Got your skis on? If not, clip in and try to have some fun because this is going to be our very last Crypto Winter, writes pbrody in Opinion.
emerged in the late 1990s as network technologies and the internet generated tremendous excitement but not much in the way of revenue or profits. Not dissimilar to many blockchain and crypto business models in 2018-2022, the dot-com bubble saw companies go public or raise hundreds of millions of dollars without meaningful revenue streams, or occasionally without even well-structured business plans.
The parallels with the dot-com boom and related bust are worth remembering. Both industries saw huge growth in investment and valuations based on seemingly impossible promises of future capability. Back in 1999, about $350 billion in digital online transactions occurred and most of that was using legacy B2B systems such as Electronic Data Interchange , not consumer e-commerce from a web browser.
And this is where the story gets interesting: Today, e-commerce and online business is everything we were promised in 1999. Total global e-commerce spending is estimated to be nearing $5 trillion in 2022. It topped $1 trillion in the U.S. alone in 2022. The market capitalization of the world’s top 10 technology companies is about $7 trillion. Technology stocks represent more of the U.S. stock market than the financial sector and the energy sector combined.
The signs of maturing blockchain and crypto products and businesses are starting to emerge as well. While it’s early days yet overall, non-fungible tokens seem to have found a permanent place in the user and business ecosystem both as collectibles and as digital trophies, tickets and proof of engagement or attendance. NFTs have become so simple and easy to make, anyone can offer them. Would you like my personal NFT for the month? Claim it.
As we clear a path through the wreckage of the crypto winter, the same bright future is coming for the blockchain industry. Bad actors are going to jail. Rules are getting clearer. And, most importantly, the companies involved in this ecosystem are starting to build real products and have valuations based on revenue and profits. The result is that blockchain and crypto can become regular industries with regulated products and outputs that are widely accessible.
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