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A question on the mind of any new entrepreneur. Isn’t it too late to start?
The space certainly seems to be getting crowded. There are more than 10,000 cryptocurrencies worldwide today. More than 11,500 dApps. It seems like pretty much every option has been explored already. Without a solid background and a great idea it’s hard to stand out and get noticed. Right?
True, there are a fair amount of dApps released already. But the world is ever-changing. New platforms and chains continue to be released every month, and many of them need their dApps. Crypto world is more dynamic than even the tech world. Its Google and Amazon, let alone Shopify and Airbnb, have not been established yet. There will certainly be many new popular platforms in 10 years that were not here today.
Polkadot, for example, one of the most promising platforms for connecting blockchains together, had its first slot auction held just in November last year. Right now it has only less than 10 (out of 100) blockchains connected to it, with new ones being added every few months. And each of these blockchains will require development of a plethora of dApps for its users.
Another factor to consider is wide-scale adoption. The market is still in its infancy. Despite huge valuation numbers and large funds present in crypto, only 82 million people worldwide are currently using crypto. And there are just 2.47 million unique active wallets connecting to dApps per day. Growth potential here is still huge.
Axie Infinity, despite being at one point valued at over $10 billion, has less than 1.4 million players. The Witcher 3 had over 65 million. Minecraft had 700 million. Now imagine what Axie valuation сould be if it had these player numbers.
It’s not unfathomable to think that one day, leveraging the blockchain model and rich ecosystem, a dApp like that may appear.
Is it too late to start developing a dApp?
Picture yourself back in 2013, and remember iOS and Android app markets. There are more than 2 million apps available in stores. Seems like everything has already been explored. Companies are spending tens of millions of dollars on marketing to try their best to stand out. Suddenly, a simple mobile game made in two days by a Vietnamese teen takes over the world, and starts making over $350,000 a week. Flappy Bird was not more polished than everything else, and didn’t have more budget. It was simply unique, easy to grasp, and was effective at what it did.
Currently, the crypto space is much less developed than app markets in 2013. DApps were valued only at $10.52 billion in 2019, there are just 11,540 projects currently released (compared to 6 million mobile apps). The global dApps market is forecasted to grow 30 times and reach $368.25 Billion by 2027, according to a report by Emergen Research. It will be bigger than the global gaming market, valued at just $222 billion — PC, consoles and mobile gaming combined. Simply put, there is much more money in crypto.So learn how to create a dApp, get yourself support from a launchpad or crypto exchange, conduct an IEO or IDO, and become one of the founders of this new world.