What is FunFi (FNF)?
Play to earn games have become the biggest trend in cryptocurrency for one reason – people can earn an income by playing video games. Naturally, this has led to a massive amount of play to earn games being launched on various blockchains. Unfortunately, most of these games are not great and fail to generate any users because of that.
This does not stop people from investing into all these games, though. With that in mind, one play to earn game that launched, and eventually failed, is called FunFi. This article will cover absolutely everything you need to know about this failed blockchain game.
What is FunFi (FNF)?
FunFi is a play to earn game on the Binance Smart Chain. The game involves owning NFT race cars and racing them on different courses. The winner of the race receives a small reward of FNF tokens, which can allegedly be sold for real money.
As with almost all play to earn games, there is nothing particularly complicated about FunFi. The game has similar graphics and gameplay as Flash games from 2006. In other words, no one would play FunFi if it were not a play to earn game.
So, who is the development team behind this project?
Unsurprisingly, they have chosen to remain anonymous, which is always a red flag. Anonymous developers are far more likely to rug pull a project.
What Happened to FunFi (FNF)?
FunFi generated a lot of buzz when it launched in June 2022. The trading volume was reportedly in the millions (note: It’s possible to fake this, so it’s not a great metric) and it was receiving a lot of attention on Twitter.
The attention it received mostly came from new investors looking to strike it rich with the next big thing. Experienced investors could see the red flags on FunFi and stayed clear of it. Some of the red flags included:
- Anonymous developers.
- Low quality, buggy game.
- Based on the BInance Smart Chain
- Most play to earn games on the Binance Smart Chain are scams.
- No real roadmap or plans for expansion.
- Team that seemed clueless about the project.
The warning flags were there, but people still invested in the project. To the surprise of pretty much no one, this happened to the price FNF after only two weeks:
The sharp decline in price indicates that the developers sold all their tokens to drain the liquidity pool. The website still exists because the US Department of Justice (DOJ) went after the founders of an NFT project that rugged investors. The DOJ only went after those founders because they deleted the website and all traces of social media, which shows they have no intention of fulfilling the promises they made to investors.
That makes it obvious fraud.
Due to that, a lot of cryptocurrency projects that rug will make vague promises and possibly even release some sort of minimally viable product in order to avoid fraud charges by the DOJ or other relevant authorities.
To summarize, FunFi rugged only a few weeks after their launch. The project still exists on the internet because this allows the founders to avoid potential fraud charges – it’s not illegal if you meet all the objectives on the roadmap.
Is FunFi (FNF) a Good Investment?
No, FunFi (FNF) is not a good investment. This project still receives some attention on Twitter, but all you have to do is look at the price chart.
The founders scammed investors out of their money.
They have lost the trust of the community. There’s a saying in crypto, “Once a scammer, always a scammer.”
It’s obviously a generalization, but it’s a good principle for investing. Don’t invest in projects run by teams that have already scammed their investors once. They have no moral qualms about scamming, so it’s likely they will scam again. Especially in the cryptocurrency industry where the consequences for scamming are non-existent.
To wrap things up, FunFi is/was a scam project. The project has a nice website and even has a game, albeit a bad one. This made people believe that the project was actually going to turn out ok.
In reality, the project has anonymous founders and the game itself has no substance or depth to it. It was basically a nice exterior with nothing underneath it. It’s no surprise that the founders of the project rugged – the point of the project was to look good enough to dupe some investors to buy the tokens, not to release an actual play to earn game.