Debt thousands of dollars because running games make money

 Nguyen Tu (Binh Thuan) borrowed money from a bank and exchanged it for more than 6,200 USD to buy virtual shoes in the NFT game called WingStep.

u said, he started participating in WingStep when the NFT game of this money running (M2E) genre was released in mid-June. "At that time, I invested in a pair of shoes for 500 USD. Only 15 days later, I capital was recovered while the virtual shoes also increased in price to 600 USD," he said.

Having experience in NFT gaming for more than two years, he said that he has carefully consulted the project and is confident in his choice, especially since it is heavily promoted and has participated in sponsoring a number of blockchain events in the country. In mid-July, he borrowed money to buy 5 pairs of NFT shoes and two phones, combined with three available phones, to "plow" the game.

"In the beginning, I made about 250 USD per day, excluding repair costs. On average, I had to repair my shoes twice a day. I calculated that it would take about 25 days to pay off the debt and start making a profit," he said.

Virtual shoe interface on WingStep application.
Virtual shoe interface on WingStep application.

However, about 10 days later, the app announced maintenance for more than a day. Then, WSS - a token created in the game with an infinite supply - suddenly dropped in price to $0.0008, although it had previously held more than $0.001. By the afternoon of the same day, the price of this token was $0.0005.

Notably, the application locks the feature to switch from WSS to BUSD - stablecoin parity with the USD - on July 26. The next day, all BUSD transfers as well as WST game governance tokens were stopped. The NFT shoes were left unusable for several days, before being re-opened on July 28. Even so, the amount of WSS generated when running is halved.

"The amount of tokens of nearly 3,000 USD I earned is still stuck in the game, unable to withdraw, while the time to pay bank interest is coming," Mr. Tu said.

On the WingStep Telegram group and the app group on Facebook, panic is occurring. Some people who invested money to buy smartphones and NFT shoes said they got thousands of dollars stuck in their game accounts.

The two co-founders behind the game WingStep.
The two co-founders behind the game WingStep.

WingStep is an M2E money-making running game, a recent trend after the trend of playing to make money P2E. The project white paper describes the team behind it being mainly from Korea, but also some Vietnamese. The application development roadmap starts from the second quarter of 2022 to the second quarter of 2023.

According to unofficial statistics on some project groups, there have been about 20,000 registered Vietnamese accounts and 10,000 accounts purchased NFT shoes in the past three months.

Meanwhile, on July 28, on the official Telegram channel, a representative of WingStep said that the game was attacked by hackers. "Since July 26, our system has had a data change that caused the swap and the WSS price to fluctuate constantly. While we were fixing it, we were attacked again, making things worse." this person shares.

However, up to now, this Telegram channel is no longer active. This made some participants suspect the team behind "buying time" to find a way to deny responsibility.

Vu Thanh, the administrator of a group specializing in making money (P2E) games with more than 30,000 members, commented that WingStep has signs of "chicken driving". According to him, M2E NFT games are now springing up like mushrooms and causing many investors to struggle, including those who have experienced "beating up" in the market. "Usually after the time of notification of the incident, they will reopen the game, but the token at that time depreciated sharply, NFT sold no one to buy, players suffered a loss," he said.

The Vi, who has 5 years of experience in blockchain games, said that most NFT games can now be considered "super ponzi" because they take money from the latter to pay the former. "Usually, the initial token price is low, it is possible to buy characters and items quite cheaply. After many people know about it, the price increases sharply to help them make a profit. This is the stage of raising chickens," he explained. . "But at some point, the team behind may run away. Players are now just holding a bunch of worthless NFTs."

This expert recommends, players when participating in NFT game projects, whether Vietnamese or foreign teams, should also carefully study the project. But no matter how well the project has a good roadmap, players should still determine the psychology of losing everything due to the game crashing at any time. It is also difficult for them to receive their money back, because forms of digital currency and NFT are not recognized and protected by Vietnamese law.

During the blockchain event last week, Mr. Thai Thanh Liem, CEO of Topebox, said that chicken and cake projects often call for money from investment funds and blockchain user communities through token sales and high valuations. compared to reality, but the team has almost no ability to execute the proposed idea. The consequence of not being fully equipped with knowledge but being too deeply involved in the market is that many people lose money on less reliable "carpet withdrawal" projects.

According to a survey for the period from March to May by Finder, an online data research company in Australia, Vietnam is one of the top 5 countries in terms of the number of NFT gamers. 23% of survey respondents in Vietnam said they were playing this type of game.

As for Mr. Tu and some "trot" people who invested thousands of dollars in WingStep, they now only hope that the game will reopen the withdrawal feature to "receive any or that coin and don't need to."

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