In the last few months, there has been news regarding an application that lets you earn different types of cryptocurrency in a geo-location mobile game format. You can make thousands of dollars worth of Bitcoin and XRP just by coming across it on the street.
This game format has proven to be a successful one since the release of Pokemon GO, which also offers augmented reality! While it is still in the beta phase, it has been available for android users in the United States and Canada since December 2020. As a free-to-play/free-to-earn application, several people have claimed to have made thousands in different cryptocurrencies without having to buy anything.
The game’s mechanics are not as simple as walking around and picking up cryptocurrency anywhere you can find it. The objective is to find keys of different colors by coming across them in heavily populated areas in your vicinity. Once found, You will need to find vaults that the keys will open.
These vaults will need to be opened by trivia questions that users will be prompted during their attempt. If answered correctly, the user will be rewarded with a more rare colored key or real cryptocurrency. The users are then allowed to withdraw their cryptocurrency every Tuesday. They do this through the multi-asset platform, Uphold. Users of this application have grown and made their community through the instant messaging app Discord.
Coinhunt World!, like most video-game mobile applications, makes a good sum of its profit from advertising. They use their earnings from selling ad spaces and promoting brands like Uphold, or even specific cryptocurrencies, to buy the cryptocurrencies to put in their game vaults. Several up-and-coming cryptocurrencies would benefit from the publicity of an app like this.
Offering to sponsor a certain number of coins would encourage more people to buy their cryptocurrency outside of the game due to the limited number of in-app cryptocurrencies.
While it seems like an excellent business model, it may cause a bit of traffic with some cryptocurrencies because of their volume. Cryptocurrency does have a limited number of coins that can be mined. An application like this can make cryptocurrency easy to earn because of how it can make cryptocurrency easy to acquire and raise the necessity to mine at accelerated rates.
Then we add in the assumption that there will be competitive applications to Coinhunt World! Eventually, the market will be saturated. Forcing more cryptocurrencies to mine faster and smaller currencies to become more significant. As the market starts to saturate, the value of each coin is left with a higher possibility of decreasing in value.
It is important to note that Coinhunt World! is still in the middle of its beta phase and is still subject to several future changes. These changes may include a certain amount of regulation to how much you can earn. As more people sign-up for the app, the cryptocurrency regulation will become more necessary to maintain the amount of cryptocurrency in circulation due to the game.
Another thing to be wary of is the threat of possible security issues. Since we are dealing with finance, security needs to be at its highest. This has not always happened in video games, with account hacking being a constant issue within the gaming community.
Although it may leave us with far more questions, Coinhunt World! is a fascinating concept that will only do the cryptocurrency trading scene a lot of good. The more trading is done, the more valuable the cryptocurrencies become, and this app is guaranteed to pull in several new traders. Only time will tell how the app will respond to being open in the global scene and how the developers will respond.
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