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Is SolChicks another shady VC and Founder’s play?

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TL;DR Breakdown

  • The mixing of cryptocurrency and gaming, is it trustworthy?
  • SolChicks, a new game, is being launched with the idea of mixing crypto and gaming.
  • Can SolChicks be trusted to keep their ‘mission’ in sight after their CEO’s questionable reputation?

Recently, the crypto market has advanced further as NFTs and cryptocurrency have been incorporating themselves into gaming. Several blockchain-based decentralized games have been popping up with the promise of play-to-earn gaming. What we’re concerned with is which of these new games can be trusted.

Introducing SolChicks, a new game next-in-line to be launched very soon, centered around player-vs-player gaming and offering a play-to-earn ecosystem. This, in itself, would not have been a cause of concern, but the involvement of the crypto market and the previous record of the founder have made people skeptical about their motives. Allow us to dive deeper.

What is SolChicks?

SolChicks is a game in development, but it’s expected to be launched on the 6th of December. It is a collection type of game that will utilize a native digital currency, SolChicks (CHICKS), as an NFT collectible for participating in PVP battles, raids, and taking care of chicks in the game that you can use as avatars.

The game is centered around earning the SolChicks tokens as you play the game, hence the term play-to-earn. The game has recently gained popularity as many investors and VCs have been shown to support the game, and the game is powered by our 5th ranking crypto token Solana. 

Now that you’ve read up on what the fuss is all about, you might be wondering, what’s the issue? Allow us to elaborate on some concerns raised by the crypto community about this game.

The core of the mistrust

As mentioned above, the game is centered around P2E gaming, which has recently become more widespread throughout the internet. Normally, this wouldn’t be an issue, but a Twitter user has raised some interesting points that need to be considered.

The CEO of SolChicks is a man by the name of William Wu. Research has shown that the CEO has been involved in two other projects earlier this year, both of which were allegedly rug-pulled.

CatzCoin

William Wu’s first project was made with the pretense of being a memecoin similar to Dogecoin. William and other co-founders of CatzCoin had claimed that the core purpose of CatzCoin was different from that of Dogecoin, which, in their words, was created based on greed.

Making themselves out to be better than Dogecoin, the company claimed to value cats beyond anything else and promised that 5% of the earnings from the coin would support cats in finding shelters. Noble, right?

After extensive research, there have been no records whatsoever that this purpose has been fulfilled. There are no records of CatzCoin’s founders donating to support animal shelters, and thus it has been dubbed by the crypto market as a fraud.

HoneyX

William Wu’s second project was HoneyX, which was meant to act as a bridge between the crypto market and OnlyFans after the recent problems in the industry earlier this year. It was basically a platform designed to allow people to interact and pay for adult content using HoneyX coins.

Similar to CatzCoin, the HoneyX team claimed that the profits accumulated by the platform would be redistributed among the HoneyX holders every three months. Not only this, but they also claimed that 10% of every transaction would be funded into auto-liquidity.

Again, no records of this procedure taking its course have been found, and It sounds like a pattern, doesn’t it?

Do these facts affect the credibility of SolChicks?

As the very CEO of SolChicks has been involved in some projects alleged rugged and failed to deliver on its claims, it is uncertain whether the promises flaunted by the upcoming P2E platform SolChicks are genuine or whether it will follow the same route as the previous projects founded by William. 

This article doesn’t condemn the project but should be considered a reminder for users to exercise caution. We can’t say much about whether or not William Wu’s past endeavors play a role in SolChicks. However, it will be worth mentioning that there are already big-name companies invested in the project.

We advise the crypto market to keep their eyes peeled if they choose to indulge in the game and keep the facts within their sights moving forward to avoid the possibility of another rug pull.

Muhammad Ali

Muhammad Ali

Muhammad Ali is an expert on crypto investments. Loving to write about fintech, he joins the team to provide detailed analyses of the hottest crypto news.

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