Some people, some of them well-respected, say that Blockchain is just a fad and has no practical application. But blockchain-based businesses are already generating billions, even though a lot of their value comes from future speculation, not the current valuation. You can choose the top nft games for you in this site.
It is not true that the current utility of the Blockchain has zero value. The blockchain industry will not be able to live up the its current valuation.
Blockchain technology has already disrupted vertical industries that are worth many billions, such as international wire transfer, the gold industry and crowdfunding. The new technologies such as Blockchain are heavily criticised. Discuss this topic in depth.
Fad, Bubble, Monopoly
On the way up to their summits, high-value techniques face a lot of negativity. When there’s high growth, this is often accompanied with volatility and increased expectations. The result is a series of hype cycles, and periods where the value of stocks are overvalued. The technology will continue to be marketed until it is ubiquitous. It is no longer about novelty or inefficiency, but about an inescapable technology monopoly.
People in 2010 considered Facebook a bubble, even though it amassed 500 millions users in just six years. It was also assumed that the company could never reach its outlandish $33 billion valuation. Facebook had a net profit of $15 billion up until the year 2017. Such questions have therefore quietly faded from the forefront, whether Facebook and social media are overvalued.
Blockchain works in a similar way. Because bitcoin’s deflationary schedule of mining was first dismissed, it was said that it wouldn’t work. Today, bitcoin is worth several billions of US dollars.
The 10x Upgrade
The blockchain technology has made a 10x improvement over prior technologies in these industries worth billions of dollars, including the gold sector, international wire transfer, and crowd funding. More specifically, bitcoin is more valuable than gold. The ability to send large sums quickly over borders is ten-times faster than an equal amount of gold.
Ethereum settles international wire transfer transactions in 14 seconds and works around the clock in all countries. Ethereum is well-known in the technology community and allows for instant creation of recipient addresses.
Within a year of ICO’s, there have been token sales valued at $9 billion. We have now entered a whole new era of crowdfunding.
There are many flaws.
Obstacles could arise from execution or distribution. No longer is the zero-to-one innovation in international wire transfers, gold and crowdfunding in doubt. There is no doubt that 10X innovations exist. However, there are some who argue they may not be available to everyone.
Ethereum games and blockchain-based social networks will probably prosper in the next couple of years. We must remember that the technology is new and that a ground-breaking technology which later gains widespread adoption can have a significant impact.