- First is the applicability of blockchain technology. Its notion of decentralization completely goes against what the current digital world or Web2 stands for.
- On June 22, the British Luxury car manufacturer announced its first venture into the NFT marketplace.
- In April, Wanchain and Cardano announced a crypto partnership between organizations to improve Web3 functionalities further
The world is full of diverse entities, all unique and with specific purposes creating a masterpiece like no other. Although each entity is unique, they all have one common factor to which they all adhere; evolution. The world, more so man, has evolved since the first cognitive human species was born and has continued to evolve over the years. This fundamental principle of evolution strives for humanity to look for better ways to travel and acquire food and improve and achieve a technological revolution in the more recent advancement.
Many individuals and experts have concluded that Web3 and blockchain technology are the next steps for the digital world. As such, you’ll begin to notice the various crypto partnership that has s[rung up over the past few years and more in 2022.
What are Crypto Partnerships, and why are they needed
Crypto partnerships are merely a byproduct of organizations noticing the vast potential of Web3 and blockchain technology. With the next technological revolution slowly settling in the current world, acquiring the necessary functionalities of blockchain is crucial. Many organizations realize this absolute truth and are affiliating themselves with various aspects of Web3. From crypto payments, NFT collectables and blockchain systems, these crypto partnerships have forever marked 2022.
Also, Read the Paxos-Mastercard partnership to promote crypto adoption among financial institutions.
The key reason for the sudden uproar and increased number of crypto partnerships are various facts. First is the applicability of blockchain technology. Its notion of decentralization completely goes against what the current digital world or Web2 stands for. However, it offers additional functionalities that are merely impossible feats for its predecessor. Hence its adaptability does not control it to merely NFT or cryptocurrency.Various innovators have used its decentralized nature to improve the health industry, the insurance sector, real estate and even voting systems. Its relatively new nature broadens the scope of applicability and in the business world, profiting from something first always guarantees success. A prime example is Mpesa, an African-based money transfer system. It was the first of its kind during its debut, and before long, every mobile and smartphone had it as the default feature.
The second reason is its security and anti-fraud features. Web2 technology has ushered in a dawn of new concepts and aspects; unfortunately, it has had its series of mishaps. Blockchain technology offers these crypto partnerships a chance at a new security system. One that ensures openness and transparency without compromising on information security.
Top Crypto partnerships in 2022
No news exists that a series of significant wins and losses mark 2022 for Web3. Moreso for the crypto ecosystem as various crypto exchange platforms affiliate themselves with significant figureheads in the cooperate industry and have also suffered from significant losses. Despite this rocky journey, blockchain and crypto have achieved significant strides. As a result, the ushering in the new technological revolution is still as bright.
Various organizations have opted to incorporate several Web3 elements within their systems to boost their functionality, try out new technology or even for marketing purposes. Here are a few crypto partnerships that have significantly made the digital world.
Bentley is releasing the first NFT on Polygon’s ecosystem.
An unforeseen partnership between Bently and Polygon emerged from practically nowhere. This crypto partnership was by far the most unexpected since it is common for such organizations to limit the amount of marketing done.
On June 22, the British Luxury car manufacturer announced its first venture into the NFT marketplace. This was an attempt to release a one-time NFT on the carbon-neutral Polygon network scheduled on September 2022. Bently stated it would only release 208 pieces to tribute to its achievements at the Grand Tourer and the iconic R-type Continental of 1952.
Polygon attained this crypto partnership after it recently achieved a carbon-neutral status, pledging to go carbon-negative by the end of the year. This initiative sparked the unforeseen crypto partnership between the two organizations as Bently has plans only to offer electric cars. As such, shifting to Web3 was the first step to shifting with the technological revolution.
F1 Monaco GP partners with By bit to release Red Bull Racing NFTs
Monaco Grand Prix 2022 saw F1’s fastest pit crew, Oracle Red Bull Racing (ORBR), partner with crypto exchange Bybit to launch ORBR’s 2022 NFT collection. This was more or less expected, given the recent surge of F1 enthusiasts alongside crypto’s expansive reach. Tezos blockchain network will be responsible for minting and hosting this NFT collection. Bybit cofounder and CEO Ben Zhou stated that F1 has a symbiotic relationship with crypto and blockchain technology. As such, this crypto partnership was absolute; it all relied on timing.
Wanchain collaborates with Cardano to deliver a new blockchain platform.
In April, Wanchain and Cardano announced a crypto partnership between organizations to improve Web3 functionalities further. Their main goal was to deploy a decentralized, non-custodial, bi-directional cross-chain bridged connecting Cardano to other Layer 1 blockchain technology. This initiative would transform Wanchain into an EVM-compatible sidechain to Cardano.
This would allow Cardano Dapp developers and users to gain access to more coding languages, frameworks and integrated developer environments. According to Dynal Patel, Chief Product Officer of IO Global, Cardano is a crypto exchange platform that vividly believes in interoperability and collaboration. With this mindset, the cross-chain bridges are only one aspect of the story. Wanchain’s secure infrastructure will open the doors for itself and Cardano to new contributors within their respective ecosystems.
Fifa for a crypto partnership with blockchain innovator Algorand
Another peculiar collaboration within the Digital world is generally between FIFA and Algorand. The crypto partnership means that Algorad will become the official blockchain platform of FIFA. It will provide the official blockchain-supported wallet solution.
Aside from this, Algrorand will also assist FIFA in further developing its digital asset strategy. In addition, FIFA will cater for other expenses. This crypto partnership is a prime example of dictating the importance of attaining a means to establish a link toward Web3.
The technological revolution is underway, and FIFA’s president Gianni Infantino understands this. He stated that FIFA was delighted to collaborate with Algorand. It will prove helpful in identifying additional and innovative channels for revenue growth. Blockchain technology has untapped potential, and through collaboration can, both spectrums of the business world genuinely provide the form with this sudden shift.
The above examples are of the crypto partnerships that shook the industry. However, this shows that the digital world is shifting to a point where the non-tech industry has noticed this development. As such, it is gaining enough footing on Web3 before it expands is a deciding factor for the future of these companies. Blockchain technology is proving useful and, in addition, generally making up for the recent tragedy that struck the crypto ecosystem. This may be the dawn of the new technological era.