Why aren’t people talking about blockchain technology anymore? Is this a good thing?

Is the Lack of Discussion on Blockchain Technology a Positive Development? Why Has the Conversation Died Down?

Source: Blockchain Knight

It’s been over 10 years since the introduction of blockchain technology, and it has gained a lot of attention in China since 2016. However, when we look back at the mainstream media’s coverage of blockchain, it seems like people are no longer interested in discussing blockchain technology.

Looking at the Baidu search trends for “blockchain” below, we can see that overall search trends have been gradually declining over the past 7 years, with very little fluctuation at present.

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Perhaps some people may joke that blockchain is no longer in fashion. From the data, it does seem to be the case. However, if we compare it with a few other keywords, the story becomes more interesting. These keywords are Web3, NFT, and digital collectibles, as shown in the image below.

It is evident that the search volume for blockchain has significantly declined since 2021 compared to keywords like Web3, NFT, and digital collectibles. Especially for digital collectibles, it reached a search peak in 2022 similar to blockchain in 2019.

If you are in the industry, you probably know that Web3, NFTs, and domestic digital collectibles have all derived from blockchain or rely on blockchain technology to achieve their own breakthroughs. This is the real change that we should pay attention to.

Is blockchain technology important? The answer is undoubtedly yes.

The second question that arises is whether everyone needs to understand blockchain technology. The answer may be negative, just like people don’t need to understand the technology behind the internet, but it does not hinder them from using various applications and programs.

Therefore, the current situation is that people are transitioning from not needing to understand blockchain technology to only needing to understand its “products.” For NFTs or digital collectibles, they are the embodiment of blockchain technology’s products.

Such a change and state of affairs are what we should be delighted about. After all, staying at the level of adopting technology alone cannot allow more people to comprehend its underlying value. So, from this perspective, when people stop talking about blockchain technology itself, the industry is truly experiencing a leap forward.

And then comes the third question; if not everyone needs to understand blockchain technology, who should have some knowledge of it?

The answer is also very simple: to participate in industry construction, aiming to become the team or individual behind the use of blockchain products, as well as the decision-maker of business or critical organizations.

So, when the story reaches this point, it seems that blockchain technology no longer needs to enter the crowd, which is different from the author’s understanding a few years ago. At that time, the hope was to let more people understand blockchain so that technology adoption could be achieved. But now it seems that this step is no longer necessary, after all, 80% of people only need to understand concepts like NFTs and digital collectibles, and the understanding threshold of these concepts is much lower than that of blockchain itself.

In the past year or two, Web3, NFTs, and digital collectibles (maybe even metaverse) have collectively boosted the “torch” of blockchain. For practitioners, the key question is who will be the next to boost. And this answer is both the hope pursued by everyone now and the next springboard for industry development. It may have already appeared or is brewing, but the unknown surprises are the joy of harvest.

As for what blockchain technology really is?

Who cares?

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