Why Failed Promises Are More Dangerous Than Rug Pulls for Web3
And what can we do about this.
The conversation around the dark side of Web3 often centers on rug pulls—those deliberate, outright scams that rob investors of their money in broad daylight. But what if I told you that these blatant scams aren’t the real threat to the future of Web3? The true danger comes from something more insidious, something less obvious but far more damaging in the long run: incompetence and broken promises.
The Dangers Of Overpromising
Let’s start with the tale of Dimensionals RPG—a project that raised tens of millions of dollars, captured the imaginations of thousands of gamers and crypto holders, and then crumbled under the weight of its own promises. When Mino Games first launched Dimensionals, they promised an ecosystem where NFTs would yield passive rewards, where holders could benefit from max-level in-game characters and rent them out for additional revenue. It all sounded too good to be true... because it was.
After months of delays, radio silence from the CEO, and missed deadlines, the once-hyped project pivoted away from NFTs entirely, leaving holders high and dry. No grand exit, no real apology, just excuses about the “bear market” and the classic blame the crypto speculators narrative. In the end, a small group of holders received a pittance, a fraction of what they’d invested in both money and trust.
But here’s the kicker: it wasn’t a rug pull.
Dimensionals wasn’t an intentional scam. It was an ambitious project marred by gross incompetence. Sasha MacKinnon, the CEO, might have genuinely believed in his vision—but that vision was poorly executed. And in the end, it doesn’t matter whether the failure was intentional or not. The damage was done.
Good Intentions Aren’t Enough
Dimensionals isn’t alone in this failure to deliver. Honestly if I began to mention every project that promised a grand experience and utility for its NFT holders but instead delivered poor communication and missed deadlines, this newsletter would turn into a book!
The problem? The teams likely had good intentions but simply failed to meet expectations—again, incompetence rears its ugly head. The constant moving of goalposts, the delays, and the breakdown of trust were enough to crush what could have been a strong project.
Why Incompetence Hurts More Than Scams
Now, let’s get to the heart of the matter. Rug pulls are easy to spot in retrospect. Once they’re identified, the damage is done, the perpetrators often disappear, and the community moves on. But incompetence lingers.
When well-meaning but underprepared teams fail to deliver, they leave behind something far worse than empty wallets: broken trust.
Here’s why that’s so dangerous:
Incompetence erodes confidence in the entire ecosystem. When a project collapses due to mismanagement, it doesn’t just affect that project—it hurts the reputation of Web3 as a whole. Newcomers are turned off. Existing investors become jaded. Worse, those who genuinely believe in the technology start questioning its viability.
Incompetence takes longer to reveal itself. Scams are often quick to unfold. One moment the team is there, and the next moment, they’re gone, along with the money. But incompetent teams drag their communities along for months or even years, promising that the next update, the next release, will be the one that changes everything. The longer the timeline, the greater the damage.
Incompetence masquerades as hope. People want to believe. They want to see the project they invested in succeed. This leads to a toxic cycle where communities defend failing teams, making excuses on their behalf, hoping for a miracle that never comes. This false hope causes more harm than an outright scam because it drains emotional energy, not just financial capital.
A Call for Accountability
So, what can we do? As investors, gamers, and community members, we call learn a thing or two from Beast_Ico. We need to demand more. We need to call out incompetence and broken promises before they spiral into disaster. We need to ask for roadmaps that are realistic, goals that are achievable, and communication that’s transparent.
Ultimately, the Web3 space is still young, and the future is unwritten. But if we allow incompetent teams to continue eroding trust through their failures, we risk tarnishing the potential of blockchain, NFTs, and decentralized gaming forever.
Stay vigilant. Demand better. The future of Web3 depends on it.
See ya next time gamers