How Legacy became a costly crypto bust for players and a business win for Peter Molyneux

After millions in NFT sales, the hyped “play to earn” game was effectively dead in weeks.

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[citizencoyote]

"You don't get what you paid for" could be the descriptor for every and any NFT. Add our good friend Peter Molyneux into the mix and... well... even a boilerroom con man would blush at the audacity of the scheme.

 

[citizencoyote]

That's crazy, where do these people get this money?



Where do these people get this money?!?! Gambling on other stuff?

Well, it's crypto, so much of it is made up money whose value is only tied to how others think of it. If you got in early and made a ton of crypto-profit, you could then "re-invest" that "profit" into new ventures. It's not real money as we often think of it because there's not much else you could do with it. So maybe they're out $1000 from their initial GALA investment or something.

On the other hand, most people paid cold hard cash to get in, and from the sounds of it they paid a significant amount. They got suckered in by the FOMO and the promise that their investment of real cash would somehow pay dividends. Sadly the article doesn't really say whether the people quoted are part of the former or latter group, so we don't know if the guy who "lost seven figures" lost real money, or just the promise of real money through the loss of his crypto holdings.