For most users, cryptocurrency serves as the gateway to blockchain technology. In fact, newcomers may even be under the impression that the two are synonymous. In reality, blockchain has a lot more to offer, with utilities in a number of industries apart from finance.
“What crypto has given us is a platform to talk more about the blockchain technology that underpins it,” says John Tan, CEO of Alchemy Pay.
“As organisations find more ways to apply and integrate blockchain technology in everyday life, I believe people will start to realise that it does more than just power cryptocurrencies.”
With this in mind, Alchemy Pay is approaching blockchain adoption from a new angle — one where crypto doesn’t need to be the cornerstone. With its payment solutions, the company is helping make blockchain services more accessible to those using fiat.
What does blockchain offer besides crypto?
As it stands, NFTs have become a popular use case for blockchain technology. At the Point Zero forum last month, Binance CEO Changpeng Zhao spoke about their high potential for the future. He stated that a lot of people are now entering this space solely to purchase NFTs, and not cryptocurrency.
Tan concurs with this idea, adding that there are so many possible applications.
Although NFTs have garnered a lot of attention in the art and entertainment world, they are now evolving beyond it. We are already seeing real-world applications for NFTs such as proof of ownership in real estate, supply chain tracking, ticketing, ensuring the authenticity of products, and much more.
– John Tan, CEO of Alchemy Pay
Along with NFTs, the metaverse is another area which is evolving rapidly. “Building metaverses on decentralised Web3 platforms allows for more freedom of development,” says Tan.
Top metaverse projects such as Decentraland and The Sandbox have a market cap exceeding US$1 billion today.
Mainstream brands have begun entering the space too, participating in events such as Metaverse Fashion Week. This year’s iteration featured a virtual runway show by Dolce & Gabbana, and in-world stores set up by Selfridges, Tommy Hilfiger, and more.
Making blockchain services accessible
For mainstream consumers to participate in the metaverse or buy NFTs, they usually need to have knowledge of crypto.
They must purchase it on an exchange and then transfer it to a decentralised wallet. In case the right cryptocurrency isn’t listed on their exchange, they must also figure out how to swap it appropriately.
This entire process can seem unnecessarily complicated for someone who just wants to own an NFT. There are a lot of steps involved, and if one isn’t careful, they can end up losing their funds. For example, sending crypto to the wrong wallet address can make it irretrievable.
With its payment solutions, Alchemy Pay is working to simplify the Web3 onboarding process. “Our class-leading solutions provide direct, one step entry into the world of Web3,” says Tan.
“Using simple integration processes, our crypto on-ramps are easily included as direct or customisable plug-ins for Web3 services. We enable acceptance of mainstream fiat payment methods from users and convert them to the cryptocurrencies required to use Web3 services.”
This way, users are saved the time of manually converting their funds into crypto. “We aim to make the process of entering and exiting crypto and Web3 platforms as seamless as possible for all users — newcomers and experts alike.”
Alchemy Pay offers over 300 fiat payment channels, allowing users from all over the world to make use of its services. “We also allow users to exchange back to fiat currency and have their funds transferred to their bank accounts. This is real accessibility to web3.”
The future of Web3
The recent market crash has created doubts about the future of crypto and Web3. The market has seen a downtrend for over three months now, and experts such as Binance’s CEO have speculated that it could be years before we see recovery.
Despite this, Tan believes that the space is still primed for growth. Once again, it comes down to the fact that blockchain technology offers more than just crypto. There are other emerging services which are drawing in users, and this isn’t immediately reflected in the prices of different cryptocurrencies.
“There is a huge migration of talent from Web2 into Web3. We’re seeing many established brands now creating a division dedicated to driving Web3 strategy.
“There is a whole industry and economy that has been built up around Web3 and the idea of decentralisation. People are interested in learning more and participating regardless of crypto prices.”
Featured Image Credit: Alchemy Pay