The need for connecting between the digital space and physical is greater currently due to the hybrid nature of events.
Most events are currently a hybrid between virtual (livestream) and in person. Typically in current scenarios the virtual audience does not have nearly the same level of interactivity with the venue/physical space.
Cryptocurrency can help bridge this gap.
Most people understand cryptocurrency as “that Bitcoin Internet money” but cryptocurrencies can serve many financial scenarios.
Cryptocurrencies can act as gift card programs, frequent buyer rewards, feedback avenues, mediums of exchange, public sentiment, and even ownership & governance.
You really can create a cryptocurrency to represent any financial concept while also being fungible and subject to speculative traders.
As far as examples of practical applications goes:Any size event could use a crypto as a way for remote audiences to interact with a physical space via any number of internet enabled Av equipment from controlling the colors of lights to sponsored ads via TVs or led walls, to audio messages over PAs.
Large conventions could institute a cryptocurrency as a “tipping” currency that offers a digital reward or online reputation and/or credibility like “karma.”
A cryptocurrency could be used to measure any metric in any competition throughout the convention- from attendance to interaction to social media hashtags.
Additionally any venue, event, or vendor could offer one of a kind, unique digital collectibles, commonly referred to as NFTs. Some NFTs in the cryptocurrency community have sold for millions of dollars.
“Perks” or other cosmetic addons could be offered to digital vendors in online places ranging from preferential placement to enhanced visibility.
As far as legality is concerned there are 3 primary categories:Tokenized securityStablecoin (custodial/gift card program)Gray area (FreeCOs, mining, other rewards)
As long as tokens are not initially sold you can avoid being labeled an unregistered security.
Many cryptocurrencies offer significant rewards for creating applications that increase adoption of their platform. Simply adding a cryptocurrency element to an app associated with an 100,000+ attendee convention could yield a $50,000+ reward from these contests.
Using a particular cryptocurrency network to facilitate transactions for an event could be done without users even knowing or understanding that they sure transacting in a blockchain via cryptocurrency and the transaction volume could be enough to merit significant rewards through contests on that network.
There are numerous advantages to using a cryptocurrency over existing systems for managing these event scenarios. Primarily, the fungibility – or tradeability that allows cryptocurrency speculators to participate, and potentially raise the value of an arbitrarily created asset.
Additionally cryptocurrencies provide easy accountability and smooth transactions for fractions of what traditional PoS providers charge.