Early signs of the post-pandemic economic trend have started showing up already. Traditional companies are embarking on reckless downsizing both in direct manpower and remuneration.
Workers’ wages are being slashed left right and centre, while businesses are shutting down with reckless abandon. If you are not yet affected directly by this situation, chances are that you may know someone who is. The pressing issue at the moment is how to sustain personal economic status without being drastically affected by the aftermath of Covid-19.
The Unintended Consequences of Life
Take Nigeria for example, where one of the states in the northern region of the country has already slashed workers salary by up to 25%. Banks as well have not been left out, with reports of plans by some of the banks to downsize by up to 70% in staff strength, with the remaining employees facing an imminent slash in salaries.
The situation looks gloomy and scary in some cases, but the fact remains that it is the reality that humanity is confronted with at the moment. This is when everyone would naturally be thinking of alternative sources of income, especially those with which they have a considerable level of control.
CEO of GameCredits, Jason Cassidy describes the developing situation as one that reveals how life is full of unintended consequences. According to him, the Coronavirus pandemic is a classical example that is playing out before our very eyes. With a large chunk of the global population locked indoors for a lengthy period of time, businesses grind to a halt. However, he notes that there are a few examples of industries that are primed to thrive in a post-pandemic world where teleworking and social distancing may quickly become the “new normal”.
Decentralization and Virtual Reality
Cassidy explains that cryptocurrency and blockchain technology operate non-stop, 24 hours a day, 7 days a week. Much like foreign exchange for government currencies, the markets are open all day, every day. When you add in that the blockchain industry has been built up in a decentralized fashion, it’s very nature is attuned to prosper, relative to many other sectors.
Many companies in the blockchain space operate remotely and have the ability to be flexible, adapting to the changes in business quickly and with little cost associated with it. For many, simply having access to a WiFi signal and a laptop or even smartphone is enough to keep business flowing. Such is the decentralized nature of the blockchain industry. And even within the enormous area of blockchain, there exists certain niches that are truly poised to become mainstream utilities in the near future.
One such technology that Cassidy notes to be enjoying never-before seen user interest and adoption is virtual reality. “As the gaming industry begins to merge with the business world, more and more brick and mortar companies are turning to teleworking, he says. “This new paradigm opens up the door to companies having their employees working together in a virtual setup.”
He also notes that with new metaverses springing up like Decentraland, Somnium Space, Sandbox and Crypto Voxels to name a few, business and gaming are merging together to create a new experience. Already, several conferences have decided to shift their venue to the virtual world and have their attendees and vendors all meet up in the various metaverses to allow for this. Companies are now beginning to explore holding virtual meetings in virtual worlds, allowing the same flow of business to take place without the overhead of a physical brick and mortar structure.
Apparently, companies will come to realize that they can reduce other costs such as human resource related issues that occur between employees, parking, leases, city regulations, security and many more. These are all costs that can be reduced or removed completely with teleworking in the virtual world. Perhaps there would be a drop in sick days taken by employees if they had the ability to tough it out from home instead of bringing a cold into the office.
Cryptocurrency is Becoming More Attractive
Lastly, Cassidy notes that there are the stay-at-home-orders impacting billions of people right now. Many of them have more free time on their hands than ever before, and it is only natural for some of them to become curious about cryptocurrency and blockchain given how well the industry has fared during this chaotic time.
With various entry points into the blockchain industry, almost everyone can find one or more opportunities that would suit their lifestyles and financial expectations. Trading, staking and other areas of application offer such opportunities to individuals. The interesting part is that all of these can be executed with basic internet connection and a smartphone or personal computer.
Virtual gaming is one of such industries that are finding their ways into the forefront. With the implementation of blockchain technology and cryptocurrency, platforms like Gamecredits are making it easy for both developers and regular gamers to drive home their points. Game assets and collectibles have become more easily liquidated, thereby playing tangible roles as sources of significant income for a lot of people.
In conclusion, he notes that the future looks very bright for the blockchain industry and specifically, VR and metaverses. The way the world does business has fundamentally changed in 2020 and as we move forward we shall see an increase in adoption of these technologies. It may just be the right time to start taking a closer look at cryptocurrencies.
Iyke Aru is a seasoned author and educator in the blockchain and cryptocurrency industry. He has been in the business of crypto content writing for many years with thousands of his articles across several platforms on the internet. Iyke is based in Nigeria where he stands out as one of the most informed and credible figures in the cryptocurrency industry. Outside blockchain and crypto, you will most likely catch Iyke playing or discussing football with friends and family.