Development update: October 2022 — Treasury

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Intro

The Perion Treasury’s portfolio of holdings / companies continue to show strong development, roadmap execution and user acquisition through the market downturn. In this article we provide an update on those platforms showcasing recent developments, briefly touch on market commentary, and give an update on our latest token allocation

What’s inside:

• Treasury TL;DR
• Market outlook
• In-Depth: Gaming portfolio update
• In-Depth: New allocations

Treasury TL;DR

• Most Perion portfolio holdings remain in a strong position, building and pushing great product updates through turbulent market conditions
• The DAO has taken 1 new position: Upside DAO
• New deal flow remains relatively slow, though this is to be expected in current market conditions
• It’s almost time to go shopping

Outlook

In a bubble, crypto-asset markets tend to look relatively low risk

Here’s what we’re seeing:

• Volume of spot market relative to futures skewed heavily to spot
• Strong bid side demand across spot order-books
• Persistent, negative futures basis
• Tame / relatively low reactivity of open interest across futures markets, resultant tame long liquidations through times of volatility
• BTC / ETH exchange reserves steadily decreasing, USD equivalent reserves stable
• 330 days of persistent downside (30 days from the length of time we saw the 2017 peak to trough)
• Lending market liquidity returning to normal
• Everyone’s building

While all of the above points to limited downside risk, The major caveat to all this is US equities / broader macroeconomic risk, ie. the contagion effect we see in crypto on large downward moves in equities. This and the fact web3 has yet to live through a true macroeconomic bear market gives us slight pause on the bull case, though as of time of writing we did just see the largest positive 2 day move in equities since 2020

All in all while it does remain to be seen how we traverse the coming months, all that’s really left to do is go shopping as conditions improve — We’re going to see incredibly favourable valuations in the spot markets, our favourite games are going to be discounted, and we’ve been saving plenty of funds to allocate to them

In-Depth: Gaming portfolio developments

Here we’ll jump into developments across Perion’s portfolio of assets. Note this is only for live projects, pushing major updates. We’ve seen some great new teasers coming to light; We think we’re well positioned for adoption of Web3 games into the mainstream if this trend persists

Shrapnel

Alpha: Gameplay leak

Continued signs on second-to-none quality from the Shrapnel team, the gameplay looks sharp and the Unreal Engine 5 visuals are a league above. Shrapnel represents a true evolution for Web3 gaming. This is one to watch coming into 2023. We aren’t sad this is the DAOs largest holding

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Galaxy Fight Club

Alpha: The IP vacuum

GFC continues to leverage their Web3 native skillset to forge ahead as the predominant cross-IP NFT gaming platform. Though simple on the surface the game is perfectly positioned to leverage the network effect of absorbing IP (and attention share) from partnered NFT projects through their innovative model of interoperability

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Gunzilla:

Alpha: Gamescon takeover

Gunzilla’s Gamescon 2022 presentation was a certified hit, boasting massive queues, excited fans and a great trailer. The trailer leaked many gameplay systems including extensive body mods, energy shields and an array of custom weaponry. Neill Blomkamp’s world-building on full display here

The Gunzilla team recently launched https://offthegridcinema.com/ where they’ve begun to drop visual content and world-building pieces for the upcoming title

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Delysium

Alpha: Preseason Starts October

Delysium are ready to dive into gameplay testing through the month of October

The team have begun working on their Multiverse operator initiative. The innovative system will allow organisations (such as Perion) to become Multiverse operators, effectively spinning up private servers where they have the ability to dictate token rewards, initiatives and competitions.

The system should be a boon to user acquisition as projects seek to bake in incentives and use cases for their own tokens

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MetalCore

Alpha: Live gameplay tests

The MC team are heads down pushing updates with live gameplay already on our doorstep. The hour long video above showcases many gameplay systems including land based, first-person and aerial combat

It’s impressive to see how fast the team of seasoned veterans at Studio 369 are able to push product, we expect MetalCore will be one of the first major titles we see hitting the market with a world class, functional web3 game experience

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Heroes of Mavia

Alpha: Gameplay leak

The Heroes of Mavia team have begun to tease alpha gameplay showcasing the development of the fantastic RTS product and approachable gameplay systems

We remain very bullish on Heroes of Mavia and see it to be the only real Web3 contender in the ~$25bn mobile strategy space, leaving plenty of room to dominate a wide open playing field and already building a lot of traction as the first mover

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Edenbrawl

Alpha: New build live test

The Worldspark team continue pushing great updates showcasing their latest build. Edenbrawl remains the only public facing entrant to the MOBA scene and have built a great team of ex Riot games alumni. 2023 should be a great year for what is one of the most stacked teams in Web3 gaming

In Depth: New entries

Upside DAO:

Upside is a Web3 Investment DAO comprised of Australia’s leading Founders, Contributors and Industry Experts. Collectively the DAO source, evaluate, invest and support the best, mostly local talent to help build global companies from Australia. Perion has secured a $50k USD allocation of Upside DAOs native token and will be helping advise the DAOs portfolio companies. This partnership will be a great source of deal flow and a chance to foster growth in the next generation of great Web3 projects

Hiring

The Perion Treasury vertical is seeking an analyst. If you think you’d like to contribute to the DAOs future growth, please apply here

The vetted contributor that joins the team will provide detailed market commentary, give breakdowns of gaming allocations, analyse deal flow and learn about the DAOs Web3 gaming ecosystem from the founding contributors

Summary

We continue to remain very bullish on the DAO allocations in the Treasury vertical. Seeing teams building throughout the tough market conditions with very little falloff inspires great confidence. While the market might look bearish on the surface, the future looks bullish to us

— Mitch, Perion contributor

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