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Since it was first used as a distributed ledger for Bitcoin transactions, blockchain technology has continued to revolutionize our economy and society – more than US$7 billion was spent globally on blockchain applications in 2021. Organizations across industries such as finance, pharmaceuticals, agriculture, natural resources and retail have made blockchain strategy and applications a key priority.
As blockchain applications have multiplied and diversified away from Bitcoin, the cryptocurrency market has also continued to grow, reaching US$2 trillion in 2021. More than 100 million people worldwide are using cryptocurrency exchanges to buy and sell more than a thousand different cryptocurrencies.
Also part of the blockchain are non-fungible tokens or NFTs. Since first being minted in 2014, NFT sales have grown to more than US$25 billion. Today, NFTs are being applied to an ever-broader set of use cases, from digital art, music and in-game items, to digital identity credentials and land titling.