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Are P2E Games The New Ponzi? The Game That Cost Me So Much

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@ugomarcel
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source: https://bit.ly/3OJa0Li

Seeing how Axie infinity was the rave at the time, I had always wanted to get involved with a P2E game. Gaming is not really my thing, but being into crypto and getting to see many games built on the blockchain, I became interested. As a matter of fact many people got introduced to crypto through P2E games.

Axie Infinity

Like we all know, Axie infinity made so much noise worldwide . At a time it was the most played game on the blockchain. Everyone wanted a feel of it. Myself inclusive.

I was put off by the cost of investment involved. Probably I didn't have much funds then. I tried getting a scholarship with some guilds but I was not successful.

Missing out on Axie infity, plus testimonies of people making a killing everyday, only helped in fuelling my appetite. I was eagerly looking out for any new P2E game I would get involved with.
Fast forward to early this year, I got to know about a horse racing nft game, Pegaxy. Everything about the gameplay was easy and interesting. It was not a skill based game passe, more like a click and play type of game. No skill input from players. It suited me quite well, though boring.

Buyin Nfts

All that was needed is to buy an nft horse called Pegas. You add your horse or horses to an arena with other horses. Once the game starts you have no further input whatsoever, just watch. You have 25 energies to burn per horse. An energy is for 1 race. Each energy your horse burns has one hour to be replenished. Winnings are at random, any horse can win at anytime. Averagely, a Pega can win about 7-8 races in a day. Getting about 500-700 VIS (game token). At the peak, vis was $0.25

People were making a killing playing the game. By my calculations, one could make upwards of $200 everyday if you had a pega that has about 30% win rate. It was crazy gains.

I decided to get involved. I needed my own Pega Nft. After much search I was able to get two Pegas for about $1500. By my calculations, I should be getting back my initial investment in less than two weeks or thereabout. If only things will remain the same, but like you know, they don't, especially in crypto.

2 +2 Pegas = 4

So I got my two pegas and was lucky to get a scholarship that gave me two other pegas to play at a shared percentage. I was to get 10% for my gains. Not bad, considering I didn't pay for them. So in total I have four horses to play with.

The first week was marvelous. I was already on my way to getting back my investment. If only I knew what was in store for me.

One thing with Pegaxy is, you can't withdraw your gains whenever you need it. You will have to wait for 15 days for it to be ready for withdrawal. Probably to help cussion the effect of dumpers.

No Withdrawals

Like I said, I easily made back my initial investment in record time, but because one couldn't withdraw, you were at the mercy of price. While waiting for withdrawal to be possible, price crashed like never seen before. From a high of $0.25 price fell to $0.07 the following week.

I never really wanted to withdraw, I wanted to hold and accumulate plenty of the vis token. As I somehow liked the project. Now am regretting.

Price kept crashing, week after week, update after update. It never recovered. Price is currently at a low of $0.00009. Pegas at that time cost over $1500, now you can get one for as low as $5 . How are the might fallen.

It's so difficult to ascertain what actually happened to the game. It has really demoralised me. As it is, my total investment plus gained vis is not worth up to $100. That's an investment of over $1500.

I have completely lost passion to continue. The question now is, what step do I take? Do I continue with the game or accept that I lost and sell off. There is simply no urge to go on.

Are They All Ponzi

I have seen so many P2E game follow this same pattern, axie infinity easily comes to mind. Early investors makes money, subsequent players bear the brunt of a failed game,holding on to worthless game tokens.

I intend trying again. Don't know much about Splinterlands but Heard so much about it. A friend here sent me a link. I intend going into it, but when I remember Pegaxy and Axie Infinity, I begin to wonder, is it any different?

Picture taken from pegaxy site

https://bit.ly/3OJa0Li

Posted Using LeoFinance Beta

Posted Using LeoFinance Beta