The Value Thesis #4: Infinigods
A detailed breakdown of Infinigods' game, team, NFTs, and thesis for value accrual.
Infinigods
Infinigods is a Web3 gaming studio founded by an experienced team of professionals in the mobile gaming industry. The studio specializes in creating cross-platform experiences (web and mobile) that are 'fun', easy to play, and designed for mass market appeal. Infinigods is dedicated to developing an ecosystem of casual games, interconnected through its unique NFT collection and intellectual property, all centered around ancient mythologies.
Disclaimer: none of this should be taken as financial advice. DYOR. Additionally, this piece represents the opinion of Memento and this isn’t a typical summary of Wolves’ DAO sentiment. I hold Infinigods NFTs, yet I will try to be unbiased.
Games
As of today, the Infinigods team has launched three live games:
Infinimerge
Immortal Siege
King of Destiny
Infinimerge
The studio's debut, Infinimerge, is a merge/match-3 game inspired by hits like Candy Crush, Triple Town, and City Blocks. It offers a novel twist on the genre by emphasizing building and adventure elements, coupled with an art style that's rare in its category. Initially, a browser-based experience tailored for the Web3 audience, with plans to introduce Infinimerge to mobile platforms in the future.
Immortal Siege
Immortal Siege, Infinigods' second venture, is a tower defense game that integrates real-time strategy (RTS) and deck-drawing mechanics. Echoing Infinimerge's platform approach, Immortal Siege is also designed for browser play, targeting the Web3 demographic.
King of Destiny (KOD)
The most recent release, KOD, stands out as a luck-based battler and casual PvP encounter, reminiscent of games like Coinmaster. KOD adopts a mobile-first strategy, having soft-launched in September 2023, with a global debut scheduled for Q1 2024. It boasts several features to appeal to both Web2 and Web3 players, including mobile accessibility, social logins, automatic wallet creation, an integrated Infinigods marketplace, and fiat on/off ramps (soon).
KOD is positioned as the studio’s flagship title, with a more detailed analysis promised in a subsequent chapter.
Growth Strategy
Infinigods' growth strategy is centered on a dynamic cycle of rapid game development, swift failure recognition, and continuous iteration. This methodology is underscored by a goal: to attract at least 100,000 players for each game, enabling the studio to analyze and balance the lifetime value (LTV) of a user against the cost of acquisition (CAC).
Games that resonate well with their audience will receive ongoing support through LiveOps, ensuring they remain engaging and profitable. On the other hand, titles that do not meet expectations will transition into ‘harvest’ mode, where they receive minimal resources and attention.
Beyond the already launched titles — Infinimerge, Immortal Siege, and King of Destiny — Infinigods has disclosed that three additional games are currently under development.
NFT Collections
Infinigods boasts three distinctive NFT collections:
The Infinipass
Community Pass
Ultimate Pass
The Elder Gods
The Shipwright
The Infinipass
The Infinipass NFT Collection acts as a universal key to the Infinigods gaming ecosystem, offering holders access across all games. Benefits include early access to game content, exclusive bonus play periods, special NFT drops, in-game enhancements, and more, enriching the overall gaming experience.
The collection is categorized into two primary tiers of Passes, each with its unique set of advantages:
Community Pass
Early access to all titles
Reward token airdrop (FATE)
Exclusive access to mint all future NFT releases
Passive gameplay boosts and power-ups
Access to pass-holder-gated tournaments
Pass holder-gated play periods and earning windows
Access to Infiniguilds, including special perks in Web3 games
Ultimate Pass
All benefits from the Community Pass
Reward token airdrop (FATE)
Airdropped NFTs for every Infinigods release in perpetuity
Enhanced gameplay boost and power-ups
Access to the roundtable Discord
Inside access to the game development team
Special NFT drops
Exclusive Infinigods merch and VIP IRL experiences
The Elder Gods
Elder Gods offer players abilities that significantly augment gameplay (P2W). These assets not only unlock exclusive power-ups but also significantly enhance players' scoring potential.
Provide special abilities that enhance gameplay, unlock power-ups, and boost scoring potential
Gen: 0 - will always be the strongest Elder Gods
The idea of Gen: 1 Elder God is teased in the Discord
There’s a power hierarchy within the NFT collection (Paragon, Gold, Silver, and Bronze)
Higher-tiered Elder Gods have more impressive stats and so more power
Interoperable across all game items
Completing and holding sets is rewarded through increased airdrop allocations
Community Pass holders were granted one WL per Pass, whilst Ultimate Pass holders received five.
The Shipwright
The Shipwright is an NFT collection out of Arks, these NFTs provide the player consumables and power-ups across Infinigods’ games.
Enables players to put select off-chain items on-chain as NFTs
Players earn off-chain utility tokens called followers (power-ups) in the game Infinimerge
Bundled followers (power-ups) make Ark NFTs
Players can break down Arks into Followers, and in the process, the Ark NFT is burned
As games expand, more recipes will be introduced
NFT Data
The Infinipass
Community Pass
Mint Price: 0.05E
Supply: 3188 (812 were burnt at mint)
Data on 25 March 2024:
Floor price: 0.09E (+80% mint price)
Percentage listed: 0.8%
Ultimate Pass
Mint Price: 1E
Supply: 260
475 passes were for sale 260 were sold (~55%)
The remainder was burnt
Data on 25 March 2024:
Floor price: 1.15E (+15% mint price)
Percentage listed: 2.7%
Community and Ultimate Pass
Data on 25 March 2024:
Market capitalization: ~$2,26M
Sales volume last 30 days:
USD: $82,730 (-3.3%)
ETH: 22,84 (-31,4%)
Unique holders: 25%
Holder retention:
Month 2: 81%
Month 3: 80%
Month 6: 91%
Conclusions
Community Passes trade close to double their mint price
Community Passes have an average supply, whilst Ultimate Passes have a very low supply
Ultimate Passes are trading 15% above its original mint price
Community and Ultimate Passes have a low listing percentage
The percentage of unique holders is below average
Infinipasses have excellent retention numbers
The Infinpasses collection has a low market cap of ~$2.26M
Sales volume over the past 30 days has remained stagnant
Notable Inflows
Between November 22nd and December 2nd, Infinigods experienced significant spikes in NFT volume, attributable to a series of impactful events:
Event #1 (November 23rd): GGChronicles published an article titled “How to position yourself on InfiniGods (potential) airdrop”. This piece was subsequently shared in a thread on Raiden’s Twitter account, garnering over 50,000 views.
Event #2 (November 24th): The Wolves purchased an undisclosed number of passes, which escalated the floor price from 0.05 to 0.14 ETH.
Event #3: Following a conversation with Freaz, Grail.eth, a notable figure in the Web3 gaming sphere, acquired a significant stake in Infinigods, holding 139 passes to date.
A second wave of volume increases occurred from December 5th to 19th, marked by notable acquisitions:
Event #1: Whales identified as d2c3bc and f81f74 bought a considerable number of Infinigods Infinipasses:
A third event, the anticipation of a "rare gift" mentioned in a tweet about FATE, spurred another volume spike, suggesting a special airdrop and drawing attention from previously unaware audiences.
Tweet: “As we open up our kingdom globally in the coming days, the InfiniGods team bears a rare gift. 👑 FATE for all. Myriad uses await in our realm and beyond.”
Following the global launch of KOD on January 4th, a tweet related to this event became the most liked and retweeted, leading to another notable increase in NFT volume.
The King of Destiny Leaderboard competition, running from January 9th to 19th, marked the fifth event, engaging existing holders and significantly boosting brand awareness through user-generated content (UGC).
Finally, additional tweets about FATE and the Piggybank airdrop on February 14th contributed to a modest uptick in volume.
Elder Gods
Mint Price: free (airdropped to pass holders)
Supply: 4488
Data on 25 March 2024:
Floor price: 0.0419E
Percentage listed: 0.8%
Market capitalization: ~$637K
Sales volume last 30 days:
USD: $6,080 (-80%)
ETH: 1.84 (-84.8%)
Unique holders: 14%
Holder retention:
Month 2: 84%
Month 3: 85%
Month 6: 85%
Conclusions
Elder Gods have a low listing percentage
Elder Gods have excellent retention numbers.
The percentage of unique holders is far below average.
The Infinpasses collection has a small market capitalization (~$637K)
Sales volume over the past 30 days has remained stagnant
Considerations
Almost half (49.2%) of Infinipass holders own an Elder God as well
The vast majority (68%) of Elder Gods owners own an Infinipass
Notable Inflows
Notable inflows for the Elder Gods collection closely mirror those of the Infinipasses. However, since the value of Elder Gods is primarily derived from P2W (pay-to-win) benefits, it is anticipated that their demand will rise as the game’s player base expands. This contrasts with Infinipasses, which are more directly tailored to a Web3 audience.
Tokens
Presently, the Infinigods ecosystem utilizes a single-token model, represented by the FATE token. Nevertheless, the team has suggested that the introduction of a governance token could occur in the future.
FATE
FATE operates as an uncapped on<>off-chain currency within the Infinigods ecosystem, meaning it is earned off-chain but can transition on-chain and be sold in bundles known as “Piggy Banks.” These Piggy Banks minted as ERC-1155 tokens, are tradeable on the KOD Marketplace and can be sold to other players.
Players desiring FATE can purchase Piggy Banks from the marketplace. Breaking these banks within the game’s interface burns the NFT, granting players the equivalent FATE.
Revolutionizing F2P Monetization
The Infinigods team characterizes FATE as an in-app, off-chain, premium currency that pioneers a player-owned economy. This represents a significant shift from traditional models where premium currencies were exclusively sold by developers without providing players an off-ramp.
In KOD, this model empowers players to take control over their gameplay and progress, potentially monetizing their efforts. It will be intriguing to observe the response from Web2 players unfamiliar with Web3 monetization practices.
Fate is not sold by InfiniGods. 100% of the supply is sourced from and sold by other King Of Destiny players.
Earning FATE
Currently, players can acquire FATE through two primary methods:
Climbing the leaderboard in KOD to win FATE prizes.
Owning Infinipasses and Elder Gods (sets), which will trigger Piggy Banks airdrops containing FATE.
Airdropped Piggy Banks to holders are Soulbound but can be burned to redeem FATE, with the amount determined by specific holder criteria. An example provided illustrates the potential FATE allocation based on one’s holdings.
Moreover, meeting certain criteria (sets and amounts) enhances one's eligibility for a larger airdrop allocation.
Spending FATE
The usage of FATE is still under development, though the team has announced a forthcoming 10K PFP collection of KOD Avatars, exclusively mintable using FATE. This creates an incentive for players to retain their currency, especially considering the initially limited availability and the mere 32K FATE in circulation (pre-airdrop).
Currently exclusive to KOD, the expansion of FATE into other Infinigods games remains uncertain and appears unlikely given its status as a reward currency.
Value Accrual
The value accrual of NFTs significantly hinges on the development team's commitment to satisfying its holders. Specifically, for speculators, it's essential, if not critical, to have a team well-versed in the nuances of Web3, including utility design, minting mechanisms, and value creation strategies.
You can't run a business without understanding your customers.
~Sparkc
The team behind Infinigods has made considerable efforts to cater to this demographic, fostering confidence among holders about the potential for value growth parallel to the game's success. This approach not only demonstrates a deep understanding of the Web3 landscape but also signifies a dedication to ensuring holders can capitalize on the game's achievements.
The Thesis
Note: this thesis is primarily coming from Sparkc, so a big thank you to him.
Lifetime Value: The intersection of new technology with the (mobile) gaming industry significantly amplifies the risk of failure, with chances of a Web3 studio's success dwindling to less than 10%. Infinipasses and Elder Gods span across all of Infinigods' existing and forthcoming games, effectively multiplying the opportunities for success and thereby increasing the probability of achieving it.
Mobile Gaming: Mobile games inherently possess several advantages over PC and console titles within the Web3 realm:
Agility: Shorter development cycles permit more nimble responses to market demands and facilitate rapid iterations on both the games and the underlying technology, enhancing the odds of reaching product-market fit (PMF).
Cost-Effectiveness: Mobile games require fewer resources for development, presenting a lower financial risk compared to the potential downfall of dedicating an entire budget to a single PC or console game.
Market Dominance: Mobile gaming accounted for 49% of gaming revenue in 2023, with a notably higher tolerance for pay-to-win (P2W) elements than seen in PC or console gaming. In-app purchases (IAPs) featuring P2W mechanisms are significant revenue drivers.
Geographical Advantage: With Southeast Asia (SEA) as the epicenter of Web3 gaming—predominantly on mobile—aligning with this audience promises substantial growth opportunities and a receptive market for Web3 innovations.
P2W Advantages: Expanding on P2W, it stands as a crucial driver of value accrual. Effective mobile games entice players to invest in gaining competitive edges, marking a direct and potent monetization pathway. Both Elder Gods and Infinipasses offer boosts and power-ups, enhancing the gaming experience.
FATE: The circulating supply of FATE is modest (32K pre-airdrop), with the upcoming airdrop unlikely to dilute its value significantly. Given the team's track record with NFT utility, the upcoming KOD-exclusive collection—mintable with FATE—may well incorporate P2W elements, aligning with the game's strategy.
A Reputable Team: Infinigods is led by industry veterans with a proven history of success in developing, launching, and scaling mobile games. The CEO's previous venture, DGN Games, achieved an eight-figure exit, while the CRO formerly spearheaded global gaming initiatives at Facebook.
Team
The Infinigods studio, as listed on its LinkedIn page, employs 25 individuals, was established in November 2021, and operates out of the US (Texas). The studio initially began with approximately 12 employees and expanded to 30 by November 2022.
Leadership
Damon Gura | Co-Founder and CEO
Highlights:
Manager of Game Development WMS Gaming.
A hardware and software company in casino games.
Manager of Technical Staff WMS Gaming.
Vice President 01 Insights, Inc.
Product development leaders from CTOs to system architects and game designers.
Executive Director Games and Product Operations Williams Interactive.
CEO of DGN Games
Makers of Old Vegas Slots and Lucky Time Slots.
DGN Games was acquired for $27.5M (60% of the shares).
Owen ODonoghue | Co-Founder and CRO
Highlights:
Executive of Global Gaming Facebook.
Founded Facebook’s EMEA gaming team, and scaled multiple gaming verticals including mobile gaming, real money, and console gaming.
Industry Manager Mobile and Real Money Gaming Facebook.
Founded and scaled the in-app advertising hub as a sub-vertical for Facebook Gaming
Created and scaled Facebook’s real money gaming vertical in North America
Led the social casino vertical.
Director of Gaming Facebook/Meta.
Lead multiple teams across mobile, real money, and cloud gaming verticals.
Responsible for a 10-figure dollar revenue line for Facebook/Meta.
Milena Popgeorgieva | Art Director
Highlights:
Technical artists for Dopamine Gaming.
A software company in casino games.
Team Lead at REDVERTEX.
A global creative studio specializing in 3D architectural visualizations, animations, and VR.
Concept Artist/Illustrator at Anarious Productions.
A multi-media studio, building experiences through books and games.
2D Artist at Batcave Digital.
Creating 2D assets and basic animations for mobile games.
Started as a 2D Artist at Infinigods in April 2022 and grew to become the Art Director in January 2023.
Matt Jackson | COO
Program Manager, Consumer Solutions and Support at Motorola.
Managing the software experience portfolio for the mobile devices business.
Senior Program Manager, Software Application and Integration at Motorola.
Led engineering, software integration, and operation organization of 20 team members for an innovative personal cloud solution.
Executive Director, Product Operations at Williams Interactive.
Vice President, Global PMO of SG Digital.
Division of Scientific Games Corporation.
Vice President, Global PMO and Product Compliance at OpenBet.
Sports betting entertainment.
COO of Infinigods since May 2022.
Trung Trinh | Head of Product
Producer/Product Manager for Aeria Games and Entertainment.
Lead producer on record-breaking product launch - Aura Kingdom.
Product Manager for Perfect World Entertainment.
Working on Star Trek Online.
Senior Economy Designer at Machine Zone.
Working on Mobile Strike and Game of War, two highly successful mobile games.
Head of live operations at Machine Zone
Working on Game of War.
Senior Director of Product and Head of Liveops at Scopely.
Mentor and advise a team of Product Managers and Liveops Managers on developing and refining product rollout.
Caleb M. Smith | CSO
Chief Financial Officer at Global Semisolutions.
Wholesale and distribution of electronic components.
Co-Founder and CEO of Monroe MacGregor Industries.
Supply chain solutions for electronic components.
General Partner at Jefferson Capital.
Asset management, wealth management, and investment advisory services.
Caleb worked on Web3-related asset management at the time.
Chief Strategy Officer of Infinigods since May 2022.
Funding
In May 2022, Infinigods studio successfully secured $9M in its Seed funding round, spearheaded by Pantera Capital. This round also saw participation from notable venture capitals such as Framework Ventures, Triblock, Animoca Brands, Double Peak, and Jefferson Capital. Beyond venture capital, the Infinigods team raised approximately 460 ETH through NFT sales, currently valued at around $1.5M.
Considering the studio's location in Canada, its workforce of 25 employees, the secured funding, and other relevant factors, it is anticipated that there will be a substantial marketing and development budget available. The amount of financial backing should sufficiently support the scaling of KOD and the consistent implementation of regular live operations.
KOD Analysis
KOD combines elements of luck-based battles, social casino, and casual gameplay to create an engaging core game loop:
Draw cards
Obtain items/resources
Attack other people’s villages
Upgrade own village
Progress in the campaign
Repeat
The gameplay loop, known for its simplicity and accessibility, does not demand significant skill from the player, making it appealing to a wide and casual audience. The incorporation of luck-based elements, akin to those found in gambling, specifically targets social casino enthusiasts.
Competing titles in this space, including Monopoly GO, Coin Master, Dice Dreams, Piggy GO, and Coin Kingdom, underscore the genre's broad appeal and substantial total addressable market (TAM). These games also highlight the potential for high average revenue per player (ARPU), indicating a lucrative market segment.
This genre has a TAM of 80 million monthly players.
Data
The Party genre ranked #8 in terms of consumer spending in 2023, which was $3.3B.
CoinMasters and Monopoly Go led the consumer spending.
Out of the $3.3B, the subgenre of Luck Battle was responsible for ~$2.6B (78%) of IAP revenue.
The Luck Battle subgenre ranks in the top 10 subgenres by consumer spending in 2023.
Monopoly GO was the second-largest new game regarding the amount of downloads in 2023.
Monopoly GO was a standout launch in the Party Genre.
Monopoly Go was a breakout hit regarding downloads, especially in the US and Canada.
Risks
Coin Master's longstanding dominance vividly illustrates the challenges of carving out a niche in the luck-based battle genre. Only recently has Monopoly Go managed to disrupt this status quo, a feat achieved not solely through its renowned IP but also via a compelling gameplay loop, continuous iteration, and substantial investment in user acquisition (UA). The willingness of studios to invest heavily in UA costs, motivated by the high Lifetime Value (LTV) of users in this genre, significantly escalates advertising costs, particularly for targeting audiences inclined towards luck-based battlers. This scenario presents a daunting hurdle for smaller studios like Infinigods, which may find scaling difficult without a sizable UA budget.
Scopely’s estimated spend on Monopoly GO is of over $1M per day
Another critical challenge is the solidification of player communities. The social nature of luck-based battler games—where playing with or against friends enhances competitiveness and engagement—plays a pivotal role in retaining players. Social features that encourage cooperation and friendly rivalry are essential for retention but establishing these social networks from the outset can be challenging. For instance, if a player’s friends are already engaged with Coin Master, the probability of them joining the same game is substantially higher than switching to Monopoly GO. Although initiating such networks is achievable, it often demands compelling incentives for social referrals or, again, substantial UA budgets.
As a counterpoint to the cold start problem of player networks, one could argue that the power of strong Web3 incentives can bootstrap an initial Web3-oriented player base.
Mobile Web3 Games
Successful game distribution is essential, and mobile games heavily rely on the PlayStore and AppStore for this purpose. A significant concern with this dependency is the monetization policies of these platforms, notably the potential 30% revenue cut enforced by Google and Apple.
A development in this area was the legal case between Epic and Google, which concluded with Google being mandated to allow developers to direct users to alternative payment systems outside of the Play Store. This ruling enables studios like Infinigods to guide users toward their Progressive Web App (PWA) marketplace. However, it's important to note that NFT sales conducted through these alternative channels might not be entirely free from revenue cuts. It introduces a layer of uncertainty for the profitability and revenue models of Web3 mobile games, as they navigate the complexities of platform policies and monetization strategies.
Differentiating Factors
In a Discord message, Owen, one of the founders, delineated how KOD stands apart in the competitive landscape of Web3 games:
Uses Card Draws not slots or dice rolls (less gambling orientated, more likely to get Appstore featuring)
Campaign mode is progressive and deeper than competitors (increase retention)
Campaign mode has IAP - players can purchase in-game items to help level up, defend, etc (Web2 monetization)
Tournament mode has some separation from campaign mode (added game behaviors)
Point 1: The overlap with real-money gaming is a critical consideration for Web3 titles. From a personal vantage point, having played both Coin Masters and KOD, it appears that the former leans more towards a casino-like experience. While the card-drawing mechanics distinguish the games, it remains to be seen how this difference might resonate with players accustomed to social casino games.
Note: Outside of the card-drawing mechanics, many other elements of the game are carefully crafted to simulate a casino-like experience e.g. the game design, sounds and animations.
Point 2: The typical luck battle core casual and social casino loop is too simple and would make gameplay one-dimensional and boring quickly. Successful games in this genre, such as Monopoly GO, incorporate content and systems from more complex genres to enrich gameplay. Monopoly GO, for example, adds depth with its city-building meta layer, offering long-term objectives that enhance engagement and retention. Similarly, KOD's campaign mode is designed to deepen progression, bolstering both retention and monetization by enriching the social gameplay loops.
Point 3: Two main drivers of monetization within this genre are the pursuit of instant gratification and competitive social dynamics. Effective games incentivize players to use more resources for quicker achievement of goals. Additionally, the spirit of friendly competition can intensify spending as players strive to outdo their peers. KOD's campaign mode, which allows for in-app purchases to expedite progress, presents a monetization strategy that capitalizes on these drivers by facilitating competitive advantages.
Point 4: By offering distinct game modes, KOD could mitigate the reliance on having friends participate for an enjoyable experience, appealing to various player behaviors. This strategy potentially addresses the initial challenge of establishing player networks, making the game's entry point more accessible and less dependent on existing social groups.
LiveOps
The Infinigods team plans to enhance KOD with LiveOps through several strategies:
Tournaments (e.g. King of Degens)
Special events
Expanding on the campaign (assumption)
Bringing more utility to Web3 assets (FATE and NFTs)
The King of Degens tournament in January spanned one week. Participants engaged in scoring points, launching attacks on friends, and ascending the leaderboard. The competitive drive culminated in rewards of FATE, coins, and cards for the victors.
Web3 Integration
On February 1st, the Infinigods team announced on Discord their intention to roll out their Web3 tech stack in March. Additionally, during a November discussion, they revealed ongoing development efforts to enable players to earn and accumulate items off-chain, with the option to transfer select items on-chain, mirroring the functionality seen with the Shipwright.
More recently, the first features of the Web3 tech stack went live in the KOD app, facilitated through a Progressive Web App (PWA).
Additionally, it’s important to highlight the unique role of the Elder Gods within the game in terms of Web3 integrations:
Elder Gods are used to boost attack/defense and other features across campaign & tournament modes (example - holding a particular God when attacking another base can increase your yield from that attack vs not having a God)
Web3 stack summarized:
Mobile marketplace
Infiniwallets
Gasless and signless transactions
P2W benefits through NFTs
Credit card to crypto payments
Earn and accrue items off-chain, let users put select items on-chain
King Of Destiny Marketplace
The KOD Marketplace operates as a PWA, seamlessly integrated alongside the KOD app. This setup enables the team to offer crypto-related products while adhering to Apple’s policies. Players can engage in trading NFTs and cryptocurrencies effortlessly, often without being aware of the blockchain transactions taking place. Furthermore, the marketplace facilitates the automatic exchange of account information with the game environment, streamlining the user experience.
In summary, the KOD marketplace allows players to:
Easily trade currencies and cosmetics
Mint and burn NFTs
Transfer cryptocurrencies from their native mobile platform
Buy with a credit card or use USDC (credit card payments convert automatically to crypto)
Instantly deposit and withdraw USDC
All the above is achieved without manual wallet setup, gas, or signing.
Reflections on Web3 Stack
The seamless integration of the Web3 user flow is expected to significantly boost the conversion of Web2 players into Web3 participants and asset holders. Should this approach prove successful, it is expected to catalyze a surge in demand for NFTs and the FATE currency, thereby elevating the value of these assets in tandem with the game's expansion.
When designing the Piggy Bank & Marketplace experience, we had one primary goal: make it frictionless, inviting, and as easy as possible to use for the everyday mobile player.
IP Growth Strategy
Infinigods' IP leverages the universal appeal of ancient mythology, tapping into a global recognition of figures like Zeus and Poseidon. The rich tapestry of mythological lore from different cultures provides a vast catalog of characters — gods, demigods, heroes, and monsters — offering significant scaling potential for the studio's art and storytelling across various games. However, there's a counterargument to consider: the widespread use of ancient mythology might dilute the uniqueness of Infinigods' IP, posing challenges in distinguishing it within a crowded market.
Partnership with LemonSky
Expanding their creative horizon, Infinigods recently entered into a partnership with the acclaimed creative studio, LemonSky. The collaboration aims to enrich the IP with animations, cinematics, in-game collectible avatars, GIFs, and stickers, enhancing the narrative and visual appeal of their offerings. Such initiatives are poised to facilitate the porting of characters across future mobile games, emulating the successful Clash of Clans model.
The strategy's core advantage lies in growing the IP through character recognizability, fostering a deep connection with the audience. Engaged and connected players are more inclined to invest their time and resources, bolstering the brand's strength and market presence.
Move to Arbitrum
Recently, Infinigods studio revealed its decision to develop on Arbitrum, positioning itself within an expanding gaming ecosystem that encompasses Treasure, XAI, Proof of Play, and Pixelvault, among others.
Summarized: The Pros and Cons
Pros
An Ecosystem of Games: Infinigods is developing a mobile Web3 game ecosystem, enhancing NFT utility across multiple titles. This diversifies the value and potential for NFT appreciation.
Mobile Gaming Dominance: With mobile gaming constituting 49% of the game market and a 3.5 billion user base, Infinigods is positioned in a lucrative segment with high acceptance of P2W models, especially in the SEA Web3 gaming hub.
Web3 Savvy: The team's expertise in real money and Web3 gaming uniquely positions them to meet customer needs, building confidence among Web3 participants.
Value Accrual Potential: The strategic utility design for Infinipasses and Elder Gods, coupled with token and NFT airdrops, P2W elements, and cross-game utility, underpins strong asset value growth prospects.
Community Strength: Data on NFT holder retention and listing percentages indicate a robust holder community, suggesting untapped market cap potential.
Experienced Leadership: The team’s pedigree, including industry veterans from Global Gaming at Facebook and DGN Games, promises effective game production and scalability.
Solid Funding: Backing from major VCs and the potential for additional fundraising through a governance token launch fortify the studio's financial base.
Genre Appeal: KOD's genre caters to a socially driven, high ARPU audience, aligning with Web3's interactive and monetization strengths.
Innovative Web3 Onboarding: The studio's advanced Web3 onboarding process aims to democratize token and NFT access, potentially boosting demand and asset prices.
Cons
Resource Allocation Challenges: Balancing development across multiple games could dilute focus and resources, potentially hampering individual game success.
Platform Revenue Cuts: The ambiguity surrounding revenue cuts from sales within PWAs by Google Play and the App Store introduces financial risks.
Market Concentration Risks: The luck battler genre's high market concentration and the dominance of titles like Coin Master pose significant competition hurdles.
Barriers to New Entrants: The sector’s high user acquisition costs create entry barriers for studios with limited budgets.
Social Network Dependency: The genre's reliance on social networks complicates new player acquisition, necessitating either strong social incentives or significant marketing investments.