Loom Network was recently proclaimed dead by Bruno Skvorc on Twitter. It was one of the first Ethereum based platforms to develop tools, games, and a sidechain for scaling the network. The token used to have a $400 Million Marketcap in January 2018 and now sits at $15 Million with its future unknown.
The official channels of Loom network haven’t been updated for weeks, and in the telegram channel, an admin stated the following:
This channel is now closed.
Loom Network has pivoted from blockchain games to enterprise. Therefore we’ve decided to consolidate our public channels so our staff can focus on enterprise sales, support, and outreach.
Loom had a great start, and it was one of the most promising gaming projects. But then, in December 2019, Matthew Campbell, the CEO, left LOOM Network and not long after other officials abandoned the ship.
In the official announcement, LOOM states that they are going to focus on Healthcare and Travel industries. At the same time, Basechain (LOOM’s sidechain) will continue to support all kinds of DApps.
Projects were moving away from Loom Network
State Capital was the second biggest validator on LOOM Network after Binance, on March 31, they announced their intentions to move over to Matic Network. Besides State Capital, CryptoWars, Blocklords, BadBit.Games, Battle Racers, along with other projects ditched LOOM in favor of Matic Network. Even Decentraland announced to utilize Matic’s technology in 2019, and the past month, 0xUniverse also claimed support for Matic Network. Some other popular titles such as The Sandbox, Spells of Genesis, Light Trail Rush, and Somnium Space are also in favor of Matic.
Egamers.io reached out to LOOM Network for comment, at the time of writing this article, we haven’t received a reply.