cant tell very well from the pick, but it looks like an old shed has constricted the tip of the tail?
i got a water dragon a while ago and poor thing was never given enough water to soak in, when he had his 1st shed with me i helped him shed off atleast 4!! layers of old skin. if you soak him you can help peal off the dead skin (if thats what it is)
though i have seen some lizards with funny nobbly bits at the end of their tails