NFT games are a hot new trend. You can invest money into the games and either make it back or lose your money depending on how the game turns out.
While you can invest money into NFT games, there is a huge risk involved, because it’s unknown whether they’ll stay up and running or not.
As crypto has thrived over recent years and NFT ecosystems have grown exponentially, a new niche of games that are more focused on spending your wealth to enjoy the game has emerged.
The most recent niche is a play-to-earn crypto game.
Games that belong in this category, are designed to be social and fun. They offer players a chance to earn crypto and trade it on a marketplace for other assets or rewards, all while playing games.
While playing a game and earning a cryptocurrency or NFT sounds like a great idea, there are tons of risks with these new kinds of games.
There is one important question you should ask yourself before investing in any NFT games.
You should be interested to know what happens if the NFT game shuts down and what will happen with all your crypto and NFT assets.
What Exactly Is an NFT Game anyway?
Some of the most popular games in recent years are those that are played online and rely on player interaction. These games have become more innovative, immersive, and interactive.
NFT games are a new type of game that is changing the gaming industry. NFT stands for Non-Fungible Token, which means they are unique digital assets that cannot be duplicated or taken from another player. These tokens can be used to trade, buy, or sell in-game items.
NFT games are becoming more popular due to their digital-native properties, low barrier for entry, at least in some cases, and the ability for players to use real-life money to purchase an in-game token or asset that can make money.
How Stable are NFT Games and other Crypto Projects
NFT games are a new concept in the gaming industry. In the past, gamers were used to buying physical copies of games, and other game-related physical assets.
But now, with NFTs, they can have their own digital copy of the game and trade other in-game assets with other players, or sell them for a dedicated cryptocurrency.
At the moment, this is one of the most interesting selling points of play-to-earn games.
These games have different assets that can be traded or sold at any time, meaning the players have more control over their in-game experiences.
However, we are speaking about a new gaming concept, because the NFT game industry is still in the beginning.
In a near future, they are less likely to face any major security issues, hacks, or other disruptions that might lead them down the path of failure.
Some people already have concerned about the stability of these projects because they don’t have a physical form that can be traded on exchanges.
In a good scenario, at least for the players, the NFT game will be canceled before launch.
It is not uncommon for developers to cancel their games before launching. This can be very costly in terms of time and money spent on the game. The developer and investors are the only ones who stand to lose money here, as there will be no players involved in having lost any money.
There is also a scenario where the current NFT game already has an established player base. What happens to all the in-game NFT assets you have already invested your money in?
We have already one recent example in the F1 Delta Time game.
The F1 Delta Time Game Shuts Down
F1 Delta Time, which launched back in 2019 and was one of the first-ever licensed NFT games, has shut down after the developer was unable to renew its license with Formula One.
While expired licenses are pretty common in the video game sector, most of these games do not involve huge financial investments.
F1 Delta Time was a game played on blockchain technology and was based on traditional Formula One racing and involved collecting and trading unique NFTs representing cars, drivers, teams, and other components.
In this game, players can use these NFTs to play various game modes in order to win utility tokens that are used for buying upgrades for their vehicles or for entering into the world of racing with other players,
As the game’s popularity grew, so did the price of the NFT cars and other items. While each NFT had different statistics, there were minted several unique NFT assets that sold for hundreds of thousands of dollars.
After the shutdown of F1 Delta Time, players have been left in a very risky situation. The game relies on the value of NFTs, which are subjective and often rely on exclusivity and demand. This has left many players without anything to show for their time spent playing the game and at the end of the game made from these NFT assets are just cosmetics items.
In simpler terms, after the F1 Delta Time game shuts down, all of its NFTs become worthless because all their value depended entirely on the game itself.
One should note that developers are attempting to compensate owners of those now-worthless NFTs with new tokens for one of the company’s other blockchain-based games.
In other words, they are giving people a token for a failed token, but in a different game from the same developer.
It is quite logical that most players would rather get a refund, but the game developer does not intend to do that.
In the eyes of many people, this is a case study of how unpredictable the NFT and crypto world is.
While the popularity of NFT games is on the rise, some failed projects have already demonstrated that NFTs are not as future-proofed as some might think.
NFT gaming is still a new industry, and there are many ways to lose money here, so if you want to get involved in any of these kinds of games, do so at your own risk.