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Non-fungible tokens or NFTs have been on the rise lately, and they don't seem to be stopping anytime soon. Last year there was a massive bloom, and we saw NFTs sell for millions due to its popularity. Nft games have existed quite earlier than many assume,, but more games have popped up lately due to the massive popularity NFTs have gained.
Currently, NFT games features come in the form of NFTs including virtual game land, characters, and even tools which requires gamers to purchase to enjoy. However, the value of the game related to these NFTs are limited to how much longevity and popularity the game enjoys. This means should people decide not to play or simply stop fancing these games, the value reduces drastically. This can as well be likened to the typical pump and dump scheme many projects suffer from.
Many developers see this game as another opportunity to make more money while tricking gamers into buying exclusivity. What's the point of exclusivity without value, and this is the question every investor and gamer needs to ask before buying in. For example, should a game require 3NFTs to mint tokens or unlock new levels and one as at the time of popularity cost $100, when the odds are no longer exciting and the value drops it might as well go for $10. Even though many legit developers fight to keep the game relevant, some fail because there are so many other games that are very similar in goals and features. This because many developers fail to create more unique projects, hence killing the excitement.
A very popular pump and dump scheme is that of Evolving apes, an NFT based fighting game with 10,000 unique ape characters to choose from. The game is based off apes trapped inside a lawless land fighting for survival in which only the strongest ape would prevail. The developer called Evil Ape vanished with the money raised at the NFT auction just one week after the project was announced, which was about 780 ether ($2.7 million).
The developer took advantage of the popularity as well as the trust people managed to put in NFT games. Future legit NFT games with similar concept might be ignored due to the bad taste evolving apes has left them. The evolving ape scandal is just one out of many other scams that have taken place in the NFT gaming world. For some developer, they started with good intentions in mind but eventually packed up and ran off. This was because they realized the project wouldn't do just as great as they thought and the smartest option that came to mind was to grab as much profit and run for the hills.
It is important that investors and gamers understand that NFT games aren't the safest place in the crypto space. Scams and rig pulls still happen, and they must do extensive research before investing. Sticking to popular and credible NFT games might be the safest right now, as it will reduce the likelihood of falling for these scams and loosing money. If that new game excites you so much,, please don't forget that excitement isn't enough reason to invest in a new project.