pure Bitcoin (BTC)-backed exchange-traded fund, it is important to understand the journey of some of the first crypto-based ETFs that have recently been approved by government agencies.

The United States Securities and Exchange Commission approved a Bitcoin-adjacent ETF, giving investors the opportunity to gain exposure to Bitcoin through the stock markets, and the most recent acceptance was that of the ProShares Bitcoin Strategy ETF, which started trading on NYSE Arca on Oct. 19.

It's important to note that the aforementioned exchange-traded funds are not pure-crypto ETFs and merely track either crypto-related company stocks or futures contracts.

The SEC has yet to approve a pure-crypto ETF, unlike Canada back in the spring when regulators approved three Ether (ETH)-based ETFs from three different firms: Purpose Investments, Evolve ETFs and CI Global Asset Management.

Despite the good news of regulators beginning to accept crypto ETFs, many questions remain about why there have been so many challenges in listing them. This fall, there has been a lot of anticipation and speculation around what ETFs are exactly and how they can boost — or hinder — the crypto market as a whole. Here are the issues, challenges and possible future of crypto-backed exchange-traded funds.

Regulatory mismatch

Exchange-traded funds, in general, are investment funds that track a basket of assets on the stock market and can be traded in the same manner as regular stocks.

While there are ETFs for just about any asset, the problem with crypto is that there is still uncertainty among regulators about how to define Bitcoin and other cryptocurrencies, and how to protect consumers against risk exposure. Those issues could present a challenge as pure-crypto ETFs begin to appear on stock markets, as not having regulatory clarity could cause problems with regulation across various national bodies and around the world.

The various financial regulatory agencies of the United States, for example, all have different — sometimes conflicting — views on what cryptocurrencies are, especially when it comes to taxation and trading.

In 2020, France’s principal financial regulator, the Autorite des Marches Financiers (AMF), responded to the European Commission’s guidance on so-called “crypto assets,” stating that it is still too early to explicitly define them. A spokesperson told Cointelegraph at the time:

“The AMF considers that giving a precise classification applied to crypto-assets could be premature at this stage. It is only after solid feedback that we will be able to judge the relevance of a precise classification (e.g. ‘utility tokens’, ‘security tokens’, ‘payment tokens’, ‘stablecoins’ etc.).”

French fund manager Melanion had its Bitcoin-adjacent ETF recently approved, with hopes to have its shares track the price of Bitcoin, first in the French market and soon in many other markets around Europe.

Cointelegraph reached out to Jad Comair, founder and chief information officer of Melanion, who mentioned that because it is not possible in the European market to directly expose investors to Bitcoin via the Undertakings for Collective Investment in Transferable Securities (UCITS) framework — which is “a format used by 99% of the ETFs listed in Europe” — the firm had to get smart and create “a world unique index construction methodology that measures companies’ Bitcoin exposure.”

This means that the ETF tracks the stocks of companies that invest in Bitcoin, mine Bitcoin or are otherwise involved in the crypto market, but it doesn’t contain Bitcoin itself. “The index selects the most exposed companies to Bitcoin, and weighs them according to their historical correlation (beta) to Bitcoin’s performance,” said Comair.

Fears vs. risks?

There still could be risks involved with highly volatile assets like cryptocurrencies, especially with a futures-backed Bitcoin ETF.

Bitcoin futures ETFs track a basket of futures contracts rather than Bitcoin itself. Since the futures price of Bitcoin may differ from the spot price, there is a possibility that the ETF may not accurately track the price of Bitcoin, exposing the ETF holder to some risk.

The term “contango” refers to when the futures price is higher than the spot price, while “backwardation” is when the futures price is lower than the spot price.

Related: Crypto breaks Wall Street’s ETF barrier: A watershed moment or stopgap?

Moreover, this high volatility means that regulators could move to implement more investor protection, especially after seeing the jumps that the crypto market has experienced in the past six months. This brings forth the question:

Could an exchange-traded fund help mitigate the risks that come with volatility?

With the fresh acceptance and implementation of crypto futures ETFs — the most recent model now trading on the New York Stock Exchange — this could “open the doors for the ‘real’ money to step in, as, for the time being, the existing Bitcoin products are eligible for small investment pockets, and Bitcoin itself is very complicated to put in a regular portfolio,” Comair stated. More serious exposure to the markets, even if via companies investing in Bitcoin, could push the market into explosion and/or stability.

It is possible that the changes in the crypto market could push for more ETF acceptance as the stock market learns how to interact with the crypto market — and vice versa. With ETFs tracking companies investing in crypto and the onset of futures-based crypto ETFs, could this lead to more widespread adoption of crypto investing as a whole?

ESL Gaming to Offer NFTs at Flagship E-Sports Event

$69,000,000,000 Pension Fund Considering Allocating Capital to Crypto Space

Australia’s fifth-largest pension fund is reportedly considering allocating capital to the crypto markets. The Financial Times reports that Queensland Investment Corporation (QIC), which manages $69 billion worth of assets, is open to making cryptocurrency investments in the future even as it remains cautious of the nascent digital asset space. QIC’s head of currencies Stuart Simmons […]

The post $69,000,000,000 Pension Fund Considering Allocating Capital to Crypto Space appeared first on The Daily Hodl.

ESL Gaming to Offer NFTs at Flagship E-Sports Event

ETC Group Releases Bitcoin Cash Report Praising High Usage and Vibrant Development

ETC Group Releases Bitcoin Cash Report Praising High Usage and Vibrant DevelopmentETC Group, an ETF issuer company, released a report last month about the evolution of Bitcoin Cash in the years after the hard fork that created it. While the company acknowledged the asset price is lagging compared to its older sibling, it praised the crypto on other aspects like development and actual usage. Bitcoin Cash […]

ESL Gaming to Offer NFTs at Flagship E-Sports Event

Mind-Blowing Growth of One Altcoin Highlights Rapid Expansion of Crypto Industry, Says Coinbase CEO

One hot altcoin is a prime example of the crypto industry’s rapid expansion into other sectors of the economy, according to Coinbase CEO Brian Armstrong. Armstrong shares a new Coinbase blog post to his 862,000 Twitter followers detailing the rise of Axie Infinity (AXS), the non-fungible-token-focused (NFT) play-to-earn video game that has recently exploded into […]

The post Mind-Blowing Growth of One Altcoin Highlights Rapid Expansion of Crypto Industry, Says Coinbase CEO appeared first on The Daily Hodl.

ESL Gaming to Offer NFTs at Flagship E-Sports Event

Colin McRae’s long-lost rally car reportedly sold for Bitcoin at auction

Three months after embracing crypto, Lloyds Auctions house reportedly sold a legendary rally car for $360,000 in Bitcoin.

Bitcoin (BTC) adoption is growing in the auction world, where privacy is a key concern. An anonymous buyer purchased a legendary rally car driven by iconic rally figures Colin McRae and Carlos Sainz, which was thought to be long-lost in an auction for half a million Australian dollars ($360,000) and reportedly used Bitcoin as a payment method.

Australian auction house Lloyds Auctions announced that the 1994 Subaru Prodrive 555 Group A World Rally Championship Car had been found in a barn, covered in dust, in the Victoria state of Australia.

The car was originally thought to be valued at 15,000–20,000 Australian dollars ($10,900–$14,500). But a six-month investigation from the International Classic Automobile Authentication and Rating System (ICAARS) revealed that “it may well be worth more than $1 million [$725,000].”

Lloyds said that the rally car, one of only 63 commissioned by Prodrive, had been sitting in the barn for 10 years, and the owner was unaware of the vehicle’s actual value. It only had three owners since its racing days, and its condition was untouched.

Touted as a “golden treasure” by an ICAARS inspector, the car went under the hammer on Sept. 26 and was auctioned for half a million Australian dollars. The winner was said to have paid the bid in Bitcoin.

Related: NFTs could mark a resurgence in art galleries

Lloyds announced in June that the Aussie auction house would start accepting crypto payments, enabling bidders to buy items auctioned on the platform with Bitcoin and other cryptocurrencies.

“As a longtime patron of Lloyds I had no hesitation and couldn’t believe how simple it was for me to pay with cryptocurrency,” a bidder then said, adding that the seller receives the payment in cash and “never know the difference.”

Beyond cryptocurrencies, nonfungible tokens (NFT) are also taking over the auction world by storm. Art galleries are adopting the new form of digital art as auctionable items. Sotheby’s auctioned Yuga Labs’ 101 Bored Ape Yacht Club NFT collection in September with a winning bid of $24.39 million.

ESL Gaming to Offer NFTs at Flagship E-Sports Event

Beyond Bitcoin: The future of digital assets is bigger than the first crypto

While Bitcoin is the most recognizable digital asset, it’s just one asset class among many that are here to evolve financial services globally.

While change is guaranteed, the scale and scope of that change are not. For the financial industry, blockchain — the technology that undergirds Bitcoin (BTC), Ether (ETH), nonfungible tokens (NFTs) and other digital assets — has brought us to the crossroads. 

What will the future of money look like?

We have been operating on the frontline of crypto for the past 10 years, protecting large and small investors alike while allowing them to invest in this exciting new frontier of finance. The experience we’ve gained here helps us to see what’s coming down the road.

In this historical period, a myriad of outcomes is possible but one thing is for certain: The efficacy and innovation of the technology will influence well beyond traditional financial sectors.

The mature digital assets industry is coming

Blockchain offers a faster, more efficient and more secure structure for financial transactions when compared with the contracts, transactions and records that currently define our economic, legal and political systems. Harvard Business Review put it succinctly with this simile: “[The old financial structures] are like rush-hour gridlock trapping a Formula 1 race car. In a digital world, the way we regulate and maintain administrative control has to change.”

From generation to generation, technologies have updated how we complete financial transactions. The modern credit card has been around since the late 1950s, the first proper sale over the internet was completed in 1994, PayPal was founded in 1998 and went public and was sold to eBay in 2002, and Satoshi Nakamoto started the blockchain revolution in 2008. Today, financial heavyweights are no longer standing on the sideline. And 55 out of the 100 biggest banks in the world have some form of exposure to this novel technology.

The first international regulations were handed down in Japan in 2016 after hacks against crypto exchanges, including an 850,000 BTC theft against Mt. Gox. Because the success of any financial market is based on predictability, security and general market efficiency, regulators continue to contemplate the direction and viability of their involvement with cryptocurrencies.

Related: Will regulation adapt to crypto or crypto to regulation? Experts answer

Regulators and businesses want to ensure that investors enjoy certain protections in any marketplace — digital or otherwise — to spark participation. Think Federal Deposit Insurance Corporation (FDIC) for United States banks or eBay’s Money Back Guarantee. Without regulation, market participants can be exposed to long- and short-term risks.

Regulators also ensure that markets play with an equal set of rules. As Commodity Futures Trading Commission Commissioner (CFTC) Dan Berkovitz said back in June:

“It is untenable to allow an unregulated, unlicensed derivatives market to compete, side-by-side, with a fully regulated and licensed derivatives market.”

And, importantly, it’s not just regulators and governments that will decide the future — it is about us, investors, leaders and the general consumer — deciding how we want to use digital assets in the future.

Evolving language for useful digital assets

As the market matures, the cryptocurrency industry will undergo an evolution of language as well. Regulation and broad adoption will change the way the media and public perceive and talk about digital assets.

Crypto will retain its unique character as it matures — don’t expect the HODL, FUD, and “to the moon” talk to disappear — but it’s critical that a broader cohort of blockchain investors feel comfortable within the space.

It may seem like a small thing, but attention to fusing the languages of crypto and institutional finance has enabled us over the past 10 years to work with a range of institutions from neobanks, fintechs and brokers to banks, hedge funds and family offices.

The evolution of language happens in tandem with more large investors seeing blockchain’s long term value proven out over time as they begin to diversify major holdings to include crypto, thus increasing the association between these new assets and the legacy assets that have held historic value — like gold, bonds or central bank-backed fiat.

In business, you’re judged by the company you keep, so we won’t get that “hearty embrace” without adopting the language of financial services and regulators more broadly.

Nonetheless, it’s not unreasonable to imagine valuing crypto as a commodity rather than a digital currency — U.S. Federal Reserve Chair Jerome Powell told Congress in 2019 that Bitcoin was a “speculative store of value” like gold. But Bitcoin isn’t the whole story, just the most talked about. The industry must stop focusing on one particular use case for the technology and start talking more about money, investments, financial management and smart payments.

Related: Blockchain technology can change the world, and not just via crypto

The industry is bigger than any one token

We’ve discovered over the past 10 years that customers are increasingly drawn to assets that have utility and can solve complex problems.

Different digital currencies have different use cases. For example:

  • Tether (USDT) would work well to pay salaries because it’s tied — tethered — to U.S. dollars, thus avoiding the volatility of Bitcoin.
  • Brave’s Basic Attention Token (BAT) is charting a course for the future of online content by issuing payments, in BAT, to the users of its browser for viewing ads. Those users can then tip anyone on the internet using the BAT in their digital wallet.
  • And the Audius governance token (AUDIO) makes a compelling case for crypto playing a bigger part in the future of the music industry, providing security, exclusive feature access and community-owned governance to artists and fans.

Blockchain is about solving problems, not taking over the world, replacing fiat or banks, a common misconception among the general public. While BTC may be the most recognizable digital asset because it has name recognition and arrived first, it’s just one asset class among many.

So what does the future look like?

Congress opened up the doors to regulators earlier this year when the Senate passed an infrastructure bill that contained an amendment bringing new scrutiny to the crypto industry.

Investors, digital asset exchanges, smart technologists, government officials, regulators and everyone in between will benefit from a more mature marketplace that protects its consumers and values transparency, predictability and honest communication. Likewise, the majority benefit from clarity about which digital assets hold actual value and which exist as manipulative tools to make the wealthy wealthier.

We’ve been there since the beginning and we’ve seen the ebb and flow of trends. But we’ve also seen that what survives at the end of the day is always brilliant ideas that solve the emergent problems of our time.

Yes, change is here. The mature digital assets industry has begun to emerge over the last several years, bringing with it a synergy of language that has become more sophisticated and invited a broader audience to our table. The assets and insight that this new audience brings, in turn, will provide rich confidence across industries. That confidence will lead to the adoption of blockchain technology to unravel issues that no one ever dreamed could be addressed with blockchain.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Julian Sawyer is the CEO of Bitstamp and is in charge of the company’s overall strategy and vision. Julian brings 30 years of experience in financial services and consulting as well as hands-on experience building finance companies from the ground up.

ESL Gaming to Offer NFTs at Flagship E-Sports Event