Overview
Sipher (branded as Sipher Odyssey) is a multiplayer co-operative action RPG developed by Atherlabs, a Vietnamese game studio. The game features anime-inspired NFT characters called "Siphers" that players use in dungeon-crawling combat scenarios. The project launched during the 2021 NFT bull market with a highly successful character NFT sale that generated millions in revenue.
The game's vision is a top-down ARPG with co-op multiplayer, where players progress through dungeons, collect loot, upgrade their Sipher characters, and trade equipment and characters through the NFT marketplace. The art style is polished with distinctive anime-meets-cyberpunk character designs that differentiated it from the pixel art and low-quality aesthetics common in early blockchain gaming.
However, development has been slow relative to initial community expectations. The NFT sale occurred in late 2021, and playable content has been released in limited alpha/beta form with long gaps between updates. NFT floor prices have declined significantly from their peak values, reflecting both the broader NFT market collapse and community frustration with the development timeline.
Gameplay
Game Design
Sipher Odyssey's design centers on co-op dungeon runs — teams of players take their Sipher characters through procedurally influenced dungeons, fighting enemies, collecting loot, and facing bosses. The ARPG genre (Diablo, Path of Exile style) is well-suited for blockchain gaming because the loot system naturally maps to NFT item ownership.
Current State
Playable builds have shown basic combat mechanics with top-down movement, ability usage, and enemy encounters. The combat feels functional but lacks the depth and polish of established ARPGs. Animation quality is above average for blockchain games but below the standard of traditional ARPGs that players compare against.
Polish Gap
The gap between the high-quality character art (which sold NFTs) and the actual gameplay quality is noticeable. The character designs are excellent; the combat they participate in is merely adequate. This art-gameplay gap is common in blockchain gaming where NFT marketing precedes game development.
Technology
Blockchain Stack
Sipher uses Ethereum for the core NFT collection (Sipher character NFTs) and Polygon for in-game transactions and items. This hybrid approach balances the prestige of Ethereum-based NFTs with the low-cost transactions needed for gameplay. The team has built custom smart contracts for character progression, crafting, and marketplace operations.
Game Client
The game client is a downloadable application built with Unity. Performance in early builds has been acceptable but not outstanding. The client handles both traditional gameplay rendering and blockchain interactions (wallet connection, NFT verification, transaction signing).
Infrastructure
Server infrastructure for multiplayer co-op requires consistent uptime and low latency. The current testing infrastructure is functional but has not been stress-tested at scale. Scaling multiplayer infrastructure is a significant technical challenge that many blockchain games underestimate.
Economy
NFT Market
Sipher character NFTs were originally sold at 0.1 ETH (approximately $400-500 at the time), with different character types (INU, NEKO) having varying supplies. Floor prices have declined dramatically — often trading below original mint price. This decline reflects both the broader NFT market correction and the slow gameplay delivery.
Play-to-Earn Concerns
The economic model includes earning through gameplay (loot drops, dungeon rewards) and trading. The balance between earning potential and game economy sustainability is unproven. Most play-to-earn economies have collapsed under the weight of excessive emissions and insufficient value creation.
Revenue Sustainability
Initial revenue from NFT sales provided development funding. Ongoing revenue depends on secondary marketplace fees and future game monetization. With declining NFT activity, the revenue stream is thin.
Adoption
Player Base
The active player base is very small, limited to alpha/beta testers and committed NFT holders. The game has not reached a state where it could attract mainstream gamers or sustain a large player community.
Community Sentiment
Community sentiment has declined from the excitement of the 2021 NFT sale. Long development timelines, declining NFT values, and limited playable content have frustrated early supporters. The Discord community remains active but with notably more impatient and critical tone than during the hype phase.
Market Position
In the blockchain ARPG space, Sipher competes with Illuvium, Big Time, and Guild of Guardians — all of which have more resources, larger teams, or further development progress. Sipher's anime aesthetic provides differentiation but the gameplay must match the competition.
Tokenomics
SIPHER Token
The SIPHER token was launched for governance and in-game utility. Token distribution includes team, investors, community, and gameplay allocations. The token has thin trading volume and limited exchange support.
Staking
SIPHER token staking provides governance rights and potential in-game benefits. Staking yields are modest. The staking mechanism is standard without innovative features.
Value Drivers
Token value drivers (gameplay emissions, marketplace fees, governance) all depend on a functioning, popular game. Without active players, these value drivers are theoretical rather than actual.
Risk Factors
- Slow development: Multi-year gap between NFT sales and playable game erodes trust
- NFT decline: Character NFT values have dropped significantly from mint prices
- ARPG competition: Competes against Diablo, Path of Exile, and blockchain ARPGs with more progress
- Small studio: Vietnamese studio competing with larger, better-funded teams
- Community fatigue: Early supporters growing impatient with development pace
- Token liquidity: Thin trading volume for SIPHER token
- Genre execution: Co-op ARPGs require excellent combat feel, which is extremely hard to achieve
Conclusion
Sipher has attractive character art and a sound game concept — co-op ARPG with NFT loot is a natural fit for blockchain gaming. The 2021 NFT sale demonstrated market interest in the concept, and the Vietnamese development team has shown commitment to building through the bear market.
The 3.4 score reflects the significant gap between concept and execution. NFT holders have waited years for a polished game that justifies their investment, and the current state does not yet deliver. The ARPG genre demands excellent combat feel — mediocre action games don't retain players, regardless of blockchain features. Sipher must close the quality gap and deliver compelling gameplay to have any chance of recovering the community's trust and NFT values.