Solana Foundation president: Blockchain gaming hype fades

Lily Liu of the Solana Foundation says blockchain gaming's hype has faded, with value and activity down. The sector is shifting focus back to finance, its primary use case.

Lily Liu, President of the Solana Foundation, stated that blockchain gaming is not making a comeback, drawing parallels to Meta's unsuccessful metaverse efforts. In her comments on X, Liu criticized attempts to revive on-chain and play-to-earn gaming, noting that the Web3 gaming narrative is losing momentum. Despite ongoing development and 88 active games on Solana, the sector has lost much of its value since the play-to-earn boom in 2021. Surviving gaming tokens like FLOKI and SAND see limited activity, while former leaders such as Axie Infinity have hit new lows. Many projects, including metaverse platforms like Sandbox and Decentraland, have experienced significant declines. NFT-based games have often failed to deliver sustainable experiences. Liu emphasized that blockchain's main use case remains in finance, suggesting the industry's focus is shifting back to traditional blockchain applications.