What Can We Learn From The Crash Of Yet Another Crypto Game?
Just like cryptocurrency itself, crypto games are volatile and unpredictable, and similarly all the money invested can vanish overnight. When a crypto coin crashes, investors either take a total or partial loss in the value of their coins.?
The money raised for the development of crypto games can also be here one second and gone the next, as has been proven time and time again.?
The latest crypto game to go under and take all its funding with it is “Untamed Isles”, a monster-taming MMORPG created by New Zealand-based? indie game company Phat Loot Studios.?
According to PCGamer, the? kickstarter for the game’s development raised an impressive $841,000 NZD, or $527,000 USD, well over its original? $200,000 NZD goal.?
Despite making substantially more than they said? they needed, the company is unable to complete game development or issue refunds to its Kickstarter supporters.?
This isn’t the first crypto game to suddenly stop development and disappear, and it won’t be the last.?
How To Avoid Falling Victim to Crypto Game Scams
Despite the intentions of the game developers, if backers don’t receive refunds or access to the game they backed, it’s reasonable to assume they’ve been scammed. Unfortunately scams run rampant in the crypto world, and it can be tricky to avoid falling for one.?
There are a few things you can do to try to protect yourself (and your money) from crypto games that likely won’t reach completion, or otherwise provide you with what they promised.?
CoinTelegraph points out that most crypto game scams are large-scale projects that are generally too advanced for the beginner-level developers trying to create them.?
These elaborate projects usually come with tons of advertisements and extravagant websites to lure unsuspecting backers.?
Unfortunately, those intricate ads and sites are smoke and mirrors, covering up the inexperience of the development team and the unlikeliness of the project ever being finished.?
You Should Be Able to Access the Team’s Past Projects
If you can’t find any other projects by the game’s team, it could be a red flag. If there’s nothing else by the team online, how do you know what they’re actually capable of or if they have what it takes to make a successful game??
Of course, this isn’t foolproof as plenty of good teams have to start somewhere, and beginners still have the potential to create amazing games. But, if you want to stay on the safe side, it might be best to stick with companies that can show you an impressive resume.?
What is Their Marketing Like?
If there’s no interaction on their social media posts, or they don’t seem to have a meaningful social media presence besides suspected multilevel marketing (MLM), they might be a scam.?
While you’re researching what you can about the company, pay attention to any reviews the company might have online and what other people have to say about them.?
Of course reviews can be manufactured by the company itself, but it’s a useful way of getting as much information as you possibly can before making your educated decision for your money.?
It’s a lot easier than you might think to fall victim to one of these crypto scams, but using the advice above and doing as much research as possible into the company will help lower your chances of being scammed.?
Article Link - What Can We Learn From The Crash Of Yet Another Crypto Game?
--------------------------------------------------------------------------------------------
Author