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5 Things You Should Know Before Investing In This Hot Trend Of NFT Games.
NFT, blockchain and Play-To-Earn gaming is undeniably the hottest trend right now in the crypto space that it even lift up the popularity of cryptocurrency even more.
Everything about NFTs and P2E (Play-to-earn) gaming had such made a very huge impact for the adoption of cryptocurrency anywhere in the world.
However, with such a very hot trend for NFTs and P2E games, it's merely unavoidable for everyone to still possibly get scammed. Hearing the word "Play-to-earn" is also a mirror of hope for "ROI", "Get rich" and "Easy money" where most P2E games are like that....in just a short amount of time.
With hundreds of new blockchain game right now, we could be in a very dilemma on what or where to invest where most of them promises a very promising returns with a hidden huge risk especially for newbies who were just dragged into cryptocurrencies thinking it's just an easy money for them.
In this article, I will be sharing things I do to avoid losing money as much as possible before taking the risk of investing with it.
Knowing the team behind the project doesn't literally mean that the project will always be a success. However, we are dealing with money in this space and we would want our money or investments to be in a safer place as much as we can.
The transparency of the team of the project is, personally, a necissity for that project in order to gain confidence from its investors. When the people behind the project gives clearance and transparency to its community, it can possibly heighten the chance for its project to reach it success as investors has its huge confidence about the project's potential.
In my personal observation, most people jumped into this P2E trend without even looking if the game has a good established and unique Whitepaper... nor does it even have.
Checking the game's Whitepaper will help you learn and understand about the game and how the game will work. In the Whitepaper, there you can find about the people behind the project, the project's roadmap, the tokenomics of the coin that they will use in the game.
Checking the game's Whitepaper can also help you to notice if the game has, if ever, similarities to the other games. Especially in the game mechanics and rewards mechanism.
So what would that mean if the game has a copied mechanism from the other game? Simple - It's a possible Rugpull.
This one is my personal favorite on how to being safe when investing in a new token.
I will use BscScan in this example but this is also applicable in Etherscan or other chains.
Before I put my money into the project, I always visit the BSCscan and look for the token's overview then check the token's wallet holders.
Why should you check it?
Whenever a new token is launch, the developers of the game should lock the Liquidity of the token in a smart contract.
So what if the Liquidity isn't lock? That would be bad. If the Liquidity isn't lock, the developers can easily dumped those tokens in the market making the price of the token to flactuate heavily - or what we call a Rugpull.
And making people lost their money. After dumping, the developers will leave its investors with just a worthless token.
Another thing is, never ever invest in the token where a certain wallet/s holds a huge percentage of the total supply of the token. In my view, a single wallet that holds at least 20% of the total supply is a huge red flag for me. Not unless the wallet is a smart contract, I will never ever jumped in where big whales/wallet are just waiting to dump their tokens.
I know this sounds odd but believe me, the more effort the developers put into the design for their website is a good way of showing that their project is not some shit waiting to pop.
The beautiful the design, the uniqueness about it and efforts exerted to it can be a good sign that the project is for real.
So why does it really matter?
If you haven't notice yet, right now in the crypto space and Blockchain gaming, new NFT games are launched everyday with a very bad website and UI design and those games only lasted for a week... luckily.
I'm not a web developer or some sort of a designer but according to what I have learned, making those poor designs (from scam NFT games) were so easy that developers doesn't or would not even care of abandoning it.
After dumping the devs token in the market making the project a Rugpull one, and since the project web design is poorly made, they wouldn't care about it anymore and will eventually create a new scam project and take money from the noobies - sad but this is a harsh truth now.
This one will be short, and I'll share this based on my experience from the first NFT games I jumped into.
Currently, most new P2E games have this wallet as a Reward Pool for players. All the earnings from playing the game will be taken out from this and this will not flactuate if more and more players come in to the game.
Sustainable or not?
No! Because this sounds like a ponzi scheme. The Reward Pool will only replenish if players, new or not, mint or buy NFTs.
So what will happen if no new players will come?
Simple. No rewards.
What comes next?
FUD from the community.
The game could end...or should be said a Dead game where early people got their returns already and profitting while newcomers are wrecked.
NFTs and Blockchain gaming might be the thing that can change your life, if you are lucky enough to spot a good and sustainable game. However, since this is cryptocurrency, a possible risk of getting wrecked is still there. So that's why don't invest the amount of money that will be needing in the next few days or months, or even years.