4 Common Misconceptions of Blockchain Gaming and Why They’re All Wrong
Let’s take a look at the 4 most common blockchain gaming misconceptions and set the record straight.
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.
The game assets that one usually acquires in traditional computer games, things like souped-up weapons, skins and clothing items, become tradable assets (like real life physical items) in blockchain games. Here, we’re talking about non-fungible tokens (NFTs). The genius behind the design of NFTs is twofold: they are unique and they certify ownership. Instead of these game assets being locked up in a particular game world, blockchain gamers gain ownership over their game assets across different games. This is because they are stored on the blockchain in the form of NFTs. Meaning, not only do blockchain gamers get the ability to own, trade and rent out assets, they can do so for a profit.
Which is the opposite definition of a scam to be sure.
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 The only problem is that this type of thinking is outdated.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?
Today, the majority of blockchain activity comes from newer chains. These blockchains run a proof-of-stake protocol which requires a lot less computational effort and therefore is way more energy efficient. Indeed, some chains use no more energy than traditional game servers. Blockchain games are not worse for the environment than regular MMO games. In fact, it is tipped that they will become better for the environment. In the near future blockchains will run on much more alternative energy sources and involve carbon offsetting. So, here’s to a greener tomorrow and a cleaner-powered gaming industry.
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.
When we are all doing our shopping, working and of course gaming in the Metaverse(s) we will need a new, authenticated digital currency we can rely on. And NFTs fit the bill perfectly. Experts predict that NFTs will likely become the go-to digital currency of life in the Metaverse. And once you get past the fanfare of multi-million dollar NFT sales, the real significance of NFTs may be seen. They can help forge the beginning of a new type of human society in the Metaverse(s). Not only will they allow for trade and enterprise on the free market, but they’ll also authenticate ownership and thus help businesses to thrive and profits to be made. As early adopters, blockchain gamers are well placed to reap the real value that NFTs will surely provide in the years to come.
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.
Let’s be frank: most people these days lead stressful lives in which they have little free time. Playing games is meant to be fun. An escape from the normal world. Maybe you just want to acquire in-game assets to level up or fit out your characters quickly to avoid the hassle and time required to grind a game for hours upon end. Buying or even renting in-game assets from other, more established players lets you skip over the early stages of gameplay. That way you get to do more of what you actually came to the game to do in the first place: have fun!
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!
At NeroVerse we’re bridging the gap between metaverses to curate an expansive, cross-world experience for gamers, developers, artists, and NFT enthusiasts alike. That’s why we’re excited to introduce the NeroVerse Marketplace. Not only is the NeroVerse Marketplace your gateway to buying and selling NFTs, it also allows you to discover the next big thing in NFTs before anyone else!