GameFi Cheats: How to identify toxic NFT gameplay

GameFi Cheats: How to identify toxic NFT gameplay – Mail Bonus

For the past two years, games using blockchain technology have been actively developing and attracting new players, and the distributed gaming market – commonly referred to as GameFi – has become very popular.

The GameFi industry started again in 2013 and since then the ball has been evolving slowly, but in 2021 the popularity of distributed games exploded along with the boom in inflexible symbols (NFT). According to DappRadar analytics service, the total value of one of the game’s most popular blockchain bases, Axie Infinity, is over $ 550 million.

But the GameFi industry has its problems. Many tasks often “start” regardless of the level of development of the game.

And while Bitcoin (BTC) price developments may increase or decrease the performance of GameFi projects, it is not necessarily a direct correlation.

Despite the bear market, the price of many GameFi icons is growing today due to their NFT share as investors aim to make money from the resale of heroes and digital items in the game, rather than focusing on improvements to game theory.

When choosing a GameFi project, it is worth considering the marketing and technology aspect: How active the project is presented and what benefits the project symbol provides to its participants.

However, beware of promises that are in the air from GameFi token projects, as there is a lot of cheating in the space.

One of the biggest GameFi scandals was in the fall of 2021 when the Squid cryptocurrency was based on Squid game the show collapsed to almost zero after rising to $ 2,800.

The icon, which was based on but not related to the Netflix series Squid gamefirst appeared in October 2021. This was a cryptic game that would consist of six rounds, similar to a deadly competition in the series’ plot.

To participate in each round, users had to pay with Squid Tokens. The game was scheduled to start in November. Designers would receive 10% of the collection and the winners of the game 90%. When the token was issued, users pointed out that it was impossible to sell the purchased currency.

Furthermore, observers became skeptical when it was revealed that there was no public connection between the character, Netflix and the show’s creators, so they began to warn users of possible fraud. When such warnings became widespread, the fraudsters immediately withdrew all the money. According to some reports, the scammers got away with $ 3.38 million in total.

The leaders of the “classic” gaming industry are very skeptical of GameFi and tend to avoid the industry altogether, which is a sign of caution for users. In February 2022, Gabe Newell, CEO of Valve – one of the largest video game manufacturers in the United States – commented on his company’s decision to stay away from the GameFi sector.

Newell argued that games with NFT and blockchain mechanics are “superficial and weird” and that NFT authors and projects are “not people you really want to do business with.

Newell added that there are reportedly unrestrained cases of fraud within the NFT sector, stating that due to the instability of token prices, players do not even understand when and what to buy.

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Tim Sweeney, CEO of Epic Games, joined his colleague earlier this month by calling Fortnite Token a scam and claiming that the company was preparing a lawsuit to close it. However, the authors of Fortnite Token responded by describing it as a fan-made project with no particular owner or company behind it. Fortnite Token first appeared in late 2021 and was undoubtedly trying to connect with the blockbuster Epic Battle Royale game.

How do NFTs fit into games?

To understand GameFi, one should familiarize oneself with NFT and their integration with smart contracts. NFT is a property where a digital receipt is placed in a blockchain.

The smart contract is connected to NFT. This sounds serious and professional; though, in reality, it’s just a small piece of code. And this little piece of code can be anything, including a link leading to a JPEG file stored on a central server. In fact, the lion’s share of NFTs is currently.

A smart deal, used to “format” an NFT object between games, is not a versatile tool. It does not contain models, textures, lighting, sounds, animations, etc. making it easy to transfer an item or character from one title to another. So for the integration of two games to work, these games must be built, run, and maintained through a single infrastructure or game console. Such integrations do not currently exist in the gaming industry.

Furthermore, an NFT game can only work if it has a large group of users with its own economy, where players can buy and sell items in the game in the form of NFTs. However, many traditional games already have such an economy.

Eve Online, for example, sells and buys ships for real money, while Counter Strike: Global Offensive pushes up apartment and car prices. In general, NFTs themselves have no value and it is the task of the NFT owner to convince users that their assets are worth real money.

It turns out that even though the developers of a particular game do not want to deceive the players, but rather develop their project, they need to convince users of the uniqueness, freshness and places of interest of the project, and this is extremely rare.

How to spot a cheat game?

NFT cheats are often large-scale and well-considered. Most investors in such projects are not experts but beginners and scammers take advantage and attract inexperienced users with the help of ads and beautiful websites. Users should therefore pay close attention to some details (explained below).

Team of the project

Designers of professional projects always have accumulated experience. Their biographies are easy to find on the internet, with a track record of how successful their previous ideas were.

However, there are many serious games in GameFi that are launched by anonymous teams. Little information can be found about them because they are hidden behind nicknames or pseudonyms.

Reviews of professional systems

When researching a project, you should never rely on advertising slogans. It is better to read reviews about them on independent professional systems. The blockchain community responds quickly to the emergence of new projects. Within a few hours, all ideas will be analyzed from all angles.

But cheaters have adapted and figured out how to deceive users. Some teams skip projects by writing positive reviews about the company on third-party sites. They pre-register hundreds of accounts on large forums under the guise of real users. When an order is given, they send the text prepared according to the training manual. So investors can not rely on reviews alone.

Projects on social networks

Be sure to check out the project’s community network and follow the number of people involved in their chat and comment activity and the nature of the message. There are no secret projects without users.

Clever deal

The easiest way to check the project’s smart contracts is to use resources like Etherscan or BscScan. The Block Surveyors will provide you with information about when the project was created, launched, how many users it has, and how many tokens were issued.

Future income of the project

Every project is created to make money and it is important to understand where the value added comes from. An individual should not invest until he understands the source of the project’s profits.

Online marketing

There are many GameFi projects that are based on multilevel marketing (MLM) systems. This is similar to classic online marketing, which is not a scam in itself. A large number of good projects have used MLM to attract new users, but if the project has no source of income other than online marketing, then it is probably a scam. In addition to MLM, there must be value-added strategies. Actual projects can not without reason promise users high proportions of profits.

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Ethan McMahon, an economist at Chainalysis, told the Cointelegraph that one should keep an eye on the links that appear on the project’s website:

“Scam projects like Squid Game often start with just a white paper, a landing page, and a symbolic listing of key cryptographic exchanges. They may present counterfeit collaborations, non-existent employees and / or stolen or pre-purchased 3D images. Other possible red flags include typos and broken links. Of course, it’s also worth checking to see if you can actually play the game. If not, it could be a pump-and-dump or rug-pull system.

Although the NFT gaming market is certainly overrated, NFTs as an investment have not yet reached their potential. NFT needs to be understood more broadly than believing that they are just things you get after countless hours of grinding. Negative bias towards NFT games among skeptics was formed precisely against the background of volatile asset trading without clear use cases.

NFTs can and should have intrinsic value. In order for the NFT market to develop, a strong connection to real assets and services is needed.

Pedro Herrera, Head of Research at DappRadar, believes that the future of cryptocurrency games is bright and indicates that it could continue without NFT:

“In my opinion, blockchain games will be huge, but we are still a few years away from seeing a real mass adoption event. Traditional gaming is a $ 60 billion industry where people spend about $ 20 billion a year on game purchases such as wearables, guns and skins. When the first blockchain AAA game combines a good gaming experience with cryptocurrencies, we will see traditional players, purists, turn their attention to blockchain games. And also, it’s Web3 metaverse where MMORPGs become the dominant way to interact and play. So, the future of blockchain gaming is bullish. As for scams, it will probably be a couple, but it’s more common to see them in NFT.