“After the launch of HuntingNFT v2, the newly launched garrison and sacrifice gameplays are bringing players very considerable and sustained benefits, and it is becoming a new hot spot for GameFi to make money.”

After a brief carnival in 2021, the GameFi market began to cool down as the market turned bearish in early 2022. According to Footprint Analytics data, the market value of the GameFi market has been on a downward trend since the beginning of 2022. The data comprehensively reflects the shrinking overall TVL and token market value of the GameFi track.

Also starting from the beginning of 2022, although the number of GameFi projects is still growing at a relatively fast rate, the number of active GameFi projects is in a cliff-like decline, and the number of projects operating normally continues to hit new lows.

In fact, the root cause of the GameFi track's continuous predicament is that it is difficult to provide returns that satisfy players. On the one hand, GameFi applications have become seriously homogenized after showing a blowout trend. For example, after Axie Infinity became popular, dozens of copycats appeared. The incentive competition within the track has also caused the GameFi track, which already has a low market share, to fall into a high degree of internal circulation, and the endogenous motivation has declined and the returns have continued to be sluggish.

On the other hand, GameFi itself not only lacks playability, but its crypto-native characteristics also hinder its ability to capture a wider range of users (lack of external growth). The crypto industry is in its early stages of development, and hot money and users are always flowing back and forth between different industry sectors. As GameFi is generally down, users continue to leave, and the track has fallen into a vicious cycle of continued downturn.

Although the overall performance of the GameFi market is not good, HuntingNFT has attracted much attention from the market with its impressive returns after launching the v2 version in early July. According to the revenue data of HuntingNFT, the highest APR of the game's Defense mode has reached 174680.91% (July 8), and the average APR has been basically above 4000% since its launch on July 6. The highest daily return rate of the Sacrifice mode is 2146%, that is, an investment of 100u on the same day can return 2146u, and the average return rate has stabilized at 100%-200%. On the whole, the current Yield Farming APR of $HNFT is about 150%, and the payback period of the game itself is relatively short.

In addition, the NFT assets of the HuntingNFT game are also launched on the YokaiSWAP platform. So far, the highest market premium of equipment assets and White Fat Dragon has exceeded 500%. At the same time, the trading volume is gradually increasing. Early users have earned a lot of money from it. HuntingNFT has also become a new hot spot for GameFi to make money in the near future.

HuntingNFT v2 opens a new GameFi value flywheel

HuntingNFT itself is an original GameFi project initiated by Nervos global community volunteers, and has always been governed in the form of a DAO. The project has remained active in the market since the launch of the v1 Beta internal test version in the fourth quarter of 2021, and finally released the V2 version with the economic model in July 2023. It also landed on YokaiSWAP DEX, and may be listed on more CEX exchanges in the future. From the release of the earliest version of the project to the present, HuntingNFT has been able to maintain its popularity over a period of nearly two years. In fact, the GameFi market itself is an emerging market with a relatively fast iteration. The life cycle of most GameFi projects usually does not exceed half a year, which is in sharp contrast to HuntingNFT.

In November last year, when HuntingNFT launched version v1, we gave a detailed introduction to the game mechanics of HuntingNFT. After v2 was launched, it further opened up new gameplay based on v1, including garrison and sacrifice.

Currently, HuntingNFT v2 itself includes several main game elements, including dragon scale NFT, dragon scale equipment NFT, and white fat dragon NFT. Among them, dragon scale NFT is the basic NFT element of the game. This asset can be exchanged in the game using Nervos L2 CKB to start the battle mode.

The dragon scale equipment NFTs include helmets, breastplates, shields, wings and swords (collecting 5 different pieces of equipment can summon the White Fat Dragon NFT in Castle Night). Currently, equipment from levels 1 to 5 can be obtained through battles, and equipment from levels 6 to 10 will be released in future game modes.

The White Fat Dragon NFT can be used to participate in GameFi gameplay such as garrison and sacrifice, and obtain daily income, sharing and sacrificial rewards from the HuntingNFT platform.

HuntingNFT v2 mainly includes hunting mode (consuming dragon scales to hunt evil dragons to obtain equipment), garrison mode (rewards are obtained through defense with White Fat Dragon NFT, with APR ranging from 2000% to 8000% in recent days), and sacrifice gameplay (sacrifice White Fat Dragon NFT to obtain a one-time reward, with the daily sacrifice reward pool set at 104,722 $HNFT, and the rewards of the sacrifice pool are shared by the White Fat Dragons sacrificed every day). The considerable game revenue has also allowed HuntingNFT to capture a large number of active game players.

For specific gameplay, please read the game manual.

Gitbook link: docs.huntingnft.cc/

Economic Model

HuntingNFT has built an economic model with a "recycling" feature. The full-cycle value generated by players from acquiring NFT game assets to sacrificing the White Fat Dragon will be used to feed back the development of the ecosystem and the development of the $HNFT secondary market to ensure the positive cycle of ecological value and the long-term effectiveness of the development of the ecological economic model.

In addition, in the HuntingNFT game, the CKB income released by the dragon scale NFTs that game users participate in battles every day will be automatically transferred to the Nervos L2 Godwoken trading robot address. The intelligent quantitative robot buys $HNFT while executing the day's market-making strategy and then transfers it to the day's garrison reward pool for distribution, forming a value support and virtuous cycle from the NFT's mint to the secondary market, and is expected to promote further increases in the coin price itself.

So we can see that each game part in the HuntingNFT game v2 can generate sufficient game revenue. These revenues themselves are not generated out of thin air, but come more from external market value and economic recycling.

On the one hand, HuntingNFT applies all the incremental value of users to the incentive token $HNFT, helping it to continuously capture external value and establish a more solid value moat. On the other hand, the $HNFT asset itself has no early private and public offering process, and the initial liquidity is entirely generated by the airdrop distribution of game behavior incentives. This means that $HNFT assets are dispersed (currently the holding addresses have exceeded 20,000+). With the launch of the v2 version of the game, the considerable income has also made the game itself gain a high degree of attention. The project’s Twitter followers have also exceeded 20,000, and the Discord community is very active. HuntingNFT has become one of the most popular GameFi games in recent stages.

In addition, after landing on YokaiSWAP DEX, it has been continuously cooperating with industry partners, and $HNFT is expected to be listed on various CEX platforms in the future. It can be seen that since the launch of HuntingNFT v2, the value flywheel of the game ecosystem has also been officially started.

Capable of capturing a wider range of users

In addition to building a stable and sustainable gaming ecosystem through a reasonable economic model, HuntingNFT itself also has a wider range of user acquisition capabilities. HuntingNFT is connected to the Nervos L2 Godwoken EVM network, and users can use mainstream wallets such as Little Fox, TP, Safepal, and Imtoken to play games using 0x addresses. In addition, the chain has a more flexible underlying model and rich basic components, which can transfer data on the chain and NFTs between game accounts at a lower cost, effectively reducing the cost of user participation, while providing users with a lower entry threshold, safer, and smoother gaming experience, and further has the ability to serve players on a large scale.

Since 2023, Ethereum founder Vitalik Buterin has publicly proposed the vision of Ethereum abstract accounts at ecological conferences such as the Ethereum Black Mountain Conference and the Paris Ethereum Community Conference (EthCC). He believes that easier access and easier use will be important factors in the long-term development of the Web3 world, and abstract accounts will be an important technical solution to achieve this goal. At present, HuntingNFT game assets are confirmed by abstract accounts on L1, and transactions occur on the Godwoken Layer2 layer, which further guarantees the security and transaction speed of on-chain assets, which also fully reflects the forward-looking and trend-oriented nature of HuntingNFT.

The underlying POW has a longer-term narrative

Previously, the SEC classified some crypto assets as securities, most of which were crypto assets with POS characteristics, including Solana (SOL), Cardano (ADA), Polygon (MATIC), etc., which further triggered panic in the crypto market due to regulation. However, POW assets are not considered securities that must be registered and regulated. This is a long-term positive for POW tokens such as BTC, BCH, and CKB, and is expected to usher in a new round of outbreaks in the future. We see that HuntingNFT itself is highly bound to the Nervos Network ecosystem, especially some game asset NFTs that are highly anchored to CKB tokens, which may become the biggest beneficiaries.

From another perspective, although most POS underlying networks already have sufficiently dispersed validator distribution, uncertainties such as regulation and the market will pose a threat to their security. The POW consensus mechanism itself has more advantages and narrative space in terms of security, so application ecosystems such as HuntingNFT, which are natively built under the POW system, are expected to gain benefits.

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Summarize

HuntingNFT continuously captures external market value based on its own circular economic system, and captures users more widely in a more forward-looking and trend-oriented manner, with long-term narrative.

The GameFi market has been dormant for a year. The early leading ecosystems have gradually declined, and the emerging ecosystems are unable to resist the short-lived market cycle. With the launch of HuntingNFT v2, it is helping the long-dormant GameFi market to get out of the shadows. The continuous and considerable returns it can provide are the best proof of the rationality of the ecological value system. It also means that the value flywheel of the ecosystem has officially started.