The economy in Peter Molyneux's NFT game instantly collapsed - players were left with nothing

The project was presented as a revolution in Web3. Players were offered to buy virtual lands in the form of NFTs and earn real money by developing digital businesses. Amidst these promises, users invested tens of millions of dollars in the presale.

After launch, the in-game economy, built on the blockchain, quickly collapsed. The value of tokens plummeted almost to zero, and players' assets became virtually worthless. Many lost their invested savings, unable to recover or sell them.

Molyneux's studio managed to profit from the initial sale of NFTs, receiving the bulk of the funds before the system's collapse. The financial risks, however, fell entirely on the players.

For some of the audience, this was another blow to the developer's reputation and a reason to finally stop trusting his promises.