- Solana Foundation President Lily Liu says blockchain gaming is dead.
- She declares this sector will never make a comeback.
- Can blockchain gaming return stronger if it offers true utility?
The recent headlines of Meta shutting down the metaverse after spending $80 billion on the endeavor has led to Solana Foundation President Lily Liu stating that blockchain gaming is dead and will never come back. This would be devastating news from blockchain gaming token holders and altcoin traders hoping to see the price of these tokens climb during the altseason peak phase.
Solana Foundation President Lily Liu Says Blockchain Gaming Is Dead
Blockchain gaming was a highly interesting and exciting topic when blockchain technology utility was first being explored. Initially, blockchain gaming offered a strong arena for gamers to earn as they played. Several play-to-earn models surfaced from a variety of blockchain gaming projects, many of which came with their own native tokens that allowed holders to reap extravagant gains in their peak eras.
In detail, projects like Axie Infinity and CryptoKitties allowed blockchain gaming to mint unique NFTs and boost NFT trading. This made the previous bull cycle a haven for NFT trading, propelling blockchain gaming to mint billion and rewarded gamers holding unique NFTs. However, lack of true long-term utility led to these platforms dying out fast, leacing NFTs worth a lot dumping to nearly nothing.
The fact that the blockchain gaming area lost billions after its initial boom has now led Solana Foundation President, Lily Liu, to declare that gaming on a blockchain will never come back. In particular, the expert dropped this take after Meta confirmed it’s shutting down the Metaverse following $80 billion spent. She says that when the company that literally renamed itself ‘Meta’ couldn’t make virtual worlds work, then crypto gaming doesn’t stand a chance.
As we can see from the post above, Liu has been saying since February that blockchains were built for finance, not gaming, calling years of Web3 gaming narratives “intellectually lazy” and reliant on marketing over real market creation. The sector saw billions pour in from firms like a16z, Animoca, and Framework Ventures. Yet, GameFi tokens collapsed and even the most popular gaming projects faded.
Can Blockchain Gaming Make a Comeback?
The execution of blockchain gaming started of strong due to hype and strong marketing, but if blockchain gaming actually offered tangible utility that would appeal to gamers across the world, perhaps it would have survived. Maybe using blockchain to create gaming interoperability across all platforms or using NFTs to mint in-game items that allow players to trade titles and attach lore to their items via blockchain immutability, one day, blockchain can make a lasting comeback.
