Illuvium's collapsing token represents the problems with GameFi
Blockchain games began as a means to effectively test technology’s true potential. However, making sure they reach that potential remains a challenge. While Illuvium was one of the most highly anticipated crypto game releases in history, the price of its ILV token has fallen significantly since 2021 — to the tune of 97%.
The project’s developers have not released anything substantial for quite some time. The immersive gameplay and impressive graphics are not enough to stop the game’s token from plummeting. The same can be said of most GameFi tokens.
Blockchain games have been largely underwhelming to date because they do not focus enough on ensuring a quality user experience. Ultimately, the task of creating these games is underestimated. When GameFi emerged, it had a lot of potential, but it has been largely underwhelming. It’s not an easy task to build quality AAA games (those released by top publishers). It is a complex, expensive process with intense competition.
Related: 2023 will see the death of play-to-earn gaming
Developers and publishers are now also engaging in many tired tropes and poor practices. Many games have been rushed or poorly designed. Some have featured no meaningful entertainment value, and the earning potential is the only reason people play them. This is usually due to a lack of budget or rushing out unfinished games. Additionally, some companies have released games that do not match the gameplay in the trailer, causing players to lose trust in the industry.
With all this in mind, it’s fair to say that many of these games may not prioritize their players. Audiences wait months for the arrival of new games — only to find that they are low quality, poorly designed and lacking in entertainment.
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