The metaverse has become the most popular idea in cryptocurrency during the past year. It refers to what essentially amounts to a sandbox style virtual world that often has some form of virtual reality or augmented reality to add to the realism.
Now, the idea of the metaverse is often combined with cryptocurrency because cryptocurrency tokens can be used as a reward or even as a currency in the metaverse.
One metaverse project that was recently launched is called Metacyber. Of course, the game has not actually launched, but the idea is that the game will be some sort of space based game. Anyway, this article will go into detail about Metacyber and the legitimacy of the project.
What is Metacyber (METAC)?
Metacyber is a planned blockchain game on the Binance Smart Chain. It was launched sometime in April 2022 by an anonymous founder.
The information provided on the website and on the whitepaper is fairly vague. In fact, the overwhelming majority of the whitepaper just answers basic questions like “What is VR?” and “What is the Blockchain?”
MetaCyber also has a token, which is the only thing of any use that the project has launched. The token does not have any real use because it’s meant to be used in a game that has not yet launched.
The tokenomics for METAC are pretty awful, though. There’s a 9% buy tax and a 12% tax, which are both ridiculously high taxes for a token.
So, what’s the actual purpose of this cryptocurrency project?
It should be pretty obvious by now that this project has no real plan after reading the whitepaper. They literally do not discuss anything about the metaverse game they are launching in the whitepaper.
However, the project certainly has a use. We have an idea about this use by looking at the price history chart of METAC.
That is one of the weirdest price history charts we have ever seen. The price hovers at $0 and then spikes before quickly crashing back down to $0 the next day.
The 24 hour trading volume also jumps around from $0 to a few million dollars within a day.
Due to this, we believe that MetaCyber is manipulating the price of the token in order to inflate the trading volume and the price. This will cause the token to appear at the top of CoinMarketCap and CoinGecko for largest percent increase over the past 24 hours, which will draw investors into the token.
Investors that purchase the token likely cannot sell them due to limitations on the token written in the smart contract. This means that the developers are the only people that can sell tokens, which means nothing but pure profit for them.
Our Problem With MetaCyber
MetaCyber is, in our opinion, a fairly obvious scam project. There are a lot of warning signs about this project that make it pretty obvious to us that this is the case. Here are some of the warning signs we have noticed.
Unusual Trading Volume and Price Changes
First, METAC has an extremely unusual trading volume and price changes. This usually indicates that the token is being artificially traded.
This is usually done so the token will appear more popular and attract more investors into the project. The problem is tokens that use artificial trades to create the illusion of popularity often have mechanisms in place to prevent unauthorized wallets from selling the cryptocurrency.
If these mechanisms do not exist, then the extremely low trading volume makes it very difficult for investors to sell their tokens at a profit.
The whitepaper for MetaCyber is completely useless. This is a common theme with scam projects. They often write general information about cryptocurrency in the whitepaper.
That’s not what a whitepaper is supposed to be about.
If the reader wants to know about blockchain or the difference between AR and VR, then they could just find that information on Google.
A whitepaper should offer more information about the product a company is offering to the public. It does not refer to writing an informational article about topics loosely related to the company.
MetaCyber has anonymous founders. Our rule is that blockchain game projects that have anonymous founders are always scams.
We know, it’s a harsh rule, but we have not seen a single blockchain game project from an anonymous founder become legitimate.
The only blockchain games that have become popular were created by actual game studios. The game studios usually developed mobile games before moving to blockchain games.
The reason for this is it’s extremely difficult and costly to create a good videogame. As such, people that develop a really good game generally want to receive some credit for creating the game.
Demo Game That Doesn’t Demo Anything
Finally, MetaCyber has a demo game on its website.
We actually like the idea. A lot of these scam projects promise to launch a blockchain game and don’t even have a demo game on their website.
The problem with MetaCyber’s demo game is that it’s not actually a game. It’s basically a small landscape that allows the player to run around. There’s no game aspect to any of it.
It was also created with Unity. We have nothing against Unity, but we find it unlikely a game studio is launching a decent game on Unity.
It’s also important to note that it is possible to pay a Unity game developer on Fiverr a few hundred dollars to create a basic game like the one MetaCyber used as the demo.
Basically, the demo game doesn’t mean much and doesn’t impress us. If it had some actual gameplay, then we would be more impressed by it.
Is MetaCyber a Good Investment?
No, MetaCyber is not a good investment. This looks like some sort of scam project. We would stay away from this project at all costs.
There are simply too many red flags for us to trust it.
To summarize, MetaCyber is a project on the Binance Smart Chain that actually looks pretty good on paper. The idea for the game seems interesting and the team has a really good looking website.
The problem lies in that this project has far too many suspicious things about it for us to consider it legitimate.
Just stick with blockchain games that come from fully doxxed teams. Ideally, the team should have some sort of background in videogame development.
If you can’t develop a normal videogame, then you most likely can’t design a blockchain game people will want to play.