Reverse Bones

1/ Never made a 🧵 before, but this seems important. In light of the whole #meancoinseason: $snek $bank $cock $dgaf $spicy on #cardanoADA, I thought I'd share some philosophical observations/ insights of mine…

@SamSteffanina Problem with all these "games" is that they were money-making machines first, "games" (with shitty stories) second. Games gotta be games.

Gaming went from 62.5% of all web3 venture investment in 2022 to single digits by 2025. But Web3 gaming didn’t fail because crypto crashed. It didn't help, but that’s the lazy explanation. Multiple capital structures broke at the same time: 1. VC-funded studios. 2. Retail NFT mints plummeted 3. P2E guilds got crushed 4. Metaverse everything was valueless 5. Telegram tap-to-earn funnels. All of them relied on the same assumption: Rapid growth (demand) would arrive before durable gameplay demand. It didn’t. The numbers are brutal: of $12B-$15B that flowed into blockchain gaming between 2020 and early 2026, the report estimates ~$11B of that is gone. 93% of GameFi projects are classified as effectively dead. The average GameFi token is down ~95% from all-time highs. Quarterly VC funding to web3 game studios fell from $1.6B in Q1 2022 to ~$18M in Q2 2025. 300+ gaming dApps went inactive in Q2 2025 alone. And the case studies tell the same story: @Pixelmon raised $70M from an NFT mint before shipping a public game (they were later bought out by good leadership and have made some interesting things). @hamster_kombat reportedly went climbed to 300M users (a massive amount of bots, surely, but still insane) to 12M in six months. @AxieInfinity went from 2.8M daily active users at peak to around 100K. Off the Grid is probably the most interesting test case. It had $100M+ raised, Call of Duty talent, Neill Blomkamp involved, major streamers, and 14M self-reported lifetime users... But the report says it still struggled to break ~15K concurrent players on Steam, and now they are being accused of not paying contractors, Node investors have gotten washed (me included) and the token hasn't been a success either. That matters because OTG is not a random Discord server with a JPEG project. It is one of the closest things web3 gaming has had to a serious mainstream swing. So the issue is not one bad game... it's an entire funding model that encouraged projects to (aggressively) monetize ownership before they earned attention. That said, I don’t think the takeaway is “blockchain can never work in games.” The better takeaway: Token-first web3 gaming looks cooked. Blockchain-as-invisible-infrastructure still has a shot, but it is much smaller and way less sexy than the 2021 pitch deck promised. Quality web3 titles are reportedly seeing 35%-45% monthly retention, close to web2 benchmarks of 40%-50%. @PlayCambria has processed $150M+ in PvP wagers with 4,500 concurrent players. @pixels_online has shown steadier engagement with a lower-overhead model. Web2.5 studios are moving toward stablecoins, invisible wallets, and blockchain as backend infrastructure instead of making the token the main character. That is probably the healthier path. Players do not want to be “onboarded into an ecosystem.” They want a good game. If ownership, trading, or payments make the game better, great. If those things are the game... you should probably just trade perps or prediction markets instead. The first era of web3 gaming tried to financialize fun before proving the fun existed. The next era, if it exists, has to reverse the order: Build games people want to play. Use blockchain only where it improves the experience. Stop treating token liquidity like product-market fit. Let me leave you with one more important piece of context. - Only ~20% of all published video games ever make any profit. - 70% of indie games never break even. - The top 10% of games generate around 90% of total industry revenue. Games are hard with or without blockchain.

@TheCardanoTimes People just gotta play my games.

This is the day I stand up for myself and say Cardano has failed me. Fuck Cardano. And fuck Charles Hoskinson. I’m the only with the courage to say it.

@astroboysoup @janilom81 @IOHK_Charles Oh man! DM me. I have lots of thoughts about all of it

@ReverseBones @janilom81 @IOHK_Charles Appreciate that! It's important to maintain integrity in this space. What do you think is the best way to balance ambassadorship with impartiality?

Do what Chuck says... Or become an enemy of the chain.

@CoinMarketCap @ofthebonesNFT is still kickin!

LATEST: ⚡ Roughly 93% of Web3 gaming projects are now "effectively dead," according to Caladan, with token values down 95% from 2022 peaks and studio funding collapsing 93% by 2025.

@NotABot Investigation needed

No, serious question. How is JPG.store shutting down??? Don't they have income from all the sales that occur? There's been a down tick of action, sure, but volume isn't zero???

@IOHK_Charles @CryptoWatcherOG Do you even need more money?

@CryptoWatcherOG He just downvoted the IO funding proposals and is now starting a campaign to bully Midnight Ambassadors unless they vote against us or abstain. Sorry man, this is objectively wrong and damaging

Fuck man! What the actual fuck are you doing? Don't you see cardano is falling apart and you're out here demotivating the few actors who are still alive and active.. Fuck this shit ,man.

@astroboysoup @janilom81 @IOHK_Charles Idk what's going on, but Pete has always been a good one. Just thought I'd say that :)

Hey Javier Just so you're aware. I feel like I'm in a position where I have to renounce all my ambassadorships and deregister as a DRep, be excluded from Catalyst or any future Treasury funds, to remain impartial and neutral in all debates. I prob shouldn't interview or talk to any projects either to remain neutral. So what Charles is doing by defending my ability to participate in the ecosystem is appreciated. I won't be too hasty and make a decision just yet. I'll give myself time to think it over, but the number of DMs, emails, and YouTube comments attacking me, calling me a scammer, paid shill that would sell my own mother, asking me to vote for this, to help them with that, or telling me not to vote for something is all getting to be too much. I came to Cardano for the tech and stayed for the people. But oh boy, the people at the moment are too much for me to handle. I do know this is all coming down to money. The price of ADA isn't helping. It brings out the worst in people, but I do hope it brings out the best, too. I'm going to go dark on X for a week and will be uncontactable. All my social posts are AI-generated, so if you see me post, it's all scheduled and automated.

@CashAnvil I'm gonna have to figure out how that all works lol My collection is on JPG so I gotta get the info and transfer it somewhere

@ReverseBones Nope but the Anvil API does

It's time for the great migration wayup.io

@CashAnvil Awesome

Great question, quick answer: Yes, we already do. Every asset listed on jpg is also listed on Wayup as we speak, as we aggregate everything. This means even if the jpg UI shuts down, you will still be able to purchase listed assets through Wayup. Additionally, we have a built in migration button. Can be found in the Listings tab of the User Profile.

@TheCardanoTimes @jpgstoreNFT Take over the marketplace too. I'll help you

@jpgstoreNFT Would love to explore taking over Comet

After serving the Cardano ecosystem since 2021 and sharing an incredible journey with thousands along the way, we’ve reached a point where the JPG Store & Comet platforms have to be sunset. While we deeply value the people who have supported us, the platforms have reached a stage where they are no longer sustainable to operate. JPG Store & Comet will continue to be online until the 23rd of May. After which, the website will be shut down, though the smart contracts will continue to live on. 🧵1/6

@zenkoprotocol What happened to the rewards for the last Move challenge? You ghosted everyone.

ZENKŌ: Community Update The market's been rough. You know it. We know it. We're not going to pretend otherwise. But while the noise was loudest, we went quiet on purpose. Not because we lost conviction. Because we were building. And now that building is about to become very visible, very fast. What's coming: Move relaunch - with a $HUGE giveaway. Our biggest activation yet. More details dropping very soon. Consensus. We'll start to be seen there. Zenkō Learn - for brands. A new app that lets brands deploy learn-to-earn campaigns directly. Enterprise-grade, consumer-simple. Revised tokenomics. We've been working on this carefully. It unlocks more utility, more opportunity, and makes the system more sustainable. Full explanation coming - we'll show the thinking, not just the outcome. The Redemption Engine. The piece that closes the loop. Actions earn tokens. Tokens fund verified impact. The engine makes that final step seamless, transparent, and auditable. A whole new consumer app and partnership. Not ready to name it yet. But it's significant, and it changes the scale of what Zenkō can reach. New website, whitepaper, and full comms plan. Everything rebuilt to reflect what Zenkō actually is now - not what it was when we started. On community: We're streamlining our channels this week. Some will stay. Some won't. Here's why: community has to add value to the mission - not extract from it. The right people in the right places, having the right conversations. Quality over volume. We'll confirm which channels are staying, which are closing, and where the real home of the Zenkō community will be. Watch for that update. The short version: We've been building through the hardest market conditions in years. The infrastructure is real. The products are live. The momentum is building. Now we move loud. More soon. 🦊

Supporting the community today :] Minted some Amulet Shards from @necroleague @necrokingdom

SPENT WAY TOO LONG! But made some massive updates to 'Catacombs'!! If anyone wants to help test, let me know

@promofacie Doing my best! It's a headache, but worth it (I hope lol)

@ReverseBones Keep up the good work mate

I've been working on a new game, Graveyard Antics: Catacombs. If anyone wants to help test let me know. I have some art, but will take some time to get it all done. This one is gonna be the best one yet! I'll try and post some screenshots and previews soon.

Back in the lab today. Hope I can get some new features in the new game finished. Got a long to-do list, but I'm workin through it 🫡

@necrokingdom @necroleague Necro Portal!

What a banger building, isnt it? 🔥 But what could be its name 👀 Drop your guess in the comment + tag @necroleague for a chance to win 5 Necron Amulet Shards (NAS)! 🚨Btw NAS mint details are announced tomorrow - something worth staying tuned! Good luck Necros! 🤞

@necroleague Looking forward to getting on the leaderboard this time! 😅

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