The art world, the gaming world, and even a few app developers are jumping onto the trend that is cryptocurrencies, seeing them as a perfect prize to tantilize and attract people to their work. But what is the end goal for these people and companies?
There is of course a lot of free marketing that comes up when ever cryptocurrencies are tied to something - the real estate sector has felt that - but, for an abstract artist like Andy Bauch, it adds another layer of intrigue and interest to his work.
Gaming companies have also found a technological link to the digital currency, setting it up as a prize for a global market. They too can benefit from the hype, but can also entice a bigger audience with a collectively attractive prize.
Why are these cropping up?
Prizes are nothing new, especially when it comes to games, or even sporting events. However, the allure of Bitcoin is starting to spread to the likes of puzzles and paintings too. What is the appeal of attaching a Bitcoin-based prize to a game that someone can beat, or a puzzle that someone can solve in a painting?
One of the biggest reasons for this has to be that generally, Bitcoin media comes with a lot of hype and free publicity. There have been many instances where pretty mundane occurrences, like selling a house, have suddenly garnered a lot of attention because of a Bitcoin price.
The real estate market was a prime example of this as a £17 mln mansion in Notting Hill, UK saw unprecedented interest since it went on sale in October last year.
Saurabh Saxena, founder of property firm Houzen has said of Bitcoin marketing in the real estate sector: