Another crypto game crashes and burns, won't issue refunds to backers because there's no money left

From PCGamer: The developers of Untamed Isles say they lost investment funding because of the cryptocurrency collapse, and can't afford to finish their game.

[neutralgamer1992]

There are so many people investing in crypto who don't know next to nothing about it and are only doing it because their friends are doing it or they are being tricked into FOMO ( fear of missing out)

Don't let anyone say otherwise the safest invest has been and always will be GOLD (22-23K) to be exact and after that hard cash and or valuable property. Ever since social media everyone has become business investment analyst and telling people to keep taking out more loans to pay for more stuff with those loans and keep paying. Keep paying interest and keep taking out more loans but when will you stop and enjoy (let me guess after retirement) enjoy today and plan for a stable tomorrow and don't worry about 25 years from now

So many people are working just to retire it's utter nonsense

If I could give 1+1 advice

Pay off your house as quickly as possible because banks take so much out of your basic monthly payments and invest in gold

Never ever buy a new vehicle especially right now because within next 90 days market will crash due to 1.8 trillion that people are behind on their car notes. Once market crashes these prices will be reduced more atleast 30-35%. So many people spent their unemployment and stimulus on buying cars they couldn't afford to own and now with unemployment and stimulus done those people have a reality that's much different

Pay for roof over your head and other expenses or pay for a car loan that you own more on that it's worth and on top of that expensive insurance

[Knushwood Butt]

pay for a car loan that you own more on that it's worth

How do you do that?

Also, how do you identify genuine gold?

[lonewolf10]

"pay for a car loan that you own more on that it's worth

How do you do that?"

Interest rates on the loan

"Also, how do you identify genuine gold?"

With a testing kit and magnifier usually

[Knushwood Butt]

pay for a car loan that you own more on that it's worth

How do you do that?"

Interest rates on the loan

I still don't get it. Pay off more im cash up front than the total cost of paying off the remaining sum in a loan including interest?

[Outside_ofthe_Box]

"pay for a car loan that you own more on that it's worth"

I think you misinterpreted what he was saying. He was saying do the financially responsible thing and use your money to pay off your house and expenses OR do the financially irresponsible thing and take out a car loan on a new car, that depreciates in value fast (thus the "more than it's worth" line. Interest rate on the loan increases your overall payment overtime and the car loses it's overall value overtime), and pay for expensive car insurance on top of that.

[Knushwood Butt]

@ Outside

Ah, thanks. Finally makes sense now!

Yes, car buying is simply an expense unless you get lucky and buy a classic/rarity that actually increases in value, in which case you wouldn't be using it for your daily transportation.

[MightyHealthy]

I find it interesting you made no mention of stocks/bonds

[Hikoran]

Dude. Life lessons on N4G, I like it!

[fr0sty]

Crypto is a risky asset if you are trying to get rich quick, which is what most people do, and then they get burned and give it a bad name. Those who invest and hold on for 10 years... they're the "crypto billionaires" you keep hearing about. Don't believe me? Go look at the long term charts. Full of huge crashes, but they always bounce back higher.

[anast]

Not sure why this got downvotes.

[frostypants]

Gold has been a horrible investment for years. Just crabs sideways most of the time. Both stock market index funds and bitcoin (and other crypto heavy hitters) have kicked its butt over the long term. Gold just feels safe because it isn't volatile. It's less likely to go down...OR up. Though I'd agree most crypto is too dangerous to mess with. This game being an example.

[Profchaos]

I'd agree crypto isn't a safe bet gold is much more sound but I'd also add know you're own worth if you have a specialist skill don't work for anyone be you're own boss and consult. So many people have jobs but don't realise that companies will happily pay them triple salary to come in for a few months solve a problem and leave

[Orchard]

Sucks for those who lost money through this, but I really hope this whole NFT and crypto push dies out quickly.

[Pika-pie]

What is weird about this one is that it never actually existed on the a blockchain. You could not buy any NFTs or a token. It was purely development funds that ran out. A $580k raise is nothing, blockchain games do not start with a Kickstarter, they start with an ICO, investment from a studio in the space or personal capital. Development starts with robust tokenomics and starter NFTs. From there a strong community needs to be built around the project who are not looking for a quick flip 'pump and dump' but are in it for the long term.

Most blockchain games are hunkering down and building through this bear market with sufficient runway costs to see them through it. Many will fail but the victors will be the next Activision/EA in the years to come.

[GoodGuy09]

Oof poor backers, but they deserved it lol.

[Andrew336]

(opens in new tab)

[autobotdan]

If you snooze you lose...oh wait the backers who jumped on this lost

[shaenoide]

but but but... What about all those stable co(i)ns ^^

[Destiny1080]

''the decision to cancel or monster-taming turn-based MMORPG was 'difficult' but that it's a decision that is 'better for the backers of Untamed Isles in the long run''

[MadLad]

Ever since the Bitcoin blow-up, people still feel that investing in crypto is this magic get rich quick scheme.
It's not going to happen again in that form.

I made a lot during the crypto boom, but I was in my early 20s, and desperate to make it big. I happened to invest a good amount in something I didn't believe in and ended up getting lucky. Lightning rarely strikes twice.

[CobraKai]

I mean, there’s zero value to back up cryptocurrency. Anyone who uses that as a core for their game or development is destined to fail. There’s nothing tangible like NFTs.

[frostypants]

If the crypto collapse...which has happened every cycle by now, so it's predictable...killed their project, they are inept and handled funding wrong.

[Profchaos]

Another nft / crypto game crashes and burns surprising nobody.

Nft has it solved a single problem that we had with traditional game development and every iteration stinks of a get rich quick scheme original backers hoping to make a quick buck lure people in only to bail and leave them holding the bag like pretty much all cryptos.

If you belive that one of these nft based games will be the key to an early retirement I have a bridge to sell you. If you were part of the lucky few you made money and got out of crypto while the going was good either in 2017 or last year.

Don't waste your money on this garbage or anything similar you'll just get burnt.