NFTs, wrestlers and crypto banks: A smaller CES offers a larger view of a fintech future

This year Consumer Electronics Show Thanks to the ongoing pandemic, it could be listed in the book as one of the least populated in recent history, but there were still many innovations on display.

in the meantime 170,000 participants At the 2020 show, just before the pandemic, the Consumer Technology Association, which runs CES, blocked the Las Vegas aisle. Estimated About 25% of regular attendees will attend this year’s hybrid event in Las Vegas and online, halving the number of exhibitors.Nonetheless, participants can either directly or through online streaming. New processor, Smart mirror, Autonomous tractor And even Sonic toothbrush It claims to clean the entire mouth in 10 seconds.

Still, while the usual avalanches of new gadgets dominated the headlines of this year’s show, more important themes emerged. The financial technology platforms that businesses use to deliver these products and services and consumers have to pay for them are evolving dramatically. And FinTech, now defined by tools such as cryptocurrencies and digital payment blockchains, is rapidly reshaping the business environment.

“It used to be a sleepy industry, but now it’s the sexiest part of the financial industry.” Neha Wattus, Head of Strategic Insights, Innovation and Corporate Development at JPMorgan Chase and Company, said at a CES panel session on FinTech. “Digital payments have fundamentally changed every aspect of our lives. If you’re a business, you’re in the payments business.”

Increased cryptographic value

It’s no wonder FinTech has emerged as an important concern at CES 2022. When the show held the first session track dedicated to the subject seven years ago, 1 bitcoin price It was about $ 300.The same digital coins today are valued at Over $ 40,000..

More importantly, global payments are flowing into FinTech. A Recent reports From JP Morgan, $ 54 trillion out of $ 240 trillion worldwide payments Attribution Evaluate pools including technology platforms, online tools, and smartphone-driven digital wallets.

“What if I leave my house and go to work, what if I misplace my smartphone or wallet?” Michael Ellison, President of Corporate Insight Inc.

NFT takes off

Significant changes in consumer behavior Non-fungible token Or NFT. These tokens are unique, immutable units of data stored in the blockchain digital ledger. NFTs apply to a wide range of items, from artwork and rare documents to collectibles and virtual lands.

NFT sales volume Rapid increase In October, it exceeded $ 10 billion, eight times the growth reported in the previous quarter. Community-based investments in NFTs are beginning to show funding dynamics not previously seen in traditional funding scenarios.On Christmas day, NFT traders New OpenDao token OpenSea Inc, the largest NFT marketplace this week.Aims to reward users of Raise $ 300 Million With an amazing $ 13.1 billion valuation.

“SOS token” is concern Among members of the NFT community where OpenSea has not yet issued its own token Send mixed signal About potential plans for initial public offering.The new token “Airdrop” OpenDao has reached market capitalization as a way to reward early adopters who have contributed to the success of the market. Over $ 200 Million In just 4 days.

“This is a whole new paradigm for organizing communities,” he said. Eric Calderon, Art Block Inc. Chief Executive Officer. “That’s why NFT space has grown.”

Celebrity involvement

NFTs have succeeded in increasing consumer appeal by increasing celebrity participation from the world.She canceled at the last minute, but Paris Hilton Listed speakers This week at CES.Celebrity launched her First NFT drop In 2020, we invested in a Swiss foundation that authenticates objects via digital certificates.

NFT is also World Wrestling Entertainment Inc.And its Significant media presence..The wrestling showcase was recently completed Multi-year contract In collaboration with Fox Entertainment’s Blockchain Creative Labs, we will launch an NFT market featuring WWE goods.

“Fox taught America how to write texts in’American Idol’, and we want to do the same for NFTs,” he said. Scott greenberg, Chief Executive Officer of Blockchain Creative Labs. “WWE superstars explain how to buy NFTs. We believe this is the future of media and content delivery.”

This week’s discussions at CES highlighted FinTech’s growing influence on the financial infrastructure services. This includes opportunities for cryptocurrency holders to take advantage of a return on investment that far exceeds what traditional financial institutions currently offer.

One of the show’s participants, Celsius Network Co., Ltd.Provides a carefully selected platform for financial services, as opposed to US banks. Founded in 2017, the company faces its own growth pain, including Israelis. Research With one of its employees Loss of money With the Badger Dao hack.But the company has already paid Over $ 1 billion With digital assets to a community of 1.2 million users.

“The easiest way to think about us is if you have a cryptocurrency, bring it to us and we will give you a yield. This is interest, just like a bank. Another way to say it. ” Tushar Nadkarni, Highest growth and product manager in Celsius. “Except for the bank giving you .0015% APY interest, Celsius will give you something like 10%, 15% and sometimes 17% APY. Take a loan with only 1% interest. can also do.”

Metaverse coin

Apart from this week’s CES panel discussion, companies were creating individual fintech news.Samsung Electronics Co., Ltd. Announcement of partnership Work with Veritree Inc. to leverage blockchain to track the progress of 2 million mangrove tree plantings.

Korean tech giants too Introduce 2022 smart TV NFT explorer and aggregator features. BaaSid When CoolBitX Introduced new blockchain-based products and services.

Last year, much attention was paid to the technology-based “Metaverse.” Rebranding Facebook Inc. Migrated to Meta Platforms Inc. The combination of virtual reality and augmented reality, as well as real-time video, provides a digital universe for consumers to leverage technology in their 21st century lifestyle. And digital currencies supported by platforms like blockchain will drive the growth of the Metaverse in the future.

The Consumer Technology Association has already taken this tip from industry research.CTA Vice President of Research at a press briefing prior to the opening of CES this week Steve König I paid attention to this development trend.

“The Metaverse is closer than you think,” König said. “All building blocks exist and are available today. And crypto is a metal realm coin.”

Photo: Consumer Technology Association