Blockchain and crypto will soon become common across traditional and modern industries. Artificial Intelligence (AI) and Virtual Reality (VR) can become a good way to make the process of their adoption easier.
The world of cryptocurrencies remains largely unexploited despite its underlying value proposition. This was evident at the height of Black Lives Matter (BLM) protests in recent weeks when the crypto community made fun of a vandalized Bitcoin ATM machine. Industry stakeholders cracked jokes alluding to the fact that whoever tried to steal from the Bitcoin ATM was looking for some crypto coins unaware of how the system works. While they could also have been searching for fiat currency, the issue paints an existing knowledge gap when it comes to digital currency operations.
As far as discussions go, the scenario was pretty funny for the crypto community but calls for more action towards effective crypto adoption strategies. Notably, the larger target market which comprises millennials and zoomers seems to be left out given the fundamentals of ongoing crypto projects. Most have focused on concepts such as decentralization and trading; initiatives that the target market finds boring and hard to relate with.
Nonetheless, some companies are already looking into entertainment activities that can be integrated with crypto to bring fun into the learning and adoption process. While there are quite a number, only those leveraging advanced tech such as Artificial Intelligence (AI) and Virtual Reality (VR) stand a chance of shaping adoption in the crypto industry.
Crypto is More Fun When it’s About VR and AI
Just like most people learned about PC’s through video games, it is more likely that the crypto ecosystem will make sense to millennials and zoomers via modern-day entertainment and modern-day digital communications tools. That said, both AI and VR could actually be the drivers towards the mainstream adoption of cryptocurrencies. This is because of their value proposition and compatibility with the digital currency ecosystem. In fact, such integration is already in play under Sensorium Corporation, a tech company that focuses on the creation of virtual worlds and digital simulations.
Sensorium’s approach in combining the worlds of VR, AI and digital assets is centered on the synchronization of globally broadcasted content. Basically, the project launched an ecosystem dubbed ‘Sensorium Galaxy’ in which the virtual interactions can take place. Consequently, users have an opportunity to acquire and develop an avatar over time for the purpose of virtual reality communication as real-world events take place.
To complement its VR model with blockchain tech, Sensorium runs a native crypto token, SENSO. This digital asset was recently published on Bitcoin.com, one of the leading crypto exchanges. Prior to this, SENSO had also been added on both HitBTC and KuCoin crypto exchanges. Brian Kean, the Communications Director at Sensorium Corporation, has since echoed that this is a good sign for the company’s growth:
“The featuring on Bitcoin.com demonstrates Sensorium Corporation’s commitment to expand its operations so that more users can interact with Sensorium Galaxy product offerings”.
A report on the virtual reality market has projected a 33% CAGR over the next four years. This means that the VR market will have grown to an estimated value of $44.7 billion by 2024. Some of the fundamental value factors that may cause such a surge in market cap value include huge fundings towards the sector coupled with the availability of cost-effective VR devices. At the moment, market leaders in this booming space led by the likes of Sony, Samsung and Google have already embarked on building software and hardware amongst other VR services. Danish Chaudhry, the managing director of Bitcoin.com, is optimistic that integration with blockchain will further grow both technologies. He noted:
“Thanks to the symbiosis of VR and blockchain, users can safely interact with each other, and content creators can easily monetize their work without worrying about copyright protection.”
The AI market has also been on a roll as recent years have seen large industries ranging from medicine to agriculture adopt the tech. According to the latest industry report, it is expected to grow to $18087.8 million within the next five years at a CAGR of 35%. Notably, AI’s prospects continue to increase by the day given data is our new ‘gold’. This means that underlying functions such as machine learning are able to replicate human patterns more effectively. In healthcare, such information could be used to improve the detection and hence prevent some diseases. The industry has attracted even big four audit firms like KPMG which offers business consulting tied to AI informed decisions. Consequently, it is not a surprise that the digital currency could also be an AI beneficiary.
The crypto industry has grown to hit market caps as high as $400 billion during the 2017 crypto bull-run as per Coinmarketcap stats. While this has not been sustainable, it is noteworthy that mainstream participation within the volatile market is among the main factors towards its long-term survival. The big question on business continuity in crypto should then focus on value proposition in terms of new market acquisitions. In doing so, companies will not only add to their value but also contribute towards the adoption of cryptocurrencies effectively.
Therefore, prudent players looking to integrate prospective markets ought to think outside the box especially in the lines of entertainment. With VR and AI on the rise, the two techs undoubtedly fall within consideration ranges when it comes to scaling the adoption of cryptocurrencies through interesting activities. As the digital asset space comes of age, blockchain and crypto will soon be common names across traditional and modern industries given their ability to improve most ecosystems.
Cryptocurrency investor, journalist, analyst, and growth hacker. I cover crypto, blockchain, crowdfunding, and education.