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I saw it as a Game like any other Games. Like Games on Valve's Steam, I bought the game and the items in it because I enjoy it. Selling some item, trading and get new item from profit are just a bonus. In general, the late comer wouldn't profit much like the people that came earlier. You know the Loot Crate, not as profitable like winning Cards.
Psychologically I think people that saw games as an investment will end up disappointed to the point of accusing it as a scam because they can't get ROI as expected.
RE: Splinterlands: Investment or Game?