Tribal Wars, but your village is tokenbound

Lots of things have changed since we wrote the Value Thesis #2 on Fableborne in Dec '23: • A complete over the core game loop • Seasons 1 to 3 happened • Kingdom NFTs are added now It's time to revisit the thesis.

Wouldn't be surprised if many studios that flopped with their TGE this year will: 1) Close up shop due to a lack of funding 2) Divest from crypto gaming 3) Have one last, desperate monetization event Plenty of examples of launches below $2M MC:

Most important crypto gaming debates in 2025: • Is crypto gaming dead or maturing? • Are ponzu games exploitative or essential? • Are we more speculators than players? • Are TGE delays strategic or signs of failure? • Will the gaming cycle ever return, or not? • Are bad

We had one of the best gaming TGEs in over a year (by FDV) last week. Yet, it doesn't feel like positive gaming sentiment is back or a gaming run is close. Hard to say if the market is better for games to TGE now, but Tokyo Games will be a good indicator.

Top sources to stay on top of crypto gaming (outside of Twitter): 1. Doubl3Tap podcast 2. Delphi Digital podcast 3. Gamified and Simplified 4. GAM3S.GG website 5. BlockchainGamer.biz website 6. Kronicles newsletter 7. Raiden Telegram channel Any other suggestions?

2025 is the year of "casual degen" games. Apps that cater to the CT crowd, offer highly speculative opportunities, and require little time investment (often ponzu- or casino-like). Hunter's EOY prediction, identifying this area as a pocket of growth, is spot on so far.

Are ponzu-style idle games the new playbook for chains to drive early onchain volume (over direct volume-based incentives)? Onchain Heroes carried Abstract’s initial TVL growth. Now, Sophon is launching with two idle RPGs.

Every week, we experiment with new headlines for the Kronicles newsletter. This one is the most performant this year so far, lol: "$86.9M? Shrapnel’s budget could bankroll hundreds of Onchain Heroes"

Gaming token sentiment through the lens of TGEs in 2025 (May update): • Total launches ~50 (tracking 37) • Average decrease mcap of 69% comp. to ATH • Average mcap: ~$18.9M • 12+ tokens with a mcap of $2M or below* • Largest token by mcap: NXPC ($232.7M) • Largest token by

I think many teams launch tokens with a 'lets see what happens' lvl of confidence or underestimate what it takes (especially in an off-meta category like gaming). Launching a token is like going in to a knife fight. You should only do it if you truly believe ur gonna win.

7 gaming token launch playbooks used in 2025: • CEX launch with low circ. supply • CEX launch with high control over float • DEX-first with low circ. supply • DEX-only launch with 100% circ. supply • DEX-only launch, 100% community-owned • Fair launch through a vault

99% of the spending in crypto is driven by the pursuit of more. CT's fun isn't necessarily in the products, but in the competition to make the most money. Gaming just happens to be the most entertaining wrapper to deliver that kind of fun.

Amazing Abstract write up by our buddy Oscar | Memento Mori Luca Netz 🐧✳️ Michael Lee cygaar

Probably the most comprehensive take on Abstract I’ve seen so far. Kudos to Oscar | Memento Mori for the solid research + curation. 🔥

5 things worth paying attention to this week: • FIFA Rivals launch + trading going live • Football Fun article (rewards for beta testers) • Angelic Kingdom WL distribution • Angry Dynomites gaining traction (see FP) • New onchain degen game coming to Somnia

time for a new chapter open for full and part-time positions looking for something new + add value from my experience in the market open to chat, if you think i might be a fit, reach out in dms i will still create content actively and post about crypto (gaming) stuff (who

The "onchain AWS" continues to provide verified RNG to everyone. And Pirate Nation assets will likely move once we have more info about: • The value accrual model for the PoP token • How much value is going to stakers • Specific benefits for Pirate NFT holders

In the past six months, "successful" ponzi games (with some staying power) started by establishing credibility. And you can't outright buy that credibility through KOL deals, as the market sees through this nowadays. KOL marketing is an amplifier, not a starting point.