Splinterlands - Did we hit the rock bottom after today's All Time Low?

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The entire crypto market was these days in full bleeding mode and Splinterlands governance token was pulled down with it reaching a new All Time Low. As Splintershards (SPS) fall down as low as $0.0203, the sentiment surrounding this once top blockchain game is starting to erode the trust of existing and also any potential investors. Don't get me wrong, the game is evolving, things are moving forward at a good pace, but as a play2earn crypto game it needs much more than that.

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Tokenomics

The tokenomics are playing a major role in the scheme of blockchain games as some players have joined just for that premise, thus not nurturing to it will shrink the user base and potentially result in a fading project. I am a player in Splinterlands since its inception and I've always appreciated the equilibrium from here until the Chaos Legion 15 Million packs thrown on the market and the 3 Billion SPS supply. These moves and decisions taken while we were in bull market, simply broken the entire tokenomics for SPS, packs and cards NFTs and also DEC, the game stablecoin that unpegged itself from 1000 DEC:$1 drastically. While some effort was done to repeg the DEC, which still isn't there yet, the other assets prices went down the drain. And with them this ecosystem is becoming less and less appealing to new crypto enthusiasts.

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Market reflection

The game founders recognized during one of the Splinterlands AMA, that they made a mistake by sizing assets supply while being or thinking of a bull market, but rather dimension those as for the bear market. While I agree with this realization, I am yet to see through future actions if the Splinterlands team learned from their mistakes or if the history will repeat itself. I surely hope they will not act as in previous instance, but I must say that my confidence is not that high about them making the right decision in the future. But that's something we all shall need to wait and see.

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The foundation of Splinterlands in terms of technology, gameplay and engagement is as strong as it can be. But that's just not enough for this to make the game become what once was and also retain the current main development team long term. What has been done until now is history and only the future will tell and show us the true path on which we are embarking.

Come and join the amazing world from the Splinterlands!

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16 comments
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One good aspect of it is they admitted it and are trying to work on it. Some places unfortunately double down and keep doing foolish things!

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I guess you are very right that play to earn games still needs some improvement
Nice observation!!!

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The only thing they can do now is acknowledge their mistakes. History repeating itself wouldn't be so good.

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Totally agree and while they've recognized the past mistakes, only the future actions will show if they've chose a better path for everybody.

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Splinterland cards resisted the bear market with only around %50 decreases. The same can not be said for SPS. It crashed hard. Players prefer to buy cards to be competitive instead of investing in SPS. That's what I make.

I trust the Splinterlands team. The change in the power system can help. The land project will lock up many Splinterlands assets, which will also help. General market conditions should support the SPS price too.

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Indeed the cards showed better price capture. But in the same time now the rewards are souldbound, so the players don't have a way to monetize those in any way. Players need to make some returns in order to stick around and with declining tokenomics that will not happen. Let's see how the new developments will improve these tokenomics...

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I don't think so we hit rock bottom here, the way the market behaving, we may see another low and may another low until the bull is back strongly.

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I didn't even notice the drop in price! I suppose it's time to stack up on some coins then right😎😎

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This is a very turbulent time in the market as people are very worried about what to do. I will say here that this is the time when people should buy things and hold them for a year. If they don't do it this way, they will never make a profit, but they will in a while. If you buy then, you can't make a profit even in this way. This time also the only profit in the upcoming bull market will be those who will keep save the coins.

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I don't think there is much they can do but move on from the mistakes in the past. I don't blame them for putting out way too much supply but they did burn quite a few packs. So we will see how things go from here and I wonder what the supply for the new sets will be.

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