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<ul><li>India poised to have 1 billion smartphone users by 2026 and will be the second-largest smartphone manufacturer in the next five years.</li><li>India to catch on to the <keyword id="13228644" type="General" weightage="20" keywordseo="global-Non-fungible-Tokens" source="Orion">global Non-fungible Tokens</keyword> (NFTs) revolution with favourable regulations.</li><li>The AI market to grow at a CAGR of 20.2 percent globally to reach US$7.8 billion by 2025; AI to have a promising future in India.</li></ul> Favourable policies, convenience-driven mindset, and evolution of the new normal have brought in a renewed focus on tech adoption. Smartphones now act as a catalyst for digital penetration across the tier-2 and 3 markets in India. The India edition of Deloitte’s 2022 Global TMT (Technology, Media, and Entertainment, Telecom) predictions indicates that digital and mobile are the key enablers of the future of technology. This edition captures the latest trends in the Indian TMT space that are driven by the economic and societal shifts caused by the global pandemic. These trends are poised to result in a better-connected ecosystem of multiple digital devices that can meet the world's ever-increasing need for faster connectivity, and more chips and entertainment options. Moreover, an evolving marketplace for NFT, increasing diversity in talent and participation of women in the tech industry, and rising popularity of AI and app-centric approach to promote mental health and wellness indicate enhanced digital maturity for businesses. Technology sector prediction - The urgency to address semiconductor chips shortage The global shortage of semiconductor chips has affected the manufacturing industries across the world. As demand soars, supply is likely to be constrained in the near term, but gradually ease up in 2023. With an increase in supply and normalisation of demand, and the specific initiatives muted by GOI, India can play on the strength of its large and thriving domestic market to form a basis for setting up the domestic semiconductor and electronics manufacturing industries in the next three-five years. “As the ecosystem matures in the medium to long term, we expect India to emerge as a strong regional hub in semiconductor and electronics manufacturing”, said P. N. Sudarshan, Partner and TMT Industry Leader, Deloitte India. He added, “The government’s recent announcement on the Production Linked Incentive (PLI) scheme for the semiconductor and electronics manufacturing industries has the potential to create an end-to-end ecosystem for manufacturing electronic products. We expect the broader shift to digital to continue in 2022 and drive the industry growth in the future.” Telecom sector prediction: 1 billion smartphone users by 2026 In 2021, the Indian telecom sector has undergone major policy reforms to reset growth and revive the health of the operators. The total cumulative shipments of smartphones in the country are expected to reach 1.7 billion units from 2022 to 2026, creating a market of about US$250 billion. According to Deloitte’s analysis, smartphone demand in India will increase at a CAGR of 6 per cent in the rural market and at a CAGR OF 2.5 per cent in the urban market to reach a cumulative number of about 400 million units being sold in 2026. This is largely propelled by demand for internet services in the rural market with the adoption of E-learning, Fintech and E-health platforms. Internet enabled devices in the rural market will also get a push with the government’s plan to fiberize all villages by 2025 under the BharatNet program. 5G devices will alone contribute 80 percent (about 310 million devices) to smartphone demand by 2026. Furthermore, the recently announced incentive package of US$10 billion to drive semiconductor manufacturing in India and the PLI schemes will encourage handset manufacturing in India to service the second-largest smartphone market in the next five years. Peeyush Vaish, Partner and Telecom Sector Leader, Deloitte India, said “India will have 1 billion smartphone users by 2026. This growth will result in over 75 percent of the subscribers using smartphones by 2026 from a sub- seventy percent as on date. 5G enabled devices will contribute 80 percent to the devices being sold in the year 2026 and Indian consumers will purchase 840 million 5G smartphones over the next 5 years valued at US$130 billion. In addition, 5G will fuel an incremental sale of 135 million smartphone units over the next 5 years.” Media sector prediction: The Indian streaming industry to evolve dramatically Greater adoption by audiences, the popularity of international content (such as Korean, Israeli, or Spanish) in India, and the ability to attract a wider audience through subtitles and dubbed content, have broken previously held views on the characteristics of the Indian market. These trends have forced many streaming companies to revise their original strategies. Pricing for streaming services will remain competitive as service providers attempt to stabilise and consolidate their customer base. However, in a rapidly evolving market, streaming players would rather focus on customer acquisition instead of customer churn. As prices stabilise and content libraries become nuanced and structured, the focus will shift to the minimisation of churn. Jehil Thakkar, Partner, Media and Entertainment Sector Leader, Deloitte India, said “Evolving consumer behaviour in view of the pandemic has increased digital content consumption in India. Audiences are experimenting with genres and languages with regional content breaking out of its traditional boundaries. Fierce competition is likely to persist in the short-to-medium term with more than 40 service providers in the fray.” This growth will be driven by heavy investment in original content, pricing innovations, low data costs, and the rise of short-form content. However, this progression from the early to mass stage might come at a cost to the broader media industry as subscribers, especially in tier-1 and tier-2 cities, may switch to more streaming content from traditional linear TV. We, however, do not expect India to cut the cord. Gaming and commerce are important elements contributing to attract, retain and amplify consumer stickiness as the battle within the evolving digital world continues. Other highlights in the Deloitte “TMT Predictions 2022” report India all set to catch on to the global NFT revolution; entertainment and sports NFTs will disrupt the industry in India: Deloitte Global predicts that NFTs for sports media will generate more than US$2 billion in transactions in 2022, about double the figure for 2021. Given the global trends and the government of India’s pending policy/regulatory framework in this area, it is a matter of time before NFT-based market for movies and sports memorabilia becomes a reality in India. The future of AI in India: More market players are realising AI’s importance, including its ability to provide competitive advantage and sculpt the future of work. In 2022, we expect to see India’s AI priorities shift towards cost efficiencies and employee productivity. Mental health becomes a priority with increasing app penetration: Given the challenges related to awareness, access, and capacity, technology can play a significant role in building scalable solutions that can help the population at large. About **36 percent of the Indian millennials have a fitness app installed on their phones and ~45 percent think leading a healthy life is essential. Floating Solar Photovoltaics (FSPVs) as a means for scaling solar PV deployment: FSPVs is expected to play an important role in paving the path for India’s energy sufficiency given the natural advantage of a vast coastline. With reduced crude prices and improved designs, Deloitte India predicts a significant rise taking place as both central and state government agencies might announce more floating solar projects. Deloitte India further estimates that the FSPV sector in India has a high potential to become self-sustainable largely due to the benefit of economies of scale as and when the tariff rate reduces over the next few years.

NFTs for sports media will generate more than $2 billion in transactions in 2022, about double the figure for 2021: Deloitte report

<ul><li>From concert tickets, learning the language, albums, and photo books, to online or in-person meet-and-greets, K-pop fans leave no stone unturned in immersing themselves in their idols’ culture.</li><li>Now, with <keyword id="10879114" type="General" weightage="20" keywordseo="Non-fungible-Tokens" source="Orion">Non-fungible Tokens</keyword> (NFTs), owning a special item is always going to be attractive to all dedicated fans.</li><li>K-pop fans, brand experts and NFT marketplaces tell us all you need to know about the oncoming wave of K-pop NFTs.</li></ul>It was in 2012 that Korean Singer Park Jae-sang’s (PSY) song ‘Gangnam Style’ took the world by storm, became the <a href="https://www.usatoday.com/story/entertainment/music/2019/12/20/youtube-most-viewed-music-videos-from-gangnam-style-to-despacito/2702463001/">most </a>streamed song on YouTube and what followed was the birth of the South Korean Wave or Hallyu in India. <div type="image" title="Gangnam style gif" msid="90628215" hostid="261"></div> This global phenomenon was later driven by music, movies, and dramas, which further rose to popularity in India during the <a href="https://www.aljazeera.com/economy/2021/9/15/k-craze-korean-dramas-and-culture-are-taking-india-by-storm">lockdown</a>. For most fans, the affair with South Korean culture began with Korean popular music (K-pop) and its biggest bands such as Bangtan Sonyeondan (BTS), Blackpink, MonsterX, iKon, Big Bang, Twice, and Red Velvet. Slowly, the fondness expanded to the food they ate, the language they spoke, the make-up and jewellery they wore, and a highly enthusiastic, loyal and active fandom was born. As per research and analytics firm <a href="https://www.statista.com/statistics/956032/south-korea-kpop-popularity-in-india/">Statista’s </a>recently conducted survey in India between the ages of 15 and 59 years who had experienced South Korean cultural content, K-pop was considered to be very popular by 34.4% of respondents. Statista’s another <a href="https://www.statista.com/topics/5098/music-industry-in-south-korea/#:~:text=All%20in%20all%2C%20the%20South,to%20become%20a%20global%20phenomenon.">report </a>on Korean culture said that the South Korean music industry achieved an all-time high sales revenue of over ₩6.8 trillion in 2019, as well as an export value of over $756 million, <a href="https://www.washingtonpost.com/business/2020/01/30/bts-kpop-bighitentertainment/">which accounts for a sizeable 0.3% contribution to South Korea’s GDP</a>. The same survey found that the <a href="https://www.statista.com/statistics/937260/south-korea-reasons-for-kpop-popularity-worldwide/">main reason for its popularity</a> were the catchy rhythms and choruses. Indian digital content creator, Radhika Bangia, who often dresses up as her favourite Korean characters on Instagram, is followed by 1.6 million people. Her bio, “Crash landing on K-dramas”, explicitly declares her love for the Korean culture to the world. It was her Korean best friend in New Zealand who introduced her to K-pop. Bangia got really hooked on to the music when Boy With Luv, a BTS song, came out and in the world of K-drama, it was Boys Over Flowers for her. She says that she has been surprised at the speed which K-Pop and K-drama have grown in India. “K-Pop/K-Drama is mainly a love-it or hate-it affair (even though it’s so catchy I’m not sure how you can hate it). It’s so much fun to meet and interact with other K-Pop/K-Drama fans and see their enthusiasm for it,” says Bangia in an emailed reply to Business Insider. Why Indian advertisers need to take K-pop fandom more seriously Fans of K-drama and K-pop have created various groups on Facebook, <a href="https://www.reddit.com/r/kpop/">Reddit</a>, Telegram, Clubhouse, where they bond over their shared love for South Korean culture. Their loyalty for their favourite stars is most apparent in the <a href="https://www.d8aspring.com/eye-on-asia/the-power-of-k-pop-groups-in-endorsement-deals">rise </a>of K-Pop Twitter fancams, record-breaking YouTube streams, and sold-out concerts and merchandise. As per Southeast Asian e-commerce aggregator, iPrice Group, a devoted member of the BTS army across Southeast Asian countries, must have <a href="https://iprice.ph/trends/insights/how-much-money-do-kpop-fans-spend-on-their-idols/">spent </a>an average of $1,422, which is equivalent to buying an iPhone 12 Pro. This average purchase includes at least 15 studio albums, five concerts and numerous merchandise. <div type="image" title="k-pop" msid="90628210" hostid="261"></div> Fans of K-pop across South Asian countries and globe, do not shy away from spending money to support their idols. It is a quality that brands look for in their ambassadors -- the ability to start a conversation among a huge fan following and their social currency. BTS followers are also one of the major representatives of the <a href="https://www.bloomberg.com/news/features/2020-10-28/bts-k-pop-stans-are-fighting-qanon-and-maga-on-social-media?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-businessweek&amp;utm_content=businessweek">online “stan” culture,</a> where super fans use different online channels, especially social media, to continuously promote and defend their idols. According to <a href="https://www.rollingstone.com/music/music-news/bts-twitter-account-mentions-fans-1128480/">Twitter</a>, BTS has been the most-tweeted-about band on Twitter for four consecutive years. However, in India, only multinational food chain McDonald’s has tried to leverage on this huge stan culture. Last year in April, McDonald’s launched the BTS Meal across 11 countries in Asia, including India. The internet <a href="https://www.campaignasia.com/article/bts-campaign-in-asia-has-been-phenomenal-mcdonalds-asia-marketer/469926">exploded </a>with messages from ARMY, fans of BTS, and McDonald’s. Apart from that, we have only seen international collaborations such as Samsung, Coke and Hyundai with BTS. Telling us why Indian brands have failed to jump in the whirl of Hallyu, Lloyd Mathias, business strategist and marketing expert, says, “Indian brands have yet to tap into the immense potential of K-Pop as a marketing tool, partially because of the inability of marketers to fully comprehend the phenomenon and more specifically as Indian brands will have to enter into specific licensing arrangements with them. For global brands like Coke and McDonald’s and Korean brands like Hyundai and Samsung, this clearly poses no problems.” K-drama fan Bangia was thrilled at the idea of two cultures coming together. “I would personally love to see some Indian brands collaborating with BTS or BlackPink. I think the mixing of cultures would be cool to see!” While Indian fans are getting their dose with international collaborations and the merchandise available online, the unconditional love that ARMY and various K-pop fans extend, offer an immense potential for brands in bringing in new consumers. Anjali Malthankar, national strategy director at digital advertising agency Tonic Worldwide, says, “Indian brands are treating K-pop as topical content, but there is a big opportunity for Indian brands to ride the wave and appeal to the K-pop fanbase. What fans in India would want, is to be as close to the K-pop stars as possible, and to have access to them. In fact, that’s what K-pop has cracked on social media. They know what their fans want and the whole model is about giving power to the fans to make their favorite stars more popular. I feel, a live concert, physical or virtual/experiential can be a big platform for Indian brands to participate.” On the other hand, founder and chief executive officer (CEO) of blockchain analytics company bitsCrunch, Vijay Pravin Maharajan points out that it would be unfair to say that Indian brands have failed to capitalise on its popularity as there are so many different opportunities for brands to draw in audiences. “It is important to remember that, like South Korea, India is home to a thriving local entertainment industry and is a melting pot for entertainment worldwide. Even among those who were favourable to K-pop, there are certainly other genres and industries they engage with. It is highly unlikely that the average Indian K-pop fan engages exclusively with the genre. Indian brands are likely to go with local entertainment and artists, of which there is an almost continuous supply,” says Maharajan. Can NFTs be a place where fans get their due? Any fan is not just a spectator or silent admirer of art, they are active stakeholders who go out of their way to support their idols. From concert tickets, learning the language, buying albums, and creating photo books, to online or in-person meet-and-greets, K-pop and K-drama fans leave no stone unturned in <a href="https://homegrown.co.in/article/803152/merchandise-events-more-a-guide-to-everything-k-pop-in-india">immersing </a>themselves in their idols’ culture. And Non-fungible tokens (NFTs) are pushed toward heavily engaged fandom. Apart from <a href="https://www.verizon.com/business/small-business-essentials/resources/beliebers-why-care-231604811/">Beliebers</a>, <a href="https://fandomwire.com/popular-actors-who-are-bigger-potterheads-than-you/">Potterheads</a>, <a href="https://www.diggitmagazine.com/articles/taylor-swift-and-story-swifties-fandom">Swifties </a>and fans who form a beeline diligently in front of Amitabh Bachchan and Shahrukh Khan’s bungalows in Mumbai, K-pop and K-drama lovers are amongst the biggest communities. With K-pop NFTs, fans can own a special collectible item that would stay with them forever, even transfer onto different clouds. It would get them an opportunity to support their artist directly, flaunt their fandom and become a part of the larger community. So, can K-pop NFTs be the next big wave in the growth of Korean culture in India? Brand guru Mathias says yes. “I believe NFT can help take this to the next level given that many can now ‘own’ part of the phenomenon in the metaverse.” Korean culture has successfully built a sense of connectivity and relativity with the Indian masses, owing to the commonality of culture in terms of food habits, manners, and behaviour. With NFTs, fans of these two cultures can support their favourite artists. Ramkumar Subramaniam, CEO and cofounder of no-code NFT platform GuardianLink, says, “With the rise of NFTs aided by the popularity digital currency and assets have garnered, especially in the entertainment and art fields, even the globally famous South-Korean band, BTS, entered the red-hot NFT space in November. Given that India is rapidly adopting NFTs as a way of building connect with their favourite artists, NFTs are anticipated to be the next big thing fuelling Korean culture’s penetration in India.” Sai Krishna VK, founder of visual tech company Scapic, who is also known for his content around crypto and investment, says, “NFTs intrinsically capture value that fandom has always had, the only difference is that this value is now a direct relationship and with ownership too, in some cases. Industries like K-pop will be among the biggest to benefit from this as the chance to interact, engage and be closer to the stars you idolise is the sort of technology product that was simply not possible before this.” The initial buzz around the world of NFT was by crypto investors. They finally found a medium to spend their digital money on. Now, from <a href="https://timesofindia.indiatimes.com/entertainment/telugu/movies/news/prabhas-posters-from-radhe-shyam-to-be-available-as-nfts/articleshow/90054402.cms">Prabhas </a>fans to K-pop, NFTs are attracting more diverse audiences and fandoms. Finfluencer Neha Nagar has been talking about the growth of NFT and crypto in India. She thinks that the introduction of K-pop NFTs to India will give a push to both Korean culture and NFT’s adoption. “K-pop fans are a very strong community, now every K-pop fan will be forced to think about NFTs, which will lead some of them to actually buy those NFTs for the sake of love for their k-pop stars. K-pop fans already have spent on merchandise and tickets to support their stars. Owning k-pop, NFTs will now be called ‘a proof of being a k-pop fan,’ especially genZ will get more attracted to NFTs now, which will push the NFT craze to next level. This is going to be quite exciting!” Maharajan of bitsCrunch says, “With the growing popularity of K-pop in India, moving the production of music videos to the digital realm may be the way of the future.” While K-pop fans are voicing their <a href="https://www.theatlantic.com/technology/archive/2021/12/nft-kpop-environmental-problems/621091/">concerns </a>over carbon-torching NFT, various <a href="https://www.businessinsider.in/cryptocurrency/news/binance-and-the-record-label-behind-k-pop-sensation-blackpink-will-work-on-creating-eco-friendly-nfts/articleshow/89435868.cms">labels </a>have started working on launching greener NFTs. Bangia is optimistic that K-pop fans will accept NFTs that support their favorite artists, “but my personal hope is that we can find a way to minimise the amount of energy that blockchain requires,” she adds. K-pop has been able to make international inroads in recent years and now with the arrival of various K-pop NFTs, the future of hallyu in India looks <a href="https://youtu.be/gdZLi9oWNZg">Dynamite</a>!

NFTs may finally leverage India's fandom for Korean drama and music, which Indian brands have failed to cash in on

<ul class="summary-list"><li>NFTs have had a banner month in August. Experts see more growth ahead.</li><li>The final stage of adoption for NFTs is government adoption, said one expert.</li><li>Incorporating NFTs into traditional financial assets could also be an indicator of going mainstream, said another.</li></ul>Non-fungible tokens had a banner month in August, with <a href="https://markets.businessinsider.com/news/currencies/nft-opensea-digital-art-bitcoin-cardano-ethereum-meme-crypto-2021-09" target="_blank" rel="noopener">sales volume</a> rising to record highs. Driven by digital art collections such as <a href="https://markets.businessinsider.com/news/currencies/steph-curry-nft-bored-ape-yacht-club-180000-ethereum-nba-2021-8" target="_blank" rel="noopener">Bored Ape Yacht Club</a> and <a href="https://www.pudgypenguins.io/#/" target="_blank" rel="noopener">Pudgy Penguins</a>, interest in NFTs drove sales on OpenSea alone to $3 billion, with over <a href="https://markets.businessinsider.com/news/currencies/nft-opensea-digital-art-bitcoin-cardano-ethereum-meme-crypto-2021-09" target="_blank" rel="noopener">300 million transactions</a> on a single day.But even with massive growth, the space is still in "very early stages," Lennix Lai, director of financial <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> at crypto firm OKEx, told Insider.Lai said the best use case for NFTs would be to seamlessly integrate into the real world, not just exist in digital form. "I think if you really want to make something impactful for the real world - actually bring crypto mainstream - you need NFTs," Lai told Insider. "I think the final state would be government adoption."Lai envisions a world where people's personal information from social security numbers to COVID-19 vaccine cards are safely stored on the blockchain as unique and immutable pieces of data But Lai clarified that the industry needs a "lot more innovation." "If NFTs are only restricted to collectibles, the future is not that exciting," Lai said.For now, NFTs - <a href="https://www.businessinsider.com/non-fungible-tokens-nfts-have-taken-over-heres-why-theyre-important-2021-4?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">digital representations</a> of artwork, sports cards, or other collectibles tied to a blockchain - still need to overcome <a href="https://markets.businessinsider.com/news/currencies/nft-outlook-challenges-accessibility-storage-interoperability-mainstream-non-fungible-token-2021-8" target="_blank" rel="noopener">multiple hurdles</a> before further mainstream adoption can occur. Storage is also a problem. Some investors who have purchased NFTs in certain platforms in the past have had issues when those platforms disappeared, said Vanessa Grellet, head of portfolio growth at <a href="https://www.coinfund.io/" target="_blank" rel="noopener">CoinFund</a>, a digital asset venture fund."I think we'll see [NFTs] go mainstream in the next five years," she told Insider. And like Lai, she sees more use cases for NFTs other than art and collectibles. "I'd like to see more assets come into the <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> space," Grellet said, pointing to financial instruments such as stocks, real estate, and tokenized assets as examples of where the technology could be used to innovate. Yet, similar to other innovations that threaten to disrupt industries, there is resistance to broadening the uses for NFTs, she said. "There is a natural sort of slowness until people see a bottomline opportunity," she said, adding that the space also needs regulatory clarity to succeed.NFTs have surged in popularity this year. When people buy NFTs, they gain the rights to the <a href="https://www.businessinsider.com/why-are-people-buying-nfts-investing-in-nft-crypto-art-2021-3?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest" target="_blank" rel="noopener">unique token</a> on the blockchain, not the artworks themselves. But the fact that the information on a blockchain is next to impossible to alter makes NFTs appealing, especially to collectors and artists.The rally has <a href="https://markets.businessinsider.com/news/currencies/nft-value-sales-h1-dappradar-nonfungible-tokens-crypto-hype-2021-7?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">spilled over into altcoins</a> that facilitate smart contracts such as solana, binance coin, and cardano, according to <a href="https://markets.businessinsider.com/news/currencies/crypto-market-outlook-altcoin-surge-reddit-day-traders-looks-frothy-2021-9?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">JPMorgan.</a>Recent high profile NFT purchases include Visa's $150,000 <a href="https://markets.businessinsider.com/news/currencies/visa-cryptopunks-nft-150000-cryptocurrency-blockchain-fungible-token-digital-asset-2021-8">CryptoPunk</a> buy and NBA star Steph Curry's purchase of an NFT from the <a href="https://markets.businessinsider.com/news/currencies/steph-curry-nft-bored-ape-yacht-club-180000-ethereum-nba-2021-8">Bored Ape Yacht Club collection for $180,000.</a>

NFTs will eventually be used by the government, which will mark the 'final stage' of adoption for a market that just had a monster August, one expert says

The NFT roller coaster!

<ul><li><keyword id="6355684" type="General" weightage="20" keywordseo="blockchain" source="Orion">Blockchain</keyword> is the future of transactions, but it can also have a far-reaching impact on <keyword id="6354839" type="General" weightage="20" keywordseo="marketing" source="Orion">marketing</keyword>, and change it for the better.</li><li><keyword id="333593" type="General" weightage="20" keywordseo="mayank-mishra" source="Orion">Mayank Mishra</keyword>, DGM, <keyword id="880130" type="General" weightage="20" keywordseo="cheil-india" source="Orion">Cheil India</keyword> writes about the role Blockchain can play in transforming marketing and advertising in the future.</li></ul>Every transaction between people requires some form of trust. If you lend a friend some money, you trust them to pay you back. If you don't know the person you are lending money to 'third party' comes in and offers some kind of assurance. You place your trust in this third party, either a mutual friend or perhaps an institution like a bank. Centralized institutions like banks and companies provide trust and assurance so that transactions can take place between large numbers of people. Imagine now that this 'third party' was replaced by a massive network of individuals. No one individual or organization holds all the power, but every time a transaction between two individuals happens, the entire network works together to ensure that every transaction is recorded, validated and upheld. This is essentially the idea of the Blockchain. In practice, all manner of complex mathematics and computing make it work, but at its heart Blockchain is a way for individuals in a network to conduct transactions without the need for centralization. The most famous application of Blockchain is cryptocurrency. However it has many other applications too, like decentralized finance, virtual companies, NFTs (<keyword id="10950476" type="General" weightage="20" keywordseo="non-fungible-tokens" source="Orion">Non Fungible Tokens</keyword>). The list is endless. When we are talking about Blockchain we are describing a revolutionary new idea like the Internet, which can have innumerable applications across every industry. The Internet changed the way modern marketing works, and the Blockchain is poised to do the same. In fact, this change is already happening. Consider the way online advertising works when people browse the internet. Individuals are profiled and targeted with advertisements, and while an entire industry profits from this system, the individual in question doesn't see a dime. Blockchain can make online advertising fairer. Brave Browser is a Blockchain based browser that rewards people for browsing the internet. Being served advertisements is optional, and if you choose to be served with ads, you get compensated in 'Basic Attention Tokens', which can be exchanged for real world money. Take a closer look at influencer marketing. When we look at the nuts and bolts of how influencer marketing currently works, there are several entities involved. The creator (influencer), the audience, and the media platform are the key components. Brands step in to reward the influencer in exchange for getting some of their ideas across. Agencies manage the show and ensure that marketing objectives are met. <keyword id="11993465" type="General" weightage="20" keywordseo="boosto" source="Orion">Boosto</keyword> is a blockchain application that challenges this model at a fundamental level. It is a decentralized system where creators, audiences and platform developers can reward each other simply by doing what they do...creating, consuming and inventing. No third party is needed to offer rewards or manage the show. Needless to say, applications like the ones described pose some fundamental challenges to marketers. They may even pose an existential threat to some of the familiar ways of working we are used to. This is a good thing. It means that marketing is ripe for innovation. Blockchain is not simply a new technology. It is a new cultural artefact, one that represents the mindset of humanity's first generation of digital natives. This is a generation of people for whom the idea of being part of a global community of networked individuals comes intuitively. Centralized systems run counter intuitive to the way this generation sees the world, and this is why Blockchain is so important. It is laying down the ground rules for how transactions will happen in the future. The Internet seemed esoteric when it first appeared in our collective awareness. It was the domain of geeks and nerds, and no one was quite sure what to make of it. If the Internet revolutionized communication, Blockchain will revolutionize transactions. For a marketer or a brand who takes a long term view of things, it is important to start planning now. Asking the right questions is a start. What areas of my business are likely to be impacted? Where do the opportunities lie? What should I be investing in? Should I start seeding Blockchain professionals into my organization? Am I in a business that will need to pivot? It is an exciting time to ask these kinds of questions. Curiosity might cause feline fatalities, but when it comes to Blockchain, it is your best weapon.

Blockchain is the future of transactions, and here's how it will change marketing

<ul class="summary-list"><li>"<keyword id="12435437" type="UNKNOWN" weightage="60" keywordseo="gamefi" source="Orion">GameFi</keyword>" could transform <keyword id="6357332" type="UNKNOWN" weightage="60" keywordseo="gaming" source="Orion">gaming</keyword> business models and power the digital economy, according to Huobi's Jeff Mei.</li><li>Investors are fired up by the rapid use case of decentralized finance and excitement around making money off <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> games like <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">Axie Infinity</a>.</li></ul><a href="https://www.coindesk.com/learn/gamefi-how-to-earn-crypto-playing-games-online/">GameFi</a> is one of the hottest technologies in the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> ecospace, and early investors can expect gaming-related collectibles to power virtual economies, according to Jeff Mei, director of global strategy at crypto exchange Huobi. "Users want the hottest, most innovative, the most creative, the most promising assets on the market," he told Insider in a recent interview.GameFi, the intersection of decentralized finance and the gaming industry, is attracting mass attention from the crypto community and the biggest gaming guilds in the sector. The business model allows for players to obtain a share of the dividends brought in from game development, with their most common feature being "play to earn".Mei laid out two reasons behind its rise: the evolution of financial mechanisms in games, and users liking that they can make money by playing.He said Huobi, which has a<a href="https://twitter.com/HuobiVentures/status/1437767564214558727"> $10 million fund</a> dedicated to emerging GameFi projects, is invested in coaching and incubating several early-stage projects because "this is going to be a very hot industry."Huobi's fund will back GameFi projects in the start-up stage to make an impact in the blockchain world, via marketing and PR support, financial and legal advice, and introductions to potential partners. "Our investment teams and our research teams are always working around the clock to find these products," Mei said. Supernova, Immutable, and Rangers Protocol are some of the first projects Huobi's investment arm funded. <div type="image" title="Jeff Mei, Huobi's director of global strategy." height="539" width="1078" msid="87431631" hostid="261"></div>"We want to help users find the best projects that might have value, the best projects that might have some type of innovation, some type of quick adoption," he said. "There's so many projects out there that are 'vaporware' - they're fake. They just want to make money and run away."Huobi, which was founded in China in 2013, no longer operates in its country of origin. The exchange is now looking to expand its presence in countries with high crypto adoption rates and a large retail trader base, including India, Vietnam, and Turkey.Mei explained that the rationale behind Huobi's expansion strategy, which seems concentrated in Southeast Asia, is that GameFi has huge potential in the region. "We'll be focusing a lot on more retail uses," he said. "For example, in Vietnam right now, one of the most popular GameFi projects is Axie Infinity." The ethereum-based game, created by Vietnamese developer Sky Mavis, saw its daily active users <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">top a stunning 1 million</a> for the first time in August, in just three years of its launch.The game's main characters are axolotls called Axies, which are non-fungible tokens, or NFTs, that can be sold or purchased.<a href="https://dappradar.com/nft/collections">NFT collections</a> have surged this year, driven by burgeoning demand for play-to-earn games, or as some call it - GameFi. The NFT market hit a record $2.5 billion in sales by July 2021, versus just $13.7 million in the first half of 2020, according to NonFungible.com. Huobi is set to launch its own NFT marketplace in November.That boom comes from the emergence of layer 2 scaling solutions for ethereum, which has allowed crypto enthusiasts and web 3.0 gamers to trade and mint NFTs without exorbitant transaction fees. "Gaming has always been hot in Southeast Asia, for example in Korea and Japan. That's the kind of area where we want to go in," Mei said.While Huobi itself is building some unique projects, it's mostly testing the waters with new, cutting-edge players.

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Blockchain is the future of transactions, and here's how it will change marketing

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A top crypto exec shares why GameFi is so hot right now - and lists 2 reasons why play-to-earn-games like Axie Infinity are taking the market by storm

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