The blockchain & NFTs: game-changing technologies

In recent years we have witnessed impressive technological acceleration, bringing to light two pioneering development tools, not only from the point of view of innovation, but also from a marketing and communication perspective. Let’s talk about the blockchain and the logical next step in its evolution: NFTs.

What’s the blockchain?

The blockchain can be defined as a shared and immutable data structure, a sort of digital register whose entries are grouped into “blocks” secured by cryptographic keys. The benefit of using this structure is strong security and immutability: nothing and no one can modify or delete the content of the data, unless they decide to break down the entire system completely (which is highly unlikely).

Therefore, the blockchain is considered a valid alternative – in terms of security, reliability, transparency and costs – to databases managed centrally by recognised authorities (public administrations, banks, insurance companies, payment intermediaries).

Any operation requiring official and verifiable validation can exploit the blockchain as a means of attestation (it could, for instance, completely replace the work performed by notaries).

What are NFTs?

Interest in Non-Fungible Tokens, or NFTs, has greatly increased in recent years. We previously addressed NFTs in one of our earlier articles (click here to refresh your knowledge).

The NFT “bubble”

The data provided by the various exchange platforms such as OpenSea, or by eWallet sites such as Coinbase, is eloquent: the fever for NFTs for their own sake is officially over, and the bubble seems to have burst.

In fact, the NFT boom, fashion or trend seem to have started fading in February 2022, when the flow of investments in the sector decreased suddenly and dramatically, up to ten times less than in previous months.

Bored Ape and its peers – digital images with no ulterior motive and valued as works of art – seem to no longer interest the public as before, when a single item could cost around €60-70,000.

Now that the market has stabilised, the time has come to ask ourselves the fateful questions: what markets will leverage NFT technology beyond those closely related to the blockchain? What aspects of the blockchain are applied to existing, consolidated businesses?

Applications for NFTs and the blockchain in various markets

Currently, the industry most interested in these tools is iGaming. We’re witnessing the birth of entire gaming platforms based on the blockchain, where each bet is validated through the response of the network nodes, where it’s possible to deposit and withdraw various cryptocurrencies, and even convert NFTs to gaming credits.

If you have an online business and are looking for a new marketing tool to increase the size of your customer base, you may want to consider blockchain and NFTs. Contact us for a free quote today.