While doubters may claim that we are in a crypto bubble, as seen by significant decreases in bitcoin values in mid-May, proponents of cryptocurrencies and blockchain refer to these new technologies as the future. $9.4 in venture capital was invested in blockchain businesses between 2018 and 2020. Blockchain firms received $17.9 billion in venture capital in 2021 alone, roughly twice as much as combined in the previous three years. The first quarter of 2022 revealed the emergence of a comparable pattern. The two notable valuations in the first quarter of 2022 included those of Polygon, an Ethereum network scaling platform, which closed a $450 million round for a $13 billion valuation, and Alchemy, which received $300 million for a $10.2 billion value.

A drop was starting to form, according to several CEOs and investors quoted in an article titled “Will 2016’s $300 Million Blockchain Startup Bubble Burst?” 2016 was written after Bitcoin and blockchain startups raised $290 million in the first six months of the year. It’s common for crypto bubbles not to collapse immediately after they begin to expand, and skeptics’ claims that a crypto bubble is building are not novel ideas.

When this piece was written, Bitcoin’s valuation was still slightly below $30,000 despite having dropped more than 50% from its all-time highs of almost $69,000. At the time, it was trading in the hundreds. These concerns still exist as a few businesses have received more money for blockchain startups than the entire industry did in 2016.

In February, Sean Sechler wrote for The Street, “It’s hard to shrug off the impression that a crypto bubble is lying in plain sight when you have such frothy valuations for crypto firms and pixelated images of ‘CryptoPunks’ NFTs selling for $23.7 million.

May saw declines in NFT prices, even for the best collections available. The floor price of Bored Ape Yacht Club decreased in the first two weeks of May from a high of 153 ETH to roughly 90. Long-term believers advise sticking with it even though there is some worry. There will be difficulties when trying to revamp a financial system.

According to Doug Barnett, co-founder of Remi Labs, quality must stand out in a downturn. The downturn will assist kind of push things forward to get good quality established and entrenched in the field, in my opinion. “The technology is the game-changing component of NFTs, not necessarily the speculative, gambling nature of the market today.”

Supporters of blockchain claim that missing out on the web3 future has a cost in lost opportunities.

If you work in venture capital or angel investing, watching from the sidelines, you need to pay attention and become involved. Discover the Web3 prospects available to you and the potential of the various technologies. There is much to understand, from blockchain to NFTs and DAOs, a startup studio and fund Untapped Studio warned in an email in March. “These technologies are transformational, so if you’re an entrepreneur, you need to learn about them and start using them.” The 2000 dot-com bubble, which resulted in a stock market meltdown after a sharp increase in valuations for tech businesses in the late 1990s, is arguably the most notorious “bubble” in recent memory.

Are we living in a crypto bubble and is it about to pop? https://t.co/o8kp2eaa85 #Cryptocurrency

— swankyfinance.eth (@swankyfinance) July 20, 2022

Also, read –Big Cryptocurrency Concerns: This Is What Experts Have to Say About it

Despite the crypto bubble, some of the businesses that came out of that time altered the course of history.

“In 1997, the same thing was claimed about the internet. According to Nash Foster, CEO and co-founder of Pyrofex Corporation, one of Utah Valley’s earliest blockchain businesses, “I didn’t believe them about the web back then, and I don’t trust them about the blockchain now.” People who lack creativity always condemn new transformational technologies because “the things we now have are good enough.” However, that’s not how transformational technologies operate.

According to Clay Christensen’s “disruptive technology theory,” technology develops faster than human requirements. You might have heard about web3, a new future for the internet built on a blockchain that does many things previously unthinkable 20 years ago. In other circumstances in the future, you may not even be aware that the technology powering your transactions is on a blockchain. Still, a blockchain will act as a ledger and confirm all completed transactions.

The technology of blockchain might not be revolutionary. It could not be as successful as many predict, or it might be much more than a disruptive technology.

“We think it will take a long time before industry and government truly undergo a blockchain-led change. This is because blockchain is not a “disruptive” technology that can quickly overtake established companies and assault old business models with a lower-cost alternative. “But even though the effects will be huge, it will take decades for blockchain to permeate our social and economic systems. As waves of technical and institutional change emerge, adoption will be gradual and steady rather than abrupt. In 2017, Marco Iansiti and Karim R. Lakhani penned an article for the Harvard Business Review titled “Blockchain is a Foundational Technology: It Has the Potential to Create New Foundations for Our Economic and Social Systems.”

According to a David Lynch Foundation news release by Eccles School of Business at the University of Utah from the year 2020, Ernst and Young forecast that by the year 2030, almost 50% of all business-to-business contracts will be blockchain-based. If those forecasts come true, now is the moment for individuals to familiarise themselves with blockchain in preparation for the future, especially for those just starting their careers in business. The Eccles School introduced a blockchain curriculum in the fall 2020 semester in light of this.

Those entering the workforce will need to be familiar with blockchain technology and its business applications, according to Kimberly Johnston, a member of the Eccles School Advisory Board, who announced the curriculum. We’re educating the next generation on how to use technology to tackle social and environmental problems by piloting effective learning routes for University of Utah students to boost their digital literacy.