The Play2Earn Report - Week 01/2023

I got way more comments on yesterday's article than I expected. It seems I haven't been forgotten completely after all. Thank you all for the warm reception, very much appreciated! As I already briefly announced yesterday, today I want to go over where I'm at right now so I have a starting point to compare future growth (or shrinkage) against.

As I already explained, I'm working with two accounts to have some order in my assets. The @khazrakh account is used as my active playing account and all assets on that account are meant to stay there indefinitely. The @khazbot account holds everything else and while I have no plans to sell any assets any time soon, anything on that account would be open to that and might eventually be liquidated if I need the funds or otherwise want to take money out.

So let's first have a look at the raw numbers and then go over the different positions more in depth:

@khazrakh:

Asset	Amount	Dollar Value per Unit	Total Dollar Value
Cards	48,991 BCX	-	25,371.96
Land Plots	1000	124.99	124,990
Common Totems	200	11.49	2,298
Rare Totems	54	54.9	2,964.6
Epic Totems	10	171.99	1,719.9
Legendary Totems	1	1.100	1,100
Nightmare Packs	681	1.89	1,287.09
Validators	5	865.37	4,326.85
SPS	810,681	0.023	18,645.66
Splinterlands Total	-	-	182,704.06
-	-	-	-
GLX	149,937	0.029	4,348.17
GLG Packs	3,144	5	15,720
GLS Total	-	-	20,068,17
-	-	-	-
Grand Total	-	-	202,772.23

@khazbot

Asset	Amount	Dollar Value per Unit	Total Dollar Value
Cards	106,505 BCX	-	22,262.91
Land Plots	19	124.99	2,374.81
Validators	5	865.37	4,326.85
SPS	36,216	0.023	839.3
Splinterlands Total	-	-	29,803.87
-	-	-	-
GLX	2,636.38	0.029	76.46
GLS Total	-	-	76.46
-	-	-	-
Grand Total	-	-	29,880.33

So there you have it, across both accounts I still hold assets worth about $230,000. It's probably a rather good time to start tracking that as that spared me from the painful process of that number going down every week for almost the whole of 2022. That's not to say the bleeding is done, though. While things seem to stabilize a bit, there's still a lot of pain in front of us. People are selling out left and right and for now, the bot farms are still draining value out of the economy every single day. Some of that will be addressed soon, soulbound reward cards for example should, if done right, essentially stop the low level bots completely from extracting any meaningful value without having any (major) impact on real players.

But there are deeper running problems and they won't go away that easy. Here's what my daily SPS claim looks like right now:

These numbers vary a bit, some days there are around 400-500 SPS from Brawls, some days I get lucky with my chest rewards. But overall, taking into account my staking rewards, I earn roughly 2,200 SPS a day. As you can see from the image above, about 3/4 of that value is not earned from playing the game but just given to me as passive rewards. Now I'm obviously quite happy with these rewards as even at the lows we are in right now, that's still about $50 of magic internet money every single day given to me. The thing is, though, I'm obviously not the only one with these numbers and that's a huge burden on the value of SPS. I'm still really bullish on both the Splinterlands ecosystem overall and SPS specially, but it'll be a long time before SPS actually has the chance to become a scarce asset. Looking at the numbers right now, the only reason SPS stabilized is probably because people have stopped dumping it for what little value is left.

That's also the reason why I'm really excited about Genes League Sports right now, though. I've picked up a lot of packs during the initial presale and while success is obviously not guaranteed for the project, if it does find at least some, it should pay off hugely for me. While SPS inflation will be huge for another 4 years with people just given way too much SPS every day, the GLX inflation will actually come down to extremely low values once the initial distribution is done with. Add to this the fact there's no DEC backlog to work through before the burning GLX for GLUSD flywheel (whoever came up with that word in the first place) picks up.

If my math is correct I should end up with about 600,000 GLX once the initial distribution phase is done for. All that for $15,000 worth of packs and the airdrop coming from SPS. Pretty impressive and (at least in my opinion) well worth the associated risk. SPS has already been close to $1/token during the last bull run and while the stars obviously aligned perfectly back then, I don't thank that value is off the table for GLX during the next bull. Quite contrary actually, with only 2/3 the total amount to be minted, better tokenomics, and a way lower inflation come the next bull, I think $1+ is well within reach as long as the project finds some success.

So that's it for now, we'll see how things develop from here on out week after week. On the one hand these numbers are somewhat disheartening as they've been north of a million just a year ago. On the other hand, though, this is basically all house money by now. If this all goes to zero I'd obviously be really sad about it, but then again it wouldn't impact my everyday live at all. I do have a shot at earning some extraordinary returns if we can make it into the next bull market and I'm really grateful for that.

As a last note, while I'm obviously pretty focused on the Splinterlands ecosystem right now, I'm more than open to other projects. So if you have any project that you feel I really should take a look at, feel free to shill it to me and I'll give it a shot!

That's all from me for today, thank you all for reading and see you next time!