How Cryptocurrencies and NFTs Can Transform Local Economies (When Blockchain Turns Non-Profit)

Exploring practical applications of blockchain technologies in local communities as a means to enhance relationships between business owners and residents.

Following an examination of how large corporations are leveraging NFTs to penetrate the web3 space, the creation of a guide on commercial rights and NFTs, and the composition of a paper discussing how blockchain technology could potentially eradicate the ‘fake news’ phenomenon, I’ve decided to shift my focus towards the application of blockchain technology within local communities.

This exploration forms a part of my research on the mass adoption of web3. I’ve shared my personal journey in this space, should you be interested. I’m of the belief that the real-life experiences, rather than the metaverse, will drive the widespread acceptance of this technology. While the metaverse will undoubtedly have its place, I don’t foresee it being the primary entry point for the majority of users.

Introduction

One of the most intriguing applications of blockchain is within local communities. It has the potential to unite people, foster sustainable growth in…