Blockchain Market Analysis

Blockchain and web 3 service market status

Markets and Markets, a global market research company, predicted that the size of the global blockchain market will grow by 67.3% and grow significantly to about 51.35 trillion won in 2025. Increased venture capital investment in blockchain technology, increased demand for blockchain technology in retail and supply chain management, and increased interest in reducing operating costs are analyzed as major growth factors in the blockchain market, and a sharp increase in the number of small and medium-sized businesses and startups developing blockchain technology is contributing to the biggest factors in market growth.

In addition, the digital asset market has grown at a very rapid pace since the fourth quarter of 2020, with major cryptocurrency prices such as Bitcoin hitting an all-time high and a market capitalization that once surpassed about 299.4 trillion won. The current legalization and approval of the purchase, sale, and trading of digital assets in various developed countries is also promoting market growth, and the ease of access to online trading platforms available on smartphones is also expected to further accelerate market size.

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| Move-To-Earn (M2E) market

In the case of Stepn of Find Satoshi Lab, an Australian fintech company that can be said to be the leader of M2E, the price of GST tokens mined while walking has skyrocketed, and its corporate value has been valued at $1 trillion six months after its launch. In response, leading domestic companies such as Superwork invested by Naver and Kakao and sneakers (SNKRZ) invested by Com2uth and Wemade are also providing similar concept services. The growth of the M2E market, which promotes personal health and helps companies practice ESG management, is just beginning.

| Play-To-Earn (P2E) game market

In 2021, sales of P2E games have grown rapidly to close to 3 trillion in total, but due to domestic regulations banning P2E, most of them are targeting overseas markets. Game companies have a keynote that “the blockchain business continues regardless of the current market situation.” An industry official said, "Blockchain games are no longer an option, but a necessity," and the plans of game companies will not change. As the transition to Web 3.0 is underway, it is difficult to ignore the potential of the blockchain gaming market. P2E is positioned as a global trend in the gaming industry. As a single example, the Vietnamese game company Skymarvis has grown to about 3.5 trillion won as of 2021 with the P2E game 'Exy Infinity'.

In addition, according to the Korea Content Agency's 'Annual Content Industry Trend Analysis' report, the game has driven export growth with a performance of about 12 trillion won, an increase of 15.2% year-on-year. This accounts for 69.5% of total content exports. It can be seen that the game has already become a cultural flow beyond mere play..

| NFT(Non-Fungible Token) market

In January 2022, OpenSea, the world's largest NFT marketplace, surpassed about KRW 4.739 trillion in monthly trading, the largest monthly turnover ever. In line with this, OpenC's corporate value was also evaluated at about 17 trillion won. OpenC's success story, which became Decacon (a privately held company with a value of more than $10 billion) four years after its founding in 2017, will not be the result of being a leader in the NFT trading market. That's probably because the explosive potential of the market is expected, along with many other factors.

| Crypto Payment market

In 2021, major institutions such as PayPal, Visa, and MasterCard have adopted cryptocurrency payments, and cryptocurrencies are gradually digging deep into our real lives. In fact, the introduction of cryptocurrencies allows companies to benefit from lower fees, and consumers can buy products at discounted prices. As a result, there is no reason why food service providers should not pay attention to this new payment method for credit cards and electronic payment methods.

Gartner, a U.S. market research firm, said in a 2021 report that “by 2024, 20% of the world's largest companies will use digital currencies for payments, storage, collateral, etc.”, and that “the impact of continued inflation and inflation on fiat currency and the related macroeconomic pressures will lead to more digital currency adoption, including payments and DeFi investments through digital currencies.” As a result, the global cryptocurrency payment industry is likely to spread significantly.