Blockchain, a term many people first heard in connection with Bitcoin, has become so much more than just a technology behind those cryptocurrencies. According to predictions the blockchain market, valued at $12.5 billion in 2023, is expected to increase to a huge $797 billion by 2032. So, what makes blockchain such an impressive investment, and how can people get involved? Let’s learn about the blockchain business ideas like Blockchain game development for the future.
What is Making Blockchain So Popular?
Blockchain isn’t just for cryptocurrency anymore. While Bitcoin and Ethereum might have introduced blockchain to the world, the technology now has uses in many different fields like finance, healthcare, gaming, supply chains, and real estate. Blockchain can be thought of as a type of digital ledger a secure way of recording transactions and data that’s transparent and nearly impossible to change or hack.
The Growing Blockchain Market
Why is the blockchain market expected to grow so fast, from $12.5 billion to $797 billion in under a decade?
- Decentralized Finance (DeFi):
DeFi uses blockchain to let people borrow, lend, and trade without going through a bank. For example, you could get a loan or trade currencies without needing to visit a bank because it’s all managed by smart contracts on the blockchain.
- Supply Chain Management:
Blockchain can help companies keep track of products as they move from the manufacturer to the consumer. This is especially helpful in industries where product safety and authenticity are important, like food and pharmaceuticals.
- Blockchain Games:
In blockchain game development, players can own the items they earn or buy in the game, like a special weapon or outfit for their character. These items are digital tokens that players can control, sell, or trade. This new type of gaming is called ‘play-to-earn games development’ (P2E).
- Healthcare and Real Estate:
In the healthcare field, blockchain allows patient data to be stored securely while still making it easy for doctors and nurses to access when needed. In real estate, blockchain can make buying and selling property easier and faster by reducing the need for agents and banks.
Why Should You Consider Investing in Blockchain Now?
Think of blockchain as similar to the early internet in the 1990s. Back then, not everyone understood the internet’s potential, but those who took a chance on it early benefited greatly as it became essential to daily life.
1. Attractive Growth: With blockchain expected to grow at 57.7% per year for the next eight years, it’s moving faster than almost any other industry.
2. Variety of Investment: Blockchain-based systems like DeFi platforms, NFT marketplaces, and blockchain games are popping up everywhere. Even if it’s investing in companies that use blockchain for supply chains or gaming, there’s something for almost every type of investor.
Blockchain Games
Blockchain games go beyond regular games because players can earn money or assets with real-world value. In a blockchain game, when you win a special item or piece of currency, you own it. That means you can trade it or sell it, creating a mini-economy within the game itself.
Let’s take Axie Infinity as an example. Players gather Axies in this game, which they may then trade or sell to other players. Some players even make a living by playing and trading axes. Entrepreneurs can develop games like this by contacting a blockchain game development company.
Final Thoughts
The blockchain market may be valued at $12.5 billion now, but with its expected growth, this is only the beginning. This chance to invest early in blockchain technology won’t last forever. Even it if is DeFi platform development, blockchain games development, or other areas, there are countless ways to get involved. Who knows this could be your chance to get in on a $797 billion market before it fully takes off.