This launch excelled in mindshare, FP, and volume...
GC ALPHA 37
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
King of Destiny event #2 is launching today
Short event, only 3 days long. Prize pool: God Vaults and Egypt Avatars. The top 500 will all win an onchain item
Engines of Fury's P2A campaign is launching on February 25
It comes with a 100,000 FURY prize pool and GEN-0 NFTs
Use code RAIDEN to pre-register now
Rumble Kong League returns with a new Ronin-themed season
Season-based progression system. The Ronin Raffle (stack raffle tickets). Rumble VIP Pass: giving progression + token bonuses
Captain and Company launched its “Piece O Treasure” P2E campaign on Abstract
Pixelmon's Warden's Ascent playtest is from February 24 to March 2
Age of Dino is organizing a Gold War and AOD Point exchange event
Ragnarok Monster World's 3rd season launched a couple of days ago
MARKET TALK
ONCHAIN HEROES TAKE OVER
After selling out its 10,000 Hero NFT collection last week, officially marking the start of Season 1, Onchain Heroes has catapulted into peak attention (Hunter explains why it did so well…)
The Hero collection minted at 0.069 ETH, peaked at 0.64 ETH (a ~9.3X) and is now trading at a ~0.37 ETH FP
In less than a week the collection generated over 4250 ETH in trading volume
At one point the Heroes NFT market cap even equated to 70% of Abstract’s total TVL
OCH created the “a rising tide lifts all boats effect”, leading to spillover into other collections on the green chain
OCH Genesis Ring holders were able to mint 5 Heroes for free
With the use of JDHyper’s Dune Dashboard, we can also have insight into in-game stats:
A total of ~5,4M HERO has been claimed so far, with a total of ~5,1M being spent
Aggregate emissions are ~400K HERO right now, meaning there’s a slight surplus right now
The token is also extremely illiquid atm, so the current $ value of the token isn’t accurately reflected
Skarly (the founder) acknowledged how S1 isn’t sustainable and explained:
“The goal of S1 was not to be sustainable, but to just fkn launch, and get our nfts/tokens out to ppl…”
Furthermore, he says it was a great way to kickstart the game, and they’re excelling in mindshare, FP, and volume, being the “most successful nft/game launch in recent times by almost any given metrics”
So, despite being unsustainable, he sees S1 as a “necessary evil”, that bootstrapped the community, and game, and generates revenue to continue to build the vision
In contrast to many of the other gamefi models, OCH will use a seasonal model, which introduces more features (and sinks) over time. Will this approach create something sustainable that will last beyond a month? Let’s see…
Lastly, it seemed the return of “gamefi glory” sparked debate among people
People’s main argument is that it won’t last and we have seen how this ends before. However, the comparisons lack in various areas I’d argue
Also, many couldn’t believe it would do so well and mid-curved the mint (I went to bed before the mint tbh -_- )
GAMING NFTS 2025
The above list includes all relevant gaming NFTs launched so far in 2025. Here’s what’s notable:
Let’s start with Abstract. A couple of the gaming collections have already died off, but there are two clear winners here DUPER and OCH Genesis Heroes
As the beta play of OCH, Gigaverse might have a run as well (although it already saw an increase over the weekend)
When Abstract creates liquidity incentives I expect more volume to flow to the NFTs, as tokens haven’t performed at all on the chain
Secondly, it’s worth highlighting Ronin. Recently we have seen a couple of performers on the chain, including Fableborne Kingdoms, Fishing Frenzy Founders’ Pass, and even Sabong Saga
Now Ronin is open we’re also seeing a couple of teams announcing separate Ronin collections (e.g. Pirate Nation and Legends of Elumnia)
Especially the Fableborne Kingdoms presale raffle showed strong demand from whales for gaming NFTs
Overall trends:
Since the start of the NFT season (in December 2024) we’ve been seeing more paid mints pop up. The sentiment isn’t good enough for the “extractive” (auction) models yet
Demand for NFTs remains largely product and/or token-driven (see Kanstar) unsurprisingly
Anecdotally I would say gaming NFTs have been performing better than tokens
Sentiment for NFTs: slightly positive (a bit more than carefully positive)
ON THE RISE
Looks like Legends of Elumnia will launch an NFT collection on Ronin