Crypto Degens Search for Next ‘Ponzi Game’ After ‘Bigcoin’ Price Craters

It is nothing new for crypto video games to be derided as “Ponzi schemes”—however some gamers are utilizing the tag as a constructive after a brand new crypto-earning sport rapidly surged after which cooled simply as quickly. They usually’re searching for the subsequent promising “Ponzi sport” to leap into.

Summary-based crypto mining simulation sport Bigcoin caught the eye of merchants final week, with the token value rising as an increasing number of gamers purchased in and began incomes crypto rewards.

However after its token crashed 83% on Saturday, based on DEX Screener—and stays down considerably from final week’s peak—some gamers that loved the wild Bigcoin experience are searching for the subsequent potential “Ponzi” winner.

Bigcoin has a reasonably easy idea, the place gamers purchase in-game miners that earn them BIG tokens on Ethereum layer-2 community Summary—akin to how real-world Bitcoin miners work. The objective is to continuously earn BIG, after which use the tokens to improve your in-game arrange so that you earn extra.

However many trade observers believed that the sport purely works on “Ponzinomics,” with gamers solely incomes rewards because of new gamers flowing capital into the sport. However that isn’t essentially being seen as a foul factor. If something, it’s what attracted so many gamers in such a brief span of time.

“Ponzi video games are the very best video games. Liquidity and a spotlight has confirmed this for years at this level,” founding father of crypto funding platform Nexus, Jonny, wrote on X. “Unhappy, however degenerate and enjoyable on the similar time.”

Pudgy Penguins founder Cole Thereum referred to as Bigcoin the “most enjoyable [he] had on-chain shortly.” Nearly instantly after Bigcoin’s token cratered, individuals have been wanting for the subsequent “Ponzi sport” to get pleasure from.

However why are some crypto customers longing for dangerous video games with a doubtlessly quick shelf life, moderately than searching for richer gameplay experiences?

“Bigcoin is tremendous easy and it’s straightforward to calculate how a lot you should put to be able to get a certain quantity again. The mathematics provides up so long as the token value stays secure,” crypto gaming content material creator Inspector informed Decrypt. “The premise is which you can calculate clear rewards. [It] provides a complete new layer of enjoyable for many. That’s why I joined this trade.”

This can be a response to the play-to-airdrop and tap-to-earn fashions that dominated crypto gaming final yr. Below these fashions, gamers would spend days, weeks, and months grinding in a sport, not figuring out how properly they’d be rewarded as soon as the airdrop got here round.

Consequently, whereas video games could possibly preserve hype and momentum for an extended interval than Bigcoin, gamers have been typically left dissatisfied with what they obtain within the airdrop—reminiscent of Hamster Kombat gamers calling their reward “mud,” or Catizen gamers grumbling about unclear standards and last-minute modifications.

Whereas Bigcoin’s mannequin seems unsustainable to these getting into—significantly amid huge token value swings—a minimum of it is trustworthy about how a lot they will earn. And it comes at a time through which most gaming tokens have been falling arduous, dampening the vibes of crypto sport lovers.

“Add on high of that the gaming tokens happening 70-80% post-[token launch] and also you get a recipe for individuals craving Ponzi schemes simply to really feel one thing once more,” Inspector added.

Apparently, Bigcoin appeared to seize the eye of crypto degens who aren’t usually into gaming. This might be the results of the present market situations throughout the trade, as main tokens like Mantra crash and meme cash (largely) aren’t pumping like they did earlier this yr. Some merchants could really feel like there are fewer dependable methods to win within the present crypto “on line casino.”

“Determined occasions name for determined measures, for positive, however I believe it’s greater than that,” crypto gaming content material creator Daniel Droege informed Decrypt. “Persons are beginning to get up to insiders and [venture capitalists] dumping on them.”

This has led to crypto avid gamers searching for the subsequent “Ponzi sport” to play, as the value of Bigcoin’s token stays properly down from final week’s peak. Some X threads level gamers to play-to-earn video games like Axie Infinity and Pixels, whereas others have got down to make a self-admitted Ponzi sport—reminiscent of Minereum, which is branded as “what Bigcoin was meant to be.”

“I believe crypto loves the brand new shiny object, and price-go-up is the very best advertising and marketing,” pseudonymous content material creator and Gaming Day by day founder Iceyyy informed Decrypt. “Personally, as a Web3 gaming fanatic, I am searching for initiatives that may show that endurance and sustainability—video games that may develop their participant base, innovate on their design, and push the area ahead.”

Bigcoin just isn’t useless, to be clear, even when the value has fallen considerably and the related buzz has cooled. Creator Satoshi Bigmoto—a reference to pseudonymous Bitcoin creator Satoshi Nakamoto—wrote on X Wednesday that sport updates are nonetheless within the works.

Whereas Bigcoin’s preliminary surge was short-lived, it leaves some lingering questions. Is that this mannequin going to push the crypto gaming trade ahead? Will Ponzi video games be the paradigm shift that onboards Web2 customers, or is it one more short-term diversion for merchants searching for the subsequent large acquire?

“Individuals thought of Axie a ponzi when it got here out, however it onboarded hundreds of thousands to crypto,” Inspector defined. “Bigcoin will not replicate that success, however it’s a method that works.”

Edited by Andrew Hayward