Introduction

Return on Investment (ROI) is a critical measure of success for Web3 games, reflecting the economic viability and sustainability of a game’s ecosystem. SERAPH: In The Darkness, a Web3 game developed by Seraph Studio, has garnered attention for its player-driven economy and NFT-based assets, which offer players the potential to earn real economic returns. This report will cover:

• The economic model of SERAPH and how it facilitates player earnings through NFT-based assets.
• The liquidity and value stability of in-game assets, particularly NFTs, and their impact on ROI.
• The game’s performance metrics, including transaction volumes and player retention, as indicators of its economic sustainability.

Economic Model and Player Earnings

SERAPH’s economic model is designed to allow players to earn real economic returns through the trade of in-game NFT-based equipment and assets: [1a]

• Players can obtain rare equipment NFTs through gameplay activities such as treasure hunting, monster fighting, and cooperative challenges, which can then be sold on the in-game marketplace for profit. [1b]
• The game’s marketplace is player-driven, with prices determined by supply and demand, allowing players to set their own prices and potentially earn significant returns on rare items. [1c]
• The 'Play and Earn' model incentivizes long-term player engagement, as players can continuously earn rewards by participating in various in-game activities. [1d]

Liquidity and Value Stability of NFTs

The liquidity and value stability of SERAPH’s in-game NFTs are key factors in determining the game’s ROI potential:

• The value of equipment NFTs is tied to their rarity and utility in the game, with rarer items commanding higher prices in the marketplace. [1e]
• The game’s active player base and growing transaction volumes indicate healthy demand for in-game assets, which supports their liquidity and value stability. [2a]
• The decentralized nature of the marketplace ensures that players have full ownership of their assets, which enhances trust and encourages more transactions, further boosting liquidity. [1f]

Performance Metrics and Economic Sustainability

SERAPH’s performance metrics, including transaction volumes and player retention rates, provide strong evidence of its economic sustainability:

• The game has facilitated over 17,000 ETH in NFT trading volume and 163,000 NFT transactions, indicating a robust and active marketplace. [2b]
• During its pre-season test, the game generated $3 million in fiat revenue and 360 ETH in cryptocurrency revenue, with a total transaction volume exceeding $90 million, demonstrating strong economic activity. [2c]
• Player retention rates are high, with users averaging 7 hours of online time per day during the pre-season test, suggesting that players are deeply engaged and find the game economically rewarding. [2d]

Conclusion

SERAPH: In The Darkness offers a reasonable and viable return on investment for players, driven by its robust economic model, stable in-game asset values, and strong performance metrics:

• The game’s NFT-based equipment and player-driven marketplace enable players to earn real economic returns through gameplay activities, supported by high liquidity and value stability.
• High transaction volumes and player retention rates indicate a sustainable economic ecosystem, with significant potential for long-term ROI.
• Further research could explore the impact of player skill levels and in-game events on ROI, as well as how SERAPH’s economic model compares to other Web3 games.

References

[1] 吴说区块链. Seraph: Exploration and Innovation of Web3 AAA Games. Binance Square. date unknown. Available from: https://www.binance.com/en/square/post/17000017250201

[2] Chainplay. Best P2E NFT Blockchain Games (2024 - 2025) by Chainplay.gg. ChainPlay. 2 Oct 2024. Available from: https://chainplay.gg/blog/seraph-season0-achieves-2-million-in-game-revenue-and-record-player-count/