VIETNAM, August 27 – HÀ NỘI — Blockchain has been gaining much traction in Việt Nam in recent years and is hailed as a game-changer in the gaming industry, but insiders are concerned that many GameFi projects are more of a scam than a real business.
Nguyễn Ngọc Dũng, chairman of the Vietnam E-Commerce Association, revealed that over 600 blockchain projects have come on the scene in the past few years, and the majority are GameFi, a terminology describing the incorporation of blockchain in games for monetisation.
He said GameFi projects offer such high profits that investors pile into the industry to make easy money. The mass exodus of profit-seekers has turned Việt Nam into a GameFi powerhouse with the proliferation of game-making studios.
However, the lucrative industry has attracted scammers who set up studios and paint an optimistic picture of their projects to lure investors. The projects sound good on paper but are just for show. In most cases, they end up unfinished with no money returned to investors.
One of the most notorious cases is the Ccar, Cpan, Cguar project which was claimed to scam over VNĐ2 trillion. Others include Zodiac and Crypto Bike, with damages of VNĐ50 billion and VNĐ30 billion, respectively.
The latest case involves a move-to-earn project that employed false advertising to promote its games. The project…
