Author: @BitMetis | BitReport

Your Source of Reliable, Unbiased Research and Due Diligence

Pros

• Strong background support of the team and investors. Top VCs such as Animoca Brands lead the investment and the bonus of Aly, the United Nations economic consultant, have achieved the overall ecosystem construction of the project.

• Under the consensus of the chain game environment based on tokens>games, SPS, like AXIE, has successfully emerged from the circle with its diverse gameplay and player-oriented P2E mode. And this project emphasizes the gameplay of the game itself, not just focus on earning.

• 40K+ huge user base. User retention coefficient and loyalty are at the forefront of gamefi. Even under the sluggish market and the poor performance of SPS conditions, they still have confidence and are willing to invest in the future.

Cons

Whether it is SPS or NFT assets, there will still be a negative growth trend in 2022. It is difficult to determine the future trend in a bear market. In addition, the current game revenue has declined rapidly compared with the early revenue. And the gameplay is occupied by bots, which means that if there is a large-scale bot evolution, it may lead to less revenue for players later.

2. Introduction

Splinterlands is a unique digital trading card game that allows players to truly own their cards and other in-game assets  on the Hive and WAX blockchains. Players can do anything they want with their cards, including battling for rewards, holding as collectibles, trading on the peer-to-peer market, combining to level up, or even burning to obtain Dark Energy Crystals, the official in-game cryptocurrency of Splinterlands.

3. Gameplay

3.1 How to play to earn

In the early days, Splinterlands won with its low threshold and high-yield gameplay mode. It only takes 10 US dollars to experience P2E. The following is the model analysis of P2E:

• Daily Mission: Daily claim of DEC can be as high as 1000+

• League Rewards

Each league requires a different level of CP threshold. The CP value required for the wild battlefield is double that of the modern battlefield. The CP values ​​required for different leagues are as follows:

• Bronze: 0 CP

• Silver: 7,500 -15000 CP  （$48-96）

• Gold: 50,000 -10000  CP   ($320-640)

• Diamond: 125,000 -250,000 CP  ($800-1600)

• Champion: 250,000-500,000 CP  ($1600-3200)

The game revenue is shown in the following figure (data source: Balthazar):

In addition, players can also earn corresponding SPS rewards through airdrops, card and land transactions, and guilds. Judging from player feedback, the early players can get a lot of benefits and have a lot of opportunities for freeloaders. If the early gameplay was a quick blitz, then the current gameplay seems to have evolved into a roundabout protracted war.

3.2 ROI Analysis

How profitable was this project in the early days? Let's take the player's early 22-month earnings as an example: Since the game was launched 22 months ago, the player's cost is $524 (Summoner SpellBook: $10 + Total Cost of Cards and Card Packs Purchased + Total Cost of DEC tokens purchased + Total Cost of Plots purchased), and the player's income is as high as 13,310 million dollars, and the return on capital is as high as 2539%. (Data from：liberty crypto about Splinterland).

However, with the current market downturn and the depreciation of SPS and DES, the entry cost is indeed reduced a lot, and there is also a substantial drop in the rate of return.

3.3 ROI status quo analysis

Why did the profit from P2E plummet? Attributing it all to asset devaluation seems too arbitrary. When old-brand games are hit by the market, there will be problems such as poor price performance of NFTs and tokens, especially since SPS has been struggling in the Gamefi field for four years. It is not easy to maintain the current status quo.

However, the biggest drawback of this game is that the team always allows Bots to run rampant. It has caused the phenomenon that Bots need to buy a lot of cards to enter the game. The project wants to promote the circulation of cards, but for players, the bot's influx also shows that the revenue from P2E will also decline in the future.

However, according to the data, SPS has 10,000+ new users influx daily. While the total number of SPS users has reached 6.4 million+, which is firmly in the top three among all chain games, it is still on an upward trend. It seems that players have not given up because of the decline in revenue and token prices, and even a large number of diehard fans are willing to invest in the later stage to try to solve the problem of bots. (Data from: Splinterlands Users Analysis - Footprint Analytics )

As far as players are concerned, the current environment is like this. Instead of avoiding the adverse effects of Bots, it is better to take advantage of the situation and make the most of it.

① Provide bot multi-account login to obtain accumulated income

② Keep improving: polish a small number of accounts and greatly increase the chance of winning

As far as the current game is concerned, in addition to frequently updating the gameplay, the team is trying to save the status quo by increasing the circulation of DEC and SPS, such as the DEC inflation pool updated on 7/19. Mining reward: the total reward is 7.5M SPS , and are not evenly distributed among the five mining pools, as shown in the figure below,

The continuous update and optimization of the team is a good trend for players. But at present, due to the low token price, players are afraid to take the risk of staking easily, so most players still want to rely on P2E. At least it will generate revenue. Next, let's take a look at the current state of in-game assets.

4. Crypto assets

4.1 NFT

SPS has two card types: Monster and Summoner. Currently, the total number of NFTs is 967. And Summoner has 108. The current floor price is $1.53 and the 24-hour transaction volume is 112,199 with  $56,285, and the card rental price is $0.0001/day. Monster's current floor price is $0.01, and the 24-hour  sales and transaction volume are 115,187/$55,546 respectively, while the pre-sale price of the 2018 pack is $2.

In general, most of the assets in the SPS game can be used for NFT and can be freely traded in the market. But the market performance is not optimistic. In addition to cards, land is also one of SPS' in-game assets, but the current market performance is unknown. According to the newly released roadmap, land sales will begin at the end of the third quarter (pics from: Splinterlands (@splinterlands) / Twitter)

4.2 Token

Splinterlands adopts the following triple token mechanism to deal with the deflation of in-game token assets, thereby promoting the stability of the ecosystem and maximizing the value of tokens.

4.2.1 DEC

DEC is the circulating and unlimited additional incentive tokens that can be used to purchase in-game items and improve personal rankings, similar to Axie SLP. The issuance mechanism of DEC is pegged at 1000=1 USD, and the number of prize pools is adjusted in real time according to price changes. The DEC inflation pool is based on 1 million. When the price of 1,000 DECs is less than $1, the corresponding amount of the prize pool will also be less than 1 million. Otherwise, the prize pool will be greater than 1 million. The model settings of DEC's inflation pool are very reasonable.

4.2.2 Credits

An in-game currency that is redeemable for 1000 credits at a value of $1 but is not negotiable.

4.2.3 SPS

Splintershards (SPS) is the governance token with a total amount of 3 billion, which can be used for governance, voting, staking, etc. The private sale price of SPS is $0.018 SPS, while the issue price is around 0.2, and the current price is $0.047. The highest price of SPS since the July 2021 token offering is $1.07(Data from: coingecko ). Since 2022, the price of SPS has remained below $0.1. From this perspective, SPS is currently in a break state. But the currency price has stabilized between $0.05-0.06 recently. Although the market performance of token is not satisfactory, the overall trend has been stable and positive since July.

Regarding the token distribution of SPS, as shown in the figure below, the project will allocate 60% of the proportion to players, that is to say, the revenue model is oriented to the player's benefit, including 40M airdrop, 90M staking and P2E mode ( unlocked at a fixed time within 65 months). Users can consume SPS and DEC in various game scenarios to hedge against inflation.

As the NO.1 of number of users, the transaction volume and balance on the Hive chain and NO.2 gamefi project in the entire blockchain, Splinterlands naturally grabbed the tide of public opinion with its strategic advantage. According to Dappradar data, its daily active users are as high as 216.08K, and it still rose by 40% in the background of the entire bear market. Twitter followers is 60K. Although the number is much lower than that of top-tier projects such as sandbox, mobox, radio caca, etc., and there are few AMA and giveaway activities, the number of discord users is as high as 176K, and the daily active volume of discord is more than 1,000. It can be seen that user loyalty and retention rate are relatively considerable. Even if the marketing and operation strategies of mainstream media are not satisfactory, the popularity of the community still maintains the leading position in the gamefi field.

6. Team and Investors

Inspired by the traditional game Hearthstone, its team founder Jesse Reich, a professor at Texas A&M University, and Matthew, who has more than ten years of game design and development experience, seized first place with an excellent combination of traditional games and blockchain, theory and practice.

It is worth mentioning that senior advisor Aly also continues to empower the ecosystem of Splinterlands: in addition to being the managing partner of the Blockchain Founders Fund, he also served as the United Nations leader dedicated to alleviating global poverty through the model of finance and blockchain. economic advisor. At the same time, the project was led by Animoca Brands, the parent company of Sandbox, invested by Enjin and Polygon and onchain capital. In the second half of last year, a total of 3.6 million US dollars was raised. The financing scale and investors are all top-level projects.

7. Competition Analysis

In the turn-based strategy card game, Let’s take Gods Unchained as an example to compare the competitiveness of SPS:

Taking the high-quality gamefi GOD as a reference, SPS has certain advantages in terms of token mechanism, NFT cost and daily activity. Of course, there are other high-quality projects in the card chain game as follows:

• Sky Weaver：Clear picture quality and diverse gameplay, but small-scale user groups

• Chainz Arena: Although MOBOX has a strong background, it is slightly inferior to SPS in game mode, picture quality and volume.

*The above content about Splinterlands is based on the data from 7/14-7/20 and is for reference only. Note: The above does not constitute any investment advice.

Please Note: the above content analysis is only for Reference information, not as a basis for investment decision-making. Bitmetis and the author of the report will not be responsible for the user's investment results.

BitMetis

The world's first decentralized Game-Fi distribution platform.

We aim to build a bridge to connect every aspect of metaverse.

Real-time Data|Trending Events|Guides|Click-to-Earn Bounties

Where to find us？ Twitter：https://twitter.com/BitMetis Telegram：https://t.me/bitmetis_official Discord：https://discord.com/invite/pp6CBntccT YouTube：https://www.youtube.com/channel/UCCPexBnOwLnPrEFSsbKFYeA All Links：https://linktr.ee/bitmetis

Author: @BitMetis | BitReport

Your Source of Reliable, Unbiased Research and Due Diligence

Pros

• Strong background support of the team and investors. Top VCs such as Animoca Brands lead the investment and the bonus of Aly, the United Nations economic consultant, have achieved the overall ecosystem construction of the project.

• Under the consensus of the chain game environment based on tokens>games, SPS, like AXIE, has successfully emerged from the circle with its diverse gameplay and player-oriented P2E mode. And this project emphasizes the gameplay of the game itself, not just focus on earning.

• 40K+ huge user base. User retention coefficient and loyalty are at the forefront of gamefi. Even under the sluggish market and the poor performance of SPS conditions, they still have confidence and are willing to invest in the future.

Cons

Whether it is SPS or NFT assets, there will still be a negative growth trend in 2022. It is difficult to determine the future trend in a bear market. In addition, the current game revenue has declined rapidly compared with the early revenue. And the gameplay is occupied by bots, which means that if there is a large-scale bot evolution, it may lead to less revenue for players later.

2. Introduction

Splinterlands is a unique digital trading card game that allows players to truly own their cards and other in-game assets  on the Hive and WAX blockchains. Players can do anything they want with their cards, including battling for rewards, holding as collectibles, trading on the peer-to-peer market, combining to level up, or even burning to obtain Dark Energy Crystals, the official in-game cryptocurrency of Splinterlands.

3. Gameplay

3.1 How to play to earn

In the early days, Splinterlands won with its low threshold and high-yield gameplay mode. It only takes 10 US dollars to experience P2E. The following is the model analysis of P2E:

• Daily Mission: Daily claim of DEC can be as high as 1000+

• League Rewards

Each league requires a different level of CP threshold. The CP value required for the wild battlefield is double that of the modern battlefield. The CP values ​​required for different leagues are as follows:

• Bronze: 0 CP

• Silver: 7,500 -15000 CP  （$48-96）

• Gold: 50,000 -10000  CP   ($320-640)

• Diamond: 125,000 -250,000 CP  ($800-1600)

• Champion: 250,000-500,000 CP  ($1600-3200)

The game revenue is shown in the following figure (data source: Balthazar):

In addition, players can also earn corresponding SPS rewards through airdrops, card and land transactions, and guilds. Judging from player feedback, the early players can get a lot of benefits and have a lot of opportunities for freeloaders. If the early gameplay was a quick blitz, then the current gameplay seems to have evolved into a roundabout protracted war.

3.2 ROI Analysis

How profitable was this project in the early days? Let's take the player's early 22-month earnings as an example: Since the game was launched 22 months ago, the player's cost is $524 (Summoner SpellBook: $10 + Total Cost of Cards and Card Packs Purchased + Total Cost of DEC tokens purchased + Total Cost of Plots purchased), and the player's income is as high as 13,310 million dollars, and the return on capital is as high as 2539%. (Data from：liberty crypto about Splinterland).

However, with the current market downturn and the depreciation of SPS and DES, the entry cost is indeed reduced a lot, and there is also a substantial drop in the rate of return.

3.3 ROI status quo analysis

Why did the profit from P2E plummet? Attributing it all to asset devaluation seems too arbitrary. When old-brand games are hit by the market, there will be problems such as poor price performance of NFTs and tokens, especially since SPS has been struggling in the Gamefi field for four years. It is not easy to maintain the current status quo.

However, the biggest drawback of this game is that the team always allows Bots to run rampant. It has caused the phenomenon that Bots need to buy a lot of cards to enter the game. The project wants to promote the circulation of cards, but for players, the bot's influx also shows that the revenue from P2E will also decline in the future.

However, according to the data, SPS has 10,000+ new users influx daily. While the total number of SPS users has reached 6.4 million+, which is firmly in the top three among all chain games, it is still on an upward trend. It seems that players have not given up because of the decline in revenue and token prices, and even a large number of diehard fans are willing to invest in the later stage to try to solve the problem of bots. (Data from: Splinterlands Users Analysis - Footprint Analytics )

As far as players are concerned, the current environment is like this. Instead of avoiding the adverse effects of Bots, it is better to take advantage of the situation and make the most of it.

① Provide bot multi-account login to obtain accumulated income

② Keep improving: polish a small number of accounts and greatly increase the chance of winning

As far as the current game is concerned, in addition to frequently updating the gameplay, the team is trying to save the status quo by increasing the circulation of DEC and SPS, such as the DEC inflation pool updated on 7/19. Mining reward: the total reward is 7.5M SPS , and are not evenly distributed among the five mining pools, as shown in the figure below,

The continuous update and optimization of the team is a good trend for players. But at present, due to the low token price, players are afraid to take the risk of staking easily, so most players still want to rely on P2E. At least it will generate revenue. Next, let's take a look at the current state of in-game assets.

4. Crypto assets

4.1 NFT

SPS has two card types: Monster and Summoner. Currently, the total number of NFTs is 967. And Summoner has 108. The current floor price is $1.53 and the 24-hour transaction volume is 112,199 with  $56,285, and the card rental price is $0.0001/day. Monster's current floor price is $0.01, and the 24-hour  sales and transaction volume are 115,187/$55,546 respectively, while the pre-sale price of the 2018 pack is $2.

In general, most of the assets in the SPS game can be used for NFT and can be freely traded in the market. But the market performance is not optimistic. In addition to cards, land is also one of SPS' in-game assets, but the current market performance is unknown. According to the newly released roadmap, land sales will begin at the end of the third quarter (pics from: Splinterlands (@splinterlands) / Twitter)

4.2 Token

Splinterlands adopts the following triple token mechanism to deal with the deflation of in-game token assets, thereby promoting the stability of the ecosystem and maximizing the value of tokens.

4.2.1 DEC

DEC is the circulating and unlimited additional incentive tokens that can be used to purchase in-game items and improve personal rankings, similar to Axie SLP. The issuance mechanism of DEC is pegged at 1000=1 USD, and the number of prize pools is adjusted in real time according to price changes. The DEC inflation pool is based on 1 million. When the price of 1,000 DECs is less than $1, the corresponding amount of the prize pool will also be less than 1 million. Otherwise, the prize pool will be greater than 1 million. The model settings of DEC's inflation pool are very reasonable.

4.2.2 Credits

An in-game currency that is redeemable for 1000 credits at a value of $1 but is not negotiable.

4.2.3 SPS

Splintershards (SPS) is the governance token with a total amount of 3 billion, which can be used for governance, voting, staking, etc. The private sale price of SPS is $0.018 SPS, while the issue price is around 0.2, and the current price is $0.047. The highest price of SPS since the July 2021 token offering is $1.07(Data from: coingecko ). Since 2022, the price of SPS has remained below $0.1. From this perspective, SPS is currently in a break state. But the currency price has stabilized between $0.05-0.06 recently. Although the market performance of token is not satisfactory, the overall trend has been stable and positive since July.

Regarding the token distribution of SPS, as shown in the figure below, the project will allocate 60% of the proportion to players, that is to say, the revenue model is oriented to the player's benefit, including 40M airdrop, 90M staking and P2E mode ( unlocked at a fixed time within 65 months). Users can consume SPS and DEC in various game scenarios to hedge against inflation.

As the NO.1 of number of users, the transaction volume and balance on the Hive chain and NO.2 gamefi project in the entire blockchain, Splinterlands naturally grabbed the tide of public opinion with its strategic advantage. According to Dappradar data, its daily active users are as high as 216.08K, and it still rose by 40% in the background of the entire bear market. Twitter followers is 60K. Although the number is much lower than that of top-tier projects such as sandbox, mobox, radio caca, etc., and there are few AMA and giveaway activities, the number of discord users is as high as 176K, and the daily active volume of discord is more than 1,000. It can be seen that user loyalty and retention rate are relatively considerable. Even if the marketing and operation strategies of mainstream media are not satisfactory, the popularity of the community still maintains the leading position in the gamefi field.

6. Team and Investors

Inspired by the traditional game Hearthstone, its team founder Jesse Reich, a professor at Texas A&M University, and Matthew, who has more than ten years of game design and development experience, seized first place with an excellent combination of traditional games and blockchain, theory and practice.

It is worth mentioning that senior advisor Aly also continues to empower the ecosystem of Splinterlands: in addition to being the managing partner of the Blockchain Founders Fund, he also served as the United Nations leader dedicated to alleviating global poverty through the model of finance and blockchain. economic advisor. At the same time, the project was led by Animoca Brands, the parent company of Sandbox, invested by Enjin and Polygon and onchain capital. In the second half of last year, a total of 3.6 million US dollars was raised. The financing scale and investors are all top-level projects.

7. Competition Analysis

In the turn-based strategy card game, Let’s take Gods Unchained as an example to compare the competitiveness of SPS:

Taking the high-quality gamefi GOD as a reference, SPS has certain advantages in terms of token mechanism, NFT cost and daily activity. Of course, there are other high-quality projects in the card chain game as follows:

• Sky Weaver：Clear picture quality and diverse gameplay, but small-scale user groups

• Chainz Arena: Although MOBOX has a strong background, it is slightly inferior to SPS in game mode, picture quality and volume.

*The above content about Splinterlands is based on the data from 7/14-7/20 and is for reference only. Note: The above does not constitute any investment advice.

Please Note: the above content analysis is only for Reference information, not as a basis for investment decision-making. Bitmetis and the author of the report will not be responsible for the user's investment results.

BitMetis

The world's first decentralized Game-Fi distribution platform.

We aim to build a bridge to connect every aspect of metaverse.

Real-time Data|Trending Events|Guides|Click-to-Earn Bounties

Where to find us？ Twitter：https://twitter.com/BitMetis Telegram：https://t.me/bitmetis_official Discord：https://discord.com/invite/pp6CBntccT YouTube：https://www.youtube.com/channel/UCCPexBnOwLnPrEFSsbKFYeA All Links：https://linktr.ee/bitmetis