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Season 1 Case Study

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Season 1: Squid Game

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How It Worked

8000 Game Tokens NFTs were sold. Each Game Token allowed for participation in 5 games spread across 5 days.

Players were eliminated after each game.

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Those remaining after 5 games won our Metaverse Access Card NFT. The top 100 players by points each won a blue-chip NFT from the prize pool.

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Prize Pool

60% of mint fees were used to purchase blue-chip NFT prizes, each of which was voted on by Discord members.

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Game Token NFT

Your ticket to play. Players had to stake their Game Token before the games began.

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Rank and score were attached to the Game Token, allowing it to be sold between games to “cash out” if desired.

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The Games

MEMFCK

BACKSTAB

GRIDSWAP

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The Games (cont’d)

GROUPTHINK

DEATH RACE

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The Results

  • 8,000 Game Token minted
  • 5700+ holders
  • $2.1M in mint revenue
  • $2M+ in secondary sales
  • 85%+ of Game Tokens staked
  • 60k+ Discord members
  • 22k Twitter followers

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The Mint

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Innovations: Minting

Off-Chain CAPTCHA

We required a server-side generated hash when minting from the smart contract.

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This disabled direct-to-contract minting via bots, and allowed us to use a normal captcha on our website to prevent spam minting.

Waiting Queue

We implemented a waiting queue for buyers after getting through the CAPTCHA to prevent gas wars that plagues most NFT mints.

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As a result, gas prices stayed low for the full duration of our mint.

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Innovations: NFT

Real NFT Utility

Since your rank & score was tied to the Game Token, that made your place in the games fully interoperable.

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Between games, you could sell your Game Token on OpenSea to another buyer who wanted to take your place.

OpenSea Metadata Refreshing

In order to rapidly update the image/metadata for inactive tokens after our staking deadline, we developed a system of 50+ proxies that could ping OpenSea’s API 8000 times in under 2 minutes without being blocked.

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Lessons Learned

  1. Don’t set a mint price far ahead of the mint date in case of large fluctuations in ETH.

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  • 5 games over 5 consecutive days was grueling. Games should be either spread out, or all in the same day.

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  • People like games where they feel in control of their own destiny. Preference for skill-based over games based on luck or blindly on the actions of other players.

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  • Everything that you share with the community is written in stone. FUD results from any change. Managing community expectations is critical to success.

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Player Praise