4 Common Misconceptions of Blockchain Gaming and Why They’re All Wrong

Misconception #1: NFTs and Blockchain Gaming is a Scam

No. Game developers are not going to run off with your investment. And blockchain technology by nature is not a scam. You can think of blockchain technology just like any technology, be it telephones, TV or letter-writing. And like all forms of tech it can be used by those who wish to scam and cheat. However, blockchain technology differs in that it actually democratizes access to the recording, trading, and communication of monetary assets. This means it puts real value and control back in the hands of the gamer.

Misconception #2: Blockchain Games Burn Too Much Dirty Energy

The logic behind this claim goes something like this: NFTs are tied to cryptocurrencies and mining cryptocurrency consumes a lot of power. The only problem is that this type of thinking is outdated. It stems from the fact that Bitcoin, the first blockchain that was widely adopted, is a huge energy consumer. Because it utilizes what’s known as the ‘proof-of-work’ protocol which involves vast amounts of computing resources and consumes a lot of electricity. However, Bitcoin is only one of the hundreds of available blockchains out there. And Bitcoin cannot even support NFTs. So let’s just keep moving on, shall we?

Misconception #3: Most NFTs Will Lose Any Real World Value Over Time

Some traditional investment analysts hold reservations about the ability of NFTs to sustain their value in the long run. They point to the potential problem of market saturation claiming that an oversupply of NFTs could dry up their demand. However, this viewpoint fails to take into consideration one major factor: the future.

Misconception #4: Play-To-Earn (P2E) Gaming is only for Hard Core Gamers Who Want to Make Money

You’ve probably already heard of people making their living playing blockchain games. However, this is not the only benefit of play-to-earn gaming. Another major advantage is that NFTs and blockchain gaming are legitimizing the already existent grey world of skins trading and gold farming. Play-to-earn gaming sheds much needed light on this already operational market. It empowers gamers with a safe and legitimate way of making in-game transactions from other players. And it gives gamers ownership over their hard-won/bought game assets. Even if the blockchain game eventually dies you still own an NFT that you can trade for real world value.

Final Thoughts

The craze for NFTs and blockchain gaming doesn’t appear to be going away. That’s because it will revolutionize not only how people play games online, but also how we buy and sell. People who still have reservations about the awesome power, legitimacy and sustainability of this new technology had best get on board or get out of the way. Unless they want to look like someone who still tries to pay for everything using a check book!

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