DeFi
DeFi and video games lead the way for blockchain innovation
As the world of crypto continues to evolve, the focus on practical, real-world applications is becoming increasingly crucial. The key question remains: what areas of blockchain and crypto will become indispensable in our daily lives? In a recent discussion, panel host Rob Nelson, Moby Media CEO Noah Newton, and Off The Chain Capital CEO Brian Dixon explored this pressing question, considering blockchain’s potential to transform various industries.
Nelson kicked off the discussion by drawing parallels between the early days of the internet and the current state of blockchain technology. He emphasized the importance of utility, highlighting how email became a fundamental tool that people didn’t realize they needed until they had it. Nelson posed a crucial question to Noah Newton about identifying the next big use cases for blockchain that could achieve similar widespread adoption.
Newton admitted that it was difficult to identify specific projects outside of bitcoin and ethereum that could achieve massive success. While highlighting bitcoin’s potential to become a global reserve currency and its growth in value, Newton acknowledged the challenges that other blockchain projects face. He pointed out that sectors like decentralized finance (DeFi), gaming, and decentralized physical infrastructure (DePIN) are promising but have yet to find an ideal market.
Newton took a particular interest in the video game industry, highlighting its potential for integrating blockchain technology. He argued that the video game sector could revolutionize ownership and value retention for players, allowing them to truly own their achievements and in-game assets. However, he also acknowledged the challenges of developing successful blockchain-based games, citing long development times and high failure rates of even the largest video game studios.
Nelson then asked Dixon for his thoughts on the broader applications of blockchain and cryptography. Dixon highlighted the transformative potential of smart contracts, which can automate legal and contractual obligations. He discussed the nascent stage of smart contract platforms and the uncertainty over which platform would dominate, comparing the current landscape to the early days of internet search engines.
Dixon’s legal background helped him understand the potential of smart contracts to revolutionize the legal profession. He envisioned a future where legal agreements would be digitized and automated, dramatically improving the efficiency of business operations. However, he recognized the complexity of adjudicating smart contract disputes, which requires expertise in both law and computer science.