This might be my next conviction play...
GC ALPHA 06
GC Alpha is a new newsletter format exploring P2A events, SocialFi, market narratives, and alpha more in-depth (GC on Monday | Newsletters on Wednesday).
Disclaimer: None of this information should be taken as financial advice. DYOR + I will hold some of the assets that are spoken of in this newsletter.
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(P2A) EVENTS & SOCIALFI
KURORO RANCH + P2A S2
Kuroro made a couple of new announcements, let’s start with the new game they’re launching Kuroro Ranch.
Kuroro Ranch will be a simple clicker game loop that will serve as the top of the funnel to the ecosystem. More info on the game will be released this week.
Furthermore, they announced that P2A S2 is coming with the launch of Kuroro Ranch, which should be today.
The prize pool will be 35M+ KURO, which will be distributed in multiple smaller batches and will reward more people
Unfortunately, this does mean the airdrop will be smaller per player
Other announcements they made: TGE late 2024 (likely), open Alpha Kuroro Wilds 1-2 months before TGE, Brawl will come back at some point in between TGE
SERAPH RUSH EVENT
Seraph released its Rush Event a couple of days ago. The experience lends a couple of ideas of The Beacon e.g. the skill tree-like progression and Gacha Boxes
You start with simple quests that start with a follow a retweet, connecting your wallet, etc. After that, the quests shift to in-game tasks and achievements
For every 500 points you accumulate, you get to open a chest. The rewards include Feather NFTs (representing a claim for SRF tokens), BNB, or special NFTs
During the event, there are 3 types of currencies you collect Starry, Chaos, and Soul Points. Soul Points are the hardest to obtain, and the accompanying chests have the most valuable rewards
Holders of certain Seraph NFTs get a daily allocation of Soul/Chaos points
Here’s a good overview of the complete rewards table
“Stargate” is the first phase of the event, as every week (on Fridays) a new chapter will be released
OVERTRIP S2
OverTrip launched its Early Beta last week. In this second season of their P2A, players can earn TRIP tokens again (100% will unlock at TGE)
Before you start you want to make sure to claim your Battle Pass, which makes you eligible for the airdrop. This requires to complete a few social tasks
The event rewards players points for daily check-ins, social tasks, and in-game missions
If you look at the in-game missions of this campaign you can see they are a bit more grindy. However, this does mean the airdrop will be less diluted
It seems like the game can be fun as well and has decent player liquidity
The game’s servers are open for 8 hours every day (6 PM - 10 PM UTC and 2 AM - 6 AM UTC)
FLASH EVENTS
You can sign up for the upcoming Forgotten Runes Closed Beta test
Xociety’s Pop Extraction event is now live (playable on Hyperplay)
Gomble Games is launching a Telegram game called Eggdrop
You can now pre-register for Planet-X’s Beta, giving you a free loot box at launch
Ember Sword’s Closed Beta is now live (accessible for token/NFT holders)
The RoboKiden event with a $500K KIDEN prize pool is live till September 5
MARKET TALK
DEW: A CONVICTION PLAY?
On Twitter, I follow this guy named Ghost, he’s quite strong in his opinions on this market (often rightfully so), but is also a conviction trader
The latter is what I find the most interesting, as he started talking about Dew recently, the “#1 NFT aggregator and launchpad for Polygon and Immutable”
Dew launched a 999-supply NFT collection earlier this year, with its main utility being NFT airdrops and token airdrops from Dew Studio projects
The collection is being traded pretty actively
I’m aware a good portion of the Web3 community has written off Polygon and isn’t a fan of Immutable, but I believe this might be a Dark Horse
Why? Because Polygon’s zkEVM already has decent adoption: Immutable, Ronin (coming), Astar, X1 (OKX chain), etc.
And Dew supports the Polygon zkEVM, which means the more projects integrate this stack, the more potential launches of Dew Studio projects, and the more potential token/NFT airdrops to Dew Pass holders
I’m reading they have 10 incubated IMX projects coming up
Overall, this seems like a pretty strong conviction play to make in my books. I haven’t pulled the trigger yet, but I will look for an entry soon… (again NFA)
MOCA TGE
MOCA had its TGE last week and holders/farmers were able to claim their airdrops. The sentiment of this airdrop seemed pretty mixed:
Some farmers were happy as they received a few hundred $ or even $1000+, while others weren’t as happy as they found the campaign took too much time
Most NFT holders didn’t seem happy and the lack of conviction was shown in the drop in the collection’s floor price pre-TGE
It seems holders received around 140K tokens per NFT, 33% unlocked at TGE (~47K tokens). 47K * 0,1107 = ~$5202
The NFT was trading at 3.36 ETH on July 10 and is trading at 1.69 ETH today. That’s a drop of 1.67 ETH or ~$5500
Takeaways:
Many were surprised MOCA didn’t receive a Binance listing, if MOCA can’t do it, which other gaming-related project can? I don’t think any can that are launching soon
People are still chasing Portal-like gains, but it simply isn’t realistic anymore to earn multiple $1000s by simply farming. This contributes to unrealistic expectations, and there always being a group of people who are unsatisfied with their airdrop
Being a token voucher remains the main utility for NFTs in this market. In most instances, NFTs won’t reach their previous high pre-airdrop, with a few exceptions
Tokens launching outside of the bull have more natural price appreciation over time. MOCA launched at a lower-than-expected FDV and showed an excellent chart on the first day
TELEGRAM GAMES > TOKEN GTM STRATEGY
A new development I’m seeing is DeFi applications venturing into gaming. Specifically, leveraging Telegram minigames as part of their token GTM strategy, as seen with Tomarket and Ape Terminal (Ape Arcade)
On the one hand, it seems a clever strategy to get attention and “users”, but on the other hand, it’d question the quality of users it attracts
It’s not new to see DeFi protocols use airdrops to bootstrap users and liquidity, but this leans much more into gamification
Whether protocol farmers add more value than P2A farmers is another question
Depending on the success of the 2 above projects this might be something to keep an eye on. Also, because there’s much more money in DeFi than in the Web3 gaming niche, airdrops could be much larger
ON THE RISE
Cosmic Royale is a new kart racer game presented by Mocaverse and created by Eden Games
Today is launching a new playtest and their NFTs were on fire in the past few days
The presale-market price for Jungle NFTs is looking pretty silly (1000 NFT collection minting on 06/09)
Wonderverse is launching Wonder Bits (alpha from Enryu)
Thanks Oscar -- super useful recap!