#Stories and #Experiences
The next one i want to share is related to Cryptomines (Eternal). It was in 2022. I just started to explore the blockchain and its posibilities. During this time I also started to explore the GameFi sector with NFTs and their usage in games #playtoearn
During my research I found this game... Cryptomines. It was about spaceships, fleets and exploring missions. BUT exploring mission is not what it sounds like. It was just a staking which returned token depending on the strength of your asset and some gamble mechanics. But the design was ok and the token was on a rallye.
My entry point was at 90USD, the token came from 1USD since the beginning of the year.
I had some pull luck (invest about 20USD) and was able to sell a ship for 500USD which compensated some loss i made (some of them mentioned in my stories). With the rest i created a fleet to play the game. It was not very entertaining, but earning the eternal token was profitable. And even more when the token was on his way to 1000USD.
It worked a few weeks, but then it happened...the most punishing fall I ever saw...from almost 700USD to 1USD in a few days. And this while new investors came, who putted in a high amount of cash many others took out their profit. I didn't sell off because I already had my plus, but at 500USD I saw the end coming.
I was new on the blockchain and did not have the knowledge to check all transactions, so I don't know why it really happened. Also reliable information about the reason was hard to find. #DYOR failed đ
But what I learned:
-GameFi can work, but it requires well thought mechanics and distribution schedule.
-GameFi needs a strong team and an even stronger community.
-Check the token supply! How many? Who has large amount? Serious teams provide an overview of holdings and the related addresses.
Have a nive weekend and #StaySafeInCryptoSpace
