04.03.202117:50 Forex Analysis & Reviews: Digital transformation of art and the sphere of consumption: the role of cryptocurrencies

The impetus for the development of the cryptocurrency market in 2021 also served as a long process of universal digitization. More and more areas of activity are digitalizing their activities, and the development of digital assets is closely related to these processes.

For example, it became known that the first digital market for agricultural goods, AgriDex, intends to invest about $85 million in the blockchain. This will allow creating an advanced smart marketplace system through the development and implementation of a payment system, where a token will become the main means of payment. Such investment projects have already been carried out before and have shown high productivity indicators.

The development of innovative projects in the field of digital transformation of certain areas entails the systematic development of individual digital assets that can be used by a specific platform to carry out transactions. It is worth noting that this area is at the beginning of its journey, and therefore it can be assumed that the future flagships (cryptocurrencies) of operations on such platforms are still under development or do not exist at all.

Another area of activity that is actively testing the digital capabilities of cryptocurrency is art. With the help of the trendy NFT technology, musicians sell their tracks tied to a digital asset, making a quick and solid profit. Also, this tool is used to conduct auctions for the sale of paintings. In the future, with the help of non-fungible tokens, it will be possible to manage much more efficiently the results of creative and intellectual activity that will be contained in tokens. This will significantly simplify the legal settlement process, as well as speed up the sale itself and make a profit.

Thus, NFT technology can significantly simplify the transfer of musical and audiovisual works between different platforms or individual participants. At the same time, the prospects for tokens are still unclear and, quite possibly, their constant use in other areas. Such a scenario of the development of events has a positive effect on the cryptocurrency market, expanding the possibilities of individual coins, and embedding them in financial transactions of specific areas of activity. 2021 will be marked by the general development of the digital technology market, the transfer of certain areas of activity to digital platforms, as well as the general growth of the cryptocurrency market, which will become the main supplier of payment instruments.