The Future of Crypto Wallets

Current Use

  • Cryptocurrency wallet is an app that allows cryptocurrency users to store and retrieve their digital assets
  • For the majority of cases today, crypto wallets are used to store currency
  • Since the popularity of NFTS – in the relations of digital art, wallets have been expanding it’s feature to also hold NFTs
  • Currency + art are the most popular use cases today, but there’s a lot more that haven’t been adopted or explored

Use Case 1: Gaming

  • “Earn-to-play” games are already starting to go main stream
  • Most notable ones are axie infinity, crypto kitties and zed run
  • The idea is that the loot or characters that you earn from the game is stored on your crypto wallet and you have the ability to sell it on the block chain
  • Mainstream games like Diablo had tested the idea of an auction house but ultimately failed since it turned the core game from grinding for better gear to just flipping items enough to afford better gear
  • The demand however for these earn-to-play games is huge and growing where axie infinity market cap is over $7.8 billion as of Oct 2021

Use Case 2: Fashion and Wearables

  • This will grow with the adoption of AR
  • The idea is that you can purchase digital apparel where you can only see using augmented reality
  • Your wardrobe will be stored within your crypto wallet and it will provide the flexibility to change your outfit multiple times over in a day

Use Case 3: Events and Ticketing

  • If you ever tried buying a ticket online for BTS or a group that sells out in seconds, you know the pain
  • Imagine rather the tickets being sold from the major event companies today like ticketmaster but rather tickets are being sold on the blockchain as an NFT
  • The advantage is the site won’t crash on you as it gets overloaded, but tickets being on the blockchain can provide more value to the ticket holder.
  • Benefits: (1) ticket can be an custom artwork that you can memorize forever (2) remove the fear of buying fake tickets (3) automatically pay the artist, venue and agency through smart contracts etc…

Use Case 4: Social Media

  • Criticisms of current day social media like Facebook is often related to privacy concerns
  • One notable misuse was the Cambridge scandal where Cambridge Analytica improperly obtained the data of up to 87 million Facebook users
  • It was revealed that Facebook was illegally harvesting personal data from an online personality quiz and sold to Cambridge Analytica
  • This calls for a decentralized network where your data is distributed across the blockchain and cannot be hacked
  • Your crypto wallet could be the next Facebook, Instagram or TikTok where you can share videos and photos publicly without any one company owning your data

Use Case 5: Digital Identity

  • With more regulations on crypto, adoption and trust, a use case could be that your driver licenses and/or passport will be replaced by a digital token of yourself that stores that information
  • Health industry can adopt NFTs to safeguard confidentiality of health records and track user medications

Use Case 6: Password Manager

  • Rather than relying on software managers that is centralized to one company, crypto wallets can replace that function to store all your passwords encrypted on the block chain
  • Then when it needs to be use, your wallet can decrypt your login and password for you to use

Use Case 7: Music

  • Rather than artists relying on streaming services, they can pool their music together into a streaming pool
  • Smart contracts can regulate the payouts by how often the song is played in the pool as well as regulate the price for the user
  • There is also potential where “parts” of songs can be sold off as collectibles, similar to what the NBA did with Top Shot

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Hi! I'm

Ricky Young

My belief is that financial freedom cannot be obtained by just a 9-to-5, but a combination of smart investing and passive income. This is my journey to achieve financial freedom.

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