Famous CEO Spoken: This Altcoin Market Ponzi!

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Dash Huang, CEO of Chinese Gaming Portal TapTap, believes Play-to-Earn games are nothing more than Ponzi schemes. The latest altcoin project trend in the cryptocurrency industry – GameFi – is working on a play-to-win model. Earnings through play can be very effective. But not everyone is a fan of them.

Question mark for Play-to-Earn altcoin projects

CEO Dash Huang believes that the current Play-to-Earn games are essentially gambling games and Ponzi schemes. Unlike traditional games, players of certain blockchain-powered games receive financial rewards for completing certain tasks. While GameFi’s origins can be traced back to 2017, the pandemic has stirred things up and spurred the blockchain-based monetization development of the gaming experience. Despite being in its infancy, a few gamers have managed to earn some serious income alongside in-game passive income. Indeed, the play-to-win phenomenon started with NFT-based online video games like Axie Infinity.

But according to TapTap executive, blockchain is suitable for gambling games and play-to-win is more like Ponzi Plans for gullible individual investors. On the other hand, recently Play to earn (P2E) coin prices have outperformed Bitcoin and many other altcoins. Now we are looking at some play to earn projects among dozens of them that stand out with their performance: Decentraland (MANA) is an Ethereum-based virtual reality platform. It has managed to take its place in the list of the most earning play to earn coin by gaining value in recent months. UFO Gaming is a fully decentralized, intergalactic social gaming token. UFO managed to attract attention with its high performance. Another player-powered online world that allows players to sell cryptocurrencies in an online marketplace is Sandbox (SAND). WEMIX hosts dApps that provide cryptocurrencies and marketplaces. It is possible to extend the list as MIST, REVO, XMG.