In practical terms, as NFT games based on blockchain technology are gaining more popularity, so are some associated myths. Therefore, these myths, misconceptions, and misunderstandings of blockchain technology need confrontation, including play-to-earn NFT games. And perhaps, we will discover convincing reasons why you should discard these myths and discover the truth.
The Myth that Blockchain involving NFTs are bad for the environment
A widely believed myth about blockchain technology involving NFT Games is that they are dangerous to the environment. This single Myth came from the first two widely accepted coins, Bitcoin and Ethereum. The two cryptocurrencies have proof-of-work protocols that require some amount of energy that may be bad for the environment. learn more bout NFT Games at https://bltzr.gg/nft-games
However, these blockchains are only a tiny fraction of the entire blockchain activity going on continually. And since the newest cryptocurrencies on which the NFTs are built utilize a proof-of-stake protocol instead, they become more energy-efficient. In other words, the new chains use as little energy as the traditional eCommerce or game servers.
Moreover, there are up to 25 million individual daily transactions across all blockchains. At the same time, Ethereum only represents less than 1% with its 200,000 counts. So, suppose you keep your protocol as a proof-of-stake like WAX. In that case, you can retain a low energy consumption, which will not be any different from conventional game servers.
The Myth that NFTs and Blockchain are scams
Like any other server architecture, blockchain technology is admissible in storing, processing, and communicating digital information via tokens. And although it is similar to the standard data and communication technology that can be used for scams, there is no direct proof that blockchain is used for a scam.
Notably, the ownership of NFT as a digital art makes it unique and applicable to one person at a time. But even putting aside that debate of request, we can focus on the use case of NFT games and blockchain technology as a means to earn while you play. Moreover, the owner of the digital wallet needs to validate the access to the wallet tokens within the game.
In the NFT gaming system, the player holding the NFT reserves the right to utilize any in-game item, resource of rendered service as long as it seems due. However, the players also have the right to sell or transfer the possession of an NFT gaming token to someone else outside the game for real money. You may like to think of it as a way to bring your virtual income alive.
The Myth that creating real money is more accessible than in-game trading systems
The first perpetrators of this Myth are those who hardly understood the items and elements involved in the actual money marketplace. As a result, this incomplete and inaccurate information led them to assume some core technical lies. Indeed, it may be difficult to understand specific dynamics at some technological level.
But we will need to consider legal and regulatory issues involved in actual money transactions between each player on the NFT platform to judge. Many of these myth carriers may not be aware of them. For example, many jurisdictions require special licensing and regulations such as Know Your Customer, KYC, Anti-money Laundering, and tax reporting.
This complexity may also discourage game companies who lack the resources or the required expertise to manage them. On the other hand, the designers have integrated a system where players can take those in-game items out of the video game and sell them in marketplaces. This process also shifts the responsibility away from the developer into the marketplace operator.
The Myth that questions the sustainability of Play-to-Earn NFT Games and that only Gamers who want to make money are interested
People are fond of generalizing ideas as though it applies to everybody when indeed, it hardly has a following. One of such ideas evolves in many stories associated with the report that only people who want to make more money play these NFT games. For instance, the Myth has it that players are only from certain countries, such as the Philippines, India, Brazil, and Venezuela. If only you consider the early and straightforward NFT games, one may think so.
The Myth even added that NFT games have no relevance or connection with real fun. But they fail to acknowledge that many of these play-to-earn games had existed for decades. They used to live as skins trading and gold farming platforms. And by so doing, we are beginning to address the question of its long-term sustainability.
However, people could not persist for this long if only it was about making money. The play-to-earn platforms are based on an equilibrium between the buyers and sellers. So instead of gold farmers selling to other farmers, they sell to real players. And from there, they can get rising demand and a thriving market with willing and ready buyers.
It also brings the developer or designer into more limelight for higher visibility essentially in terms of economies. This system also encourages balancing playing the game to earn tokens and using the token for actual money transactions. Also, players have access to a more robust, secure, and above-board process for making these digital transactions.
On a final note, demystifying these myths has been no small job because the article contains some intense research findings. As the digital stakeholders consider some of these issues, they can adjust accordingly. Moreover, when users are committed to the NFT gaming system, they get full entertainment. They can earn good money as a reward for playing. The associated companies with regards to the security and reliability of the system. Anyone should also feel free of contending any of these myths or anyone you consider not to follow.