Even though the digital asset market has been down since the collapse of FTX Exchange in fall 2022, the fundamentals behind crypto assets and blockchain technology haven’t changed.
Trading prices have at least mostly recovered from the initial fall out of one of the world’s largest exchanges, and the reality is that blockchain technology and cryptocurrencies still have a ton of real world use cases.
From being able to send money to anyone around the world with little to no fees, all-in-one digital wallet apps, and NFT ticketing possibilities, there are a variety of blockchain applications that could revolutionize commerce and the global financial landscape. We’re going to discuss three potential next generation crypto apps that could push blockchain technology into the mainstream.
Next Generation Crypto Apps
Below we’ll discuss a few different crypto apps that we could see in the future. Some of these are just advancements of apps that already exist, while others are new concepts that will harness the power of things such as smart contracts and NFTs.
All-in-One, Multi-Asset Wallets
The cryptocurrency sector has grown significantly over the past 5 years, resulting in a plethora of assets and their respective blockchains. With there being so many networks now, the ability to connect to multiple blockchains from a single wallet application has become increasingly beneficial. Additionally, wallet apps that allow users to swap assets from within the app, even cross chain, and let you view, store, and trade NFTs are increasingly useful.
The next step in these multi-asset digital wallets is to make them even more all inclusive. This means being able to tie in things like traditional finance and banking (if desired), but also the ability to pay bills or for goods through crypto without having to convert to fiat. It’s even possible these wallet apps will be integrated with NFT ticketing apps, another potential killer app.
NFT Ticketing Apps
Ticket scams are one of the widest issues on the secondary market. Whether you’re looking to buy tickets to a concert or sporting event, it can be hard to know whether you’re getting the real thing, if anything at all. Sure, there are marketplaces created by some ticketing providers that let you sell your tickets through their site, but this always has some sort of fee attached, and the reality is they’re making even more money from you.
If there was instead a ticketing app where all tickets are NFTs that can be verified by potential buyers, this problem would be all but eliminated. Smart contracts will allow for a trustless marketplace where users can buy and sell tickets to events like concerts, sporting events, and more. But with the knowledge that the ticket is genuine and the transaction is completed immediately, rather than waiting for someone to send you a PDF or screenshot of a ticket that may never come or may not even work when you go to the event. .
NFT tickets could also be staked and entitle holders to shares of revenue at the venue, or a VIP NFT ticket could give you backstage access. There are so many possibilities for ticketing apps.
Global P2P Payment Apps
Perhaps the original purpose of digital assets, peer-to-peer payments are one of the main goals of Bitcoin (BTC) and a variety of other digital assets such as Stellar (XLM) and Ripple (XRP). The reality is that almost any cryptocurrency can be used for money transfers and remittance payments either nationally or internationally. The key is combining all of these potential blockchain networks into one global payment app, or creating a global P2P payment app that uses smart contracts and doesn’t need banks. Something like Cash App or Venmo without country and currency restrictions.
The potential limitation to this app is the current need to convert crypto into fiat on the other end, which can be difficult depending on your jurisdiction and incurs fees. However, this will get easier in time as digital assets become more mainstream, and in an ideal scenario you’ll also be able to spend the digital assets without having to convert them at all.
Closing Thoughts: Coming Soon?
There really aren’t overly novel ideas when it comes to next generation crypto apps, but rather continuations of ideas that are already being worked on.
Of course, none of these apps will be able to be killer apps without more mainstream adoption of digital assets. It will be interesting to see how long it is before we see apps like these, or if we do at all.