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The IMT token for Immortal Rising 2 has seen a notable 53% price decline since its March 28 debut. Even though a robust upward trend was never anticipated, some people, including JC Kim, CEO of Planetarium Labs, were taken aback by the steep decrease. Kim responded to the issue in a formal statement, providing details on the company’s approach and the state of web3 gaming in general.
Kim clarified that the launch price of the token was purposefully kept from being overstated. Planetarium chose a more natural approach, in contrast to many web3 initiatives that aim for a high Fully Diluted Valuation (FDV) at launch. According to Kim, high-FDV launches have overtaken this technique, which was previously the industry standard and, in his opinion, hurt the industry.
Kim acknowledged that a higher initial price would have benefited airdrop recipients and even the developers themselves. However, the team rejected that approach, seeing it as a key factor in “why web3 gaming is quietly dying.”
He also criticized the practice of launching tokens on centralized exchanges from day one, stating that it artificially inflates prices and only benefits early investors and project teams. According to Kim, “High FDV token launches are structured so that project teams and early contributors effectively scam Day 1 buyers.”
Despite the price decline, Planetarium remains focused on long-term growth. Kim reassured the community that the team has not sold any IMT tokens since launch and is committed to delivering quality games.
“Ideally, we’d embrace everyone, but if choices must be made, prioritizing long-term holders and stakers is healthier.”
While the short-term price movement may be disappointing to some, Planetarium’s approach suggests a long-term vision for sustainability in the web3 gaming space.