Mainstream adoption for emerging altcoin projects is a constant theme in the crypto community that may be a conversation that will persist. Mainly because the idea of “adoption” in crypto is neither tangible nor measurable. What does mainstream success look like and how does it fit in with the naturally decentralized nature of crypto? It’s a long way for altcoins to succeed in the current landscape. This new series will take a look at some of the major hurdles Altcoins face today.
Emerging projects: mastering challenges
In this series, we’re going to be thinking about small cap coins that are yet to hit the market. BTC and ETH have become full-fledged mainstream, and now there is a pretty large amount of emerging cryptocurrencies making their way to the most “accessible” exchanges like Coinbase, Binance, etc. Coinbase effect “in crypto is very real, and.. There are some obvious reasons for this: first and foremost, the broad visibility and accessibility of the stream. This is illustrated by crypto rumors that an altcoin will be listed on Coinbase, causing immediate price hikes as aggressive traders try to “beat the Coinbase hype”.
However, there is also a wide range of crypto projects that take different paths and all also compete for the opportunity to take the next step. As with most things in finance, there is no shortage of hurdles for all of these potential movers. That being said, there are some options that have the potential to make large editions towards “mainstream” acceptance. ECOMI, for example, is building mainstream IP-NFT partnerships with major entertainment companies like Marvel, Activision, Capcom, and others. Although the NFT space has seen exponential growth this year, it is still relatively unknown to the average layperson.
Despite increasing integration into traditional financial atmospheres, there is still a long way to go for altcoins to become mainstream financial consumers. Accordingly, ECOMI’s native token, OMI, is far more difficult to obtain than your everyday projects that dominate the headlines. This series will look at how legitimate crypto projects can find their way into more mainstream adoption. We’ll also look at some of the inherent challenges and hurdles projects face.
As the market continues to grow, NFT digital collectibles are becoming a source of income for musicians, artists, and even sports teams and leagues (especially projects like NBA Topshot). This increase in payouts promises to continue the push of this NFT phenomenon in the eyes of the general public and, most importantly, of potential investors. In this series we will often consider NFT projects like ECOMIs as prime examples of overcoming the unique obstacles that crypto projects often face.
The ‘Altcoin Evolution’ series will look at altcoins like OMI as examples of projects trying to capture mainstream market share. | Source: OMI-USDT on TradingView.com
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It’s not always easy
Despite the above partnerships with strong IP characteristics, the OMI token has a market cap that barely makes it into the top 100 crypto tokens on the market, although it is a unique project in the market when it comes to established partnerships compared to the competition. Although the token is currently difficult to acquire compared to many comparable projects, it can actually be beneficial for potential investors looking for the next hot thing downstairs. If the platform continues to distribute content creators with established brands, there may be an opportunity to become an early adopter of digital collectibles.
Of course, volatile, lower cap assets are immeasurably difficult when it comes to trajectory forecasting. Not only are these coins subject to the upcoming (and ongoing) regulatory changes and economic uncertainty (at least to an increased extent compared to the major tokens on the market), but they also have to demonstrate real long-term stability or growth capability. Another cliché certainly applies here as this is certainly positioned in the broader crypto market as a high risk, high reward game for potential investors.
In addition, if the occasional consumer is interested in ECOMI’s project and how many up-and-coming projects want to acquire OMI tokens, there are significant market barriers in doing so. While market barriers have slowly been tightened for the everyday consumer since the inception of crypto, there are probably miles of ways to go when it comes to a truly streamlined process for established but emerging projects. The OMI coin already has some real use in the VEVE marketplace where it is the currency of choice. VEVE is an NFT digital collectors’ room / auction site where users exchange digital collectibles. This is where these corporate connections make OMI a unique position to have tangible capabilities in the future. VEVE marketplace users swap fiat currency for OMI to buy collectibles, often without knowing that it is the OMI coin, which provides further insight into the potential use of the coin in the future. This can also be compared to the experience at NBA Top Shot, where users buy, sell, and even give away NFTs on the FLOW blockchain, all without any interaction with the FLOW token itself.
This will be the framework for the ‘Altcoin Evolution’ series. Next week we’re going to break down our first initial challenge for altcoins – accessibility for casual consumers. Over the next few weeks, we’ll break down a number of different challenges before finally closing the series with a concluding summary that fully outlines those challenges and how emerging altcoin projects can tackle them.
Stay tuned, see you next week!
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Selected image from Pixabay, charts from TradingView.com