NFTs have come under scrutiny a lot in recent times. With their ever-growing popularity, there has been a lot of talk surrounding this revolutionary tech. However, as awareness and education about NFTs grow, so do misconceptions and misunderstandings. Given the novelty of NFTs, it is only to be expected that there are a lot of myths regarding their definition, use, and applications. But with them set to be a key part of the future, it is important to analyze all their potential and the first step to do that is to be properly educated.
Here are a few common myths about NFTs along with how they’re inaccurate.
Myth VS Fact
The first one is that NFTs are a type of cryptocurrency. This is false because while both are built on blockchain technology, NFTs are non-fungible and unique by definition whereas cryptocurrencies are exchangeable.
The next pertains to the worth of NFTs. They are commonly thought of as being overhyped and without utility. The truth is that they allow artists and creators to monetize their work while providing users with a wide range of utilities. Case in point: Play-to-earn NFT Gaming Marketplaces. By simply buying a few NFTs and playing a game, you could potentially earn money, turning gaming into a viable side hustle.
Something that has given NFTs a bit of a bad rep is their image of being a scam or a get-rich-quick scheme. The reality is that while there may be a few who want to take advantage of innocent people, the tech itself is absolutely legitimate.
Closing Thoughts
Since NFTs are just climbing in popularity, it is understandable that there are misconceptions that are abounding. However, with a potential investment such as this, it is always best to be well-informed and educated about the truth behind the tales, and separate fact from fiction. In that regard, we hope this helped.
