Year 2021 witnessed cloud to cryptocurrency to metaverse

Covid has accelerated digital adoption, resulting many to move to opt for the cloud. We have high speed digitalisation to meet the demand with most of the companies into IT in the country. The overall IT services sector at this point is going through golden times that we have not seen in the past. As per Gartner, it predicts that the worldwide public cloud revenue will grow by 23% in 2021 for a total revenue close to $332.2 billion U.S., up from $270 billion from last year.

The year 2021 was truly the 'year of cryptocurrency. Bitcoin, the world's oldest and largest cryptocurrency - seized mainstream acceptance with El Salvador, amid its dizzying rally throughout the year. Apart from this, blockchain-based technology gave birth to non-fungible tokens - being non-interchangeable - distinguishing itself from cryptocurrency.

In May, the Chinese central government issued notice to all Bitcoin trading and mining crackdown. By June, power supplies for industrial-scale Bitcoin mining farms in Xinjiang's Zhundong economic zone and Sichuan were directed to shut down. Chinese authorities believe cryptocurrency disturbs the economic order and facilitates illegal asset transfers and money laundering. The authorities also blame crypto miners for energy waste, deadly coal mining accidents - which is a potential threat to the country's efforts to reduce carbon emission.

In September, China's central bank said all cryptocurrency-related transactions are illegal and must be banned. In October, the United States officially became the largest hub for Bitcoin mining operations and businesses. China's crackdown created an opportunity for overseas bitcoin mining operations - leading to an infrastructure boom in North America, Russia, Central Asia, and Europe.

Now, the technology world is preparing for Web 3.0, where people are now been exposed to the idea of adopting the digital ecosystem for currency in the form of digital tokens, instead of cash. A report from crypto investment firm Grayscale estimates revenue from virtual gaming worlds alone could grow to $400 billion by 2025.

As we transition to the next stage of the internet’s evolution, the metaverse is increasing at the forefront of what is being referred to as ‘Web 3.0’. With digital worlds continuing to embed themselves in our daily lives, the metaverse could represent over a $1 trillion market opportunity, according to crypto investment firm Grayscale.

The market opportunity for bringing the Metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web 2.0 companies worth $15 trillion in market value today. The shift of game developer monetisation is the key dynamic driving the growth trend. The report underlines that gamers are increasingly moving away from “paying to play” premium games and moving towards “free” games, which developers monetise by selling in-game items to players or allowing them to gain social status within virtual worlds.