In the world of blockchain and crypto, keeping an eye on developer conferences can go a long way in helping to understand the future trajectory of a particular crypto. And that’s why the recent Tezos (XTZ 5.17%) developers conference in Paris, which wrapped up on July 23, is so important if you are thinking about adding XTZ to your crypto portfolio.
In addition to the typical news and updates about technical upgrades, the TezDev event provided a comprehensive look at what it means to build on top of the Tezos blockchain. Tezos has a world-class proof-of-stake blockchain, but many people may not be aware of what it offers and what types of real-world companies are using it. The TezDev conference helped to highlight these opportunities and strengthen the overall investment thesis for Tezos.
New tech upgrades
First and most importantly, Tezos outlined its vision to become one of the fastest blockchains in the world by mid-2023. The centerpiece of this vision is the ability to process 1 million transactions per second on the Tezos blockchain. To give you an idea of how super-fast this is, Visa can only process 65,000 transactions per second.
Image source: Getty Images.
This speed factor is one reason some analysts have claimed that a blockchain such as Solana (SOL 7.83%) or Tezos could eventually become the “Visa of crypto.” Just imagine what would happen if financial services giants started using blockchains as their payment processing networks of choice. According to one Bank of America report, many organizations are now exploring how to use the Tezos blockchain to make their businesses run faster and better. In terms of developer interest, the report says, Tezos is now the No. 2 blockchain in the world.
New projects on the Tezos blockchain
One of the highlights of the TezDev conference was the “Why You Should Build on Tezos” keynote presentation from Tezos co-founder Arthur Breitman. In it he gave a much broader vision of what types of organizations and institutions are choosing Tezos for future projects. While art world NFT collaborations are big right now, Breitman noted that a big future push could come from the worlds of blockchain gaming and decentralized finance (DeFi).
Over the past 12 months, one big success story for Tezos has been in the area of music NFTs. A number of high-profile artists have already launched music NFTs on the Tezos blockchain, including Doja Cat. Moreover, there have been suggestions that Spotify could use Tezos for pending NFT projects, along the lines of a similar Tezos project involving Warner Music. To see where all this is headed, it’s instructive to check out OneOf (as in, “one-of-a-kind”), a music NFT marketplace built on Tezos. Most people are probably buying and selling digital assets from their favorite stars without ever realizing that all this activity is taking place on top of a blockchain.
Staying top-of-mind with investors
Finally, keep an eye on sponsorships, partnerships and advertising deals involving Tezos. The blockchain has already signed deals with a number of the most prestigious sports teams in the world, including Manchester United and the New York Mets. It is also a blockchain partner with Red Bull Racing and McLaren.
All of this activity helps to keep Tezos top-of-mind with investors. Tune into a Mets baseball game, for example, and you could see a Tezos logo behind home plate or on the outfield scoreboard at Citi Field. While the current crypto downturn might limit the ability of Tezos to sign other pricey deals, it is clear that Tezos is taking a long-term approach to building both market share and mind share.
The case for buying Tezos
These three factors — new tech upgrades, new projects on the Tezos blockchain, and new sponsorship deals — offer very compelling reasons to consider Tezos. This is especially true given that Tezos is trading for just $1.70, a huge markdown from an all-time high of just over $12. Despite its big-name collaborations in areas ranging from music to DeFi, Tezos seems remarkably under-appreciated for its future growth potential.