#55 The 2022 Geography of Crypto Report. Metaverse food?
Disclaimer: Everything we write in "The Crypto Insider Report" is an x-ray of the industry as we see it, through the lens of publicly available information. We are not financial advisors.
The 2022 Geography of Crypto Report
Blockchain data company Chainalysis published their 2022 Geography of Crypto report, mapping out cryptocurrency adoption globally. It’s a 91 page document so make sure to set some time aside for it. Or, simply read the key points here.
First of all, data shows that adoption worldwide slowed compared to the peak of the bull market. Not to worry, though, the numbers are in line with the beginning of 2021, which is not bad!
Lower and middle income countries dominate the Crypto adoption ranks. Out of the top 20 countries, 18 were rated as such. They often use cryptocurrencies to send money to family and for savings.
On the other end of the spectrum, the biggest users of DeFi are North America and Western Europe. It accounted for 37% and 31% respectively of transaction volume between July 2021 and June 2022. In contrast, Africa’s DeFi percentage of transactions was 13%.
Looking at the data, it’s clear that everyone can benefit from Crypto - people in strong economies are looking to make the most out of it in terms of speculating via advanced products, while those in weak economies are leveraging it to actually improve their and their families’ lives by not paying huge commissions and losing their savings to inflation.
In the midst of a completely still, ~80% down market, companies file for NFT, cryptocurrency and Metaverse trademarks like there’s no tomorrow. Walmart, In-N-Out Burger and Heineken are a few of the food & beverage companies who did so (although the latter launched a virtual beer “as a joke”). There’s a law office tracking every trademark filing and this is how 2022 looks so far for NFT filings:
Their newest ally is Kraft Foods Group, the 3rd largest such company in North America and 5th largest worldwide joining the frontline as they file for NFTs, Digital tokens, NFT Marketplaces, Virtual foods, drinks and virtual restaurants. You might know some of their brands such as Heinz (duh), Kool-Aid, Jell-o, Philadelphia or Caprisun. Do I think it’s completely ridiculous to pay for virtual food (such as a burger)? Yes. Have I ever emptied my pockets to buy a virtual pet in World of Warcraft as a kid? Also yes.
Undoubtedly, metaverse worlds need metaverse restaurants and food. But there’s a catch to Kraft Food’s plans - they plan to let you order food (in the real world) by visiting the metaverse location of their restaurant. Too often I find myself lost in Uber Eats’ menu and would greatly appreciate a virtual experience of staring at menus.
Jokes aside, it’s no wonder these type of companies are the first to join the metaverse trend. They’re industries bound by supply chains and ones that deal with lots of counterfeit products, regulations and standards - bureaucratic processes, ripe for disruption. Would an immutable ledger help with all these? Certainly. Do loyalty programs benefit from gamified experiences? That’s what Starbucks thinks.
Trademarks don’t mean that everything will rollout immediately - they might mean that big companies are acknowledging bigger trends and are willing to lock trademarks ahead of time, should they choose to pursue them further. But these are great steps in getting the awareness we long for.
UK Bill for Digital Trade Docs & Blockchain
The UK government has recently introduced the Electronic Trade Documents Bill, that provides legal standing to trade documents such as electronic bills of lading, digital warehouse receipts, and digital cargo insurance certificates. The legislation had its first of five readings in the House of Lords. After that, it will progress to the House of Commons. British businesses will be able to trade easier, faster and cheaper around the world thanks to these plans to remove needless paperwork and bureaucracy.
One might wonder how does this relate to blockchain technology. Well, the Digital Container Shipping Association estimates that if 50% of the container shipping industry adopted electronic bills of lading, the collective global savings would be around £3.6 billion ($4 billion) per year. The International Chamber of Commerce estimates that small and medium businesses could see a 13 per cent increase in international business if trade is digitised.
Additionally, the World Economic Forum has found that digitising trade documents could potentially reduce global carbon emissions from logistics by as much as 12% and also increase security and compliance by making it easier to trace records, through the use of blockchain and distributed ledger technology. Luckly, numerous blockchain projects are targeting trade and trade finance such as IBM and Maersk’s TradeLens and the GSBN, which means that once legislation is in place their adoption and growth could be fastened.
For more educational crypto content, check out the links below:
The Stakeborg DAO Talks on YouTube: https://www.youtube.com/playlist?list=PLOrFZZifNn4Nx4nSQL3WS52ALPXgrTSVG
Discord channel: https://discord.com/channels/901898461568442458/903006233584341052
StakeborgDAO Quarterly Reports: https://docs.stakeborgdao.com/reports/dao-quarterly-reports
Stakeborg Academy: https://academy.stakeborg.com/