The Unoffical Ether Shrimp Farm Wiki
Ether Shrimp Farm is among a wave of games that have sprung up on the Ethereum blockchain. While there is the possibility of financial reward from these collectibles, there is also a lot of uncertainty. We'll cover how Ether Shrimp Farm works, why people play it, and what risks are involved. If you're interested in learning more about digital assets, you can check out this article on crypto collectibles. This video was made with Ezvid Wikimaker.
Are Ether Shrimp Worth Money?
Ether Shrimp Farm falls under a category known as "Crypto collectibles." These are unique digital assets, which range from games like CryptoKitties to virtual tokens like Factbars. Each token has its own unique value, since no two are identical. While it is possible to sell your Shrimp for money, their value is not guaranteed, since you need to find someone to buy them. As more shrimp are hatched every day, your number increases, but so does everyone else's. If more people play the game, that's good for you. But if people stop playing the game, the value could go down, so it's important to understand the risk involved. If you want to learn more about how the process of purchasing crypto collectibles actually works, check out this guide to MetaMask.
What Are The Criticisms Of Ether Shrimp Farm?
One criticism leveled at games like Ether Shrimp Farm or CryptoKitties is that they clog up the blockchain. As this is a growing technology, there is a lot of congestion for Ethereum transactions. With so many people trading digital pets, all transactions go a bit slower, which means gas prices go up. Those who use Ethereum for business purposes don't like having to raise their gas limits because of someone playing a game. There are also critics of Ether Shrimp Farm's referral program. There have been many cryptocurrency scams in which false claims are made in order to sell worthless currency. Because the referral program rewards players when they convince others to buy shrimp, it could lead to unsavory tactics and dishonest marketing. That's why it's important to understand the game before you get involved.
Ethereum Explained
In Depth
Ether Shrimp Farm is a blockchain-based game in which players can own digital shrimp that lay eggs. Consistently ranked on DappRadar as one of the most popular games on the Ethereum blockchain, it has hundreds of daily users and thousands of daily transactions. In order to understand Ether Shrimp Farm's popularity, let's compare it to some other crypto collectibles and see what makes each one different.
You're probably familiar with cryptocurrencies like Bitcoin and Ethereum, which are digital forms of money. A different asset class is crypto collectibles, unique digital tokens that take advantage of the Ethereum blockchain. You can purchase these assets using Ethereum through a browser extension like MetaMask. What makes crypto collectibles different from Ethereum itself is that they are non-fungible, meaning each one is unique. For example, if you own a Factbar, you are the only one who owns it, and each Factbar has a unique value.
Ether Shrimp Farm follows in the footsteps of games like CryptoKitties, in which players buy virtual cats that can be sold to other users or bred with one another to create new kitties. Because each kitty is unique, rare kitties can sometimes fetch outrageous price tags, and players will pay a lot to breed with those that have desirable traits. However, the market is limited to those who play the game. While the tokens do have monetary value, you won't be able to use them to pay for something else.
Ether Shrimp Farm follows in the footsteps of games like CryptoKitties, in which players buy virtual cats that can be sold to other users or bred with one another to create new kitties.
There are other types of crypto collectibles that aren't games, and don't require further investment for activities like the breeding in CryptoKitties. A good example of this is Factbar, where tokens are linked to researched and verified facts. You can download videos and images of your Factbars for use on YouTube or on your personal website, borrowing the brand's credibility for whatever you're promoting.
Because Factbars provide information beyond just looking nice, they can be marketed by individuals as well. Users can promote their own Factbars online in order to sell them. With CryptoKitties, while each does look different, they aren't useful enough to be attractive to someone who doesn't play.
What makes Ether Shrimp Farm different is that it is an idle game. Since your shrimp lay eggs at a rate of one per day, the number of shrimp you own will grow as time passes. This could lead to a profit if someone wants to buy your shrimp, though this is not guaranteed.
This could lead to a profit if someone wants to buy your shrimp, though this is not guaranteed.
One aspect of Ether Shrimp Farm that has garnered negative attention is the referral program. If you sign up, you'll get a link you can use to refer others to the game, and if they participate, you'll earn a bonus of 20% of the number of all the eggs hatched by anyone you get to sign up. This could lead to players falsely marketing guaranteed returns in order to get others to purchase virtual shrimp. It's important to always do your research before making a purchase.
In May 2018, Ether Shrimp Farm rocketed to the top of DappRadar's rankings. However, an examination of the sudden increase in users revealed that all these new accounts weren't legitimate. A single user had created bots, opening wallet accounts that pretended to be new users, getting the bonuses from referrals and new sign-ups, then consolidating the Ether gained from those transactions. DappRadar alerted its users of the suspicious activity, and Ether Shrimp Farm's ranking was adjusted accordingly.
The fact that these games are sometimes marketed as an investment presents a danger when there is an erroneous expectation. After the success of Ether Shrimp Farm, many other idle games were introduced. These included Pepe Farm, Pooh Farmer, Ether Cartel, Ether Shrooms Farm, SnailFarm, and many other "Farming" games in which players dealt with large numbers of identical tokens as opposed to one valuable one like in Cryptocountries or other games built on scarcity of assets.
The fact that these games are sometimes marketed as an investment presents a danger when there is an erroneous expectation.
Not all players use Ether Shrimp Farm as an investment, as like CryptoKitties, it is mostly a game. More crypto collectibles are added to the marketplace every day. It's unclear where the market will go in the future, but many people are seeing the potential of using the blockchain to buy and sell unique digital assets.
