The hits just keep on coming as they say.
Well, that is a bit over the top but you get the point. Things on Hive just keep expanding. As development takes place, the option presented follow suit.
In my last article I wrote how @brofund is looking to create some buying pressure on HIVE through an affiliate marketing venture that seeks to generate cash flow and buy the token for distribution to participants in that project.
It is an interesting approach to take. Instead of looking for people to pull money out of their wallets, start a project that generates fiat currency which can be then swapped into HIVE.
With this article I want to mention another sink that was recently announced. This comes from the @actifit team who opened up a marketplace on their site. It is the first one for that project and provides as outlet for both HIVE and AFIT.
The team described it as a "major milestone".
Basically, on the marketplace on Actifit.io, physical products can now be purchased using either 100% AFIT or 80% HIVE and 20% AFIT. The project is starting slow, having only a few products listed but, according to the announcement, will be adding over time.
What is interesting is that they implemented the idea of also making AFIT an "access" token. To participate, one must have 50,000 AFIT in his or her wallet. This is similar to a subscription model although one only has to pay once. Amazon Prime is a prime example of this concept, although the fee is yearly.
There are limited amounts of products being available to the market, and purchasing products requires having a minimum amount of 50,000 AFIT on your actifit wallet.
What this accomplishes is to provide some buying pressure on the AFIT token. At present pricing, that isn't a huge sum of money for most. Over time, I would expect to come down to reflect the change in pricing of the token.
This certainly is a major milestone for the Actifit team. Populating the store is easy once the system is in place. One of the reasons, it would appear, that they are only handling a few items to start is because they are going to have to work out the kinks. The team is handling all orders thus will have to ensure things operate smoothly before adding more.
Is this the magical answer for Hive?
No it is not. However, what is does show is the evolutionary nature of things on this blockchain. It is not a single project or announcement that is going to instantly make this one of the most desired chains out there.
What it is showing is the progress that is taking place at the second layer. As that mounts, it will only keep adding to the attractiveness of the base layer. The blockchain is growing in many different ways, all of it adding to the value of what is here.
One of the most basic questions by people who first encounter crypto is "what can I do with it?". Those who were around a few years ago, the answer was rather limited. Now, we are seeing the options growing.
Entering the world of commerce is huge. Being able to offer goods and services in crypto is vital. With different tokens resident on Hive along with the base coin, we can see how options like this provide outlets for people.
The opportunity for growth in this area can really accelerate due to the fact there are so many different projects/tribes. If 10% of them started to offer some type of marketplace for not only their native tokens but also HIVE, it would foster other sinks for people to utilize.
Over time, the little things do add up. Each transaction that takes place outside the world of fiat is another feather in crypto's cap. Creating an alternate financial system is a multi-faceted approach. There are many layers which need attention. This is going to take a while. After all, the present system was constructed over many decades; we have just a few years that we are at it.
As for Actifit, their shop can really expand over time. The world of sporting goods is enormous. We can see from the above chart, in North America alone, it is about a $25 billion a year industry. That is a lot of money spent on trying to keep oneself fit.
It would seem likely that once they get their system worked out, we could see rapid expansion of their marketplace. The site looks like it is simple to add new products, which is probably by design.
Like all things with Hive, now that we have this, we need a dozen more to pop up. Providing ways to spent HIVE and the other tokens is a way to tap into huge potential on this blockchain.
Each week, we see more being developed that says progress.
My next area of focus will be the client release by @threespeak for the decentralized video storage.
Yes indeed, the hits do keep on coming.
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