Blockchain is best known for its crucial role in cryptocurrency system, such as bitcoin for maintaining a decentralized & secure record of transactions. Till date, there are approx. 23,000 cryptocurrencies in the world that have a total market cap of approx. $1.69 trillion, with bitcoin holding a major value. These tokens have been popular over couple of years, with one bitcoin equaling $43,543.

Large corporations globally are coming with the idea of a blockchain-based digital currency for payments. In 2021, Tesla invested $1.5 billion into Bitcoin & accept it as payment for their cars. According to the latest report by World Economic Forum, $867 Trillion market opens to blockchain.

Biggest Blockchain Trends in 2024-

In 2024, it is forecasted that, the global spending on blockchain solutions by businesses will be $19 Billion. Some of the trends that will be driving this:

• NFT expanding beyond online art

• Bitcoin Halving

• DeFi and many more.

 

Let’s understand Tokenomics.

 

Tokenomics = Token + Economics. The term is formed by combining these two words which basically describes the economics of a crypto token. Non-Fungible Tokens (NFT) is the word that is trending the most. It was amongst the most searched terms of 2022. In early 2023, NFT transactions reached $4.7 billion, compared to $12.6 billion in 2022.

Tokenomics in Blockchain

• In context of blockchain, tokenization is the process of converting something of value into a digital token which is usable on a blockchain application.

• Example: payment processing uses cases that tokenize sensitive credit card information including mobile wallets like Apple Pay, Android Pay, E-commerce sites & businesses that keep customer's card on file.

• The International Data Corporation predicted that by 2025, the world-wide tokenized asset market would reach up to $500 billion.