Cryptocurrency Gaming Risks
While the world is gradually opening up to the potential of blockchain and cryptocurrency, there are inherent risks associated, especially when combined with gaming. The PNP ACG raises concerns about games that require substantial upfront investments. Axie Infinity, for example, demands a player to invest in three Axie characters to even begin, a barrier that could lead to financial losses if the venture doesn’t pan out.
Contrastingly, traditional gaming avenues require considerably less initial investment, with averages around $100.
Potential Pitfalls in Crypto Gaming
The risks don’t just end with the initial investment. Players can easily lose their digital tokens and NFTs in a myriad of ways:
- Sending tokens to unsupported wallet addresses
- Market volatility affecting token values
- Falling prey to online scammers
The PNP ACG warned that even if a game’s blockchain foundation is secure, the same can’t be said for its engine or marketplace.
PNP ACG’s Safety Recommendations
Staying safe in the world of crypto gaming and investments isn’t solely about understanding the game’s mechanism. The PNP ACG’s advice aligns with best practices related to cryptocurrency investments:
- Conduct comprehensive research on the ecosystem and its founders before committing
- Maintain vigilance when interacting with unknown entities or potential phishing links.
Steps Toward Secure Blockchain Implementation
Despite the concerns, the Philippines recognizes the potential of blockchain technology. In a significant move, the Philippine Department of Information and Communications Technology (DICT) has collaborated with the Blockchain Council of the Philippines to speed up Web3 adoption. The aim? To harness the innovative power of blockchain for public good, as outlined by DICT Director Emmy Lou Versoza-Delfin.
The digital frontier of crypto gaming offers both unparalleled opportunities and inherent risks. As games like Axie Infinity introduce revolutionary play-to-earn models, the onus remains on players to navigate these realms with caution. The warnings from PNP ACG serve as a timely reminder in this rapidly evolving ecosystem. While blockchain technology is hailed for its transformative potential, it is imperative for players, investors, and enthusiasts to balance their excitement with informed decisions and safety measures. As the Philippines takes proactive steps towards blockchain adoption, a blend of caution and innovation will shape the future of crypto gaming in the region.