Why you shouldn't invest in tokens issued by online casinos- 2 cases
$6,000 Welcome Bonus
Many online platforms that offer various services release their tokens from time to time, hoping that they will be successful or simply trying to earn extra money that way. Cryptocurrency online casinos have not bypassed this trend.
Gambling and cryptocurrencies have gone hand in hand almost since the launch of Bitcoin. Already in 2011, the first websites were launched that allowed gambling using cryptocurrency. So it was only a matter of time before the first tokens, the release of crypto casinos. And so, when the ICO boom took place in 2017, such tokens began to appear.
Unfortunately, like most ICO projects, tokens from online casinos have failed. In this article, we will look at the three most popular tokens issued by crypto gambling platforms and analyze their performance. And hope this will help you to avoid such investments in the future.
TXT by TrustDice
TRUST or TXT is TrustDice casino’s in-house token. This casino is mostly known for its no deposit bonuses. It was released in 2018 on the EOS platform. The main purpose of this token is to reward the most active players. 5 billion TXTs were issued, half of which went to player rewards, 10% went on sale, 10% to bug bounty, 10% to strategic partners, and 20% to the TrustDice team.
TXT had an all-time high price of $0.00874 in March 2021 with an average of $0.0001. The price for June 2022 is $ 0.00009. But the drastic drop in prices is not the worst thing that has happened to this token. Most likely, the team simply stopped developing the project. The last time the community received updates was in May 2021. At that time, the TXT team promised to increase the project’s capitalization 200 times, place a token on more exchanges, and organize their buyback and burn. Unfortunately, nothing promised has happened in a year and is unlikely to occur in the future.
TFS by Fairspin
TFS is a token issued by Fairspin Casino in 2021. This token serves as a casino loyalty program and is distributed as a reward to the most active players. Also, before listing the token on the exchanges, the casino sold tokens to its users for $ 0.004. And already, on the exchanges, the starting price was set at $ 0.008. And as you probably guessed, almost immediately after the placement of TFS on the exchanges, the price fell to $ 0.002, and in June 2022 is $ 0.0015. Unfortunately, there is no hope that the price will recover.
Conclusion
As you can see from these examples, online casino tokens are not reliable for investment. Although you can still make money on them if you get them for free, buying them is very risky. There will be similar projects in the future, and if you consider them as an investment, think twice about whether it is worth it.
