In July, we saw the release of SPS which is the governance token for Splinterlands. Initially there was no use case for the token other than staking, but now we're seeing the power and value that may lie in SPS in its increasing utility.
For all relevant information, it is best to read the SPS Whitepaper to accurately evaluate all of the relevant information.
Reasons SPS is Undervalued:
- SPS is an investment into the Splinterlands ecosystem
- Staked SPS is required to participate in governance which is not currently available
- Purchase of Chaos Legion packs with SPS gives a 10% discount
- Staked SPS is the only way to earn pre-sale vouchers and enter tournaments
- With a supply of 3 billion issued over 65 months and 270K DAUs at the time of this writing, SPS only grows more scarce as the player base grows and seek to participate in the ecosystem
- Burn mechanisms have yet to be introduced
- There's been an average of about 10K spellbook purchases per day over the last month
- Splinterlands is the clear #2 in blockchain gaming behind Axie Infinity
While an investment in Axie Infinity is still very much a profitable endeavor, $SPS may be the sleeper pick as the play to earn movement gains steam. User metrics are very attractive for SPL, but there is still plenty of room for growth in regards to volume.
Axie Stats:
- Current $AXS Market Cap: $6.6B
- Daily Active Users: 1M+
- Daily Volume: $13M USD
SPS Stats:
- Current $SPS Market Cap: $84M
- Daily Active Users: 270K
- Daily Volume: $200K USD
In summary, Axie Infinity has some 4-5x the player base of Splinterlands largely due to the advent of the scholarship system which is a possibility in SPL that can launch this game even further if taken seriously. The daily volume of Axie Infinity is 65x that of Splinterlands and the market cap of $AXS is 78x that of $SPS. When evaluating the fundamentals of games and ecosystems, you look at the foundation which is the community. In that regard, Splinterlands isn't so far off. At the time of this writing, $AXS is 192x the cost of $SPS. If there was a value pick here, it couldn't be more obvious.
We've seen stability above $0.50 USD for $SPS this past week, which is reassuring. All in all, it can't be understated that the desire for NFTs has never been higher in history and this is just the beginning. ETH NFTs have held most of the hype in regards to NFT volume, but gaming and the play to earn movement is only going to receive more attention as time passes.
I would be remiss to mention that play to earn games such as that of Axie Infinity and Splinterlands are providing jobs to those in need. Due the entry cost of Axie Infinity being prohibitive and there being a dearth of available scholarships, Splinterlands is the logical choice for many as a spellbook is only $10 USD.
Updates To Look Forward To:
- October 18: Beginning of Presale & Distribution of Vouchers
- Mid-November: Chaos Legion Full Release
- Late 2021/Early 2022: Land Gameplay
I'm very bullish on the Splinterlands ecosystem as a whole. If you're here now, you're still early. I'd be happy to discuss counterpoints, thank you for reading.
Yipppee!! Great post on the power of SPS! Glad to see you're Bullish on Splinterlands! You've been upvoted by rosiew.
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Can't agree more! you cover SPT and the NFT collector cards on that front end? I think as the game grows those super scarce collectables will sky rocket soon. As for axie infinity you must start with 3 NFTs which now cost over $1,000 and splinterlands you can spend $10 and learn to play good, rent cards and prove yourself in tournaments. In time this will get you in a guild who then loan you cards for free most the time while Axie scholarship wants you to make new NFT's they own not you, sell them and get half so essentially in the pyramid scheme you sign up new people and get half... works great until no more people buy into it or the top is arrested
I believe I only cover SPT on the front end that I used. As for Axie, you still retain ownership of the NFTs as most assets are now kept on the Ronin sidechain. They do not take half for sales but rather a flat 4.25% fee which is fair and roughly half the price of sales on Opensea. Axie Infinity and Splinterlands are both great games with little competition in the space and I'm glad to have exposure to both.