You can measure cryptocurrency’s impact in money terms, and that’s certainly impressive.
With a market cap of $2.2 trillion, crypto is now an asset class to be reckoned with.
But you can also see the industry’s influence in more qualitative ways. 2021 was the year crypto became a mainstream cultural phenomenon as much as an interesting experiment in money.
For many people, NFTs are easier to grasp than Bitcoin or Ethereum. Their first taste of this industry is inherently cultural. These groups are going to build the creator economy, making jobs and new niches along the way.
All of which is a very different story than, say, new types of sovereign money (central bank digital currencies) or payments.
More subtly, crypto itself became culture in 2021. This industry’s ideas affected how people dress, speak and communicate online. Words and phrases like “gm,” “HODL,” “WAGMI” and “to the moon” became part of the lexicon.
This week, to complete our “Crypto 2022″ series, we explore crypto’s widening effect on media and entertainment, and how it’s creating culture itself.
We survey the building blocks of this new creator economy, including NFTs. We look at DAOs (decentralized autonomous organizations) like Friends With Benefits. We take the temperature of the Wall Street Bets-level enthusiasm of creative communities like ConstitutionDAO. And, yes, we hurtle headlong into the metaverse.
We see how consumer brands are soaking up crypto culture, and how artists are making use of its tools and distribution.
We hope you enjoy the mix of features, opinion and research. Let us know what you think and what we missed. Stay tuned for continuing coverage Dec. 13-17.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.