2018 had been a great year for crypto and blockchain in terms of partnerships, adoption, and awareness. Although hit deep by a bear market near the end, the overall market gained a lot of attention of institutions, investors, and the general public alike. Alexander Golding, CEO of Helped Hope was of the view that 2019 would bring a lot of positive things for blockchain and crypto as 2018 did. He hoped to see the advancements in crypto moving forward in 2019. Talking to BlockPublisher he said,
2019 is the year of maturation. We already started to see this in 2018 with big developments such as Tron’s purchase of the BitTorrent network, and I expect to see much more of this going forward.
As explained by the example of TRON, it is evident that the development of blockchain startups and crypto lie in partnerships and expansion. The most recent example of which is also the partnership of Litecoin and UFC. According to the recent report of Litecoin which explained the sponsorship benefits that LTC gained from the recent partnership with UFC,
Based on an analytics report from TweetBinder, the search result for ‘Litecoin UFC’ on twitter gathered over 40,697,646 impressions over the course of 7 days (between 26th to 4th January) with a potential reach of 16,035,068 unique users. The result of this term or hashtag is estimated to be around the equivalent of $80,000 in advertising dollars. And this is on Twitter alone.
This pretty much explains the power of partnering up with big institutions. Franklyn Richards, the director of LTC further explained the effects of the partnership stating,
The UFC partenership opens up a few more avenues of interest and lends a certain type of legitimacy to the project as only many companies with a reputation wont touch something they believe will be harmful to their audience. We are already in talks with others and would hope to build a mutually beneficial relationship with them where they accept litecoin payments for events and shows thus opening up exposing further to the public.
Similarly, other crypto projects are looking for squeezing their names in other sports and getting institutions to invest in the space for better mass adoption.
Gil Luria, Director of Institutional Research at D.A. Davidson & Co. was of the view that crypto markets have yet to mature as the use cases are yet to be defined. With the increase in applications that would hit everyday users, the market would naturally see an increase in adoption rates.
The ultimate prospects for crypto assets markets depend entirely on the applications and use that emerge for these assets. While there has been a flurry of activity over the last couple of years, we have yet to see a significant number of commercially scalable solutions or applications.