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I think that by now we have all heard about the trendy game of a few months ago. The one that gave a very high profitability and its return on investment was less than a month. One with which you could get a salary if you made a good investment and that was in the "top 5 most profitable games" of all youtubers.
That game was Crypto Cars and I can't say from which company because after a while looking for the name I couldn't find it. It seems that although the page works and its last tweet is from January 21 the game is living its last moments.
After the spectacular fall of Cryptomines almost overnight. Investors in the "play to earn" market were looking for success in new games and this one was one that most of them turned to.
Crypto Cars was a game that was released in September 2021 by Vietnamese Ly Tran and his team, which was made up of people who had worked for serious companies such as Gameloft and Genshin projects. This is precisely why people would never expect Crypto Cars to end up collapsing as it is doing.
The game had a very simple mechanism: You bought a car, raced it and won CCAR tokens (which had a market value within the cryptocurrency ecosystem) according to your position at the end of the race. The races were played automatically so it also had the added incentive of not having to spend more than about 5 minutes a day to get some coins.
It seemed like a dream come true. Even in the month of November 2021 the coin had a spectacular boom from being worth 0.48 dollars to 1.71 at its peak. However, this peak was followed by a nosedive that now puts the token at $0.01 as of today January 30, 2022.
And that was not all. The guys from Gameloft and Genshin project led by Ly Tran had released other games with exactly the same earn to play system that Crypto Cars had, such as Crypto Planes and other similar ones like Crypto City and Crypto Guards. It really was a project that at first glance seemed very solid.
However, already in October last year, suspicious news about these games started to circulate. Until Crypto City, which belonged to the ecosystem of all the others, disappeared, revealing the intentions of Ly Tran and his partners.
This made Crypto Cars and all of Ly Tran's other projects lose all trust from users who started selling their tokens like crazy for fear of losing their money. And the ultimate proof that the community thought the whole thing was Scam was this:
They had been identified as Scam by Certik Security Leaderboard. They warned us that they had deleted their accounts in social networks, closed websites and ignored messages. Also this twitter account warns us that this is a Rug Pull scam.
The Rug Pull occurs when the creators of the token empty the liquidity pool and take all the money making it impossible for the token holders to sell it. They usually make vague excuses such as software bugs. In this case I heard that one of the people in charge had said that he was going on vacation for a week but I can't confirm it.
In any case we are no longer just talking about Crypto Cars and its ecosystem or CryptoMines. The play to earn and NFT games market is suffering hard blows due to various reasons and that makes whole projects disappear causing insecurity of investors in new projects of this type.
I have already heard several titles that at the time seemed to me good investments that have gone down the drain and that not only makes the user lose confidence in that company or that project but in the whole market of play to earn. And when this happens the interest in this sector is lost and it goes into decline heading to extinction.
It's a shame because I think the fact of being able to make a living playing video games without having to be among the top 100 in the world for it is something that many of us aspire to but these hard setbacks make it increasingly difficult to achieve.
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