Muterra is a game I've followed loosely since I initially bought some assets and played the initial versions a couple years ago. I don't know anything about this game or the people behind it, except from what I've seen in posts, playing it a bit myself, and reading the discord server. It's a game built on HIVE that is currently in Alpha release, but the team says they are actively working on the next version and it should be just around the corner. Here are some screenshots of the game in its current state.
MUT Value
MUT value has been down off its previous highs for quite some time, and has stayed down. The team released a little mini-game called Mole Miner last year that absolutely increased the MUT supply. There are also not very many MUT sinks in the current version of the game. However, keep in mind that we've also been in a down time for pretty much all crypto (the past month or so notwithstanding), so it's hard to know how much to attribute to the market, and how much to blame the inflated supply. Whatever the reason, MUT is at its lowest price, so from a pure speculation point, it could be a good time to buy.
The Team
This game made kind of a big splash on initial release (or maybe I just caught the hype train), but it seems like maybe the people behind it fell victim to the crypto winter, and had to scale back their operations. Or maybe they had some challenges in their personal lives. Or maybe both, or neither, or something altogether different. The point is there hasn't been a lot of public facing forward momentum for quite some time, so the community has started to lose faith or has just forgotten about this project. When the team was active, my recollection is that they were very responsive to reported bugs and user feedback. There were contests, incremental versions were released on a pretty regular basis, and the discord was active. That's not been the case for a while now, but there have been a couple signs of life lately that there is still active development happening behind the scenes. My guess is that the team is a little shy about saying too much until they have something substantive to show off, since they have missed some self-imposed deadlines in the past. But when they were active, they produced a fun game and had a community that was pretty engaged, so there's no reason to think they couldn't get back there again. Even if you don't buy into their tokenomics, a great game will bring in users, which would naturally raise prices.
Assets
Based on all the above, it's not a surprise that game asset prices are quite low. At the time of this writing, Maldives packs, which contain 5 mutee cards, can be had for under 2 HIVE on Hive Engine. Echo Tamer, which you can buy on the site using a variety of Hive Engine tokens, you can get for less than 1 HIVE if you use CTP. There's a Tamer License for sale in the Market for less than the official selling price of $10. There are MCrates listed for 3 HIVE, which is also less than the official selling price, at current HIVE prices. Overall, It's a good time to gear up for playing the game, assuming it's the game is fun and BETA actually materializes.
Conclusion
So, to sum up: I think the concerns about the dilution of MUT are extremely valid, but it also seems like a great time to buy assets, if you have any faith in the team's ability to deliver a quality game that people will want to play. So, I'd encourage you to try out the alpha version, join the discord server, and see if you think this game has a future. If so, it could be a great time to prepare so you're ready for when the next version releases. Or the game could fizzle out and everything will be worthless. Personally, I think it's worth the risk.