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Markets and Markets, a global market research company, predicts that the global blockchain market will grow at an average annual growth rate of 67.3% to $39.7 billion in 2025. Increased venture capital investment in blockchain technology, increased demand for blockchain technology, and increased interest in educing operating costs in the retail and supply chain management sectors are the main factors of growth in the blockchain market.
In addition, the digital asset market has grown at a very rapid pace since the fouth quarter of 2020, with major cryptocurrency prices including Bitcioin reaching an all-time high and market capitalization once exceeding $2 trillion. Bitcoin prices, which had fluctuated repeatedly at prices of around 10,000 dollars, showed an upward trend and then shifted to a decline since mid-April 2021. Currently, the purchase, sale, and transaction of digital assets in various advanced countries are legalizing, and the ease of access to trading platforms on smartphones is expected to further accelerate market expansion.
As major companies such as PayPal, Visa, and MasterCard adopted cryptocurrency payments in 2021, cryptocurrency is gradually coming into our real lives. In fact, companies can benefit from low fees by introducing cryptocurrency, and consumers can purchase products at discounted prices. As a result, there is no reason for restautant companies not to pay attention to cryptocurrency as a new payment method along with credit cards and electronic payment methods.
Gartner, a U.S. market research firm, said in a 2021 report that "by 2024, 20% of global coperations will use digital currency for payment, value storage, and collateral." In addition, the same report predicted, "Continued inflation and the impact of inflation on legal currency and related macroeconomic pressure will lead to more digital currency introduction, and will lead to payments through digital currency and DeFi investment." As a result, the global cryptocurrency payment industry is expected to spread clearly.
In 2021, sales of P2E (Play-To-Earn) games grew rapidly, exceeding a total of $2 billion. However, it was soon caught up in a number of issues, including repetitive and poor gaming experience and the decision of the Game Rating and Administration Committee to define the P2E genre as speculative, which eventually led to a public turnaround and value collapse. As a result, businesses and the public's interest naturally shifted to M2E(Move-To-Earn).
In particular, Stepn of Find Satoshi Lab, an Australian fintech company that is the leader of M2E, evaluated its corporate value at $754 million in 6 months after its launch due to soaring prices of GST tokens that are mined while walking. As a result, leading domestic and foreign companies such as SuperWalk invested by Naver and Kakao, republic of Korea IT companies, and Snickers invested by Com2us and WeMade, republic of Korea game companies, are providng similar concept services. Unlike games that make users focus only on item mining and repetitive play, the growth of the M2E market, which promotes individual health and helps companies practice ESG management, is just beginning.
In 2021, sales of P2E games grew rapidly to a total of nearly 3 trillion won, but due to domestic regulations banning P2E, most of them are targeting overseas markets. Game companies are saying, "The blockchain business continues regardless of the current market situation." An industry official said, "Blockchain games are now a must, not an option," adding that game companies' plans will not change. With the transition to Web 3.0, it is difficult to ignore the potential of the blockchain game market. P2E is becoming a global trend in the gaming industry. For example, the Vietnamese game company SkyMavis has increased its corporate value to about 3.5 trillion won as of 2021 with one P2E game 'Axie Infinity.'
In addition, according to the Korea Creative Content Agency’s '2021 annual content industry trend analysis report’, the game sector increased by 15.2% compared to the previous year to about $9.4 billion. This accounts for 69.5% of all content exports so we can say that games have already become a cultural flow beyond entertainment.
In january 2022, OpenSea, the world's largest NFT marketplace, surpassed $3.65 billion in monthly transactions, recording the highest monthly transaction amoun ever. In line with this, OpenSea's corporate value was also estimated at $13.3 billion. The success story of OpenSea's, which became decacorn (a privately held company with a corporate value of more than $10 billion) in 4 years since its establishment in 2017, is not likely to be achieved solely by the topic of being a leader in the NFT trading market. This is probably because the explosive potential of the market is expected along with many other factors.
Following the NFT, the area that is receiving a lot of attention from investors is the security token. Various projects that tokenize high value real assets have been unveiled since Aspen Coin, which was the first real estate token, was sold out in 2018. According to the World Economic Forum (WEF), the tokenization market for global assets is expected to grow at an average annual rate of 62% and reach nearly $24 trillion by 2027.