According to BlockBeats, on September 3, Luca Netz, CEO of the NFT project Pudgy Penguins, published a detailed article titled 'What Are Consumer-Oriented Crypto Products and Services.' In the article, Netz outlines the adoption of consumer cryptocurrencies in three stages based on spending habits: discretionary spending, necessary spending, and essential spending.
Netz highlights that over the past decade, the adoption of consumer cryptocurrencies has been driven by blockchain companies that have raised billions of dollars to further this cause. However, he notes that mass market penetration and fragmentation have not progressed in tandem. While the general approach is ambitious, the effort required to achieve it is substantial.
Netz draws a parallel between the current state of the cryptocurrency industry and the early 2000s internet boom. After a decade of building infrastructure, he believes it is time for the industry to break through and enter the mainstream market.