Did This Just End the Onchain Gaming Meta?

Is on-chain gaming dead after Dungeons of Fortune flops? The art meta continues to see major volume and brand new redacted tokenomics for the second time. Ladies and gentlemen, welcome back to another Crypto Gorilla video. Today, we are talking all about NFTs. As usual, I'm not a financial advisor. If you appreciate this content, would you kindly hit that subscribe button? And let's jump right into it, starting off with Dungeons of Fortune, which was the talk of the town over the weekend as the latest Ponzi did not Ponzi and it died relatively quickly. The TLDR for this project is it's one of those passive on-chain risk games where you mint a hero, you send it off to a dungeon, it battles, hopefully it doesn't die, and you make more tokens than you spent sending them off to battle. Now, expectations for this project were already pretty high, especially that a lot of people were thinking it's the next on-chain heroes, which on-chain heroes is the next on-chain heroes. You got to be careful with that narrative. But with the success of on-chain heroes, which is very impressively still sitting at a 0.4 ETH floor, the token is still at 50 mil, even though it's only 45k in liquidity. But after that, we had DeFi Dungeons, which it's down bad now, but it minted for 2.75 SOL, very expensive, but it was flippable for over 4 SOL. So $100 plus in profits. If you hit a rare, it was like 40 SOL. So crazy profits if you got lucky there. The token, they also raised 3 million in pre-sale, but there was $130 million of people interested in getting the token pre-sale. And if you did the pre-sale, this one also performed well, right? You made money off of it. So we have two passive risk games that did well. So going into Dungeons of Fortune, expectations were high. People thought it would do well, which out the gate, it did do well. You can see they raised 2 million for the token pre-sale. If you did pre-sale, if you bought it on the secondary market, like you were up, it was performing well. Same for the NFTs. They minted 20,000 NFTs, which in my opinion is way too high for this game to sustain, especially that you can continue minting the heroes, but they minted for 50 bucks each. And again, they were flippable. So out the gate, everything looked good. The game functioned, there was no bugs or anything like that. But as you can see by the price, it is currently at $8 and these minted for 50 bucks. The token is also down really bad. So people are upset. They're looking for somebody to blame. They're calling it a rug. So what exactly happened with this project and where did they go wrong? Now, I think there's a few reasons. The first one is the game loop itself. In order to send your heroes off to a dungeon, you have to spend tokens. And I was sending my heroes to go level up in these dungeons and I wasn't getting more tokens than I was spending. I was getting either equal or less. So I wasn't motivated to keep doing that when the price was just ripping. And I'm like, I might as well just sell if I'm going to get the exact same amount that I'm putting in and nobody's paying that much of a premium for leveled up heroes. The other thing is your heroes can die. So if they die, like I have two, three stars who died, which are trading for above floor, but let's just say the mint price. I lost 50 bucks every time my hero died. So that kind of killed my motivation because I didn't feel the payout was good enough. The second issue, in my opinion, lies in the risk aspect of these games, right? No matter the game, whether it's Dungeons of Fortune, on-chain heroes, DeFi dungeons, you have to hold hundreds and sometimes thousands of dollars in assets. So you're supposed to accept the risk that you're taking, but most people don't. Most people do this and they think, oh, it's a game. It's a Ponzi. Everyone on the timeline is talking about it and they think it's going to last longer than it does, that somebody else is going to come in and buy their bags after they've made thousands of dollars, especially when people are saying like, oh, I'm printing, you know, $3,000 an hour with this game. So that's the second issue. But the third issue has to do with the number of games, right? I just named three different passive games where if you're playing all three, you have to hold a lot of money of assets. But on top of this, we have Cambria, we have Beacon, we have Gigiverse, we have 77-bit, which are active games that people are spending more time playing. So attention is spread very thin, but also money is spread very thin because that's seven games that you potentially have money spread across. Now for some of these, it's not as bad. Like on-chain heroes and Cambria, you're farming abstract XP. So you're getting an extra benefit, right? Cambria has a future token airdrop. So even though the NFTs do have volatility, there's an expectation that you're going to get a reward in the future for your loyalty. So it makes it a little easier to hold onto those assets. But I really just feel like, you know, we've seen the meta for a while now. The main one is on-chain heroes. So most people want to put their money here instead of the brand new ones and take a risk on those. But if we compare this to the recent Avalanche meme coin presale meta, it kind of played out exactly the same. We first had Ket, which is still doing really well, but it was the dominant one. It went the highest. It lasted the longest. After that, everybody FOMO'd into the next one. So we had Wink, which lasted roughly a week, but it did really well. And then finally, we had Blub, which also did really well. If you did presale or you bought in the secondary, but it only lasted less than 48 hours. So if we compare it to the on-chain gaming meta, we have on-chain heroes, which performed really well and continues to perform well. After that, we have DeFi dungeons, which it did well at first. And now, you know, you're under your mint price. The token presale, which was flippable, is now under your entry price. So you only had roughly a week in order to get your money out. And then finally, we have Dungeons of Fortune, which lasted less than 48 hours, exactly like Blub did. So I guess the one takeaway you can get from this is whenever there's a meta, everybody's going to be chasing the next best thing. The best one usually is the first one that launched. So if you're actually interested in the project, you're most likely better off sticking with the first one. But if you're looking for pure profits, right? If you're just looking to flip, it's not going to last as long as the first one. So you're more often than not better off taking profits as soon as you can and not waiting for it to pull like a 10X and make you super rich. So hopefully if you minted this, you didn't get too greedy and you took profits when you had a chance, because there was a lot of opportunity here to get out in major profit. And even if you didn't make profits, like the first thing I did was I sold my initial investment just to recoup that money and ensure like no matter what happens, I am not losing money on this project. Now, speaking of on-chain games, if you're looking for an active game to play, so not one of these passive games where you just click once and walk away for five hours, the Cambria Gold Rush Season 2 campaign is still going on for, I believe, less than a week now, maybe until Friday. However, they have raised a whopping $1.2 million, which is higher than their original target of $750K. We also have like constantly between three and 4,000 players online. So people are really liking this. They are going hard playing this game. And not only does this pay out as soon as the season ends, you also have the future token airdrop reward. So I have no idea how their token is going to do, but hopefully it does perform well. And that's just like an extra boost to motivate people to grind this game. So if you're interested, I did make a tutorial on how to earn. I'll put it in the description down below, as well as my referral link. It's technically not free. You have to mint a Royal Charter for 0.02 ETH. However, if you want to play for free, you could play under somebody else's guild and just give them a cut of your earnings. So definitely check it out if you're into this style of game. Moving on to NFTs. I am loving that we're continuing to see people interested in actual art NFTs. And we're seeing whales and collectors come in and sweep collections. It all started off with XCopy over the last month was getting a ton and continues to get major volume on his collections. They're all up thousands of dollars. However, we now have over the weekend, Alpha Centauri Kid or ACK for short, who actually has collabed with XCopy in the past, but some of his collections started trending over the weekend. And it all began when his one of one pieces here had some really good sales in the five figure range. So we have God of Shadows going for 25 ETH or $40,000 followed by the happiest place on earth, which sold for $63,000 to conviction season. So this sparked some interest or he already had interest, right? He had a lot of collectors. However, this sparked a renewed interest into some of his other collections, which I'll show you in just a second. But I know most of you probably don't have 40 ETH that you can just throw into a one of one or even park it there just for the flip. So you're probably like, why are you telling me this? How can I benefit from this? One, I like art, right? I like artists. I like giving them spotlight. But two, just because the one of ones are out of most people's reach, we've seen time and time again, when an artist has his one of ones that sell for good money, there's opportunities in his smaller collections. One example of this, and I know it's blasphemous to talk about art and making money, okay? Even though the art world has been doing this for, I don't know how many years, I always get in trouble when I talk about making money. It's supposed to all be about collecting, but it's okay to like art and want to make money off of it. The same way you can like Pokemon cards, but still want to make money off of them, right? So back to what I was saying, we had this artist, McBess, amazing artist. He also makes music, really cool video clips that he makes the art for, but really good music, has a huge following. He was selling one of one NFTs and eventually released a collection called Sellmates. Now it's down bad now, but when this came out, it was a profitable mint. If you minted it, you were able to flip it for profit. So we can apply that to this artist because if you were tracking conviction season, or if you were just tracking like the art sales or following some of the art people I've mentioned in many of my videos, this sale, the 40th sale happened on April 18th. But then if you go to ACK's smaller collections like this one, the Great Color Study, and the difference with these collections is people like collecting sets. They want the whole thing, right? So if we go to this collection, you can see it is up 2X over the weekend. It was trading at roughly 0.25 ETH. It is currently at 0.5 ETH, and there was a ton of sweeps here by whales. So if you were tracking any of those whales, you could have come in and maybe done some arbitrage here. But this isn't a PFP collection. Like I said, the collectors here are collecting sets, and they're at the whims of whoever is willing to sell an asset that they hold at whatever price it is. So as you can see, the blue one is currently 1.15 ETH to buy. So if you want the full set, you're going to have to pay that price. And if we go to the activities tab, here you can see the latest sale is 1.25 ETH. And if we scroll down just a little bit, you could see literally yesterday, 24 hours ago, we have a sale at 0.6. Even scroll down, we have a sale at 0.49. So over 2X. If you were tracking conviction season, you saw, hey, he bought a one of one. There's other collectors who are picking up this guy's work. And maybe you could have figured this out, right? It's still a risk because it's not guaranteed to happen. But I'm just showing you that there are opportunities in following all these artists and tracking all of these guys' wallets. So what I'm going to do is I'm going to collect all these wallets of the big collectors, start tracking them, and I'm going to be able to see like, hey, is there opportunity here? And I'm going to discover brand new artists, which I love doing. And if I go on my Twitter, you can see here, I even have an art tab. This is like an art list I've been making for the last two years, I believe. And you're able to follow this just on Twitter, like for free. I don't know how the lists work, but you're able to follow this. So you don't even need to, you know, discover artists on your own. You can, I'll link it down below and you can just discover artists through this list. And hopefully you find some opportunities here. Moving in to NFTs, we finally have Mabera, which is now called Miladies on Barachain for some reason. They finally revealed and opened up for trading. So if you minted these, they're currently trading for now they're down a little bit, but they were almost 3X what the mint price was. I also saw some pretty high sales on some rares here trading for like 6X the mint price. So really happy that this is a profitable mint, especially considering that most Barachain collections aren't that high in price, right? The latest one was SteadyTeddy's and it's trading at 130 Barra, which is 430 bucks. So really happy that Miladies on Barachain did well, especially that everyone in Gorilla Labs had whitelist for this collection. So GG to anybody who minted. And then of course, the other collection that I'm waiting for the reveal for is Final Basu. This one is on Abstract and very impressive that it is holding this price, especially in this kind of market. And with a collection of over 8,000 pieces, it is profitable for anybody who did pre-sale, the first come first serve pre-sale or even public, which were all different prices. So even though the play is usually to flip before reveal, I don't know why, like seeing these one of ones, I just want to hold out and try to hit a rare. Hopefully I hit one. Wish me luck in the comments below. I wish you luck on hitting a rare if you're holding this collection, but yeah, I don't know why. I just feel like holding my Final Basu into reveal. Last but not least, we have the brand new, new tokenomics for Redacted because it's the second time they have changed them. If you remember originally, they had switched to shorter vesting as well as, or what they originally did was they added a cliff for all the investors and investors freaked out. And then what they did was they reduced it to a one month cliff and then nine months of vesting all the way down to two months of vesting for the public sale. So a lot less time to wait, especially that investors have been waiting like 12 to 18 months since they originally invested in this project for it to launch, right? So if you add on three months of cliff and 18 months of vesting, like that's a long time, but I guess there was more backlash. There was the exchanges complaining that they won't list a project unless they switch terms. So once again, we have brand new tokenomics for Redacted. And as you can see, like I did the seed round. So I have three month cliff as well as 18 months of vesting. I assume most of you did. I think it's the public round, which you only have one month cliff and two months of vesting, which is great. Even though you get in at a much higher FDV, they took it off here, but originally it was 70 mil. So pretty high. But also if you're a Jirasan holder, the community round here is what you're in and you are now have a three month cliff, which was supposed to be a month in the changed one, as well as 24 months of vesting. I do believe it is dynamic. So there's ways to reduce this. The other thing I'm seeing people talk about is the team tokens where they have a 12 month cliff and then it's vested for 36 months. But they're saying that if the minimum of a hundred mil market cap, not FDV market cap is not reached within 24 months, all the team tokens are permanently burned. At this point, like I'm just considering my investment cooked. Okay. Nothing against Redacted, nothing against Shan, Jirasan, what they're doing. Same thing for my Jirasan holdings. Like they're down, I'm down bad. I'm down over 50%. I played this one really bad, right? I was up like five figures. I could have dumped instead. I doubled down. So now I'm down pretty bad on my investment, especially that ETH crash. Okay. I am. I'm so down that it's not worth me selling, but like that aside, this market right now, and that's exactly what I wrote this thread about. This market right now does not care about these projects. It doesn't matter what you're releasing. It does not care what they care about are like these TikTok trends and meme coins. That's it. So like you're out of luck. Okay. There's nothing you can do. Okay. That's for starters. So it's not against Redacted there. It's just cooked to begin with. I am hoping it does well, the token, but I just look at it being cooked. Now on a product side, just because the token doesn't do well, it doesn't mean the product isn't going to succeed, right? That's what we in Web3 as investors fail to see because we're just here for immediate returns. We want our money and that's perfectly fine, right? You don't go buy a share in Nike stock and you're like, well, I'm going to support the founder and all that. No, you're just like, yo, get my money up and I'm going to dump it and be out. Who cares? So that's on the tokenomics side. Yes, it does suck that the vesting is so long, but at this point, whatever. Now the other side on it's succeeding as a product. I find it weird that they're doing this thing where they're going to burn their tokens because where are they making money? Because the point of Redacted is they have all these companies under the Redacted that are generating revenue. It goes back into Redacted, but they use that money to buy up the token. So yes, if they could pump the token to a hundred mil market cap where they start getting their unlocks all the way to 1 billion, great. Then they get money and they have enough money to support the company. But if not, where's the money coming from? Because all the money from the company Redacted is being reinvested into the token, unless I guess there's a percentage that they're taking, but it's being reinvested. And how are they going to pay salaries? How are they going to keep this thing sustainable if all the money goes into the token and the token has so much sell pressure that it's not able to reach this market cap? And then they burn the tokens and the team gets nothing. Like, I don't know. I need to chat with Shan or something to figure it out. But all this to say like, yeah, the tokenomics suck. Like this really sucks. Obviously I'm not happy as a Jira Sun holder. Like I'm down bad. I've just accepted it though. So that's how it is. And I wish them the best. You know, I'm going to keep holding. I didn't ask for a refund or anything. I'll just play it out. And hopefully this turns out well in X amount of time, but it is what it is. That's web three. That's investing. Sometimes you win. Sometimes you don't. That's it for today's video. If you appreciated it, would you kindly hit the like button if you haven't already done so hit that subscribe button, smash that bell notification. Thank you for watching another crypto gorilla video. Peace. Oh, oh. Oh. Oh.