Cryptocurrency Will Impact Marketing And Business In The Future
Just as any new development that challenges the norm, cryptocurrency has long been handled with either suspicion or excitement. Some dismiss it entirely, many are curious but distrusting. And there are some who are all in with excitement. There is certainly a long road ahead for cryptocurrency to be completely adopted. But perhaps not as long as you might think. Experts are already predicting the many functions cryptocurrency can serve once developed. One major impact cryptocurrency will make is on the marketing industry.
Crypto Hurdles
Whether you consider yourself an expert or a layman when it comes to cryptocurrency, there’s one thing we can all agree on: cryptocurrency is not simple. It’s challenging to explain. There are entire Youtube channels and blogs solely dedicated to explaining, tracking and predicting it.
With all of this interest, why is there still so much hesitation to trust cryptocurrency as the future of money?
There are hopeful predictions for what cryptocurrency is capable of in the future. But there are also many hurdles to overcome. Attacks from the dark web, lack of defined regulations, and less than ideal user experiences make worldwide adoption of crypto impossible at the moment. There are more questions than answers. And it’s unclear who will be the one to be in charge of defining this new world.
However, once these hurdles are inevitably overcome, there are exciting possibilities ahead.
Globalization of Money
Simply put, cryptocurrency has the potential to change the lives of everyone on the planet. It uproots the systems of currency for every country, giving every citizen of the world a common currency. No more currency exchanges. A centralized system, where value does not vary. Think of the impact this can have on a marketing company that can reach and sell to anyone in the world due to the ease of transactions with cryptocurrency.
For this to be possible, it will require even further steps into an online world. Technically, currency today is still physical. Yes, we operate primarily in credit cards and online transactions. But our systems of currency depend on physical pieces of money. Globalization through digital connectivity challenges these limitations of physical money, however. And it seems cryptocurrency is here to answer the call.
For businesses, the impact is obvious. Marketing your business to the world will be easier. You can use the connectivity of crypto to reach your audiences. You can build upon the already stable foundation of digital marketing.
The Metaverse, Cryptocurrency and Marketing
Cryptocurrency isn’t the only development bringing the world together as one today. Facebook’s name change to Meta was the first step in an adventure to build the metaverse: a world that attempts to merge the physical world with the digital using AR and VR technologies. The metaverse will impact all aspects of life from exercising, to education, to, yes you guessed it — business, e-commerce, and marketing.
If the world develops into a digital metaverse, the use of cryptocurrency is a no-brainer. Every person will have their own personal metaverse made up of all their personal data and digital possessions, including money. In the future, marketing companies could advertise directly to the consumer.
Businesses already use digital cookies to define and target audiences online with their ads. Obtaining these cookies has become more constricted with data sharing privacy concerns. But in the future, consumers could choose to share their data in exchange for being targeted with ads and getting paid for doing so.
There are still many questions concerning cryptocurrency. Many obstacles to overcome. But as the world continues to connect online, a digital currency makes sense. It appears that cryptocurrency, however it will be defined once regulated, is inevitable. And this will impact every part of a business, including marketing. In the future, businesses will instantly be able to reach any citizen of the world with their online marketing using cryptocurrency.
