NFTimes Volume 12 – A Tale Of Two P2Es

Popular play-to-earn (P2E) NFT games have been an important pillar holding the market up. We also have to give credit to the startup behind Bored Ape Yacht Club, Yuga Labs. It has put out multiple tremendously impactful announcements recently that you can catch up on here.

We mentioned two of the most anticipated P2E games of this year, both slated to launch at the end of January, long ago in NFTimes Volume 2. The P2Es that we discussed, Cool Cats and Raid Party, originally seemed to have similar issues–namely failing to execute. Both failed to deliver their promises for weeks to months. Since then they have taken radically different paths.

The Masters of Delaying

Cool Cats is one of the most popular profile picture NFT collections and many people consider it a blue-chip. A few months ago the team decided they wanted to build out the ecosystem beyond just profile pictures. The update would include a new generation of 20,000 cute NFTs called Cool Pets and an entire P2E game for both collections.

Half of the Cool Pets were given to Cool Cat holders. The other half was split into a presale and public sale netting the team roughly 5,000 ETH ($15.5 million).

We all thought that with this stack of money and an already successful team, the game would be released on time and turn out great. The team masterfully proved us wrong over the following 2 months.

Both the Cool Cats and Raid Party teams made lofty promises but delayed kicking off their games time and again. Together they have announced at least 20 different launch dates or times for parts of their projects, and almost none of their targets were met.

Cool Cats has become the stereotypical project that constantly overpromises and underdelivers, all too common characteristics in NFTs. It planned to release the Cool Pets collection in January and then the P2E game a couple of days later. After a few delays, the Pets were available to mint and performed quite well, almost reaching a 3 ETH floor almost immediately.

We thought that because Cool Pets were finally out that the game was ready to go and would launch in a few days. Instead, we got a “Cool Cat winter”. The game was pushed back once, then a second time, and then a third.

Progress was rare and updates became more and more sparse. A few weeks later, the team said they would be putting out a new release date for it. More than a month after that announcement, we still don’t have a date. There is a beta version of the game out right now but it lacks the most important part of a play-to-earn game, earning. Maybe the full version will be released soon or maybe it will be another two months.

A P2E Success Story

Raid Party started off similar to the Cool Cats game. It’s a P2E game with 2 main collections: Fighters and Heroes. The project launched its genesis collection using a ranked auction. A ranked auction is where a specified number of the highest bids wins an NFT.

1,000 of 1,111 genesis heroes–which generally have better stats and a few other bonuses–were auctioned off this way. The lowest winning bid was higher than 5 ETH. A little later it had a presale and then a public mint, charging 1.6 ETH per hero and 0.4 ETH per fighter. With that massive stack of ETH, it started hiring new team members and working hard to launch the game on time. It was delayed for a few weeks and the price of both heroes and fighters crashed hard.

It was extremely frustrating for fans of P2Es because many were holding both Cool Pets and Raid Party NFTs. Unlike the Cool Cats team, Raid Party’s founders set a hard launch date of March 4th. To our surprise, it launched on time.

The Raid Party game has been out for only about 3 weeks and it is already one of the most profitable P2Es. At the moment it’s quite expensive to field a complete team (a hero and 4-6 fighters) to play Raid Party to its fullest. However, the returns on a decent team are higher than any other play-to-earn game in a while.

Right now, a decent team of a good hero and 5-6 fighters (worth between 12-15 ETH) earns between $700-850 worth of $CFTI, the ecosystem’s token, every day. It’s possible to play with an investment of about 1.2 ETH but of course, the returns would be much lower. This is all based on the value of $CFTI and the NFTs though. P2Es are often quite sensitive to price crashes and sometimes can never recover.

Cool Pets dipped below 1 ETH (at its lowest point) but started to rise again when the beta release was put out. Because Cool Cats are still essentially blue-chip NFTs and the community is fiercely dedicated, the P2E could still become incredibly popular and profitable. For now, however, Raid Party is the clear favorite.

Do you want to understand the NFT market better? Here are a few articles you really shouldn’t miss:

Want to keep up with Henry and NFTs 24/7? Join him in AlphaMint’s dedicated NFT Discord server.

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