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The current state of the SPS market hasn’t been the best lately, as it’s practically hitting its all-time low, and everything seems to indicate that it will continue its downward trend for the remainder of 2026. I say this because I estimate that this bear market cycle will last until the end of this year. However, for the price of SPS to recover from this situation—which, while bad when looking specifically at the asset, doesn’t mean it’s abnormal— in fact, it is completely normal for this to be happening, since this is an attention-driven market, and if that attention isn’t focused on “Play-to-Earn” games, I am quite certain that not only Splinterlands is at historic lows, but every game currently operating within the “Web3” ecosystem.
This brings me to discussing what is currently happening, analyzing the current state of SPS, providing some context for the situation, and—most importantly—the main focus of this post, which I hope you’ll stick around to read, as I’ll be discussing the alternatives and paths for increasing the value of SPS. Here I’ll discuss things that are already happening, other aspects I consider very important that need to be addressed so that the price of SPS can definitely rise with real demand, along with other small details you’ll see as this post unfolds.
So, if you're worried about the price of SPS and think the game is already dead, you're wrong. Every game goes through the same thing, but the team remains focused. Eventually, the game's narrative and the attention it receives should return. But let's get to the development details and take a look at the information without wasting any more time:
What is the current situation and context regarding the price of SPS in 2026?
As we can see in the image, the current price of SPS stands at $0.004196 at the time of writing this post. This price reflects the low level of interest in the “Web3” ecosystem related to gaming, which, back in 2021–2022, "play-to-earn" games were the hottest trend, and prices, assets, and practically every in-game "item" were through the roof. It was complete madness back then, and while it’s unlikely we’ll see that moment again, I believe that by doing the right things, we can make it happen.
Now, let's take a closer look at these details:
An all-time low: As it happens, the $0.004196 level is the lowest price SPS has ever reached; this occurred in August 2024, just before the previous bull market began to take off due to various factors that arose at that time.
Drop from highs: In this context, the price has fallen by nearly 99%, but even though this looks very bad, the reality is that it’s completely normal for the reasons I mentioned earlier: this is a market where, in order to generate volume—referring to the narratives or niches within Web3—you need attention. If a project doesn’t have enough attention, it’s natural for the price to drop, in fact, the vast majority of projects—if not all—are in the same situation as SPS.
Why is SPS in this situation?
There are many points we could mention, but I’ll focus on the most important ones:
Macro and niche factors: The cryptocurrency market in 2026—and for at least the past couple of years—has matured significantly compared to what we saw from 2022 and earlier, This means that niche games like Splinterlands have also significantly refined their systems and the ways to earn money within them. In 2021, it was very easy to do so—the money flowing into these games was enormous—but today it’s not as easy; the gameplay is more complex and requires dedication to generate rewards.
Asset Inflation: This isn’t happening right now, but back in 2022, when the “Chaos Legion” expansion was released and there were over 1 million daily players, 15 million booster packs were released, causing an oversupply that ultimately diluted the value of the packs and, on top of that, also diluted the value of the assets linked to the SPS.
Changes to the rewards system: Currently, right after the release of “Conclave Arcana,” the cards we earn from the rewards edition—the “Golden Lamina” cards—can be sold immediately, However, when the game first launched, the GLINT token was introduced, effectively eliminating the ability to obtain cards directly and instead tying them to the account, making them unsellable. This indirectly impacted players’ income and forced them to cash out the SPS they were earning, creating constant selling pressure.
What are the options and the right path forward for the revaluation of the SPS?
Here’s where I’ll share a few ideas that I think could help generate the necessary attention for the SPS or the project itself and its product—the game—but without further ado, let’s take a look at what these ideas are:
Alternatives
Adoption and New Users: To achieve this, we must continue to adopt the “Frontier” format and the “Foundations” set, which allows new users to play Splinterlands without having to make any investment.
Phase 3 of “Lands”: This is something we’ve been waiting for a long time. Basically, it will allow us to create craftable items and spells that we can use in battle, but how might this affect the price of SPS? Well, the answer is very simple: since SPS is essential for conducting operations in the lands, SPS will always benefit indirectly. Plus, this could be a starting point for generating attention.
Marketing and Visibility (Strategic Partnerships): Collaborations with other games or brands are crucial for generating the attention needed to get the product noticed by the outside world. For example, the recent collaboration with “Electroneum” is proof that this could be the way to engage other communities. Furthermore, if we support this with “Web2” marketing as a game, we will undoubtedly be able to attract attention.
Conclusion
In my view, Splinterlands is more vibrant than ever, so the current situation poses no threat to the project. We’ve seen similar situations before, and the same thing always happens during bear markets. So, for those who are worried, don’t fret. However, we need to focus on drawing attention to our gaming niche to see this all rebound again.
If you have any questions about this, please feel free to leave a comment on this post.
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