Introducing Crypto Commerce – How Blockchain Is Changing Commerce

E-commerce has become an essential part of our daily lives, redefining commercial activities worldwide. Internet penetration has done wonders for the industry and contributed to its growth significantly. The global e-commerce industry was valued at $13 trillion in 2021 and is expected to reach $55.6 trillion by 2027. The Asia-Pacific nations account for more than 70% of all e-commerce activities. For example, China alone contributes $740 billion in e-commerce sales, while the United States accounts for more than $560 billion. This multi-trillion-dollar sector is now evolving to its next level, thanks to innovations in Web3. To this end, traditional e-commerce organizations are beginning to recognize the potential of technologies like blockchain and crypto. While blockchain provides secure and reliable infrastructure, cryptocurrencies introduce novel financial aspects and opportunities. And with these factors combined, we are now witnessing the rise of a new commercial paradigm, namely crypto commerce. Crypto Commerce: The New Word in Town Crypto commerce refers to buying and selling goods or services online using cryptocurrencies. C-commerce platforms are blockchain-based and thus support cryptocurrency transactions. However, unlike traditional e-commerce platforms that accept crypto payments, c-commerce provides additional crypto-based utility. It also incentivizes or rewards users for purchasing and referrals. The most disti...