Long-awaited SEC approvals of specific Bitcoin exchange-traded funds (ETFs) created high anticipation in many financial circles recently. Many experts in the cryptocurrency arena are saying that such developments could actually begin to re-shape the entire financial industry. Digital currency trading may have begun as began as fringe activity, but with the SEC nod, crypto just received a major mainstream boost. While many veterans in crypto wonder if the original philosophy of a digital currency that empowers holders by offering a decentralized framework that operates outside of the traditional financial system is fading, what is undeniable is that the recent developments pertaining to ETFs create a greater sense of legitimacy and credibility because nearly everyone seems to agree the path is now open for traditional investors to interact with digital assets within a regulated and familiar structure.
However, this new tide should lift the Web3 boat as well, given that the economy through community mantra of the space rests heavily on digital currencies and digital assets. This will affect all industries dabbling in the Web3 space, but the intersection of this arena with the entertainment industry could hold particular opportunities.
Indeed, a large part of the allure of Web3 is about sharing rewards between and with the users within a larger experience. Web3 is a new version of the internet that is based on blockchain technology, digital monetization and trading/sharing, oftentimes mixed with an immersive vibe. The premise is that this is all done without the current stronghold tech giants have traditionally exerted. This is why, according to Coinbase, that Web3 adoption is predicted to increase by 50% over the next three years.
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