Can Splinterlands Survive the Bear?
Depending on how much your crypto portfolio is diversified and where those investments are located, the impact of the current bear market might not be as obvious. As a long time investor in Splinterlands, I am seeing a substandtial impact on my Splinterlands portfolio.
It looks like the image above might have been cut off, but my last season rewards were somewhere in the range of $.90. That was with 48 gold chests. I have a friend that was able to get a little under twice the number of gold chests as me, and their haul was about half the value.
In addition to that, I noticed last night that the cards I am renting out via a dedicate rental account only pulled in close to 1000 DEC for the day. In the past, this account has regularly pulled in 3000 to 4000 DEC per day. I understand it is the beginning of a new season, so that could account for the lower numbers. I still think the data is very telling.
I was in a chat room the other day and an unnamed source brought up their opinion that whales are the ones who are holding up Splinterlands right now. It's something to the effect of they have invested too much to let it fail.
I'm not sure I totally agree with that, but I do see some merit in it. I wouldn't consider myself a whale by any means, but I have been lucky enough to invest more than the average player in to the game.
I'll be honest. Watching SPS drop from an all time high of just over $1 down to the current price of $.02 is definitely a kick in the nuts.
Likewise, it was just over a year ago that DEC was pushing the $.02 mark. Can you imagine DEC at $.01 today? Even if I was only pulling in 1000 DEC per day in rental income, it would still be life changing! I mean who couldn't use an extra $300 to $450 per month. That's like a loan payment (if I had any of those anymore).
Being invested in a variety of NFT games, I can say that Splinterlands isn't alone in their current situation. We all know that prices are down across the board. WAX is close to a low I haven't seen since my initial investment. TLM (Alienworlds token) is a fraction of what it used to be. Things are bleak pretty much everywhere you look.
The one thing I think Splinterlands has going for it is the continued development that we are setting. I really think that this bear has forced the team to take a long hard look at what they are doing here. They had to make some hard decisions concerning layoffs and they have returned their focus to Lands with what I hope is a renewed vigor.
Since I am being honest here, I have to admit that part of me feels like even come the next bull market, I don't necessarily think any of the existing projects will the ones that drive it.
That is to say, I don't know as though we will ever hit the ATH's that we hit in the past with Splinterlands. Trust me, I hope I am wrong, but don't be shocked if I am right.
That isn't to say that there isn't going to be some positive movement. I do think that (especially Splinterlands) can find a happy medium between where it is now and where we were that can prove beneficial for everyone who is invested.
So do I think Splinterlands can survive the bear market? Yes. It did it in the past as a much younger and less mature project. Do I think it is going to disrupt on the same level as it has in the past though? Probably not. The NFT market overall has kind of cooled down and though I am still not on board 100%, we can't overlook the fact that Splinterlands is partially propped up by a handful of large accounts.
If even a moderate account like mine continues to pull in less that $1 per season in rewards, attitudes could shift very quickly...
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