Have you ever wondered why so many people fall for make money from home scams?
Simply because researching about the company first before joining is part of the process. Ignoring this process makes you vulnerable to anything.
Chances are you heard about CryptoBlades, and that’s why you’re going through several CryptoBlades Reviews to determine whether it’s the real deal or a scam.
We’ve made things easier for you by compiling everything you need to know about the company in this CryptoBlades review.
What is CryptoBlades?
CryptoBlades, found online at CryptoBlades.io, is a web-based NFT roleplaying game incorporated on the Binance Smart Chain. It is available to anyone across the world whether you’re in America, Europe, Africa etc.
Since it can be accessed using any browser, CryptoBlades doesn’t require any software or app download before you start using it.
It was developed by Riveted Games LLC (established back in 2014) to give players a chance to play and earn. They do it by providing control of digital assets to players.
CryptoBlades is also aiding in the blockchain technology revolution. SKILL is a good example which is primarily Cyrptoblades’ native Currency. Players use SKILL to trade in the marketplace as well as acquire forge and reforge weapons.
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How it works
All the aspects of CryptoBlade’s business model revolve around SKILL as well as the game contract.
Since SKILL is the native Currency in CryptoBlades, maintaining it is critical for stability in the market. As of August 11, 2021, SKILL token price is $53.28, which has risen by more than 35% from $38.75 within 24h range. That’s a drastic price change, which isn’t reliable in any crypto trading business.
To balance the SKILL in and out of the game contract, CryptoBlades uses faucets and sinks. Faucets are activities that earn SKILL to players, while a sink is an activity that consumes SKILL from players.
As a player, you want to control your faucets and sinks since they determine your chances of making or losing money with CryptoBlades.
Combat is the contemporary faucets in CryptoBlades. On the other hand, there are many sinks, including Recruit Character, Forge weapon, Reforge Weapon, Marketplace, and Early Withdrawal Tax.
How to earn with CryptoBlades
As stated earlier, all your earnings with CryptoBlades will be in terms of SKILL. You’ll have to play games to earn by participating in Combat and trading NFTs on the marketplace. The earning features are currently limited, but perhaps they might add more. Below are some of the ways you can earn SKILL with CryptoBlades
As a player, you can use your character and weapon NFTs to participate in Combats. CryptoBlades will then use the on-chain transaction to determine the power values of the chosen enemy and character. This will help determine if you won or lost by comparing the calculated rolls.
If you win in the Fight, there will be an experience payout to your character and a SKILL payout to your in-game wallet. Similarly, losing in the Fight leads to loss of the gas fee paid.
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Players are free to trade their NFTs on the marketplace for SKILL. ERC-721 NFTs such as weapons and characters can be traded freely with other players.
To prevent fraud, CryptoBlades have come up with a proprietary marketplace where users can buy and sell their NFTs.
When buying the NFTs, the player has to authorize that they want to spend SKILL from the wallet to purchase the asset. The crypto will not be deducted from the player’s account until confirmation that the product is still available.
If another player purchases the item, there will be no deductions from the MetaMask wallet.
You’ll have to pay a mandatory gas fee when listing the NFT for sale you want to sell in the marketplace. Buying, on the other hand, has a 10% tax charge paid by the buyer. The tax fee might not be felt since it is already included in the listed NFTs.
It takes a 24h duration before listing or trading a character again in the marketplace. To overcome the trade lock, one must pay a 0.285 gas fee error.
Other significant CryptoBlades features
Early Withdraw Tax
The frequency with which you withdraw your tax determines the Withdraw Tax. You’ll be taxed more when you withdraw on early days, and as the days progress, the tax keeps reducing.
The Withdraw Tax is always set at 15%, which reduces by 1% daily until it hits 0%. It resets back to 15% when a player you request for SKILL payout or when you stake unclaimed SKILL on the staking pool.
Claiming SKILL Rewards
If you’re victorious in Combat, you get a reward in terms of SKILL. The Withdraw Tax explained above will apply when claiming the SKILL.
For instance, if you win 10 SKILL and decide to claim it immediately, 15% tax will be deducted, leaving you with 13.5 SKILL. The same happens if you wait for ten days before claiming the reward, where the deduction is 5% resulting in a 14.5 SKILL reward.
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Generally, holding all the other factors constant, including the price changes, you’ll earn more if you hold your rewards for a longer time.
If you’re interested in joining cryptoblades, there are steps that you must follow that are found on the website. The YouTube guide below might help you get started.
So, is CryptoBlades a scam or legitimate platform you can use to make extra income?
CryptoBlades is not a scam; some people are making money with the web-based NFT. However, there are specific reasons why I wouldn’t recommend it to other people as listed below;
- The constant changes in SKILL price (sometimes by more than 30% within 24 hours) might make it hard to have a stable currency. This is not feasible when carrying out trading. Chances are you might purchase an asset when the price is too high and end up losing when the SKILL price fall.
- CryptoBlades has recently reviewed their rewards; the gas fees are almost similar to the rewards. This makes it unreliable and unworthy of joining; after all, why take a big risk when the chances of returns are minimal.
- High charges for early withdrawal are not something I would like to experience. Even though it’s in their policy, perhaps they would consider revising the Withdraw tax fees. Which would make it easier for users to cash out anytime they wish.
- The 10% trading tax is too high compared to other cryptocurrency trading platforms such as Binance, Paxful, etc.
Final thoughts on CryptoBlades
CryptoBlades seems like a great platform to earn while playing games. We cannot deny that there are people who are already making money with the platform.
Some people are losing money with the platform, mainly due to the SKILL price decrease and other reasons listed above.
For instance, according to CoinGecko, on July 24, 2021, the price was about $130; 7 days later, the SKILL price was around $53. Such instability of the cryptocurrency is not suitable for trading since it may lead to sudden losses. Similarly, if the price increases at such a rate, you would turn more profit.
The bottom line is that joining CryptoBlades is more of a personal decision. There are many ways of losing money (sinks) compared to earning the SKILL (faucets). Analysis of the program is vital before creating an account with the platform.
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