There are important caveats for a metaverse coin. Moreover, there are also investigations in the country where the warning came from. Let’s look at the details.
Details of the alert for the Metaverse coin
The Philippine National Police Cybercrime Combat Group (PNP ACG) is making a major move. Accordingly, it educates citizens on fraudulent practices targeting gamers. To this end, it conducts a comprehensive review of electronic game models. PNP is specifically examining the play-to-win model, focusing on projects such as metaverse coin Axie Infinity to address concerns about potential risks and financial liabilities.
The Philippine National Police Cybercrime Combat Group (PNP ACG) has launched a comprehensive review of various game models. Accordingly, he took a proactive step. The main purpose of this effort is to educate the public on the evolving tactics used to trick players and get their hard-earned money.
Axie Infinity and play to win model
Among the models that PNP ACG especially draws attention to is the well-known GameFi project metaverse coin Axie Infinity. Accordingly, the play-win concept is also among the models. This innovative combination of gaming and finance has received a lot of attention and discussion in the Philippines.
The core of the Metaverse coin Axie Infinity experience involves players purchasing Axie characters. It also requires an initial investment of $300. PNP believes it forces players to make a significant commitment before fully engaging in the game and the opportunity to win. Accordingly, it opposes this financial entry point. In contrast, PNP states that it prefers traditional games where the average investment is around $100.
Emphasizing risks
PNP ACG highlights the risks inherent in participating in win-win games like the metaverse coin Axie. The digital environment exposes players to potential losses in terms of both tokens and non-exchangeable tokens (NFTs). There are susceptibility to pitfalls such as transferring tokens to unsupported wallet addresses and market volatility. These underline the need to be cautious in this game model.
cryptocoin.com Looking at it as a whole, the Philippines has a significant presence in the metaverse coin Axie Infinity ecosystem. According to Playercounter data, Filipino gamers make up 40% of the user base on this platform. This statistic not only highlights the popularity of win-play models in the country. It also highlights the urgency of implementing robust protective measures against fraud and fraudulent activity. Finally, the Philippine National Police’s attempt to review electronic game models draws attention. Accordingly, the step is in line with global concerns regarding cybersecurity and fraud prevention.
