Web3 gaming projects face pressure as Affyn CEO warns of delays and uncertainty

Singapore-based Web3 gaming project Affyn is facing growing uncertainty as delays mount and investor confidence declines. Once considered a breakout contender in the play-to-earn space, the platform has yet to deliver on key promises — and now its native FYN token has dropped below $0.002 USD, marking a loss of over 90% from its peak valuation in 2022, according to CoinGecko.

Affyn launched with an ambitious vision to merge real-world geolocation mechanics with a fully gamified metaverse. Its NEXUS World land sale offered over 44,000 NFT-backed plots and sold out rapidly — raising more than $20 million USD across private, seed, and public rounds, as detailed in the company’s own documentation.

In 2023, the platform expanded its ecosystem with Buddy Arena, a real-time multiplayer battle game using collectible characters known as "Buddies." The game entered closed alpha on 31 May 2023, with plans to integrate the FYN token into its progression system. However, it was later taken offline for significant updates, and all player data was reset in preparation for a global relaunch.

In a message reportedly shared on 11 April 2025 in Affyn’s official Telegram group, a user asked, “When is Lucaz able to answer or is he busy with plan b?” In response, CEO Lucaz Lee wrote, “We’re still working on it but it’s taking longer than we expected. There’s still a chance it may not come together, therefore not a good time to give any update yet but we’re giving it everything we’ve got.” While the reply offered no concrete update, it has been interpreted by some as a reminder that Affyn’s future may still hinge on timelines that remain uncertain.

Investor sentiment has shifted notably over time. While earlier community forums and public statements expressed strong support, current discussion often focuses on the lack of an updated roadmap. The company’s gameplay FAQ still maintains that “the core vision remains the same,” and says the team is “working hard behind the scenes to ensure a quality product.”

In a 2023 interview with Authority Magazine, Lee acknowledged the challenge of bringing such a platform to market: “There will be times that are difficult, and you don’t feel like doing it, and there are times where luck runs out. You really need to have that determination to build the game because it’s going to take time and effort to do it right.”

Affyn’s struggles echo a broader trend within the Web3 gaming sector. Other high-profile projects such as The Sandbox and Decentraland have experienced significant declines in user engagement and token values. According to DappRadar, Decentraland averaged around 8,000 daily active users in late 2023, while The Sandbox hovered near 5,000. Both platforms have also seen sharp drops in the value of their native tokens since peaking in 2021, based on long-term tracking data from CoinGecko. Meanwhile, projects like Illuvium remain in development but face delays and scaled-back roadmaps due to funding constraints and technical complexities.

While the market for blockchain gaming is showing signs of maturity, developers are being encouraged to shift focus from token economics to gameplay-first experiences. Affyn, with its unique approach to geolocation and community-driven design, may still find a way forward — but it now faces increasing pressure to deliver on long-held expectations.