Blockchain Gaming Boom Explained
Here's your brief report on why gaming cryptocurrencies are set to explode and people can 10X-100X their money.
Yes it's risky. Yes you might be collecting 2X or 5X after a millionaire has already collected 100X. Yes, you're probably too late and early at the same time.
First, cryptocurrency itself is only as valuable as the value people give to it. But if you dig deeper, this is more than just trading a "digital number on a screen. Cryptocurrency is intrinsically valuable because of blockchain technology and what it does and how it does it. Transparency, verifiability, "decentralized" compared to most major banks at least, etc...
Most people already get that.
So what makes a token or cryptocurrency valuable? There is bitcoin which can be used as a regular currency, as we've seen with El Salvador.
But, blockchain can also be used for other purposes such as proof of ownership, liquidity, storage, telecomm, finance. You can get interest on your money, track documents, transfer it, take provable ownership of things, etc...
So it was originally developed as a store and transfer of value (Bitcoin). Then people started building stuff around Bitcoin and thats when all the other cryptocurrency and tokens came about. In fact it is so easy for technical people that it's easy to develop scams.
So as more blockchain projects came about, DeFi (Decentralized Finance) and exchanges became huge as a way to exchange billions of dollars of blockchain transactions per day. People and traders needed ways to swap from one token to the next. And defi is still huge by the way, but here's why gaming is the upcoming money maker.
Even if you don't play games, this might provide some clarity. E-sports, gaming - even outside blockchain, this is already huge. Add metaverse, identifiable ownership of in game items, a way to monetize those games, and beyond. People already spend money on in game activities as we've seen with Diablo, WoW, Fortnite and beyond.
But now, with blockchain, people can not only play to earn, but gamers and traders have a true market with which to exchange value.
There are other industries in blockchain as mentioned earlier. But there are few clearer options that can get as many engaged people into a "community" as gaming does.
It just makes sense.