Cryptocurrency is a digital asset used for various purposes, such as trading, investing, or gaming. Blockchain games use cryptocurrency or non-fungible tokens (NFTs) as part of their gameplay. Some blockchain games allow players to earn cryptocurrency or NFTs by playing, while others require players to spend cryptocurrency or NFTs to access certain features or items.
Many blockchain games are poorly designed, buggy, scammy, or simply boring. Playing these games can result in wasting your time, money, or energy and even losing your cryptocurrency or NFTs.
This article will review some of the worst games to play with cryptocurrency and explain why you should avoid them. We will also give you some tips on choosing better blockchain games.
Types Of Blockchain Games That You Should Avoid
There are several crypto and blockchain games that are worth investing your time and money into. However, if you notice that a game has the following characteristics, it’s best to avoid them.
1. Ponzi Scheme Games
Ponzi scheme games are a type of fraudulent game that has been around for a long time, and unfortunately, they also exist in the cryptocurrency gaming industry. These games attract investors by promising high returns on investment, but they are using the investments of later investors to pay off the earlier investors.
The main risk associated with it is the lack of regulation and transparency. These games often have complex business models that are difficult for investors to understand, making it challenging to identify fraudulent activity.
Ponzi scheme games can be challenging to spot. These games often offer high returns on investment that are not sustainable in the long run.
2. Gambling Games
Gambling games are another risky area in the cryptocurrency gaming industry. Many online casinos and gambling platforms now accept cryptocurrency, making it easier for players to gamble anonymously.
Cryptocurrency gambling platforms are not subject to the same regulations and rules, meaning they can operate with little to no oversight.
Many cryptocurrency gambling platforms require players to convert their cryptocurrency to a specific token, which can incur additional fees and charges.
Still, many players are drawn to cryptocurrency gambling games as they offer the potential for high returns, and the anonymity of cryptocurrency can be appealing. So, do your homework before playing gambling games online!
3. Crypto Mining Games
Crypto mining games have become increasingly popular in the cryptocurrency gaming industry in recent years. These games allow players to earn cryptocurrency by participating in virtual mining activities.
As more players participate in these games, the difficulty level of mining increases, making it harder to earn cryptocurrency. Some mining games may be designed to deceive players by promising high returns on investment that are not sustainable in the long run.
Crypto mining games can be extremely resource-intensive. The high energy consumption of mining can also hurt the environment.
4. Shady ICO Games
Shady ICO games are typically launched through initial coin offerings (ICOs). Evidently, some ICO games are fraudulent, promising high returns on investment that are not sustainable in the long run.
ICOs are not subject to the same level of regulation as traditional fundraising methods, making it easier for scammers to launch fraudulent games. These games are often developed focusing on speed and efficiency rather than security, making them vulnerable to cyber-attacks.
5. Pyramid Scheme Games
Pyramid schemes are fraudulent schemes that lure new members with the promise of high returns on their investments. These schemes are designed to sustain themselves by constantly recruiting new members.
As new members join, early investors receive a portion of the money newer members invest, creating the illusion of profitability. The pyramid can only continue if there is a constant flow of new members.
Research shows that more than 90% of participants in pyramid schemes lose money. Also, participating in pyramid schemes is illegal in most countries and can result in fines or even imprisonment.
The Worst Games to Play With Cryptocurrency
Here are two examples of the worst games to play with cryptocurrency:
1. CryptoKitties
Launched in 2017, CryptoKitties is one of the first and most popular blockchain games. It is a game where players can collect, breed, and trade digital cats represented as NFTs on the Ethereum blockchain. It is very expensive, as each Ethereum network transaction requires a high fee. Also, it has limited gameplay options as it is mainly focused on breeding and trading cats.
2. Crypto Space Commander (CSC)
Crypto Space Commander is a blockchain game that allows players to explore, mine, trade, and fight in a sci-fi universe. Players can own spaceships, planets, stations, and other assets represented as NFTs on the Ethereum blockchain. But, CSC requires paying high charges for every action and transaction while being quite complex as it has a steep learning curve.
How to Choose Better Blockchain Games
If you want to find better blockchain games instead, here are some tips to help you:
1. Research the Game, Development Team, and Its Community Thoroughly
Before investing in a blockchain game, it’s crucial to research the game and the development team behind it. Start by seeking information about the team’s experience, track record, and reputation.
Look for games with a supportive and engaged community of players and investors. Search for games that have regular updates and improvements from the development team.
2. Look for Games That Are Transparent About Their Business Model and Revenue Streams
Transparency is critical in the cryptocurrency gaming industry, where scams and frauds are prevalent. Play games that are transparent about their revenue streams, including how they generate income and how they distribute profits.
3. Consider the Game’s Security Features
Security is essential when it comes to blockchain games. Look for games with robust security measures to protect your investments and personal information. Find the games that use multi-factor authentication, encryption, and other security features to keep your data safe.
4. Evaluate the Game’s Potential for Growth and Profitability
As with any investment, evaluating the potential for growth and profitability is essential. Look for games with a solid business plan and a clear path to profitability. Consider the game’s market size, competition, and potential for user adoption.
Conclusion
While blockchain gaming may seem full of opportunities, it is important to be cautious before investing money. By avoiding pyramid schemes, gambling games, shady ICOs, and Ponzi scheme games and choosing transparent and secure blockchain games, you can make a fruitful investment.
Always stay current on the latest trends and developments in the industry, and never hesitate to seek expert advice. With careful research, you can turn your passion for blockchain gaming into a profitable and fulfilling investment venture.
