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If you are not familiar with Pegaxy, it's a virtual pegasi racing blockchain game on Polygon which started few months ago. In this game you can rent or buy pega, winged futuristic creature in the form of NFT and race it against other competitors to win rewards in VIS (Vigorus) token.
I have joined this recently out of curiosity and a chance to earn some crypto. At first I was only renting the pegasi for racing. In the game, you can rent for profit share or pay rent fee and take all the rewards for a certain period of time, usually one day. Pegasi owners rent for 5% or mostly 10% profit share, which is very low and time waster and Guild owners can rent for 20%, 30% or even 50%.
Bought my own pega as an investment 3 weeks ago and I was ok with it as I calculated that I will return my investment and start making a profit in about one month.
But things change very fast and there were several game updates since then.
First they changed number of tracks from 12 to 15 in every race, which means lower winning chance. This translates to longer ROI time, but not much, instead of 30 days I'll have to race it for 45 days or so. But latest update changed too many things to fast. Let's see what happened and why players are furious.
New Pegaxy update allows you to fuse two pega horses and get new one with higher rarity. It's like breeding but the love is so intense both lovers die during the process :) So if you fuse 2 pacers you get rare pega, if you fuse two rare you get an epic pega and if you fuse 2 epic ones you get a legendary pega. And costs for fusing are ridiculously high. For pacers it's wooping 12,000 Vis tokens or, at current rate, it's $70. Amazing. These guys are so profit hungry it's insane.
But this is not what made the players go crazy, it's the new prize pool.
The new prize pool has actually 4 classes and if you are pacer owner, like the most small investors are - you are dead. Previously prize pool of 175 VIS per race is reduced to only 45. That's 4 times smaller reward. Even if you manage to fuse your pacers by paying insane fee and you get a rare pega, you are still in the lower price pool than before! You will get half the reward.
This is bad on some many levels that it's not wonder people reacting on Discord and everywhere like they are, raging and dropping the game. And the ones who are not are guild owners or optimistic noobs hoping VIS will pump 10x so they can make a profit.
Maybe Pegaxy should be banned. Here is why.
First let's see what is a Pegaxy? Is it a game, investment or gamble?
Here is one definition of what computer game is:
A game is a rule-based formal system with a variable and quantifiable outcome, where different outcomes are assigned different values, the player exerts effort in order to influence the outcome, the player feels attached to the outcome, and the consequences of the activity are optional and negotiable.
So according to this definition Pegaxy is not a game at all. In order to be the game the player needs to exerts effort in order to influence the outcome, which is not yet the case here, even though devs are constantly bombarding us with promises that it will be soon skill based game.
Now let's see another definition, the difference between investment and gamble:
In an investment, you are providing some individual or entity with funds to be put to work growing a business, starting new projects, or maintaining day-to-day revenue generation. Investments, while they can be risky, have a positive expected return. Gambles, on the other hand, are based on chance and not putting money to work. Gambles are highly risky and also have a negative expected return in most cases (e.g., at a casino).
So does buying a pega have a positive expected return? or with all the crazy updates they make, VIS price falling, hiding stat variables and roadmap is Pegaxy based on chance and not putting money to work.
Disclaimer: I'm not a financial advisor, I post only my own experience, so always do your own research on the subject before investing anything. Post may include affiliate links. Thanks for using them.