2/ It's true, prices are 1/5 or even 1/10 what they were a couple weeks ago.
The value of my StepN portfolio has tanked and it's a lot of money for me. I'm no exception. I'm feeling the pain as much as anyone else.
But I'm also more optimistic than most.
3/ I think I need to preface this with the fact that I'm a founder. Founders are eternal optimists and I don't expect the average person to be that way.
But the optimism is always backed by logic. I'm not optimistic without reason.
I didn't catch the whole thing, but @yawn_rong jumped in at the end and answered some good questions.
Here's what I was able to write down in my own interpretation, it's not word-for-word.
2/ Is StepN in a death spiral?
Gilgamesh: I've been involved in several projects before that had a death spiral, Axie Infinity being one of them. StepN is definitely NOT in a death spiral, and that will continue as long as the community has faith in the project.
3/ What is causing all of the prices to drop?
Yawn: Mint farms have been dumping on the market and timing them to create FUD. Mint farms are a market condition. When you create opportunity for profit, people will exploit it. It's not what we want.
1. Yawn apologizes for overreacting to the community FUD.
2. Lots of developments in the background to create a leading Web 3 app. ie. 3rd realm launching in Phase V, Q3-Q4. Possibly more than 1 realm being rolled out by end of year.
2/ 3. 3rd Realm will be on a new blockchain.
4. New realms will keep being launched to give players options for different levels of earnings/investment. This will create sustainability until GMT earning is released, which will create a robust economy.
3/ 5. Mainland China users being removed from StepN on July 15 to comply with regulatory policies. Accounts will not be banned, they just need to be in a location where StepN is allowed.
If Mainland China opens up regulations in the future, StepN can remove this restriction.