What is a Blockchain?
It is a relatively new technology with the potential to explode shortly. But what is it? It's a system of recording information in a way that makes it difficult or impossible to hack, cheat or change the system. It is a digital ledger of duplicated transactions distributed along with the entire network rather than one place or a specific network.
What is NFTs?
A non-fungible token, a non-interchangeable unit of data stored on a blockchain, is a form of digital ledger that can be sold or traded. It is usually associated with digital files like photos, videos and audio. It's a digital asset representing natural world objects like art, music, game items, and videos. They are bought and sold online, frequently with cryptocurrency and are generally encoded with the same underlying software as the cryptos and are eyed by Crypto Marketer and Crypto Marketing Agency.
What is Blockchain Gaming?
A blockchain or NFT game is a video game that includes elements that use cryptography-based technologies. Blockchain elements are usually based on cryptocurrencies or NFT. Players can buy, sell, or trade with other players, with the game publisher, taking a fee as a form of monetization. These games have been around since 2017 but came to prominence in 2021.
According to the estimates, the size of the market for blockchain at the end of last year(2021) was around 5.92 billion dollars, and by the looks of it, it would be around 10 billion dollars by this year's end. Markets for NFT gaming worldwide stood at around 7 billion dollars in 2021.
Some entire blockchains require more electricity than specific countries, placing strain on the environment and premiums in the form of "gas fees," or the money it costs a user to tap the network. The play-to-earn model, where users gain and lose assets, raises whether gambling laws should be applied. Other applications, where users pool their money to buy a single expensive asset, could someday fall afoul of global securities regulators.
Further, using in-game tokens and currencies that correspond to tangible world assets also raises worries about market manipulation and other possible violations of securities regulations. While future iterations of Ethereum, or other potentially more efficient blockchains, could offer a more environmentally friendly solution and cheaper fees, the regulatory concerns are not easy to solve.
To be or not to be! It is impossible to say here; it is the future, but how to start is a big issue. Sitting and watching doing nothing is worse than doing something. Some would argue it's like gambling, but it's not doing research, and if you come across something with a future, it's worth investing in. With a projection of this market (blockchain + NFT gaming) valued at almost 3 trillion dollars by this decade's end, it would be wise to do nothing.