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More than 75% of web3 games failed
(www.coingecko.com)
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this post was submitted on 30 Nov 2023
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Gaming
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A bunch of cryptobros who don't really have an interest in playing video games started to think "what if everything in a game was a cryptocurrency, and what if instead of playing for fun, you invested in the game to earn more money?"
Seriously, "play-to-earn" is the thing they want to make happen. They took all those boring trends that make shitty microtransaction-fests feel like a job, and they saw a future where stuff like this would actually be your job.
Someone should have told them Texas Hold’em already exists.
I guess in a world where you can get paid to do surveys all day, why not? It sounds intriguing, and there’s enough regular financial management sims that I could see it working somehow, but apparently not yet really. Be interesting to see the ones that didn’t fold and why they’re still around. Though that could just be because of people willing to part with their money.
Difference I can see with traditional gambling (e.g. Texas Hold'em) is that it's not in the instant, they actually want you to speculate on virtual "ownership" and spend now while it's "cheap" to earn later in a totally happening glorious metaverse future. Yes, it's very pyramid-y in nature.
Some of these "games" are empty shells of of a virtual world where you buy plots of land and then expect it to become more valuable, maybe build a virtual store or boring asset-flipped "resort" on it, rent part of it to someone to do the same, etc. They're landlord fantasy. Except some may really believe in it.
If you've got the time, Dan Olson made a pretty good video about that stuff :
https://youtu.be/EiZhdpLXZ8Q?si=8FNV45vDy60SaNqz
To be clear, the Texas Hold’em was definitely a joke as it can be a huge money hole for people waiting for profit, but yeah, I get your meaning.
I read the link skullgiver posted about FinSoul, and I don’t know if it’s mind blowing or inevitable and obvious that they’ve moved from scamming fake coins to building fake game worlds to con people into being vaporware investors.