The good thing about Blockchain is that it's not just limited to cryptocurrency. We have other amazing projects as well.
But long before the breakout of other blockchain applications, we were only used to cryptos like Bitcoin, Ethereum, and some altcoins. However, as things kept advancing, we saw how more industries started to key into the opportunities in Blockchain.
For example, we see it being applied in insurance where a smart contract makes transactions between insurance firms and their customers more transparent, we also see its use in the supply chain where it now becomes easy to monitor inventory right from the point of manufacturing to the last point of delivery.
The same applies to other industries such as the financial services, health care sector, government, etc. which use smart contracts to promote transparency in their service offering.
As time went by, we saw a breakout of other topics which we can regard as revolutionary.
Examples are Metaverse, NFT, Web3, and so on.
This time last year, these topics were at the top of the charts, generating interest from all angles. It was around the time that Facebook rebranded as Meta, intending to push its Metaverse project. There was also a massive rise of web3 startups within these periods with a lot of investors putting out funds to support various projects.
The NFT industry also had a breakout, with celebrities and public figures buying NFT art at an insane amount of money.
All these happened between 2021 and 2022.
Fast forward to today, most of these breakouts have started to lose value as the hype was much more than what it was worth.
Source: Google Trends
Facebook (Meta) who seemed to be the champion of Metaverse isn't pushing their virtual reality project as before, those that bought NFT at exorbitant prices are finding it difficult to make a profit from it.
Source: Google Trends
As of December 2022, the total NFT market cap was at $10 billion, half of what it was in December 2021.
Source: Twitter @punk6259
, and as for web3, investors' focus is now being shifted toward the new buzz in the tech industry, AI.
I took some time to look at how these topics are faring on Google Trends, but it appears only a few are doing well at the moment, or should I rather say it's too early to conclude?
The year is still fresh, let's wait and see as things play out in the coming months.
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