The Future of the Crypto Industry

Juliet D'cruz

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The Future of the Crypto Industry

It’s widespread sentiment for people outside of the crypto industry to look at Bitcoin (the largest cryptocurrency in terms of market capitalization) prices and conclude that it’s too late to join the crypto industry. Nevertheless, a report shows that the industry is still at the beginning phase of the adoption curve. 

Let’s take a look at the report published by Boston Consulting Group, Bitget, and Foresight Ventures. According to the report, crypto adoption is still very low compared with traditional investment assets.

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 According to Boston Consulting Group, only 0.3% of individual wealth is invested in crypto, which is nothing compared with equities.

Notably, the above-mentioned report concludes that the shallow investment penetration means there is still a lot of room for more substantial growth as well as adoption within the crypto industry.

Crypto industry and new opportunities 

Furthermore, the report compares the internet’s adoption curve to reach 1 billion users with current cryptocurrency holders and Ethereum addresses with non-zero balances. 

Notably, by comparing the data, the researchers predicted that the number of crypto users may reach 1 billion in several years, more precisely by 2030, if the trendline continues on its course.

We need to mention McKinsey & Company’s report as well. According to McKinsey & Company, Metaverse alone could be valued at $5 trillion in 2030. It surveyed consumers and companies across various countries as well as industries to identify patterns in consumer behavior. According to its report, e-commerce will be driving the cash flow within the Metaverse, making up to $2.6 trillion in revenue by 2030.

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NFT market report in the future

A market report released by Verified Market Research (VMR) is very interesting, to say the least. The report provides a lofty prediction for the future of the nonfungible token (NFT) market, projecting its value to reach $231 billion by 2030.

What’s interesting, the firm valued the global NFT market at $11.3 billion in 2021. It predicted that the sector will grow at a compound annual growth rate of 33.7% over the next eight years. 

A primary driver of demand for nonfungible tokens is their proliferation across multiple industries and walks of life, including music. Also, the report highlights some key areas of interest and use cases that have helped drive NFT sales.

For example, the gaming sector has been a main driver of adoption, with the report prepared by VMR highlighting Enjin as one of the first major gaming companies to combine blockchain technology with its infrastructure and launch its own token. 

Interestingly, play-to-earn gaming also tapped into NFT markets, with Axie Infinity (AXS) offering users in the Philippines an alternative revenue source during the pandemic, which has been the subject of much intrigue as well as inevitable regulatory attention.

Moreover, the world of sport continues to dabble in NFT offerings. For instance, UFC Strike is a similar concept to the widely popular NBA Top Shots, with NFTs of highlights set to digitize and monetize UFC history.

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