Brian Armstrong: Crypto’s Role in Disrupting Monopolies
The CEO of Coinbase, Brian Armstrong, took to Twitter to prove the potential of crypto. Explaining the use cases of the crypto sector, Armstrong mentioned that NFTs are like unique digital items that are on the path to getting scalability. The CEO of Coinbase further shared TuongVy Le’s tweet which verified Armstrong’s statements.
Great example of a potential crypto use case – NFTs are provably unique digital items (which sounds a lot like a ticket – concert/plane flight/etc)
Let’s get the usability/scalability there. Keep grinding. https://t.co/XhQzX8Wq7i
— Brian Armstrong (@brian_armstrong) January 27, 2023
Addressing the issue of monopolistic industries, TuongVy Le, Head of Regulatory and Policy at Bain Capital Crypto, pointed out that crypto could disrupt the operations of such organizations. Le further highlighted a recent senate hearing with Ticketmaster’s parent company, Live Nation.
The top executives of Live Nation Entertainment had to attend a senate hearing on Tuesday, after the company could not process the pop star Taylor Swift’s upcoming concert tour, leaving millions of people unable to buy tickets. Reports revealed that Live Nation president and CFO Joe Berchtold blamed the incident on the bots during his testimony.
Shining a light on the hidden world, the senate hearing found out that Ticketmaster had a “monopolistic influence over the primary ticket market” of the entertainment industry.
Jack Groetzinger, the CEO of SeatGreek, expressed:
As long as Live Nation remains both the dominant concert promoter and ticketer of major venues in the US, the industry will continue to lack competition and struggle.
The crypto community also agreed with Armstrong and TuongVy Le that crypto technology could shatter the monopolistic empires, giving a chance for healthy competition in the industry.
While there are still members who don’t believe in the blockchain sector, crypto enthusiasts have taken use of Twitter space to spread the message of its utility. Seemingly, cryptos have just woken up from their slumber as the prices continue to grow, although some traders believe this could be a market hiccup.