Key Takeaways
- Platform to no longer accept its native Checkmate token and dismantle its NFT marketplace
- Immortal Games to cease rewarding tournament winners with crypto prizes
In a surprising turn of events, online chess platform Immortal Game has decided to completely withdraw its plans for incorporating NFTs and play-to-earn crypto elements.
The announcement, made via a Discord post last week, revealed that the platform, despite raising a substantial $12 million from blockchain investors like TCG Crypto and Kraken Ventures last year, is distancing itself from the crypto space. The platform has garnered a total funding of $15.5 million.
Built on the Ethereum scaling network Immutable X, Immortal Game will no longer accept its native Checkmate token (CMT), dismantle its NFT marketplace, eliminate any references to crypto on its website, and cease rewarding tournament winners with crypto prizes. The decision came into effect on Monday, according to the official post.
The pseudonymous Immortal developer known as “Luxo” explained the shift in the community’s Discord server, stating, “After careful deliberation, we have decided to stop development on play-and-earn and NFT collectibles related features on Immortal Game.”
Despite its initial crypto-friendly approach, Immortal Game encountered significant challenges related to cheating. The team’s attempt to reward its community with crypto incentives inadvertently led to widespread exploitation by individuals seeking financial gains through nefarious means. This prompted the platform to reassess its strategy and make the tough decision to abandon crypto integration.
Notably, the Checkmate token (CMT) has experienced a substantial decline, plummeting over 73% this year, with a significant portion of the losses occurring in the current quarter, according to CryptoRank data. Previously, players could earn CMT by winning games on the platform. Although Immortal chess piece NFTs can still be used in the game, they are restricted to the “Immortal mode.”
Players are now directed to Immutable’s marketplace and website to manage or trade their Immortal Game NFTs, with users possessing custodial wallets required to transfer their assets to a self-custodied crypto wallet.
This move by Immortal Game echoes a growing trend, as nearly 50 blockchain games reportedly halted development this year, emphasizing the challenges faced by projects in the crypto gaming space.
