Decentralized Finance (DeFi), which has been rapidly growing in popularity over the last few years, has begun to penetrate the mainstream financial sector.
While cryptocurrency adoption is less volatile than the USD, it has the potential to stabilize developing economies that have hyperinflation and unstable currencies.
Alternative secure banking on blockchain could offer savings opportunities for citizens of these countries, in comparison to native currencies, which devalue so rapidly, making it impossible to save.
Countries like Zimbabwe, for example, have suffered from hyperinflation over the past decades. Venezuela is also experiencing severe inflation. Handbags made of real woven currency, can be sold for 10,000 times their currency’s value. This could make cryptocurrency mainstream adoption a huge benefit. Over 20,000 retailers including Pizza Hut, Burger King and others now accept cryptocurrency payments. This is a significant step towards adoption.
You can also enter other avenues
Access to alternative currencies can help stabilize the economy, but there are other benefits for those who live in developing countries. For those who are in financial hardship, the increasing number of Play to Earn Gaming options can provide additional income streams.
The popularity and development of Play to Earn Gaming models, which reward players with cryptocurrency or non-fungible tokens (non-fungible vouchers), is on the rise.
Axie Infinity is one such example. It’s currently the most widely used platform for P2E gaming. Axie Infinity allows users build a “Axie” collection that they can use in the company’s games. Users are then rewarded for their participation via the blockchain. To participate in P2E however, participants will need to first purchase Axies. These can be purchased for $1000.00 USD or more. This creates a barrier that many people may not be able to afford.
Kitty Inu and its Potential
Kitty Inu is a relative newcomer to the crypto space. She and P2E Gaming are currently working on a Mario Kart-style racing video game called KittyKart, which will be available on the Ethereum blockchain. This project places inclusivity at the forefront.
Kitty Inu wants to break down financial barriers that could lead to exclusive gaming. KittyKart will allow users to create their own basic NFT avatars through gameplay using Kitty Inu’s native token KITTY. You can purchase NFT avatars in the game marketplace, or you can bring them in yourself (with the support NFT collections). The avatars can be selected during gameplay. They will gain skill points that will increase their in-game abilities.
Kitty Inu’s combination of Free-to–Play (F2P), and Play-to–Earn (P2E), will create a platform that allows all internet users to earn additional income streams. Kitty Inu has no financial barriers and is open to all users. This will allow them to have “serious fun” and earn, which could be of benefit to people in developing countries with limited income options.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.