CryptoMines To Close In Response To FUD, Proposes Launch Of Redesigned Game

CryptoMines recently announced that the project will be shut down entirely due to a complete loss of trust in the project by the community. FUD spread throughout the community and beyond that, it focused heavily on developers being the biggest holders of ETERNAL, the game’s token. The project tried to handle the concerns, but the token’s price plummeted from $ 801 to $ 4 in two weeks. Now the team is proposing a complete shutdown of the game and a possible release of a reworked version that is completely independent of the original tokens and NFTs.

Author’s note: People lost money and they deserve answers, but they must be the correct answers. There are endless rumors floating around, including accusations of a carpet tug. At this time, there is no concrete evidence to indicate that the team acted maliciously. If new information comes to light, this article will be updated. I personally lost value on this project, but I am not going to accuse the team of malice due to the volatility and opportunity for external manipulation that is inherent in all blockchain projects, especially the growing and experimental space of blockchain games.

CryptoMines was a promising game that focused on planet mining for ETERNAL every 24 hours, with better fleets generating more token from the game. However, FUD (Fear, Uncertainty, Doubt) spread throughout the community and completely destroyed the value of the token. The central message was the uncertainty about the amount of tokens held by the developers, but many other rumors have entered the narrative at this point.

At the time of writing, ETERNAL is priced at $ 4.90, a 99.4% drop from the all-time high of $ 801.59 just 13 days ago (all data by CoinMarketCap).

Multiple announcements were made on Discord, Twitter, and Medium of the project in an attempt to quell fears and stabilize the price. As summarized in a history of BSC News, the official responses to the FUD from the developers focused on three points:

  • The developers are, in fact, the biggest owners of ETERNAL, but they promise not to sell in a way that negatively impacts the community.
  • Prices can be affected by larger merchants working together to lower the price and buy more when it is lower.
  • The smart contract for the game has received multiple audits and there is no evidence of exploitation.

The above article (and the explanations it discusses) is from December 3 before the project announced that it would close.

The development team proposes a reworked and independent game

It was not encouraging to see the subtitle “What happened to CyptoMines?” when i met him medium team post On twitter.

The post reiterated many of the points that we already talked about and that the community had heard over the past week. However, this post was the first time I saw an admission of a game design flaw that perpetuated the problem. The direct quote is:

“In this way, we were able to observe what a devastating drop as big as the massive growth of CryptoMines was, where people’s trust totally eroded when the price of the token took a hit from that level, however, the main problem is that NFTs do not have an additional cost or attrition that causes an overpopulation of these assets and, therefore, reaches a point where some investors do not have the need to continue reinvesting ”.

The development team is holding a vote on whether or not to launch a new game. Whether the vote is approved or denied, the current incarnation of CryptoMines will remain functional until the reward pool reaches zero and you can no longer proceed with payments. It seems the main purpose of the vote is to assess support for a reworked game.

A lot of information about the proposed new game was published. Visit the ad for all the details, but some of the notable features are:

  • Different minting costs and limitation of minting time.
  • The minting will be replaced by a rearing system after the initial mint.
  • NFTs will have additional attributes beyond the power of the mine.
  • A new token, Dark Matter (DM), will be tied to USDT and used for all transactions in the game.
  • NFTs will need to be burned to repair and maintain fleets
  • Taxes on token purchases and in-game sales will help fund the project.
  • Developer tokens for the new project will be locked for five years.
  • No presale or private sale of tokens.
  • Additional information on tokenomics available in the ad.

CryptoMines will be closed once the rewards pool can no longer make payments. The remaining unlocked ETERNAL will be added to the reward pool along with any additional ETERNAL that is unlocked.

If the proposed modified game is approved, players of the legacy game will be able to claim discounted tickets related to their fleets and other player metrics.

What can The Play-to-Earn Space learn from CryptoMines?

It remains to be seen if we will see a reworked CryptoMines. Community trust has never been lower and they may not vote for a new game. We may not see CryptoMines again, but the lessons learned from the project will remain:

  • Game-to-win project developers must fully understand that malicious actors will do their best to exploit and manipulate the game and related assets for profit. The broader worlds of both cryptocurrencies and games are full of attempts to exploit platforms and systems for personal gain; blockchain games are no different.
  • New economic models and game mechanics need to be thoroughly tested in a simulated environment to ensure there are no blind spots that could affect the entire project. Endlessly inflating the NFTs is one of the reasons this project failed; this could have been avoided entirely with further testing.
  • Players must thoroughly research each project they are involved in. In this situation, it’s hard to blame someone who lost value on this project, but it bears repeating that you are ultimately responsible for what you invest.

CryptoMines now serve as a warning to developers, players, and investors. This is an exciting space and people are consistently reporting impressive earnings. However, blockchain games still represent the only thing cryptocurrencies have been known for from the very beginning: volatility. Never invest what you cannot lose and always be prepared for projects to disappear.

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