It is predicted that the value of blockchain-backed digital messaging applications will rise significantly in the coming years, with a projected annual growth rate of 43.6%.

Blockchain use cases continue to emerge as the technology becomes more accessible. Examples include blockchain-based messaging applications, which are at the moment of mass adoption.

According to a new report from Grand View Research, the size of the global market for blockchain-based messaging apps is expected to reach a valuation of $536.5 billion by 2030.

The report, published on February 1, highlights that figure as a compound annual growth rate of 43.6% over a seven-year period.
In 2021, the market valuation of blockchain messaging apps was estimated to be around $22.2 billion. At that time, North America dominated the market and had the largest share, accounting for more than 29% of global revenue.

However, during the forecast period, the Asia Pacific region is expected to witness rapid growth in the blockchain messaging applications market.
The report highlights growing privacy and security concerns as the main reason users are switching to blockchain-based messaging apps over traditional messaging platforms. Blockchain-based messaging is typically end-to-end encrypted, without the need for a service provider to deliver a message.

On February 1, a new decentralized version of Twitter, called Damus, appeared in Apple's App Store. The app has been dubbed the "Twitter killer" and describes itself as "the social network you control."

Existing alternative messaging services have stepped up their game when it comes to decentralization. On December 8, 2022, Telegram announced that it would accept SIM-free accounts using unblocked numbers. This came a week after Telegram founder Pavel Durov said the app is working on a set of new decentralized tools to combat abuse of power.

The prevalence of blockchain can also be seen in other industries, such as the automotive industry. On February 1, Toyota announced that it plans to explore blockchain use cases through a decentralized autonomous organization hackathon to improve operations.

A few days earlier, the California Department of Motor Vehicles revealed that it plans to use Tezos, a private blockchain, to digitize the state's vehicle title management system.