By Michael Erwin

The App explosion has been nothing short of astounding. Apple’s App Store was launched back in 2008 and saw its inventory jump from 10,000 to 100,000 in just the first year. It has never looked back. In January of 2011, Apple announced 350,000 apps were available and in late May that number was raised to 500,000.

148Apps reports that if a person bought every available app, they’d need a 7.5 terabyte iPhone and $891,982.24.

The popularity of apps has led to what is being called the “New App Economy” and a Palo Alto company is at the forefront of this new venture. appbackr is the first wholesale marketplace for apps using a CrowdFunding platform. There, app developers sell bulk copies of their apps to investors at a discount. Investors turn a profit when the app sells on the App Store.

appbackr’s approach has created quite a buzz and the company was featured on CNN-affiliate KLIV radio this week as part of its “Economy and Silicon Valley” series. To listen to the segment, click here

Apps have become more than just games for your iPhone such as Angry Birds or Words With Friends. A whole slew of app categories including lifestyle, entertainment and business have surfaced as more and more people adopt mobile lifestyles in an effort to simplify their lives.

With a New App Economy and unlimited app ideas, the future of apps is bright. It appears it won’t be long before we look back at 500,000 apps with a sense of nostalgia and ask, “What isn’t there an app for?”