The reason why bots dominate the crypto game? Money-snatching developers trick them
Users most likely to take advantage of crude profit mechanisms are those who use automated systems to "play" games.
Opinion
Think back to the communities you've truly enjoyed being part of throughout your life. It's likely that these were groups formed on the basis of common interests, right? This is because we feel a sense of belonging when we bond with others for a particular thing that we feel in a particular way. For example, I love games and I never get tired of exploring or creating communities where I can meet other players.
That's how I know the current GameFi space isn't a breeding ground for gamers like me and my enthusiastic peers: it's a breeding ground for bots.
And the main problem at stake is structural.
A strong community signals potential for venture capital funds. GameFi projects therefore find themselves trying to raise funds at the community level before they can meet investors. Therefore, they sell non-fungible tokens (NFTs) and other cryptocurrencies to get through the initial stages and try to make enough money to keep building. The more they sell, the better their chances. It's easy to see how this makes builders inherently vulnerable to what a little hype can do: it can, quite literally, make or break a project.
Related: 90% of GameFi projects ruin the reputation of the industry
So they take their motivation, accept the challenge presented to them by the very industry they love, and through no real fault of their own fall victim to the appeal of empty hype. They name influencers to spread the word about their trailer and how it's going to end up being a $200 million movie – when in reality it might have only cost $10,000 $ to do. They create communities of fans and exploit them for their own gain. They give away game assets through giveaways in a system that
Users most likely to take advantage of crude profit mechanisms are those who use automated systems to "play" games.
Opinion
Think back to the communities you've truly enjoyed being part of throughout your life. It's likely that these were groups formed on the basis of common interests, right? This is because we feel a sense of belonging when we bond with others for a particular thing that we feel in a particular way. For example, I love games and I never get tired of exploring or creating communities where I can meet other players.
That's how I know the current GameFi space isn't a breeding ground for gamers like me and my enthusiastic peers: it's a breeding ground for bots.
And the main problem at stake is structural.
A strong community signals potential for venture capital funds. GameFi projects therefore find themselves trying to raise funds at the community level before they can meet investors. Therefore, they sell non-fungible tokens (NFTs) and other cryptocurrencies to get through the initial stages and try to make enough money to keep building. The more they sell, the better their chances. It's easy to see how this makes builders inherently vulnerable to what a little hype can do: it can, quite literally, make or break a project.
Related: 90% of GameFi projects ruin the reputation of the industry
So they take their motivation, accept the challenge presented to them by the very industry they love, and through no real fault of their own fall victim to the appeal of empty hype. They name influencers to spread the word about their trailer and how it's going to end up being a $200 million movie – when in reality it might have only cost $10,000 $ to do. They create communities of fans and exploit them for their own gain. They give away game assets through giveaways in a system that
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