C2X, the latest issue of FTX's IEO program, has performed surprisingly well since its listing. Relative to the cost price of $0.075, using the closing price of $2.72 as a reference, it gained 36 times the return on investment, and each lucky user gained $20,000 in return.
So what is the appeal of C2X that makes it spark the market and make money even when the market is not so sure?
C2X is a Terra-based blockchain gaming platform that addresses the market demand and pain points for high-quality P2E games by providing developers with blockchain technology to secure content supply.
The project emphasizes an "open" tone, providing game providers with access to technology that makes adoption easier and allows them to spend more time on game content and eco-design. Of course, C2X holders can also vote on product releases, platform strategy and development, and ultimately form a good ecosystem by creating and capturing value.
As a blockchain gaming platform, C2X platform has not only gained the support of traditional gaming giants, but also a large amount of crypto capital.
Com2uS and Com2uS Holdings, which have experience in developing and publishing top notch games including the billion-dollar franchise like Summoners War and Baseball Superstars for more than two decades, have been selected as Master Content Providers to provide world-class game content.
The two companies recently signed strategic partnerships with leading companies in various fields to expand and diversify their blockchain businesses, while also acquiring stakes in cryptocurrency exchanges to secure technological proficiency and to increase market penetration.
The MCPs plan to continuously release new games to the global audience starting with more than 10 blockchain-based titles to their line-up this year.
Terraform Labs will be advising the C2X Blockchain Platform to ensure a sound and stable ecosystem. As one of the most influential blockchain-based businesses in the world, amounting to over $30 billion in market cap, Terraform Labs has experience in over 160 projects including CHAI and has a large loyal fan base with many supporters.
Hashed will also join the advisory role to help the C2X Platform build an efficient Token Economy. Based in Silicon Valley and Seoul, Hashed is a global leading financial advisory firm specialized in the blockchain market with experience in more than 80 projects including Terra, Axie Infinity, and The Sandbox.
C2X recently raised $25 million in a funding round led by FTX Ventures, Jump Crypto and Animoca Brands. This round was conducted as a private token sale, at a $500 million valuation to the platform.
As seen in the above chart, the investment partners are of high quality and all have extensive experience in their respective fields, such as marketing, exchange listing and economic model design of tokens, which can help C2X project development in all aspects.
There will be multiple tokens in the whole ecology, and CTX, as the first native pass for the project, is also the governance token of the platform with a total of 2 billion. Each game has its own in-game token as a game pass within its respective scenario, with the developer customizing the quantity, application scenario and circulation cycle.
Simply understood, CTX is the core token of the whole ecology, and its main function is to build the platform and get the corresponding value capturing ability, including but not limited to the right to propose and vote. At the same time, CTX is also the medium of exchange for the entire platform and is used to purchase all NFT assets within the ecology.
The tokens are allocated and used as follows：
In the last Gamefi market wave, the Play to Earn model play led by Axie ignited the entire crypto market. With that, we saw a big gamefi boom. From infrastructure to indie games, there was rapid growth. Part of it is the indie dev type game platform like GALA, which attracts a lot of traffic with its single game Town Star. Partly specializing in functional public chain infrastructure, such as Immutable X, Wax, Chromia, the narrative logic of this type of project is more focused on solving market demand, and its own competitive advantage does not lie in the quality of the game, and the life cycle of their respective ecological games also varies greatly.
$CTX seed round valuation of $500 million, the current circulation market value of $200 million, although compared to GALA 1.7 billion still has a large imaginary space, but the core of the ecological or return to the product and users, whether through the first two games on access to a large number of users on the project development is critical.
According to the disclosed information, 10 blockchain games will be released one after another this year, of which Chromatic Souls : AFK Raid and Summoners War: Lost Centuria have already determined the roadmap. From the video and story line design of the game revealed, the game is playable and worth watching!
In summary, CTX is currently in a relatively early stage, having just completed its funding and token launch. From all the information combined, the overall qualification of the project is excellent: we believe that gaming experience in the traditional field combined with an excellent crypto industry partner is more likely to succeed in the chain game market.
There is a lot of room for Gamefi platform-type projects, and great games are the foundation for platform development, while the value-capturing ability of tokens is the superstructure. In comparison, I will pay more attention to how the CTX platform can capture the value of tokens throughout each game through a reasonable economic model design, let's wait and see.
By the way, the project's collection game Chromatic Souls : AFK Raid is open for pre-registration, link:
[https://medium.com/chromatic-souls-afk-raid/chromatic-souls-afk-raid-pre-registration- notice-a149a6ed009a](https://medium.com/chromatic-souls-afk-raid/chromatic-souls-afk-raid-pre-registration- notice-a149a6ed009a)
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