Immortal, a chess app that lets you make money from playing the game, has been shut down due to serious misconduct. The platform has closed the curtain on financialized cryptocurrency functions.
So far, the app has been rewarding users with CheckMate (CMT) tokens for playing. The free online chess platform has also hosted a chess NFT marketplace. One of these NFTs was worth a whopping $14,300.
Immortality has become one of the most recognizable. P2E Cryptocurrency Games From the beginning. The platform made headlines after raising $15.5 million in a Series A round. Chernin Group held a fundraising round in September 2022.
As expected, news of Immortal’s discontinuation discouraged players and investors. Designed using Immutable X’s L2 scaling technology, Immortal aimed to provide advanced services.
While the platform is shutting down its rewards system, it will continue to use Web3 technology for community engagement and anti-cheat measures. P2E games are gaining attention in the market. However, the industry faces several obstacles, with fraud being the most recent problem.
The game developer has released an official announcement to inform users about the development. The team decided to continue building Immortal as an online chess hub. They may even integrate more decentralized technologies into their platforms.
Developers say offering cash without a barrier to entry encourages fraud on the platform. It harms the user experience of real players who adopt a fair approach. The unintended consequences of compensation have certainly led to unfair practices.
Starting this week, Immortal’s NFT marketplace will be discontinued. Players will also lose their P2E CMT in-game NFTs. No rewards are given for winning tournaments on the platform.
To date, the trading volume for Immortal NFTs is over $885,000. Similarly, the market cap of CMT token is $360. Therefore, this unfortunate news is expected to be a huge blow to the online chess community.