Are NFT Games a Fad?
Jul 24, 2022 | 0 Votes
by jose
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rate
The recent increase in the popularity of blockchain-based video gaming has stirred the gaming industry. Many have started to play and invest in it, but whether it can be genuinely considered as a gaming fad or not may need a bit more to discern.
A fad can be defined as something that many people follow in interest and practice for a certain amount of time with much enthusiasm. Usually, this could take a few months to several years, then gradually disappear.
Fads can range from what people eat, what they wear, what kind of music they listen to, and so many other things. However, one common aspect of fads is that it isn't long-lasting. Fads fade, and no matter how widespread public interest and thus popularity, it will soon wane. This is also true in the gaming industry, and judging by the many games and gaming technologies that have come and gone through the years, one can conclude that the success of today's games is somewhat based on fads or the existence of such.
Whether current Non-Fungible Token (NFT) games are a fad is somewhat speculative if not propagative of the idea and potential of using cryptocurrency as a global monetary alternative to the current paper and coin fiat system that the world's economy is based on.
Sadly, the creation of NFT gaming is to (and in all honesty) serve the purpose of switching the global economy into the blockchain-based monetary system that cryptocurrency followers are working to propagate and dominantly establish. There is nothing wrong with this per se, but at the current state and situation of the world's economy and its reliance on the old and well-established fiat/legal tender-based monetary system, it will take many, many years for the world to switch to the kind of futuristic completely electronic-based financial credit system seen in movies like The Fifth Element and so forth.
Whether we like it or not, NFT-based games are connected and based on blockchain technology and cryptocurrency. A cryptocurrency monetary value exists in the blockchain as data and does not have a physical representation itself. Even in electronic banking, your money transmitted electronically has a certified legal tender representation.
Your one dollar will remain your one dollar no matter how many times you transfer or convert it. It will always represent that paper one-dollar bill. The government ensures that it is yours (no matter what) unless you spend it. This system has been in place for as long as anyone can remember, and though it is not entirely perfect, it works well, and that's what we currently have.
Devaluation: the biggest risk
The cryptocurrency blockchain system can still be considered in its infancy and is currently very unstable. If one has a lot of money and is willing to risk investing or converting legal tender to any of the myriad cryptocurrency coins, it may or may not be wise. Only time will tell. Unlike real money, crypto coins are still limited as to why cryptocurrency enthusiasts have to mine or farm them. This can affect the value of the coins as to why the currency is quite volatile at the moment.
Investing in cryptocurrency or using it currently has the risks of extreme devaluation and loss of value. If a blockchain by some unforeseen events (short of an EMP blast) gets wiped out, there go your cryptocurrency transactions. Your money is data (no legal tender equivalent, not even gold or silver), so there is still a possibility (aside from such things as being scammed or defrauded) you may never meet it again.
Looking forward to the future
Maybe in the future, cryptocurrency would be the next great thing to sliced cheese when the Starship Enterprise is seen orbiting the Earth, and electronic monetary systems have unbeatable failsafe systems. With the understanding that today's blockchain technology can still be considered unstable and that NFT games have almost everything in them relying on the blockchain, to those who are into cryptocoins and blockchain use, the popularity of the gaming genre does look like an initiating fad.
However, there are still so many limitations in blockchain gaming. Many have made money from these play-to-earn games, but usually, those who have started to play a particular NFT game practically from the start. The current competitiveness of the games today and the gameplay system or design that it uses makes it very difficult for newcomers to break even.
NFT games are usually not free, and you have to purchase a copy to play, as to why the developers have made millions by now. By turning it into a fad using an investment-to-earning idea, again, in all honesty, a lot of people have taken the bait. Nothing illegal, though, as it presents itself as a win-or-lose investment. It's like buying those secret packages for a price and only finding out if you can use them or not when you open them up. As of now, NFT games were a fad and, to many (exceptionally those few lucky to make money from it), still are. For those who are just cautious, suspicious, or simply do not have the money to risk, NFT games would probably be more of a scam rather than a fad.
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