Every crypto project is currently having problems of traction and this is mainly because of the bear market. When the bear market is in full swing, people lose the motivation to build, or even abandon what they have built during the bull market.
It's counterintuitive, but that's the sentiment that comes with the crypto space and everything that's built on it.
For example, on Splinterlands, a lot of human players no longer find the motivation to keep playing, some investors either rent out their assets and earn some decent DEC on them or continue playing the game using the bots.
This is evident in the increased influx of bots in the game, people want their investments to keep running, they're not motivated to sell because they'll be selling at a loss and they're neither motivated to keep accumulating because of the negative inclination of the market, this is normal.
Over the past few months, the value of my Splinterlands deck has decreased by over 45% this alone is discouraging, while this is normal and should be expected,
sentiments and FUD expectations will create discouragements
A lot of people are always skeptical as to whether their assets are going to go back up in price as they did in 2021.
I know people whose assets were worth over a million dollars in the 2021 run, and seeing that go down to a few thousand dollars is definitely going to take a toll. Another reason for this is regret.
A lot of asset owners regretted never taking profits, maybe liquidating their assets and coming back to buy at lower prices. I remember buying a Djinn Oshannus for around $39 per BCX.
Huge isn't it?
It could take over a thousand dollars to max out some of the cards back then, and while many people had the chance to take the profit they wanted, one way or another, I think some people were expecting bigger cash outs and miscalculated the market and ended up losing entirely.
The regrets of not taking profit often span into the bear market
while it makes some people wiser, it makes some people completely give up and leave the space entirely.
I've talked to a few Splinterlands players over the months and they're not enthused to play anymore, mostly because the Incentivization in dollar value is low and you need to put more skin for lesser, according to how they value their time, resources, and effort.
Splinterlands Guilds which is the most lucrative tier, is also noticing a massive reduction in participation.
Because the guild is a collective contribution, the overall earning capacity of each individual gradually reduces, especially with the inactiveness of their fellow guild members. I was speaking to @joetunex about this issue yesterday and he confirmed that truly, guild activities are reducing.
This isn't an issue with Splinterlands.
The innovation is still continuous, and the improvement is still ongoing, but because of the reduction in the dollar incentive, everything seems retrogressive even when it's actually not.
It's an illusion that comes with the bear market. It's difficult to mitigate volatility, #gaming/play2earn is an industry that's still relatively new,
while I cannot compare Anxie infinity with splinterlands, I still feel that play2earn is still not perfect, especially with the issue of volatility and market cycle.
However, it's important to understand that while play2earn Blockchain games like Splinterlands might not offer instant gratification, the reward for a person who has constantly built their portfolio over time always makes up for lost time.
I'm an ardent believer in splinterlands,
.....even if the bear market has made it difficult for me to build my assets to my specifications, I still believe it'll get to a time where I'll take decent profits for vesting and building. That period isn't now or even in 2025.
My Splinterlands portfolio won't be ripe enough for profit-taking even in 2024 or 25, this is because I still need to keep building and hoping I can establish a compounding effect with it.
It's not easy to break the illusion that comes with market sentiments, but maybe in the future, a lot of crypto projects will find a way to main solid traction, even during the bear market.
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I was thinking the Guild ish was a problem just in my Guild, till I peek into other splinter guilds and realize they are also having the same issue, this is understandable because players are demoralized by the huge reduction in their sl assets, and as you said, many players regret not taking profit when those cards were in Ath.
Exactly, the problem seems to be in every guild, a lot of people are still sad they didn't take profit and some are just not motivated to play in the guild anymore. Others have completely rented out their assets, and some are just not interested. It's difficult times out there.
There has been reduced interest in guild participation lately, it is evident from the guild where I was a member and had to leave. Perhaps that has extended to the Ranked battles as well which for me personally I have found it frustrating to keep fighting because my opponents (bots) as way stronger than me.
The result of that is to reduce the amount of time I put into the game, which could be the same for other players as well.
Hopefully, all of these tough times pass so we can smile again as our deck appreciates in value, this time I am looking forward to taking profit which is something I have never done with the game.
I haven't take profits with the game either, unless about 6 to 7 CL packs that I've sold. I've been building all year long and throughout last year as well, I did too. I think maybe the lack of human participation is seriously affecting the guild. I hope this changes for the better.
I know people are frustrated with the market and it tires them, but truly we just have to keep being competitive.
There seems to be some negative sentiment at the moment and the bear market is really taking its toll. I hope people can get through this market dip and then enjoy the fruits in the bull market coming up. BTC just had its 2nd positive quarter for 2 years... the bull run is ON! 😃
You're right, I hope people can get past the sentiment and build, because the market is no longer in the gutters, it's currently on the rise and like you said, BTC is pulling some decent weight. I expect to see at least 40k by the end of the year.
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At the moment I don't know what to do with splinterlands it very difficult to decide
I just want to keep playing for now, I believe my time and effort might be rewarded during the bull run
I tried selling some old cards recently but there were no takers even at the low price of the market. I guess the newer cards are more powerful and desirable now.
People use more of the newer cards, but I guess some legendaries or some rare cards have maintained their value overtime. However, I'm guessing when the market becomes better, people might begin to want these cards again.
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You are absolutely right at this time we all know that the bear market is running due to which all such projects are completely zero but we are not discouraged and the upcoming market. We know when the full market comes in, these are all projects that are strong, the way this one is, all of these projects are going to see us go much higher.
I agree that people are getting less motivated. I have seen some people play less and more of my guild has been forgetting to submit their matches for brawls. A lot of people who didn't take profits and I didn't either. However, it's much higher than what I paid to get into the game. So I am not as worried.