On February 8, 2024, Beijing time, Binance announced that it will list Pixels (PIXEL) at 18:00 on February 19, 2024 (Eastern Eighth District time). In this article, we use comparable valuations, opening funds, and in-game currency conversion. , borrowing costs and OTC prices to predict the short-term reasonable price of PIXEL when it opens. We believe that the short-term reasonable price range of PIXEL when it opens is US$0.3~0.4.
1. Project Introduction
Pixels is a Web3 pixel style farm social game. While players explore stories and missions in the Pixels universe, players can build their own unique style of farm and discover interesting places in the Pixels world. Players can also collect game resources, improve player character skills, and interact with other Web3 users. Build social connections. Since late 2023, the blockchain part of the Pixels project has been migrated from the Polygon network to the Ronin Network. Since then, the business data has grown rapidly, currently reaching 200,000 monthly active users.
2. About the game
The user data of Pixels games is in the growth stage. From the user data graph below, we can see that users have begun to grow rapidly since October 2023.
Regarding the gameplay of the game, the following main systems will work together:
Play to Earn (P2E): Pixels are innovating Web3 incentive design.
Farmland plot NFT: houses and farms owned by players in the Pixels metaverse. Landowners have unique benefits associated with their land ownership relationship.
Customization: Pixels Farm Lot NFT owners are able to customize their farms based on their progress in the game.
Web 3 Reputation: A novel system that combines on-chain and in-game data to better understand Pixels internal users.
About Pixels Farm Land data
At present, Pixels' land has been sold in the secondary market, with a total of 5,000 units and a floor price of 1.45E. According to the price of ETH 2,500 US dollars, the corresponding total market value is approximately 18.13 million US dollars. Judging from the transaction data of the past 90 years, the floor price of land has increased by about 100%, from 0.7E in November 2023 to 1.45E.
Judging from the buying and selling prices, the current trading depth of NFT is poor.
Looking at the distribution of currency holdings, Pixels’ land holdings are generally dispersed. Among the 2021 currency holders, 66% of users hold 1 piece of land, and 22% of users hold 2-3 pieces of land, which means More than 80% of users hold close to 50% of the land.
3. Team introduction
The Pixels team has rich experience in game products. Founder Luke Barwikowski started coding at age 12 and was building and selling apps by age 18. Engineers BenJamin Exworthy and Garr Godfrey are co-founders of the famous American game developer GameHouse.
4. Financing history
According to the Pixels project party, the project raised a total of US$4.8 million and sold 14% of the tokens, corresponding to valuations of US$25 million, US$45 million and US$60 million respectively. Investment institutions include Framework Ventures, Collab+Currency, Volt Capital, Yield Guild Games, Sky Mavis, Tokenmetrics ventures, Forj Network, Mechanism capital, Fenbushi Capital, etc., and individual investors include Nansen CEO Alex Svanenik, etc.
5. Token Economy
PIXEL is the native utility and governance token in the Pixels ecosystem and is used for the following functions:
Game currency:
NFT Minting: Pixels All future NFT minting will use $PIXEL.
VIP membership: Users can use $PIXEL to purchase VIP battle passes.
Guilds: Users can use $PIXEL to join new social financial features (guilds).
Customized Upgrades: Advanced in-game features will be sold for $PIXEL.
Token distribution and unlocking
The total supply of PIXEL is 5 billion, and the circulating supply at the time of listing will be 771,041,667 (approximately 15.42% of the total token supply). The figure below shows the distribution ratio and unlocking ratio of PIXEL tokens.
6. Social data
Number of Twitter followers: 198,100
https://twitter.com/pixels_online
Number of Discord users: 169782
https://discord.com/invite/pixels
7. Online prediction
1. Recent data of Binance Launchpool
Recently, Binance launched two tokens, MANTA and ALT. Their performance on the opening day reached more than 4000%. The amount of capital participation was large, and the market is very enthusiastic about Binance Launchpool.
2. Comparable valuation
From the perspective of comparable project valuations, we mainly selected Gamefi-type projects traded on Binance for comparison. PIXELS's opening circulation market value has 65x growth potential compared to similar Gamefi projects, and its total market value has 21.03x growth potential.
3、 资金面对比
In terms of funding comparison, the last phase of the ALT project saw a larger amount of capital participation, reaching 612 million US dollars. The last six phases of the Launchpool project have a higher amount of funding participation, with an average turnover multiple of 45.62x and an average increase in circulating market capitalization of 37.9x.
4、游戏内货币转换
According to the official announcement, in-game Berry tokens will be automatically converted into PIXEL tokens at a ratio of 1000:7.6175. Out-of-game Berry tokens can be purchased with the built-in Swap function in Ronin wallet, and will be recharged and redeemed in-game after the game is updated. Since the announcement, Berry's currency price has risen to US$0.00294. According to the exchange ratio, the current corresponding price of PIXEL is US$0.386, corresponding to a circulating market value of US$298 million and a total market value of US$1.93 billion.
5. Borrowing costs
According to the calculation of on-chain costs, PIXEL needs to reach $0.346 to cover the cost of borrowing BNB to participate.
6、OTC定价
According to the futures market price of Aevo.xyz, the current price of PIXEL token is $0.37.
7. Comprehensive calculation
To sum up, we believe that the short-term reasonable price range of PIXEL when it opens is 0.3~0.4 US dollars.
8. Quote
1、Binance Launchpool-Pixels https://www.binance.com/en/research/projects/pixels
2. Binance’s new currency mining project Pixels announced US$4.8 million in strategic financing, with participation from Framework Ventures and others, https://www.theblockbeats.info/flash/225475
3. Pixels second anniversary: Metaverse pixel style farm chain game that carries Ronin’s ecology, https://www.chaincatcher.com/article/2113850
Note: This article does not constitute any investment advice, and investors should pay attention to investment risks.
