Top 5 Myths & Its Truths Over NFTs You Need To Know
There are more dark myths and wonderful claims people make about NFTs. Among them, some are positive and some are negative, inappropriate leading to misunderstanding and misinformation about NFTs.
It is weird to hear that representing NFTs as a massive pyramid scheme spanning the entire world. Yes, there are still more dark myths and wonderful claims people make about NFTs. Among them, some are positive and some are negative, inappropriate leading to misunderstanding and misinformation about NFTs.
And now, It's time for myth-busting!! Buckle up and proceed further.
Myth 1: Do NFTs Have Real Intrinsic Value?
There are huge of people whose concern over NFTs is, “It doesn’t have any true value, It's just all fad”. In the same sense, it is more important to note that NFTs are non-fungible (i.e) irreplaceable and interchangeable, which symbolizes that the ownership of the NFT is sole with one person.
All NFT and digital asset trades are processing on the blockchain, there exists a ledger that cannot be modified and replaced, hence the true ownership of a digital asset or an NFT has set in one stone. Any other copies created online are just fake. ‘
At the same time, there can be several copies of the same NFT, but there will be only one original piece. High-end art pieces throughout the world are the best examples of it. And more importantly, NFTs attain value from an overall underlying value and assures for future value. This adds value to digital assets and NFTs.
Myth 2: Is An NFT Just A Digital Art?
Thought of some people is like, NFTs are only digital art. Such people believe and convey their thought as true. However, it is good to know that, NFTs are not just digital art. Beyond that, NFTs can come in the form of Podcasts, Music, Properties and anything that can be anything.
The following are the things that can be transformed into NFTs
In-game assets ownership
Music and other forms of media
Real-world assets (properties)
Big sports moments
Collectibles like trading cards
This lets a huge of data to get stored in the blockchain resulting in easier and safer information storing.
Myth 3: Is NFT Minting Not Eco-Friendly?
This seems to be a prolonged concern about the industry over the years. This concern was raised from the fact that “ NFT trades take a huge amount of energy because of the constant mining. It is vital to mention, Ethereum blockchain-based NFT trades do not consume more energy and remain eco-friendly for sure.
Blockchains like Cardano and Tezos which undergo proof-of-stake to process their transactions will consume less energy as a whole. If Ethereum will be completing its transition from the mainnet with the Beacon chain, then energy consumed is -99.95% less energy.
However, the industry has a good awareness of its impact on the planet, they are taking some significant steps to enhance it overall. Several miners have shifted to countries that have more inexpensive energy as well as countries that harvest energy from renewables.
Myth 4: NFTs Let To Get Rich Quick?
The rapid growth in returns for NFTs has implied that anything in the world of digital assets offers insanely high returns within a short span of time. This was the hard truth about NFTs ever since its arrival. As a result, some people believe that it is a Get Rich Quick Scheme, while some naysayers consider it a complicated cyber scam.
But the thoughts of naysayers over NFTs are definitely wrong. NFTs are not an Interest generator platforms or a scammer to generate revenues. It gives ownership to your digital collectibles, prevents them from being copied and theft as well as transparent over their actions.
Myth 5: Are NFTs Easy To Theft?
With the naysayers, there is a general misconception that NFTs are easy to copy as well as easy to theft. This is because it is easy to view, open and search for on the Internet. This is absolutely a myth Since the metadata in the NFT controls the overall ownership of NFTs. As well, there is not even a narrow way to steal NFT, because it works with blockchain technology. Any information stored in the blockchain cannot be modified or rewritten. With this essence in NFT, it stores authentic and enduring data regarding the digital collectible for every NFT purchase. The records comprise the information of the creator, owner, and co-owners as well as all other essentials.
This implies that it is easy to view and search NFT, but impossible to copy and theft NFT because its data is integrated with blockchain. If anyone tries to copy and steal the NFT, the database concludes it is original or fake to the other end.
Hope, now you have cleared the NFT myths that have survived so far with the assistance of naysayers. In the same way, there are many people trying to scam you out of your money. If you are having the desire to invest in NFTs, then make strong research to pick the best NFT Development Company and acquire the best NFT Development Services.
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