Controversial Statements from the Solana Foundation President: “These Altcoins Are Dead”

Lily Liu, President of the Solana Foundation, made noteworthy statements regarding the blockchain-based gaming industry.

“Gaming Altcoins Won’t Make a Comeback”

Liu stated in a social media post that “the gaming industry on blockchain will not make a comeback,” adding that the Web3 gaming narrative, which grew with great expectations in recent years, is weakening.

Liu’s comment came in response to news that tech giant Meta might be backtracking on its metaverse strategy. Meta has reportedly spent approximately $80 billion on metaverse projects to date, but has failed to achieve the expected user adoption. Liu alluded to this development, highlighting similar problems in the blockchain gaming field.

According to Solana’s executive, the strongest use case for blockchain technology is not gaming, but finance. Liu stated that games based on the “play-to-earn” model and involving intensive token economies are overrated, but often fail to offer a fun and sustainable gaming experience.

Despite billions of dollars invested in both metaverse and Web3 gaming projects in recent years, these projects appear to be struggling to build a sustained and active user base. Liu’s assessments suggest that the industry’s focus is shifting back towards finance, liquidity, and more practical on-chain use cases.

*This is not investment advice.