GameFi's popularity is surging, and scammers are noticing. Learn how to identify fraudulent projects in the space when deciding on your next investment.
Over the last couple of years, games using blockchain technology have been actively developing and attracting new players, and the decentralized games market — broadly referred to as GameFi — has gained great popularity.
Despite the bear market, the price of many GameFi tokens is growing today due to their NFT component as investors aim to make money on the resale of in-game heroes and digital items, rather than concentrating on the improvement of game mechanics. To participate in each round, users needed to pay with Squid Tokens. The game was scheduled to launch in November. Developers would receive 10% of the funds raised, and the winners of the game 90%. At the time of the token’s release, users noted that it was impossible to sell the purchased currency.
The smart contract is associated with the NFT. This sounds serious and professional; although, in reality, it is just a small piece of code. And this little piece of code can be anything, including a link that leads to a JPEG file stored on a central server. Indeed, the lion’s share of NFTs presently is just that.
It turns out that even if the developers of a particular game do not want to deceive the players, but really develop their project, they need to convince users of the uniqueness, freshness and point of interest of their project, and this is extremely rare.NFT scam games are often large-scale and premeditated. Most investors in such projects are not experts but beginners, and scammers take advantage of and lure inexperienced users with the help of advertisements and beautiful sites.
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