CRYPTOLAND is a brand new project that is attracting many people. The project CRYPTOLAND aims to build the world's first physical crypto island as well as a Metaverse solely for crypto enthusiasts. But, if you ask people what they think of it, they will tell you it’s a scam. Hence, there are still a lot of unanswered questions about it. We’re here to answer those questions. So keep reading!
What is CRYPTOLAND Metaverse?
As you might know, CRYPTOLAND is a physical island for the crypto community to come work, live, and have fun, and enjoy a first-class crypto lifestyle. The proposed island will be developed on an island called Nananu-i-cake in Fiji.
CRYPTOLAND Metaverse is the digital equivalent of the envisioned physical island. It will allow users to experience all the features of the physical island through an immersive virtual reality (VR) experience.
According to the whitepaper, the team only start the developments of the CRYPTOLAND Metaverse once all 60 King Cryptolanders NFTs are minted. So far, only one out of 60 NFTs has been minted or sold.
CRYPTOLAND Metaverse will offer an early experience of the physical island to the public. Moreover, the team has promised to add Cryptolanders PVP game and other features to the Metaverse.
Read More: Top Metaverse Coins: What Are The Best Metaverse Crypto Coins To Invest In?
Is CRYPTOLAND a Scam?
Many people are sceptical about whether the CRYPTOLAND project is a scam or not.
On the Cryptoland Discord, the team claimed they have secured the island with a purchase agreement. However, Nananu-i-cake is still listed as available on at least two different real estate sites.
Moreover, the island (600 acres) doesn’t seem big enough to host all of the proposed infrastructures. Furthermore, a huge amount of money would need to be spent on the project to make it viable.
The main source of money for the project seems to be from the sales of NFTs. However, doing the math, the sales would only bring a sum of $65M – not nearly enough to build all the required infrastructure.
The whitepaper says that the development of the island, as well as the Metaverse, will only begin once all 60 King Cryptolanders NFTs are minted. It is possible that the team would disappear with the money from sales (over $60M) once all NFTs are minted.
A well-researched Twitter thread by Molly White, a software engineer, also points out that CRYPTOLAND appears to be a scam. On the contrary, the project looks like an idea that will be difficult to realize.