Time is a good medicine/poison, always able to eliminate the projects and people that should be eliminated for us, leaving behind those that should be left behind; in any case, we can always see the truly deserving 3A masterpiece in Solana, just hoping that this time will come soon.
Written by: Real Player DAO
In "Dream of the Red Chamber," there is a saying: "In family matters, either the east wind suppresses the west wind, or the west wind suppresses the east wind." This saying is also very appropriate in the currency circle, and the entanglement between ETH and SOLANA reflects this point very well.
In December last year, I went to Manila to attend the conference held by YGG and chatted with major gaming guilds in the world, sharing some common considerations. At the conference, we also met people from the Solana Foundation. The white guy's face was particularly pale at the time, exhausted from dealing with various questions and doubts about SBF, FTX, and Solana, and some project parties tried to poach him. At that time, many people, including many insiders, thought that Solana would sink into the corner of time with SBF, just like Mark Karpelè of the past.
And now, in just one year, Solana has risen again, with a market value of over 5 billion U.S. dollars, returning to the top 5, and riding the prosperity of the overall ecosystem, causing many people to shout "surpassing Ethereum." For a while, Solana made a comeback, causing a lot of commotion, and I wonder what SBF would think at this moment. We relatively optimistically estimate that the negative impact of FTX on Solana has basically ended, and the Solana ecosystem has regained vitality.
In the Solana ecosystem, NFTs, inscriptions, and meme coins were the first to become popular, and SOLS and BONK are representatives of them. Since its launch in late October, BONK has increased by more than 100 times in two months.
Now it seems that the hot spot for meme coins in the Solana ecosystem is still continuing, with Silly, Analos, and Omni achieving rapid growth (and decline) in a short period of time. Silly is particularly popular among many KOLs and is expected to take over from BONK.
For a prosperous ecosystem, memes are of course essential, but other tracks including Defi and Gamefi should play a pivotal role. As a high-performance public chain, Gamefi should be the core track of the Solana ecosystem, and the two are complementary.
As an organization focusing on Gamefi and its infrastructure, Real Player DAO will conduct an end-of-year review of the gamefi track in the Solana ecosystem to see if they have survived the winter and whether they can have a bright future. There are many games, but limited space, so we will only select relatively important projects for research.
StepN
Surprisingly, StepN is still the highest market value Gamefi project in the Solana ecosystem. The latest data shows that the circulating market value of StepN's token GMT still exceeds 500 million U.S. dollars, and trading is still active, with a daily trading volume of over 150 million U.S. dollars.
Although the token level is still active, at the user level, StepN has basically returned to zero. According to Dune's data, there are only 2 active users and no new shoes minted in the past 7 days.
After the explosion in 2022, StepN's performance is indeed very normal, and it is already considered relatively long-lived in Gamefi.
The current strength of GMT is also understandable, which is that the StepN team is about to launch its second game: Gas Hero. According to the white paper released before the game, Gas Hero will run on Polygon and will not release new tokens, still using GMT to support the required game scenarios. The specific mechanism is still to be announced by the team.
Gas Hero conducted community testing from November 24th to December 8th, opening testing qualifications to 3000 users, and recently announced that it will be officially tested on January 3, 24.
Based on StepN's past performance, the market currently has a lot of confidence in Gas Hero's performance, and many KOLs and communities are actively participating in the promotion of Gas Hero.
We believe that it will be very difficult for Gas Hero to reproduce the brilliance of StepN, after all, the market environment has changed significantly, and Gas Hero has many strong opponents in the Gamefi field.
At the same time, we are relatively optimistic that as long as Gas Hero can ensure quality not lower than expected, its performance will have a significant boost for GMT.
The latest data shows that since its launch, Gas Hero has achieved a NFT trading volume of nearly 20 million GMT in two days, close to 6 million U.S. dollars. Although not as popular as StepN, it is still a good performance.
Star Atlas
I still remember the grand occasion of Star Atlas's IEO on FTX in 21, which felt like a deserted scene, with many poker games paused just to wait for the outstanding performance of the token.
It has to be said that Star Atlas initially received a lot of financing, partners, and retail supporters due to its meticulous concept design, exquisite art, and outstanding official website; the team's design capabilities are unquestionable. In terms of financing, Star Atlas received investments from Animoca Brands, YGG, and LD, which is also considered to have an excellent background in the Gamefi track.
The performance of the tokens did not disappoint investors, with governance token Polis and game token Atlas skyrocketing more than 50 times at the opening on FTX, with Polis reaching a peak price of 14.5 U.S. dollars and a FDV exceeding 5 billion U.S. dollars.
However, in 22, both Polis and Atlas began a long decline, with Polis currently having a FDV of 1.7 U.S. dollars, and Atlas having a small release, with a current circulating market value of nearly 90 million U.S. dollars.
If we talk about the token price level, Star Atlas still maintains a last bit of dignity, but in terms of the game, it is too disappointing.
As the main chain game of the Solana ecosystem, the 3A masterpiece, Star Atlas seems to have always been releasing beautiful promotional videos and NFTs, but has never released a satisfactory game version. Even CEO Michael Wagner stated in the community in July 23 that they will focus on making lower-cost game projects and that they suffered heavy losses in the FTX incident.
According to the latest tweet from Star Atlas, they released version 2.1.9 of Star Atlas on Epic Games before Christmas in 23 and will allow users to test this version of the game in the form of an invitation code. The features of this version are designed in the third person and include battles with robots. From the released video, the game's graphics quality is good, but it is unknown how the specific hands-on experience will be and whether it will meet the players' needs.
However, Dappradar's data shows that Star Atlas currently ranks first in the Solana ecosystem chain game track in terms of active users, with a latest daily active user count of over 5000.
But we believe that Star Atlas is already finding it difficult to bear the banner of the 3A masterpiece in the Solana ecosystem, and its test version is unlikely to meet user expectations. As for the performance of the tokens, we will not make an evaluation for now. We can only say that Solana still needs better games to bear the banner of the ecosystem.
Aurory
Aurory should be considered the second disappointing Gamefi project after Star Atlas, with a similarly luxurious investment background: Solana Ventures, Alameda, Animoca Brands, Hashkey, Serum, Sfermion, and a series of other well-known institutions and project parties.
Aurory's partners are also quite well-known. Aurory announced a collaboration with TSM FTX, the once most valuable esports team globally, to launch four Aurory NFTs under the TSM FTX brand in 2021. (However, these four NFTs have not been found on Magic Eden yet, so it is uncertain whether they have been released.)
After the IDO, Aurory's token AURY quickly landed on FTX, reaching a peak price of 23 U.S. dollars and a high FDV of 23 billion U.S. dollars. However, it also entered a long period of decline after 2022, with the token price dropping to below 0.4 U.S. dollars at one point, currently standing at over 1 U.S. dollar.
According to the introduction, Aurory is a Japanese-style RPG game where players will explore a rich universe, use their creatures (Nefties) to battle, and receive rewards after winning battles. The gameplay is similar to Pokémon.
From Aurory's relatively active Twitter, it can be seen that many people are already playing the test version of Aurory. The game page is somewhat similar to the previous generation of Gamefi, without much innovation. In addition, according to Aurory Daily's Twitter information, Aurory will launch a public test on Epic Games in 2024, with the specific timing yet to be determined. Let's keep some expectations for this.
Decimated
Decimated is a product of Fracture Labs, a Play-to-Earn, third-person multiplayer online game with a cyberpunk theme, featuring various gameplay and customization features. Decimated started development in 2018, allowing players to battle or team up with other players, loot goods, transport goods or VIPs to other locations, collect legal or illegal resources, trade, hunt legendary creatures, occupy territory, and build safe houses for their factions.
Decimated's token (DIO) came out early, in 2019, and reached a high point of 0.64 U.S. dollars in December 2021. However, it then entered a decline until reaching around 0.005 U.S. dollars in October 2023. But after the overall recovery of the Solana ecosystem, DIO rose 16 times, reaching a peak of around 0.08 U.S. dollars. Currently, DIO's overall market value is not high, with an FDV of 50 million U.S. dollars and a circulating market value of 20 million, showing room for improvement in terms of exchange performance.
As for the game, currently only super members can play the test version, while others can only watch live streams. However, the game seems to be close to launching on Steam, where users can add it to their wish list.
Defi Land
DeFi Land is a community-led multi-chain P2E agricultural simulation game aimed at gamifying DeFi and redesigning all the functions of traditional DeFi. DeFi Land raised 4.1 million U.S. dollars in 2021, with investors including Animoca Brands, Alameda Research, Jump Capital, NGC Ventures, Solana Foundation, and Gate.io.
At the token level, the DFL token can be used for trading in-game assets and NFTs, staking and LP incentives, game mechanisms, and governance voting. The price of DFL, which once reached a historical high of 0.42 U.S. dollars two years ago, fell to 0.00029 U.S. dollars three months ago. However, in the past few months of the Solana ecosystem's recovery, DFL has risen from 0.0003 U.S. dollars to 0.0045 U.S. dollars, currently maintaining around 0.0025 U.S. dollars, with a circulating market value of around 18 million U.S. dollars. It is worth noting that all the DFL held by VCs were distributed in November 2023.
At the game level, DeFi Land is fully open, and users can play directly through the official website/mobile app. According to their Medium article, there have been no major changes in DeFi Land in 2024, mainly optimizing existing features.
Dappradar's data shows that the game's activity in DeFi Land is worrying, with only 567 active addresses in the last 30 days, and only around 30 addresses playing the game daily.
Genopets
Genopets is a move-to-earn game that combines the breeding and evolution of Tamagotchi electronic pets, the training and battling of Pokémon, and the crafting and collecting of Animal Crossing, while rewarding players with cryptocurrency for honing their skills through sports activities and mini-games.
Genopets announced financing in March 2022, with investors including Alameda, HTX Ventures, Crypto.com, and Solar Eco Fund. Its governance token GENE has experienced a rollercoaster ride since its release in 2021, reaching a high of 37.7 U.S. dollars and a low of 0.13 U.S. dollars in October 2023, currently maintaining around 0.4 U.S. dollars.
At the game level, Genopet is still preparing for its public test, with the first version expected to go live in January 2024, and users currently need to register on the official website to receive an invitation code. The current internal test data is good, with over 4400 daily active wallets, second only to Star Atlas in the Solana ecosystem. This data is still worth looking forward to.
Monkey League
Monkey League is the first game launched by UNKJD, a mobile soccer game that combines manager, coach, and star player skills. Users need to purchase 6 Monkey Player NFTs to start the game and earn token rewards through victories.
UNKJD completed two rounds of financing in 2021 and 2022, with investors including Griffin Gaming Partners, 6th Man Ventures, Solana Ventures, and CMS Holdings, among others. Its governance token MBS has also experienced extreme fluctuations since its release at the end of 2021, reaching a high price of 2.6 U.S. dollars and a low of 0.01 U.S. dollars, currently maintaining around 0.037 U.S. dollars, with the token price multiplying several times in the past two months. The project's current circulating market value is around 13 million U.S. dollars.
At the game level, the game has not yet been publicly launched on Apple and Android systems, and users need to register and wait for the official to send the download link. Given the price of its NFTs, the cost of starting the game is not low.
Possibly due to the lack of public testing, Dappradar's data shows that Monkey League has had zero daily active users recently.
Project Seed
Project Seed claims to be building the next generation of the metaverse game ecosystem, combining game hub, Gamefi, DAO, e-sports, and growth systems. Project Seed completed financing in 2021, with investors including Huobi Ventures, Solar Eco Fund, Cipholio, Solana Capital, BlackEdge Capital, and Basics Capital, among others.
Project Seed also released the token SHILL in 2021, reaching a high of 1.6 U.S. dollars. Currently, the Shill price is around 0.016, with a circulating market value of around 5.6 million U.S. dollars.
At the game level, Project Seed launched its first RPG game, Outland Odyssey, in August 2023. The game is now available for download and play on Google Play, with over 10,000 downloads. Outland Odyssey is a free-to-play game, meaning players can start the game without owning NFTs or tokens. They will have the opportunity to create NFTs in the game and can also make in-app purchases.
Solchicks
Another well-known project in the Solana ecosystem, Solchicks, announced the completion of a 20 million U.S. dollar financing in November 2021, with participation from Fundamental Labs, Blocore, GD10 Ventures, KuCoin Labs, Gate Labs, Spartan Group, Shima Capital, among others. However, according to The Block's report in October 2022, Solchicks developer Catheon Gaming completed a 55 million U.S. dollar financing in November 2021 through the sale of chicks tokens. The project's token, Chicks, reached a high of 0.6 U.S. dollars since its release in 2021, but is currently priced at only around 0.00016 U.S. dollars, with a circulating market value of around 100,000 U.S. dollars.
Solchicks has been abandoned by its developer, Catheon Gaming, and the project's Twitter account has only posted one tweet since May 2023, introducing two new projects: Artisee AI and Catheon Gaming. The Chicks token has also been exchanged 1:1 for the Catheon token. However, Catheon has not performed well since its release in November 2022, with a circulating market value of only 2.3 million U.S. dollars. However, Catheon has risen more than 10 times from its low point since November 2023.
At the game level, Solchicks currently has only single-digit daily active users. The game platform developed by Catheon Gaming has announced the release of many games, including Seoul Stars, Angrymals, and Aotuverse. According to their description, Angrymals, running on Solana, has a monthly active user base of over 15,000 and is the top-ranked game on Fractal.
However, we have not found any information about Angrymals on Dappradar, and the Angrymals Twitter account has not posted any information since November 2022.
Overall, we suspect that the game platform has stopped operating. In addition, blockchain detective ZachXBT tweeted that leaked information between the CEO and COO of Catheon Gaming revealed that the project lost up to 20 million U.S. dollars in treasury funds due to a UST explosion in May 2022, without notifying the community.
Tap Fantasy
Tap Fantasy is an MMORPG blockchain game developed in HTML5, allowing players to interact with Tap Fantasy directly on the web or through a wallet, and start playing immediately. Third-party game developers can use TP's no-code map editor to design and create game modules.
Tap Fantasy announced the completion of a multi-million U.S. dollar financing in January 2022, with investors including LD, NGC, Krypital, and ArkStream. The performance of the Tap Fantasy token has been poor since its launch in February 2022, with the current FDV at 5.5 million U.S. dollars.
However, at the game level, Tap Fantasy has performed well. Their official website shows a total user base of 761,000, with 6,700 daily active users on-chain, ranking sixth on Dappradar.
Looking at the latest data from Dappradar, Tap Fantasy's daily active users have decreased significantly, with the latest 24-hour address count at 681, ranking fourth in the Solana ecosystem's gaming track.
However, with the strong rise of the TON ecosystem, Tap Fantasy has now shifted its focus to TON, issuing NFTs and engaging in multiple collaborations.
Astro Space
Astro Space is a PvP mobile game from farming to stealing, centered around an interstellar system called Dream Universe. Players will build bases, form alliances, breed NFTs in the game, participate in various mission modes, and compete with other players to plunder their tokens.
Astro Space announced pre-seed financing in July 2022, with investors including Solana Ventures, Blocore, IVC, and Planetarium Labs. The game has not yet released a token.
At the game level, Astro Space has released games for both Android and iOS, and users can download the game from Google Play and the App Store, with over 1,000 downloads on Google Play.
Dappradar's data shows that Astro Space had 1.1k active addresses in the past 24 hours, ranking third in the Solana ecosystem, showing good potential.
However, one issue worth noting is that Astro Space's Twitter account has not been updated since September 2023.
Honeyland
Honeyland is a Play-to-Own strategy game built on Solana. In the game, players manage their bee colonies and land as beekeepers, choosing a universe to explore and dispatching their bees on missions to compete for NFTs and scarce HONEY resources.
In terms of financing, Honeyland received investment from Magic Eden Ventures, the venture capital arm of the NFT marketplace Magic Eden. Recently, Magic Eden has directly integrated its marketplace into the blockchain strategy game Honeyland, which can be used directly on iOS and Android. Honeyland users can now use their native currency HXD to buy, sell, and trade in-game digital assets in the form of NFTs.
At the token level, HXD has shown robust performance since its release in March 2023. It surged from a low of 0.016 U.S. dollars in November to a high of 0.35 U.S. dollars on December 30 (ten times the IDO price), with a 40-day increase of over 20 times. Its current circulating market value is around 41 million U.S. dollars, mainly traded on Raydium and Jupiter, and has not yet landed on CEX, remaining relatively low-key in the Solana ecosystem.
At the game level, Honeyland has landed on Google Play and the App Store, with over 50,000 downloads on Google Play. Dappradar shows its latest daily active users at 427, ranking in the top 5 in the Solana ecosystem.
In conclusion
Solana has fortunately escaped the clutches of that man, miraculously surviving in the bear market and demonstrating vitality and attention comparable to Ethereum.
Solana has always touted high performance and suitability for developing 3A games as important slogans. However, after a comprehensive review of Solana's popular Gamefi projects, we find that Solana still has a long way to go before Gamefi can fully thrive.
Nevertheless, we still have confidence in Gamefi and Solana. Time is a double-edged sword, capable of eliminating projects and people that should be eliminated, leaving behind those that should remain. In any case, we can still see truly worthy 3A masterpieces on Solana, and we hope that time will come sooner rather than later.
Btw, although there are discussions about token prices in the above text, all words are not intended as investment advice. DYOR.
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