Graphics are the least of your/their problems. Lots of hot games today have 'meh' graphics, but are still generally enjoyable — Minecraft, Stardew Valley, Valorant, and dozens and dozens more have subpar graphics. And don't forget the classic old games that people still play today like Age of Empires, Starcraft 2, etc.
What most P2E games right now lack is enjoyable gameplay. If all your userbase are playing the game solely just to farm the game, then your game's economy will easily collapse. There should be a healthy balance between farmers, and people actually playing the game because they simply just enjoy it.
But nyan price trend hasn't really lived up to expectations.
I think this is simply because the NYAN token is technically useless now, as the game is still pretty young; and add the fact that crypto has been down since last week.
This just buttresses my point about gamefi in general. Like I said there's potential in bloodloopsharp cos of it's gameplay and the fact that they're trying introduce web2 to web3 gaming standards. Already following them up.