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The events in the blockchain market in 2022 have marked a significant decline, referred to as the crypto winter. Collapse of large centralized players in the blockchain space created doubts regarding the future of the global blockchain market and adoption of blockchain solutions. However, a recent market report has revealed that the global blockchain industry could achieve a market capitalization of almost $1431.54 billion by 2030.
Blockchain technology ad in Time Square, New York – illustrative photo. Image credit: Unsplash, free license
The promising news about blockchain industry and favorable predictions for the future of blockchain has fuelled interest in blockchain technology. The answer to “What is the global market for blockchain technology?” offers an indication of massive and revolutionary improvements in the world of blockchain. Let us find out the crucial factors which can boost the growth of blockchain to $1431.5 billion and how they can help you.
Table of Contents
Why is Blockchain Growing?
In 2008, Bitcoin provided the first example of the applications of blockchain technology. Blockchain came up with the benefits of decentralization, immutability, security and transparency. Gradually, the blockchain market size expanded with the introduction of decentralized applications and smart contracts on Ethereum blockchain.
Many other applications of blockchain technology and the drive towards Web3 grabbed attention of blockchain technology. Supply chains could automate operations with the use of smart contracts. Decentralized apps have opened up the possibilities for decentralized access to financial services.
The scope for innovation with blockchain technology has provided the benefit of creating NFTs and metaverse platforms. New advancements offer support for the future of blockchain technology by garnering faster user adoption. For example, cryptocurrencies took around 8 to 9 years before gaining mainstream attention, with the ICO boom in 2017.
However, NFTs, metaverse and play-to-earn games have become the hottest topics of discussion in tech communities within two years of their introduction. Such events prove that people are eager to know about blockchain and use it for accessing new digital experiences.
What Will Drive the Growth of Blockchain?
The fundamental traits of blockchain and the value improvements it offers over traditional systems. Global spending on blockchain technology is an effective highlight of the blockchain technology market forecast as it showcases the interest of businesses in blockchain adoption. In 2022, the spending on blockchain solutions will reach $11 billion, and by 2024, it could become $19 billion. Which factors would continue driving interest in blockchain? Here are some of the top trends which can help in boosting the blockchain market.
● NFTs Find Different Perspectives
Non-fungible tokens created enormous hype in 2021, and Ethereum transaction fees shot up by huge margins. The global blockchain market would continue to rely on NFTs to reach out to a wider audience. Other than the applications of NFTs as collectibles, digital artwork and virtual real estate in the metaverse, NFTs can serve other vital utilities. The expansion of NFT use cases across different sectors, such as fashion and gaming, offers proof of a favorable future for non-fungible tokens. In addition, examples of popular brands adopting NFTs serve as a clear impression of their future.
● Interoperability
Another promising factor that would gain significant traction in 2023 would refer to interoperability. Different blockchain ecosystems have unique traits and cater to specific target audiences. The predictions about the blockchain market size in 2030 might turn into reality if multiple blockchain ecosystems could join forces. New blockchain networks such as Polkadot have been employing interoperability as a basic aspect of their design.
● Regulation and Trust
The concerns regarding regulations have been a prominent burden on the blockchain and crypto network. Centralization has led to prominent pitfalls for the blockchain industry in 2022, especially in the example of the FTX exchange fiasco. The answers to “What is the global market for blockchain technology?” would be irrelevant if large-scale collapses end up ruining trust in blockchain. Regulation is an important requirement for defining the future of blockchain and could safeguard the investments of consumers.
As the future of blockchain technology glides towards favorable trends, it is important to find resources to learn blockchain. The skill gap in blockchain is quite high, and the average annual salary for an entry-level blockchain professional is $97,000. At the same time, you can have the opportunity to build your skills in a technology that would transform almost every industry.
Conclusion
The promising factors underlying the growth of blockchain, such as NFTs, interoperability solutions and regulations, can grow the blockchain market up to $1431.54 billion by 2030. Interestingly, the blockchain technology market forecast also points to availability of employment opportunities. Blockchain technology is new, and not everyone is an expert in it.
You can become one by choosing the right blockchain certifications, training courses, skill paths and career paths. The potential of blockchain technology for facilitating the development of many innovative solutions is a promising reason to know about blockchain. Find a trustworthy training platform with courses curated by industry experts to gain knowledge about blockchain technology right now.
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