New technologies have given rise to new industries. In a very short time, these new industries have acquired a lot of monetary value. One of these brand new technologies is New technologies have given rise to new industries. In a very short time, these new industries have acquired a lot of monetary value. One of these brand new technologies is Blockchain gaming.
What are NFTs?
Literally speaking, an NFT is a non-fungible token. There is a saying the value of art is in the eyes of the beholder. That is what sets the price of something considered to be art. There are no set rules that define their value, and there is no market to evaluate their worth. It all depends on what someone wants to spend, it's their discretion. So NFTs can be any art, from an image to a video to a tweet or anything unique in nature. Usually, they are images and videos. Marketing of these NFTs is just like marketing anything else, and some businesses provide this service to market. They constitute what is called an NFT Marketing Agency. It is a relatively new industry but has been growing in value with leaps and bounds lately. To sum up, NFTs are some things that are unique and cannot be replicated. They can be copied and passed on, but it is impossible to duplicate the original; it remains one and only.
Blockchain Gaming Industry
Also called an NFT game or a crypto game. These started around 2017, and not all are based on Ethereum, a crypto currency. Blockchain Gaming uses elements based on Blockchain technology or uses NFTs or cryptocurrency. The players use these features to buy or trade stuff related to or in the game with other gamers, or they can even sell them outside for money. They may have to pay some fee to play the game itself, like buying skins for their characters or weapons inside the game and various other things. Slowly these products begin to appreciate, and some command a handsome price in the open market. Think of them as game cards or baseball cards, which is the essence of Blockchain gaming. To get stuff inside the game for an exchange of some fee.
Coming back to blockchain technology. It is a system of recording information in a format that makes it impossible to cheat the system. So it is a sort of ledger that cannot be hacked.
Blockchain gaming and NFTs run parallel to each other; the former is based on the latter somewhat. They are not interdependent but need to use the other technology to work. The future for both of them is open and very bright. One may say they are still in their nascent stages where they will go; no one knows. All you can see are the historical examples; when bitcoin, which was the first cryptocurrency, was launched, it started to sell for around 3 cents; now, it's close to 50000 dollars. That should give you an idea. Not getting involved will be so harmful.