Vlad Hryniv
In 2024, the cryptocurrency industry is developing rapidly under the influence of various trends: from new gaming models to the integration of blockchain into education. After all, modern technologies are taking on new forms, opening up new opportunities for businesses and consumers. What trends are shaping the market this year? This is the focus of today’s article.
However, before moving on to the trends themselves, it is worth considering the main issue, namely the adoption of cryptocurrencies in the world. In particular, Chainalysis, a blockchain analytics company, recently published its fifth annual Global Crypto Adoption Index report. In it, they explore the mass adoption of cryptocurrencies in countries around the world. This year, the dominant region is Central and South Asia and Oceania (CSAO), which is home to seven of the 20 countries with the highest number of cryptocurrency adoptions. According to them, CSAO has a unique set of crypto markets with a high level of activity on local cryptocurrency exchanges, with merchant services and in DeFi. The top list also includes countries such as the United States, Nigeria, Ukraine, the United Kingdom, and a number of others.
Between the fourth quarter of 2023 and the first quarter of 2024, the total value of global cryptocurrency activity increased significantly, reaching a higher level than in 2021 during the crypto market. Last year, the growth in cryptocurrency use was mainly in lower-middle-income countries. However, this year, cryptocurrency activity has increased in countries with all incomes, and since the beginning of 2024, there has been a decline in high-income countries. In particular, Chainalysis analysts note that the launch of spot Bitcoin ETFs has contributed to the growth of the total value of Bitcoin activity in all regions, with particularly strong year-on-year growth in institutional-sized transfers and in high-income regions such as North America and Western Europe.
As can be seen, cryptocurrencies are increasingly being introduced into the lives of people in many countries, and market trends play a significant role in this.
One of the most interesting trends of the year was Tap-to-Earn games, which combined the gaming and cryptocurrency industries and quickly gained popularity among users. Moreover, they were able to attract the attention of not only gamers or crypto enthusiasts, but also those who were not familiar with cryptocurrencies before. Such games combine the ease of mobile gaming with the ability to receive cryptocurrency for simple actions and tasks, such as tapping on the screen, achieving game goals, etc. This model is attractive to users because it combines entertainment with the possibility of earning money. It does not require a significant investment of time or resources, as is often the case with Play-to-Earn games. Instead, Tap-to-Earn focuses on accessibility and ease of interaction, which allows it to reach a wider audience, including those who have not played such games before or are not familiar with cryptocurrencies at all. They also help to drive the mass adoption of cryptocurrencies in everyday life. In addition, Tap-to-Earn games create a sense of community, as players join special teams or groups to work together in the app.
One of the platforms that has stimulated the development of such games is the popular Telegram messenger. Thanks to its openness to bot integration and opportunities for developers, it has become an ideal platform for launching such games. It is worth noting that the first ‘viral’ game was Notcoin, which debuted in late 2023 as a closed beta on Telegram. Its success turned out to be phenomenal and became a certain boost for the revival of the GameFi industry. After that, the market was flooded with many similar apps on various topics: from hamsters to spaceships. Perhaps we will see more than one hit clicker by the end of the year, as these games are still a key trend in the crypto industry.
I spoke to Abdulsamad Muhyideen, CMO of Coinscreed, and he exclusively shared his expert opinions on some of the trends for 2024:
“I believe that Tap-to-Earn games have the potential to extend their appeal beyond the crypto community. From my observations, even non-crypto users that I have encountered, such as security men, market traders and cashiers, are engaging with Tap-to-Earn games like the Hamster Telegram game. People are naturally drawn to opportunities where they can earn money without taking on significant risk, and if these platforms remain simple, legal, and free, they could become a gateway for more mainstream users to explore cryptocurrency.”
Although the combination of sports and cryptocurrencies is nothing new in both industries in recent years, they continue to become increasingly intertwined. In particular, 2024 proved that partnerships between crypto companies and sports organisations are a real trend that not only opens up new horizons for fan engagement but also helps to strengthen the brand on the international stage. Thanks to marketing campaigns and the involvement of millions of users, such cooperation is mutually beneficial for both industries.
Cryptocurrency companies are actively starting to cooperate with leading football clubs, basketball teams, and even sports leagues. In particular, according to CoinGecko, the industry has seen a gradual recovery this year after the peak of 2021: 26 new sponsorship deals and 16 continued cooperation from previous years. Significant deals include Crypto.com’s sponsorship of the UEFA Champions League for the 2024–27 cycle and Bitget’s partnership with LaLiga to promote cryptocurrencies in different regions. In addition, BlockDAG signed a $10 million deal with Borussia Dortmund.
Moreover, 2024 was able to demonstrate how the partnership between sports and cryptocurrencies can take marketing campaigns to a new level. It is worth mentioning the exclusive WhiteBIT CUP 2024 event from the WhiteBIT crypto exchange, which is the official partner of FC Barcelona. The event was held for VIP clients, enthusiasts, and partners of the company and demonstrated how cryptocurrency companies can organize significant events and at the same time join the world of sports.
It is worth noting that such partnerships help not only to strengthen companies’ market positions, but also to implement social initiatives. Interaction with fans has long gone beyond fan tokens, and blockchain technologies are actively expanding their access to sports content. In particular, the possibility of buying tickets or paying for food and drinks at the stadium with cryptocurrency is growing. This demonstrates how intensively digital currencies are being introduced into various areas of our lives. In addition, a large number of sports organizations are engaging in crypto partnerships to implement social projects. They allow viewers and fans to support charitable initiatives, sometimes not necessarily aimed at the development of the sports industry, but also at helping those in need.
The upward trend of crypto sponsorship in sports continues to strengthen, making it one of the key areas of development for both industries in the coming years.
Yulia Kyrylenko, Web3 Content Creator & Marketing Specialist, exclusively shared her thoughts on some of these trends.
– Many cryptocurrency companies cooperate with well-known football clubs as part of their marketing strategy. For example, Kraken and Atlético de Madrid, WhiteBIT and FC Barcelona, OKX and Manchester City. How do you think such partnerships contribute to the adoption of cryptocurrencies?
Yulia: First of all, football is an immensely popular sport watched by millions of people worldwide. It creates a sense of unity and is simply an amazing thing to watch! As we watch the game, we constantly see sponsors displayed in the background. I’ve noticed, even for myself, that I tend to pay attention to who’s sponsoring the game. And let’s be honest, it’s hard not to. This means that all those people who aren’t familiar with crypto are also watching and gradually noticing these new names. I’m more than certain that after seeing a name multiple times, many would eventually be curious enough to look it up if it’s unfamiliar to them. So, my answer is a definite “Yes,” these partnerships between cryptocurrency companies and well-known football clubs do contribute to the adoption of cryptocurrencies. They also help make crypto appear less like a ‘gray area,’ which is how some people still perceive it.
Here’s how this happens in a few key ways:
Mainstream Exposure: Football clubs have a massive, global fanbase, reaching millions across various demographics. When crypto brands like Kraken or OKX partner with clubs such as Atlético Madrid or Manchester City, they expose the cryptocurrency world to a mainstream audience that might not typically engage with digital assets. This exposure helps ‘normalize’ cryptocurrency in everyday conversations.
Building Trust: Football clubs carry strong reputations, and partnering with them can enhance the credibility of cryptocurrency platforms. By associating with established, trusted brands, crypto companies can reduce skepticism and build trust among potential users who may have concerns about the legitimacy of digital currencies.
Cross-Demographic Targeting: Football’s fanbase spans different age groups, countries, and socioeconomic backgrounds. These partnerships allow cryptocurrency companies to reach beyond their niche and connect with a more diverse audience, accelerating adoption among groups that are unfamiliar with the crypto space.
Incentivizing Fan Engagement: Crypto companies often leverage these partnerships to offer fan-based incentives, such as tokenized rewards, NFTs, or blockchain-powered voting systems. These features introduce fans to crypto by providing tangible benefits, encouraging hands-on experience with digital assets, which is crucial for driving adoption.
Global Reach: Football has a universal fanbase, with clubs having followers from nearly every part of the world. Partnerships with top clubs give crypto companies global visibility, helping them expand into international markets and encouraging the cross-border adoption of cryptocurrencies.
These collaborations help cryptocurrency companies build trust, reach new audiences, and provide real-world applications for digital assets, all of which play a vital role in accelerating crypto adoption.
Cryptocurrencies are increasingly becoming an alternative to fiat currencies, and this is confirmed by the active integration of crypto payments into various areas. It is worth noting that while crypto payments used to be a rare phenomenon, today the category of purchases is actively expanding. In particular, crypto payments in the automotive industry have become a significant trend. Elon Musk’s Tesla was one of the first to provide this opportunity to consumers. Back in March 2021, the company introduced Bitcoin payments, but due to environmental concerns related to the high energy costs of cryptocurrency mining, it suspended them a few months later. Instead, this year, Tesla introduced the possibility of buying a car with Dogecoin.
Ferrari is another company that has allowed its luxury cars to be purchased with cryptocurrency. Although they integrated this feature in the US back in October 2023, this year they expanded crypto payments to their European dealer network. According to the company, by the end of the year, they plan to introduce crypto payments in other countries of their dealer network where cryptocurrencies are legally accepted. In particular, the official dealers of such companies as Lamborghini, Porsche, BMW etc. have also integrated the possibility of paying for cars with cryptocurrency. However, it is worth noting that some of them are still limited to the United States.
Meanwhile, European countries, including Ukraine, have also joined this trend this year. In particular, one of Ukraine’s leading electric vehicle retailers made its first sale of an electric vehicle. Ukrainian electric car retailer L.Riker™️ sold a BYD Song L electric car with digital assets by using payment solution Whitepay.
– How do you think the expansion of crypto payments in various sectors of the economy (for example, the automotive industry) could affect the global economic system?
Yulia: The expansion of crypto payments in various sectors, such as the automotive industry, could potentially revolutionize the global economic system. First and most obviously, it would make transactions faster and cheaper. For example, if you’re buying a car, the payment process using crypto can be almost instant, unlike traditional bank transfers that can take days, especially for cross-border transactions. This efficiency would reduce dependence on third parties such as banks, lowering transaction fees and making the process more straightforward. Moreover, crypto payments can encourage financial inclusion. In regions with limited access to traditional banking, cryptocurrencies provide an alternative means of participating in the global economy. For instance, a car manufacturer could accept crypto payments from customers in countries where banking infrastructure is underdeveloped.
However, there are challenges. The volatility of cryptocurrencies means prices can fluctuate rapidly. Imagine paying for a car today, only for the value of the crypto to drop by 20% tomorrow. This unpredictability could be a barrier to widespread adoption unless stablecoins become more mainstream. Additionally, regulatory concerns and the need for clear legal frameworks are important to ensure that the integration of crypto payments doesn’t disrupt existing financial systems. Crypto payments would make the global economy more efficient and inclusive, but managing volatility and regulation will be crucial for long-term integration.
In 2024, the integration of blockchain into the educational spectrum has become an important part of digital transformation. That is, while it used to be a challenge to improve one’s knowledge in the industry, today there are a large number of different educational resources, including both courses from crypto companies and study programmes at universities around the world. The latter indicates not only the development of the industry as a whole, but also the growing need for qualified specialists in this area.
For example, this year, the University of Applied Sciences of Business Administration Zurich launched an educational course on bitcoin for those planning to integrate cryptocurrencies into new business models. ETH Kipu and the Argentine Ministry of Education have also integrated the Ethereum blockchain into the high school curriculum in Buenos Aires to introduce young people to the technology. In addition, they offer blockchain internships for students to gain practical experience.
It is worth noting that the introduction of blockchain in education also provides new opportunities for verification of diplomas and certificates, as well as increases the transparency of the educational process. In other words, it confirms the authenticity of traditional documents and makes it impossible to transfer and falsify them in the future. Today, this is a really important step, as blockchain technology will be able to provide a simplified process of recovering documents in case of their loss.
“While blockchain technology is growing rapidly, I don’t believe that educational institutions need to make widespread changes just yet. There will always be a significant number of people not directly involved in blockchain, and it may take time before this technology becomes an integral part of core academic curriculums. However, blockchain-based certifications could eventually become a standard for validating specific skill sets and academic achievements as the demand for industry-specific expertise grows — though we are still a few years away from seeing this become mainstream.” — said Abdulsamad Muhyideen, CMO at Coinscreed.
One notable trend has been the emergence of native blockchains on cryptocurrency exchanges and the optimisation of their own ecosystems. In particular, over the past year, the largest cryptocurrency exchanges have focused on developing their own blockchains. The main reason for creating their own blockchains is the desire to reduce dependence on third-party networks such as Ethereum. This allows exchanges to control transaction costs, processing speed, and scalability.
Native blockchains also provide more flexibility in introducing new features and tools, which is important for the crypto industry. The launch of native blockchains allows exchanges to reduce transaction costs, as they can lower fees for users. This increases trading volumes and attracts new users. In addition, they also provide greater control over security. Exchanges can implement specific security mechanisms and new security protocols according to their needs.
In addition, developing their own blockchains allows exchanges to create their own digital assets (tokens) and smart contracts. This, in turn, allows them to expand the range of products or services they offer, such as their own decentralised financial protocols (DeFi) or gaming platforms. Also, by launching their own tokens on the blockchain, exchanges provide users with the opportunity to use them to pay commissions, participate in staking or other activities on the platform.
The creation of native blockchains for cryptocurrency exchanges in 2023–2024 has become a key trend in the development of crypto industry. Activities aimed at optimising and integrating new technologies open up new prospects for companies and consumers.
– What new trends do you think may affect the crypto market’s growth in the near future, apart from those mentioned in the article? Why?
Abdulsamad: One significant trend that could impact the crypto market in the near future is the rise of Central Bank Digital Currencies (CBDCs). As more countries experiment with their own digital currencies, this could lead to increased regulation and competition, potentially affecting the growth of decentralized cryptocurrencies. Additionally, the surge in meme coins (or “Shitcoins”) and geopolitical conflicts could further shape market dynamics, as they influence public perception and investment patterns in the space.
Thus, 2024 was a remarkable year for the cryptocurrency industry, marked by significant trends and innovations. From the emergence of Tap-to-Earn games to the growing collaboration between sports and blockchain, cryptocurrencies have expanded into new areas of everyday life. The adoption of cryptocurrencies in the automotive industry and the growing role of blockchain in education are further illustrations of the integration of digital assets. Together, these trends are driving the mass adoption of cryptocurrencies, laying the groundwork for even greater development in the coming years.
Originally published at https://cryptoxtimes.com/ on October 10, 2024
