Tuesday, March 28

Play to lose: CryptoShips and PirateCoin sink 98% and leave investors in hand

Cryptocurrencies from two games involving boats and pirates have plummeted 98% in recent days, marking the possible end of more game projects that promised to pay players.

The crypto game market has attracted many gamers and streamers to the cryptocurrency ecosystem. For this, with promises of daily payments, many new tokens were created.

With many entering the market amid high demand, many did not expect that they would face a scenario of frequent scams, which practically happen every day. That is, games with promises of winnings arise and die daily.

In recent days, for example, the death of the games CryptoCars, CryptoPlanes and CryptoGuards drew attention after the game promised a metaverse and possibly applied a rugpull blow.

CryptoShips: Game Boat Cryptocurrency Loses 98% in Less Than Two Months

In late January 2022, three click-to-win (or lose) games shut down and left players in search of some explanation.

Now CryptoShips has also started to plummet, losing 98% of its price in less than two months, according to information from CoinGecko.

As its game system was similar to that of CryptoCars and its brethren, despite not being from the same company, it may have suffered from the same distrust of players regarding its future.

In the Brazilian community of CryptoShips, which brings together more than 23,000 players, many are already regretting the damage to the boat project, which is starting to collapse with the decreasing price.

It is worth remembering that many Brazilian crypto game youtubers praised the project and even published heavy investments in it, but none of them spoke out about the game’s demise.

Brazilian CryptoShips community begins to give up on the game, which only loses in its price /Reproduction

Pirate-themed game also sees cryptocurrency plummet 98%

Another game that practically died this past weekend was PirateCoin, which was a pirate-themed game and promised to be one of the biggest NFTs games of its kind.

However, both Certik and PeckShieldAlert, two smart contract code auditing firms, have issued warnings for their communities to avoid exposing themselves to this game, which has lost 80% just last weekend.

The PirateCoin game promised to be a pirated RPG on the Binance Smart Chain network and even considered creating an Autonomous Decentralized Organization (DAO) to manage its ecosystem, giving up of possession of the contract. But this is not clear if it is just a form of exit-scam that may be being practised.

“Our team is still working on DAO to compensate the community. We will give up ownership of the contract and hand it over to the DAO.”

That is, more NFTs games have probably died in recent days, as, with a 98% drop in their market values, customers are unlikely to remain active in the ecosystem. These two examples once again remind investors to beware of promises of gains in this sector, which is still new and full of risks.