Blockchain technology has been a topic of great interest and discussion across various industries. Its potential to revolutionize efficiency and service delivery has captured the attention of many experts and professionals. In this article, we will explore some intriguing case studies and delve into the impact of blockchain databases on various sectors, highlighting the benefits it can offer in terms of streamlining processes and enhancing overall efficiency.
The Potential of Blockchain Technology
Blockchain technology, often associated with cryptocurrencies like Bitcoin, is a decentralized and immutable digital ledger. It offers a secure and transparent way of recording transactions, making it ideal for various applications beyond cryptocurrencies. The main keyword for this article, “blockchain technology,” will be emphasized to enhance its SEO-friendly aspect.
Blockchain’s Impact on Efficiency and Service Delivery
When it comes to efficiency and service delivery, blockchain technology holds immense potential. Let’s explore some case studies that exemplify how blockchain has transformed processes in different sectors:
Case Study 1: Smart Incorporation with Blockchain in Delaware
In this case study, the US state of Delaware is in the early stages of developing incorporation services on a blockchain-based smart contract system, replacing traditional paper-based processes. This digital approach streamlines the incorporation process, from filing documentation to legal structure, issuing shares, and conducting annual general meetings. By leveraging blockchain technology, the entire process becomes more efficient, reducing the time taken and eliminating manual interventions.
Case Study 2: Venezuela’s Petrol – The First Digital Currency
Venezuela took a groundbreaking step by introducing “petrol,” its digital currency, backed by its vast oil reserves. This move aimed to combat economic challenges, hyperinflation, and depreciation of the national currency. By employing blockchain technology to support the digital currency, Venezuela has enhanced the security and traceability of financial transactions. This has instilled confidence in the platform and stabilized the economy, paving the way for further innovations.
Case Study 3: E-Voting in Denmark
Denmark embraced blockchain technology to revolutionize its electoral process. By using blockchain for e-voting, Denmark introduced a transparent and tamper-proof system that ensures accurate voting results. This move fosters inclusiveness and accessibility, encouraging citizens to actively participate in the democratic process. The implementation aligns with the nation’s commitment to digital innovation and enhances the overall integrity of the election framework.
The Key to Success: Probing, Prioritizing, and Partnering
To harness the full potential of blockchain technology, governments and organizations must adopt a systematic approach:
Probing: Set up a dedicated team to review potential use cases for blockchain technology. The team should assess processes that can benefit from blockchain implementation and focus on areas where immediate and meaningful results can be achieved.
Prioritizing: Identify use cases with the greatest potential for positive impact and prioritize them for implementation. Start with smaller pilot trials to assess the feasibility and benefits before embarking on more extensive projects.
Partnering: Collaboration with the right technology partners is crucial. Seek partners who can provide expertise in blockchain development, technical standards, integration, and collaboration. This will ensure a comprehensive and successful blockchain implementation.
Embracing the Future
In conclusion, blockchain technology holds enormous potential to reshape efficiency and service delivery across various sectors. As we continue to explore and innovate with this technology, we must approach it with a strategic mindset, focusing on meaningful implementations and fostering collaboration between public and private sectors. By doing so, we can unlock the true potential of blockchain and drive positive change for our economies and societies.
This video is part of a consultation session on “Technical Expert Service on Improvement of Public Sector Efficiency Using Blockchain-based Database” by Anndy Lian. The implementing organizations include the Ministry of Industry and Technology of Turkiye and the Asian Productivity Organization. The event was held in Ankara and Bolu, Turkiye, from 4–7 July 2023.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
“Web 3.0 brings endless opportunities to many people, changes lives in Kenya, removes barriers in India and empowers developers in China to service global audiences during the COVID lockdown period. Your gateway to Web 3.0 is just one click away. Let’s innovate.”
At the beginning of the year, when the crypto market was red hot, it was extremely tough to understand what was going on in the NFT industry.
At the beginning of the year, when the crypto market was red hot, it was extremely tough to understand what was going on in the NFT industry.
The massive influx of collections, new marketplaces, and easy money in the space created the perfect mix of incentives for fraudulent activity. As we know, I published an article in October about NFT wash trading, several “OpenSea killers” were built entirely on fake activity, and not everything was as it seemed when you looked at NFT collection leaderboards. As the market crashed, so did activity across the board (both fake and organic).
But not all was negative. Several highly innovative NFT collections broke the mold of zany PFP images and proved a market for digital, non-fungible art existed.
While there was a proliferation of small collections and grassroots community-building in some corners of the industry (e.g., Solana and Magic Eden), the year also saw consolidation with the birth of the first NFT megacorp in Yuga Labs.
Instead of telling you what to think about 2022 and where the NFT world is heading in 2023, this article has the essential stats from last year so you can create your own analysis.
9 Stats about the NFT Industry
1. Total sales of NFTs in 2022 was $55.5B
This is up 175% from $20.2B in 2021. When you compare 2020 to 2022 total sales, it is 390X more.
2. The market capitalization of the NFT industry peaked on April 4th at $41.5B
Market capitalization is calculated as the sum of each NFT valued at the greater of its last traded price and the floor price of the collection, respectively. Suspected wash trades have been filtered out.
2022 Market Cap & Trading Volume
3. Roughly 85K NFT collections were launched last year
In 2021, there were around 14.5K collections, while the number nearly reached 99K by the end of 2022. Notice that Opensea remains the leader in both years.
5. Only 2,623 collections had more than 1000 unique buyers
As with all stats in the NFT industry, this one should be taken with a grain of salt due to the significant amount of wash trading, especially during the year’s first half.
6. NFT trading volume reached its 2022 peak in January, with $17.4B in value
This was more than a 4x jump from the previous month (December 2021). This was also the month when Google searches for the keyword “NFT” reached their all-time high.
7. The biggest gap between the number of sellers and buyers was in January, with about 200K more sellers than there were buyers.
Yet January was also the hottest month for NFT prices for most major collections, indicating that using these metrics as an analog for supply and demand has flaws.
8. Last year, 46% of total NFT trading volume was likely to be caused by wash trading
There are several indicators and filters to detect suspicious activity. To identify these types of transactions, I use Footprint Analytics’ filters to separate transactions to the following formula:
a.) Overpriced NFT trades (10x OpenSea Average Price)
b.) Collections with 0% royalties (except CryptoPunks and ENS)
c.) An NFT bought more than a normal amount of times in a day (currently filtered for more than 3+)
d.) An NFT bought by the same buyer address in a short period (currently filtered for 120 minutes)
9. The collection with the largest market cap by the end of the year was CryptoPunks at $1.1B
Crypto Punks, launched by Larva Labs in 2017, was the first NFT collection to become a household name and have the highest floor price in the industry. Yuga Labs acquired the IP of the collection in March 2022.
10. Trading volume of major collections in the Yugaverse—Yuga Labs’ portfolio of products—was $3.1B
This sum includes Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Otherside, and CryptoPunks. It excludes Meebits, which had more trading volume than all of these combined,
11. Yuga Labs’ portfolio accounts for about 20% of the total market cap of the entire NFT industry
This sum includes Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Otherside, CryptoPunks and Meebits.
12. Without any wash trade filtering, Terraforms by Mathcastles had an astounding $12B in trading volume, more than any other collection, across 11,341 transactions
However, 99.8% of the volume and 46.3% of transactions were detected as wash trading.
14. ArtBlocks Curated was the 4th most traded collection by volume and amassed a market cap $325M
ArtBlocks demonstrated that there is a market for high-end artistic NFTs—it stands out among Yuga PFP projects, and metaverse land NFTs at the top of the rankings
15. There were 7 major collections whose volume was over 95% wash trading
For this stat, “major” means having over $1M in real trading volume. Terraforms by Mathcastles, More Loot, dotdotdots, Dreadfulz, Audioglyphs, CryptoPhunksV2, and Meebits.
6 Stats about Chains and Markets for NFT Projects
16. Ethereum had 95% percent of volume, 47% of transactions, and 71% of protocols
These figures are almost the same as in 2021. Based on the data, Ethereum is still the most widely used for NFT.
OpenSea remained the marketplace of choice for Ethereum and Polygon. However, Magic Eden capitalized on its Solana first-mover advantage to be the marketplace of choice for collections on this chain (OpenSea started listing them in April.) Note: a collection can list on multiple marketplaces.
19. Solana had more active users in October, with 411K, than Ethereum, with 392K
While most of the blue-chip collections and collectors transact on OpenSea and Ethereum, Solana built up a sizable community of NFT enthusiasts in 2022. Solana’s active users hovered between 20-45% of the total market share—October was the only month it overtook Ethereum for this metric
23. Animoca Brands closed the largest round of the year, $358M led by Liberty City Ventures
Animoca has said it will use the funding for strategic acquisitions and investments, develop its games and metaverse products, and acquire licenses for popular intellectual properties.
27. The 2 largest rounds for pure NFT projects went to OpenSea ($300M) and Dapper Labs ($250M)
The OpenSea round was one of only 5 Series C or D rounds in 2022. Dapper Labs is the studio behind the NBA Top Shot collection.
Key Takeaways
As we can see, Web 3.0 is proliferating. NFT is undoubtedly part of the whole Web 3.0 ecosystem. In the Web 3.0 ecosystem, NFTs are often used to facilitate the buying and selling of unique digital assets on decentralized platforms. These platforms use smart contracts to enable transactions without the need for intermediaries. They can facilitate the buying and selling of NFTs and allow NFT holders to earn passive income by lending out their NFTs. There are many use cases to showcase.
Web 3.0 will continue to draw more investment in 2023 based on some of the deal flows I see in the market. OKX Ventures and GSRV co-lead a $2 Million seed round for a Web 3.0 decentralized Identity platform. Binance Labs launched a $500M fund to support promising Web 3.0 projects and start-up firms with great potential earlier this year. Du Jun, the co-founder of cryptocurrency exchange Huobi Global, runs ABCDE Capital, a $400M Web 3.0 venture capital fund is dedicated to investing in web3 builders.
Apart from the crypto firms-led firms, it’s also true that traditional investment companies are beginning to take notice of the Web 3.0 ecosystem and are starting to invest in companies and projects that are working on decentralized technologies, such as blockchain and non-fungible tokens (NFTs).
There are several reasons why traditional investment companies might be interested in investing in web3 technologies. One reason is that the Web 3.0 ecosystem is still in its early stages and has much growth potential. Decentralized technologies have the potential to revolutionize many different industries, from finance and real estate to art and collectibles.
Another reason is that the Web 3.0 ecosystem is relatively uncorrelated with traditional financial markets, which can offer diversification benefits for investors. This can be especially appealing in times of economic uncertainty, when traditional financial markets may be more volatile.
Ending with a quote:
“Web 3.0 brings endless opportunities to many people, changes lives in Kenya, removes barriers in India and empowers developers in China to service global audiences during the COVID lockdown period. Your gateway to Web 3.0 is just one click away. Let’s innovate.” – Anndy Lian.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
Blockchain is much more than just hype over bitcoin and cryptocurrency – decision makers in various industries have a real interest in the topic. To delve deeper into the application and potential for distributed ledger technology, Linfinity has held multiple roundtable discussions where leaders from a diverse range of industries from finance and investments, to hospitality and real estate, came together to provide industry insights. Amid the discussion, it was clear that blockchain has potential to transform various industries. Below are the highlights of the roundtable discussions.
How Blockchain Will Disrupt Everything
The participants largely agreed that the adoption of blockchain was a question of not if, but when. As aptly put by roundtable attendee, Elaine Chia, Bank of Singapore’s Associate Director – “blockchain and cryptocurrency is a tsunami you cannot stop”. Participants brought up examples of how blockchain could potentially disrupt everyday scenarios: from search engines, to food security, to luxury goods. Had blockchain existed earlier, the milk powder scare of 2008 could have been largely avoided. By validating products on blockchain through adopting transparency and credibility, consumers can be more aware of the origins and expiry dates of pharmaceuticals and food products. In the luxury industry, fashion goods can also be authenticated on the blockchain system. Even fisheries can benefit from hosting information on blockchain to prove their sustainability measures, value adding to their consumers.
Blockchain: Boon or Bane?
The benefits of blockchain were agreed to go beyond encouraging transparency and traceability, as blockchain has the potential to boost efficiency. Participants in the banking and finance sectors stated during the roundtable discussions that blockchain technology should be adopted in its processes. It was mentioned that longstanding banks have strong views that technology can undoubtedly improve efficiency and there’s a massive amount of untapped potential to transform the way banks work.
Real estate consultant from Seed Global Investment, Edward Tan, shared with other roundtable participants that blockchain is a commonly discussed topic due to the nature of the industry where funds are frequently moved and a large amount of transactions happen on a daily basis. This creates an urgent need to implement blockchain technology.
Regardless of the background of participants, one thing was for certain: blockchain has the potential to improve systems everywhere. This is why Linfinity has embarked on the total supply chain wave, to provide businesses with a solution to improve transparency and efficiency. By implementing anti-counterfeit measures, traceability technology can strengthen processes.
ICOs: Are they Legitimate?
Despite the excitement and potential of blockchain, participants agreed that dubious ICOs are a possible explanation for the hesitancy and scepticism in blockchain adoption. Recently, ICO scams have been dominating headlines for scamming investors of millions. Often, these companies simply develop and market an attractive landing page or video in order to raise quick funds for their company.
In a recent Bloomberg Article, Lee Boon Ngiap, Assistant Managing Director of Capital Markets at the Monetary Authority of Singapore (MAS), said that the number of digital token exchanges and ICOs in Singapore has been on the rise. She continued that there is no need “to restrict them if they are bona fide businesses…but if any digital token exchange, issuer or intermediary breaches our securities laws, MAS will take firm action.” To avoid these scams, investors should study white papers with a discerning eye before committing to an investment. Due to the hot topic of ICOs often being a swindle, Linfinity is not heading towards the direction of an ICO. Instead it relies on the token model in order to incentivise businesses and end consumers.
Introducing Practical Applications of Blockchain Technology
Moving blockchain technology from a concept to reality, Linfinity has sought out strategic collaborations with companies to build a more trustworthy and traceable supple chain, based on their blockchain system.
To date, Linfinity has signed Memorandum of Understandings (MOUs) in Singapore and Taiwan, with more upcoming in the region. The Singapore MOUs marked the start of partnerships between Linfinity and six companies across various industries – Crossinvest, RHTLaw Taylor Wessing LLP, RHT Holdings, RONGDE Logistics, Scientific Tradition, and WealthBriefingAsia. These partnerships span different industries from finance and legal to logistics and FMCG, and will see Linfinity’s implementation of blockchain technology improving the efficiency and transparency of supply chains.
In Taiwan, Linfinity and the Alishan Group signed a strategic cooperation agreement. Under this agreement, Linfinity will create a counterfeit traceability system for all players within the Alishan Group from manufacturers to consumers, as well as prevent counterfeit goods from circulating on the supply chain by using the first-ever dynamic game mechanism.
Anticipating Government Challenges and Regulations
As blockchain remains relatively new and unprecedented, companies must anticipate government challenges and regulations moving forward. Participants pointed out that the decentralized nature of blockchain leaves it resistant to government intervention, in the sense that governments cannot simply ban the access to blockchain altogether unlike Facebook in China.
Even so, companies interested in blockchain are still preempting what governments might do when they start to regulate blockchain. While the Singaporean government is in the midst of fine-tuning its registration processes and taxation, companies can rest assured that Singapore would embrace technological advancement, rather than cut away from it. In TechINAsia’s recent article, Bobby Ong, co-founder of CoinGecko, one of the largest cryptocurrency data websites, recently shared that regulations set up by Singapore are steps in the right direction, as “clear laws and guidelines by regulators are always welcomed by blockchain startups to ensure that the work that they are doing complies with regulations. It also helps blockchain companies with getting bank accounts.”
Linfinity Talk in Seoul, Korea, on 9th June on overview of blockchain technology with 180 attendees
In a bid to raise awareness and educate the mass public on blockchain and how it can benefit industries, Linfinity has made large strides beyond Singapore. The firm is establishing Linfinity Talks, the company’s self-contained global roadshow platform that demonstrates blockchain projects, as well as connect with like-minded businesses to further explore blockchain technology. Hosted by CEO of Linfinity, Mr Anndy Lian, he will share about blockchain technology and the importance of building a trusted and traceable anti-counterfeiting supply chain.
Targeting a regional audience, Linfinity has made its first stop in Seoul, Korea, where they were joined by CodePress – an out-of-the-box decentralized digital content distribution solution, aimed at helping content producers to quickly build their own content distribution networks.
Following its first successful event in Korea, the next Linfinity Talk will be held in Japan on 1st July 2018, Sunday. Subsequently, Linfinity will be involved in the ‘Asia Digital Asset and Blockchain Congress’ also held in Tokyo, Japan on the 2nd July 2018. Mr Anndy Lian be a Keynote Speaker at the event.
He will then be travelling to Taipei to be a panellist at the 2018 Asia Blockchain Summit on 3rd July.
Aside from Japan and Taiwan, Linfinity has plans for more upcoming talks spread across the globe for the next three months – spanning from Singapore, London to Vietnam and Hong Kong. The possibilities of transforming supply chains across different industries is exciting – as the demand for trustworthy and reliable data increases. Mr Anndy Lian is open to discussions should there be interest in collaborations with Linfinity to apply their blockchain system to existing organisations and/or supply chains. You can reach him at pr@linfinity.io.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
