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Exciting Developments in Blockchain Technology You Should Know About

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Central Bank Digital Currencies (CBDC) are gaining more attention as central banks generate digital coins rather than using decentralized currencies as a medium of exchange. Taiwan has announced plans to create its own CBDC in June 2022, joining a long list of countries creating digital currencies. Non-Fungible Tokens (NFTs) have been a recurring topic in the mainstream world since 2021. The NFT market is projected to reach a value of $231 billion by 2030.

Gabriel Mangalindan

To Technology, AI, Startup, Blockchain

Blockchain technology has evolved significantly from digital currencies used for payments to digital assets and blockchain games. Let’s take a look at the exciting developments in the blockchain industry this year.

Central Bank Digital Currencies (CBDCs) Get More Attention

Cryptocurrencies have the potential to revolutionize the way companies pay their employees, already accepted as payment for a wide variety of products and services around the world. , could be a major driver of the acceptance of cryptocurrencies as a legitimate payment method in the future. Therefore, another potentially fruitful area for the development of blockchain technology is the introduction of the idea of ​​a national cryptocurrency.

These government-controlled digital tokens are known as Central Bank Digital Currencies (CBDC). The CBDC concept revolves around central banks producing digital coins rather than choosing to use decentralized currencies as a medium of exchange. This trend also seems to be gaining momentum.

In June 2022, Taiwan announced plans to create its own CBDC, joining a long list of countries creating digital currencies. The Bank of Thailand also plans to test a retail CBDC by the end of this year. As a result, users may soon be able to conduct financial transactions using government-regulated digital currencies, which could theoretically replace cash as fiat currency in the future.

Non-Fungible Tokens (NFTs) Still Popular

One of the most significant innovations in the blockchain ecosystem in 2017 was non-fungible tokens or NFTs. NFTs have been a recurring topic in the mainstream world since their popularity surged in 2021. NFTs have sold millions at auction, and the technology is still popular in his 2022.

Non-fungible tokens are unique blockchain tokens that cannot be exchanged for each other due to their uniqueness. This encouraged developers to link these tokens to unique works of art such as Bored Apes and real-world assets.

NFTs, like blockchain technology, have far greater potential than the use cases they first attracted attention to. For example, ticketing platforms are considering using NFTs to create digital tickets to combat fraud and ticket scalping. Crypto games are another popular vehicle for NFT technology. Play-to-Earn games like Axie Infinity have helped NFT games rise to the limelight.

P2E games work by allowing users to earn tokens by completing missions and battling other players. For example, in Axie Infinity, she rewards players who join her in combat with her Smooth Love Potion (SLP). Combat is conducted using NFT creatures known as Axies, and P2E initially gained popularity in countries such as the Philippines. However, due to the poor experience of the players, there are currently negative feelings. Nevertheless, experts still believe that P2E games have a lot of room for growth. In fact, the NFT market is projected to reach a value of $231 billion by 2030.

Conclusion

The blockchain industry continues to grow, and with this growth comes new innovations and developments. I can’t wait to see how the new developments bring to space in the years to come.

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