Right now, someone, somewhere, is creating a blockchain solution to drive innovation and disruption of traditional business models. This is occurring in virtually every industry and in most jurisdictions globally.
In the blockchain ecosystem, looking past all the hype-driven headlines, there is an exciting new cast of innovators and founders. We saw of increasing number of less-tenured entrepreneurs frequently pairing up with industry veterans to start new blockchain company.
These emerging disruptors are approaching blockchain differently from legacy company. Disruptors are not thinking incrementally about change, rather they are fundamentally changing how business is being conducted across all industry sectors around the world. Legacy company, on the other hand, are evaluating blockchain technology and eager to adapt, albeit more slowly given the natural constraints of large enterprises.
The global blockchain market size was USD $6.92 billion in 2021 and was projected to grow from to $162 billion in 2027.
The blockchain technology experienced a boom after the introduction of Bitcoin and is already being used by various financial institutions for carrying out transactions. The adoption of blockchain technology solutions has achieved massive popularity in the last 2–3 years for various business applications, such as payments, exchanges, smart contracts, documentation, and digital identity. Many startups have entered this market and started developing blockchain technology solutions. Some of these startups include Auxesis Group, Blockpoint, SpinSys, Symbiont, Bitfury, Confirm, Genomes, Neufund, Fetch.AI, CiveQ, QubiTech, among many others.
Investments of venture capitalists in the blockchain technology have tripled in 2018. 2018 was a crucial year in the history of both blockchain and cryptocurrency, with projects regularly announced at both the startup level and by top players in several industries. Venture capitalists’ interest and capital investments were at all-time peak, which also resulted in the formation of bespoke blockchain VC firms like Boost VC and Node Capital. Venture capital firms, such as Digital Currency Group, NGC Ventures, Coinbase Ventures, Fenbushi Capital, Pantera Capital, Blockchain Capital, Andreessen Horowitz, Node Capital, and IDG Capital are some of the top VC firms that help invest in blockchain technology solutions
2021 has been a big year for cryptocurrency. We’ve seen Bitcoin hit multiple new all-time high prices and more institutional buy-in from major companies. Ethereum, the second-biggest cryptocurrency, notched its own new all-time high recently as well. U.S. government officials and the Biden administration have increasingly expressed interest in new regulations for cryptocurrency.
Mainstream companies across industries have taken interest — and in some cases themselves invested in — cryptocurrency and blockchain in 2021. Fintech companies like PayPal and Square are also betting on crypto by allowing users to buy on their platforms.
We can speculate on what value cryptocurrency may have for investors in the coming months and years (and many will), but the reality is it’s still a new and speculative investment. No matter what a given expert thinks or says, no one really knows. That’s why it’s important to only invest what you’re prepared to lose, and stick to more conventional investments for long-term wealth building.
It's impossible to say exactly what will happen to the cryptocurrency market in 2022 and beyond. In one best-case scenario for 2022, regulators around the world will come up with a global framework for crypto regulation. As government entities hammer out a legal framework and taxation system, cryptocurrencies could find their way into the digital wallets of consumers on a large scale.
However, Bitcoin became legal tender in El Salvador in 2021 and many retailers are likely to start accepting payment in cash-like digital currencies such as Bitcoin, Ethereum or Litecoin. The increased use of crypto should spur regulatory agencies and politicians to take action, and the blockchain systems should also benefit from widespread usage.
The global cryptocurrency market size is expected to gain momentum by reaching USD 1,902.5 million by 2028 while exhibiting a CAGR of 11.1% between 2021 to 2028.
Welcome to the metaverse, alternate digital realities where people work, play, and socialize. Long before Facebook rebranded to Meta and CEO Mark Zuckerberg talked about the Metaverse, the concept of the Metaverse has already been thriving and rapidly expanding. There’s no escaping the truth—the metaverse is here, and it’s probably here to stay.
Virtual worlds will become more expansive and sophisticated in the coming years, driving culture and design, and enabling new modes of expression and experience. By 2023, the metaverse – a shared virtual space that can be roamed widely – will be a reality, as technologies such as gaming, VR/AR and 5G connectivity combine to reshape creativity.
The way we socialize will change. We will spend more time in the digital space. When billions of people join the Metaverse, there is no doubt that we will create a new civilization and new society which imposes no limits and no interferences. No doubt, the future of work in the Metaverse is much more efficient, streamlined, and convenient for employees and employers alike. The future of commerce be the same as well. After the pandemic, online shopping and deliveries have become the new standard, the metaverse will only accelerate this trend. Consumers will no longer need to frequent physical stores to try new products before purchasing.
The metaverse is the next big technology platform, attracting online game makers, social networks and other technology leaders to capture a slice of what we calculate to be a nearly $800 billion market opportunity. Social, persistent, shared, virtual 3D worlds, the metaverse is the convergence of the physical and digital realms in the next evolution of the internet and social networks using real-time 3D software. It presents an opportunity for leading online entertainment and social media companies to capitalize on new revenue streams. The global Metaverse revenue opportunity could approach $800 billion in 2024 vs. about $500 billion in 2020.
- Fortune business insights