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The president of the Solana Foundation, Lily Liu, stated that web 3 games are unlikely to return, sparking widespread controversy in the industry.
Reactions varied between criticism of web 3 games and support for an improved blockchain gaming experience.
The market value of the cryptocurrency gaming sector has fallen to $4.5 billion from its peak in 2022 of $35 billion.
The president of the Solana Foundation (SOL), Lily Liu, sparked mixed reactions on Friday after a controversial statement suggesting that "blockchain gaming won't come back."
Liu made the statements in response to a discussion at Polymarket earlier in the week that indicated Meta would shut down its metaverse project after pumping $80 billion into it.
Reactions from the cryptocurrency industry to Lily Liu's statements about web 3 games
The comment sparked widespread controversy in the cryptocurrency industry. Critics said the statements could undermine ongoing efforts to develop the web 3 gaming space. Meanwhile, supporters viewed her comment as a candid assessment of a sector struggling to achieve sustainable user adoption.
Solana founder Anatoly Yakovenko urged developers to "prove her wrong," sparking further discussions on the topic.
Analyst Nick Carter openly agreed with Liu, describing the play-to-earn model as "the dumbest thing ever." He pointed to the Axie Infinity model as a dark example of exploiting digital patches that participants should feel ashamed of.
In contrast, a key community member argued that blockchain technology still offers significant advantages in gaming, especially through asset tokenization and emerging monetization models.
"Blockchain solves more problems in gaming compared to any other industry. Asset tokenization is on the rise. There is a constant tailwind for gambling. Funding in gaming is a massive trend. An embarrassing statement from the president of the Solana Foundation," he wrote on platform X.
Helios CEO Mert Emrah suggested that blockchain gaming elements already exist in the form of meme coin trading systems, likening them to competitive multiplayer gaming environments.
In response to the controversy, Vibhu Norby, head of products at the Solana Foundation, posted a sarcastic message suggesting that Liu's statements were both accurate and harmful at the same time, joking that she should be forced to play Solana-based games as punishment.
The cryptocurrency gaming sector has faced a tough cycle since its peak in 2021–2022. The market value of the cryptocurrency gaming sector significantly declined during that period, from a peak of $35 billion to $4.5 billion at the time of this report, according to CoinGecko data.
The rapid growth funding for titles like Axie Infinity, Steppen, and Solana's native Star Atlas came from billions of dollars from companies like a16z, Animoca Brands, and Framework Ventures. However, many projects later faced declines in token values, unsustainable play-to-earn models, and reduced user engagement.
Recent efforts have shifted towards a hybrid approach. Projects like Off the Grid from Gunzilla Games and Mythical Games' mobile titles, including integration with brands like FIFA and Pudgy Penguins, aim to combine traditional gameplay with optional blockchain features.
Solana is trading at $89.8 on Friday, up 1% over the past 24 hours as of the time of this report.$SOL
