With the rise of blockchain and cryptocurrency, a new type of gaming has emerged: play-to-earn games.

In a play-to-earn game, players can earn real cryptocurrency or other rewards for playing the game.

At least, that’s the promise.

This new model is unlike anything we’ve seen before, and it’s causing a lot of confusion.

There are a lot of myths and misunderstandings about play-to-earn games.

In this article, we’re going to bust 4 of the biggest myths about play-to-earn games. Keep reading to learn the truth about play-to-earn games!

Myth 1: You can get rich with play to earn games

Making money while playing a game for the rest of your life?

Sounds like it’s too good to be true.

Well, just because it is!

There’s a common misconception that you can get rich quickly by playing “play to earn” games. Unfortunately, this simply isn’t true.

While you may be able to generate some extra income by playing these types of games, it’s highly unlikely that you’ll ever become a millionaire by doing so.

Because when we look at the current play-to-earn games, we don’t see sustainable tokenomics and game economy.

The problem is, even with the most popular ones, the rewards that the game gives investors or gamers create heavy inflation after a while.

Because of that current play-to-earn models always needs a new person to join the game.

There’s a great chance that we will have games that have a sustainable game economy, games that don’t depend on the new investor.

But even that, you won’t be rich by playing games.

That’s for sure.

Myth 2: All You Have to Do is Play Games

Another miscomsamtion about play-to-earn games is that when you enter the GameFi world, all you need to do is just play.

That is simply not true.

First of all, for most games, you need to invest money in the game to play and earn money from it.

This usually involves buying NFTs.

But this mechanism brings an entry barrier for gamers. If you don’t have a few thousand dollars to throw then you can’t access to game begin with.

That’s why it is safe to assume that there will be more “free-to-earn” games in the future of GameFi in order to reach millions of gamers around the world.

Besides that, when you enter a blockchain game you need to understand general concepts about crypto, like staking, metamask or harvesting which is different than a regular gaming experience.

Because of these reasons, we can’t easily say “all you have to do is play.”

This is one of the most common false impressions about play-to-earn games.

Myth 3: Play to Earn Games are not Ponzi Scheme

While there are many different play-to-earn games out there, most of them are not really different than Ponzi schemes.

For now.

In a Ponzi scheme, players are promised rewards for playing the game, but the rewards are actually paid out of the money that other players put into the game.

This means that the game eventually collapses when there are not enough new players to keep the scheme going.

So why do people keep falling for these schemes?

Well, because the rewards can be very tempting.

Players can earn money by playing these games, so they are willing to take risks.

The bottom line is that play-to-earn games can be a great way to earn some extra money. The main motivation should move into the game experience itself, as it would on a regular game.

Myth 4: GameFi Doesn’t Have a Future in Gaming Industry

The concept of play-to-earn in the gaming industry is not new. In fact, it has been around for quite some time.

However, it is only recently that the gaming industry has started to fully embrace this model, with the rise of blockchain and cryptocurrencies.

And there are many good reasons for this.

For one, play-to-earn allows gamers to be directly rewarded for their time and effort.

This is unlike the traditional model where gamers only receive rewards if they manage to win. With play-to-earn, even if a gamer does not manage to win, they can still receive rewards in the form of in-game items, currency, or even real-world money.

Secondly, play-to-earn can help to foster a healthier gaming community.

The ownership is a significant value propositions for gamers and game studios. Which can be can be processed with blockchain technology.

Rather than being driven by the need to simply earn more virtual currency, gamers are motivated to play by the desire to improve their skills and earn bragging rights.

This can lead to a more supportive and positive community, which can be beneficial for both game developers and gamers alike.

Lastly, for game developers, play-to-earn provides a new revenue stream that is not reliant on traditional means such as advertisements or microtransactions. In addition, play-to-earn can help to increase engagement and retention as gamers are incentivized to play the game more.

Because of these reasons, GameFi and blockchain gaming will have a place in the gaming industry.

Major or insignificant?

Well, nobody knows yet.