For most users, cryptocurrency serves as a gateway to blockchain technology. In fact, newcomers may even feel like the two are synonymous. In reality, blockchain has much more to offer, with utilities in a number of industries outside of finance.
“What crypto has given us is a platform to talk more about the blockchain technology behind it,” says John Tan, CEO of Alchemy pay.
“As organizations find more and more ways to apply and integrate blockchain technology into everyday life, I think people will start to realize that it does more than just power cryptocurrencies. ”
With that in mind, Alchemy Pay approaches blockchain adoption from a new angle – one where crypto doesn’t need to be the cornerstone. With its payment solutions, the company is helping to make blockchain services more accessible to those using fiat.
What does blockchain offer besides crypto?
As things stand, NFTs have become a popular use case for blockchain technology. At the Point Zero Forum last month, Binance CEO Changpeng Zhao spoke about their strong potential for the future. He said many people are now entering this space just to buy NFTs, not cryptocurrency.
Tan agrees with this idea, adding that there are so many possible applications.
Although NFTs have garnered a lot of attention in the art and entertainment world, they are now moving beyond that. We are already seeing real-world applications for NFTs such as proof of ownership in real estate, supply chain tracking, ticketing, ensuring product authenticity, and much more.
– John Tan, CEO of Alchemy Pay
Along with NFTs, the metaverse is another rapidly evolving area. “Building metaverses on decentralized Web3 platforms allows for more development freedom,” says Tan.
Major metaverse projects such as Decentraland and The Sandbox today have a market cap of over US$1 billion.
Mainstream brands have also started to enter the space, taking part in events such as Metaverse Fashion Week. This year’s iteration included a virtual runway show by Dolce & Gabbana and stores around the world created by Selfridges, Tommy Hilfiger, and more.
Make blockchain services accessible
For mainstream consumers to participate in the metaverse or purchase NFTs, they generally need to have some knowledge of crypto.
They have to buy it on an exchange and then transfer it to a decentralized wallet. In case the right cryptocurrency is not listed on their exchange, they also need to figure out how to trade it appropriately.
This whole process may seem unnecessarily complicated for someone who just wants to own an NFT. There are a lot of steps involved, and if one is not careful, they can end up losing their funds. For example, sending crypto to the wrong wallet address can render it unrecoverable.
With its payment solutions, Alchemy Pay works to simplify the Web3 integration process. “Our industry-leading solutions provide a direct, one-step entry into the world of Web3,” says Tan.
“Using simple onboarding processes, our crypto on-ramps are easily included as direct or customizable plug-ins for Web3 services. We enable acceptance of users’ common fiat payment methods and convert them into cryptocurrencies needed to use Web3 services.
This way, users save the time of manually converting their funds to crypto. “We aim to make the process of entering and exiting crypto and Web3 platforms as seamless as possible for all users – newcomers and experts alike.”
Alchemy Pay offers more than 300 fiat payment channels, allowing users around the world to use its services. “We also allow users to exchange for fiat currency and have their funds transferred to their bank accounts. This is true web3 accessibility.
The future of Web3
The recent stock market crash has created doubts about the future of crypto and Web3. The market has been on a downward trend for over three months now, and experts such as Binance’s CEO have speculated that it could be years before we see a recovery.
Despite this, Tan believes the space is still ripe for growth. Again, this comes down to the fact that blockchain technology offers more than just crypto. There are other emerging services that are attracting users, and this is not immediately reflected in the prices of different cryptocurrencies.
“There is a huge migration of talent from Web2 to Web3. We see many established brands now creating a dedicated division to drive Web3 strategy.
“There is a whole industry and an economy built around Web3 and the idea of decentralization. People want to learn more and participate, regardless of crypto prices.