Blockchain Market Potential

A Billion Dollar Growing Industry

Although the blockchain industry was established slightly over a decade ago, it is currently a billion-dollar industry that is growing at a 62.7% CAGR (Allied Market Research, 2021). While this industry has many subsects, the triggers that influence the Space Guild project are the digital assets and the blockchain distributed ledger technology.

While digital assets like crypto tokens, NFTs, and other digital assets act as incentives that create excitement on the platform, the distributed ledger is the place where the ownership and transactions are recorded. Experts estimate distributed ledger technology’s market value to surpass $137.29 billion by 2027 due to its widespread adoption.

Coming to the digital assets part of it, the growth in the NFT markets is clearly the result of the emerging GameFi sector — a reason why the NFT markets have grown in tandem with the GameFi sector. In 2021, when the concept of metaverse was being coined and GameFi projects commenced, the NFT trade volumes surged suddenly and surpassed $23 billion because decentralization enabled gamers to list their collectibles on external marketplaces and derive value from it (Forbes, 2021).

The Space Guild project brings several opportunities in this direction because its ecosystem is made up of territories or guilds, which basically refers to virtual lands tied to NFTs. As players progress through the levels, they can generate guild-specific resources like runes, weapons, equipment, etc. that can be traded outside the platform.