Galaxy Blitz (MIT) Research Report | AscendEX
IEO Auction: March 23rd, 1:00am — 2:00am UTC
Primary Listing: March 23rd, 5:00am UTC
Overview: Galaxy Blitz is a play-to-earn game that combines tokens and NFTs with rich gameplay and expansive character lore. AscendEX is thrilled to partner with Galaxy Blitz ($MIT) for its primary listing, as well as a direct token investor.
Galaxy Blitz is a play-to-earn (P2E) interstellar-based strategy game built on BNB Chain. The gameplay features an immersive world set in a far-off future where humanity has evolved into four distinct factions: Talus, Scourge, Centra and Aldari. Players, representing these four factions, must devise epic combat strategies to defeat enemies scattered across the galaxy.
These strategies are driven by the unique skills, habitats, resources, weapons, and features of each of the four factions. Galaxy Blitz players choose to play as either a mechanical lifeform (Talus), silicon-based lifeform (Scourge), high-energy lifeform (Centra), or an elemental lifeform (Aldari). Players will build powerful interstellar armies and form complex troop movements to defeat opponents, accumulate wealth, and acquire territory.
Similar to other blockchain-based games, Galaxy Blitz promises a richer gaming experience by enabling players to earn exchangeable assets through gameplay. In particular, the MIT token stands out, as it can be used to boost in-game prestige and can be converted into other cryptoassets. The in-game economy also features a marketplace for minerals, which come in the form of BEP20 tokens. Items such as munitions, starships, and other critical assets take the form of NFTs to enable a vibrant in-game marketplace for buyers and sellers. Galaxy Blitz’s gameplay offers several avenues for gamers to monetize their time and effort — in effect, creating a robust and self-sufficient in-game economy made possible by combining exciting gameplay with the ability to generate real-world economic value.
In-Game Economy
There are three unique on-chain assets critical to the Galaxy Blitz Universe:
a) Meta Interstellar Tokens (MIT), b) Resources, and c) Structures.
MIT (BEP20) — The MIT token is a utility token that powers Galaxy Blitz’s gameplay and in-game economy, and can be used to purchase various resources and NFTs. MIT can be spent both in-game and in the Galaxy Blitz marketplace, enabling users to acquire the resources necessary to construct a structure, such as a spaceship, or accelerate healing/repairs after a grueling battle. MIT token’s inflationary supply disincentivizes asset hoarding and ensures the game’s economic activity remains sustainable and dynamic.
Resources (BEP20) — Resources are a critical input to all Galaxy Blitz gameplay and are generated in-game as BEP20 tokens that can be traded on-chain. Gamers obtain these resources in a variety of ways, including gathering and farming, looting other players, staking MIT, and direct purchases of MIT.
Structures (ERC721) — Other in-game items are represented by NFTs, which enhance the gameplay by making rewards and accumulated items monetizable. For example, spaceships and turrets give users unique capabilities and can be bought and sold on the marketplace as NFTs. Resources are generally used to build NFT items such as spaceships, but NFTs can also be won from enemy factions during battle or bought with MIT tokens.
Gaming Assets Gain Traction
Interest in digital goods, especially gaming assets, has exploded over the past year, as users have enthusiastically embraced the unique value proposition blockchains bring to gaming. According to DappRadar, the total number of unique active wallet addresses that interacted with the smart contracts for games over the past year reached 8.7 million wallets, topping DeFi’s 3.9 million wallets.
While gaming activity has been spread out across multiple chains, the most well-known and viral games have largely emerged on Ethereum, including Axie Infinity, Decentraland, and Sandbox. The charts below illustrate the unprecedented growth several of the top games on Ethereum have experienced just over the past year and a half. In 2021, weekly active users of the top Ethereum games topped 10,000, with cumulative sales of over $4 billion. For context, in 2020, there were over 175 million gamers in the United States alone, representing 53% of the total population, and total spending totaled $56.9 billion in the U.S. alone.
These data points reveal that despite the impressive growth trajectories of several Ethereum P2E games, web3 gaming remains in its infancy compared to traditional gaming. Remarkably, a handful of first-movers have inspired a wave of innovation and investment in the space — a trend we expect will only accelerate as more web2 gaming studios and developers recognize web3’s unique advantages, and as P2E gaming developers continue to build on new and emerging Layer 1 ecosystems. BNB Chain, for example, has a highly active user base in the gaming space, with numerous recent hits with over 100K cumulative users.
Early Days
So far, the vast majority of crypto activity across web3, DeFi and NFTs has been driven by tech-savvy power users and early adopters interacting with protocols directly via desktop. As the industry matures, we expect the average crypto user to become more representative of the general population, and similarly expect the average Web3 gamer to resemble existing gamer user bases today more closely.
As of today, most crypto dApps have yet to successfully make the jump to a mobile-first experience, as the vast majority of applications, and engagement remains relegated to desktop. This dynamic has prevailed for several reasons, including a relatively small emphasis on user experience, potential security issues, and the lack of supporting infrastructure that needs to be in place for mass mobile adoption to occur. A crucial component of crossing the chasm to the broader crypto and gaming market is building mobile compatible and mobile-first gaming experiences. We think that mobile blockchain-based gaming experiences will be among the first killer use cases on mobile-first crypto adoption, and will lead the way alongside other applications such as mobile wallets to close that gap.
The Metaverse Awaits
Games stand to reap enormous benefits from blockchains as developers build and integrate digital goods with real economic value, transforming virtual experiences into vibrant economic activity. Unsurprisingly, gamers were some of the earliest adopters of digital goods (e.g. Fortnite skins), so embedding value into all or most in-game digital items is a natural evolution for the gaming avant-garde. In addition to tokenizing in-game items using NFTs, web3 games can and will eventually leverage DeFi primitives like AMMs and borrow/lend functionalities as metaverse native markets emerge on their own.
One of the many reasons we view Galaxy Blitz as such an exciting opportunity is its emphasis on mobile gameplay and beyond, to other mediums such as VR and AR. Drawing from their past experiences in mobile gaming and visual effects, including as the programming lead of Clash of Clans and experience working on visual effects for Iron Man II and the Pirates of the Caribbean movies, the Galaxy Blitz team is well-positioned to take on the web3 gaming market and to help kickstart the flywheel of mobile crypto adoption. Moreover, by starting mobile and slowly moving to a more immersive experience, Galaxy Blitz is doing its part by helping build out the experiential layer of the metaverse.
MIT Tokenomics and Emissions
Tokenomics
The MIT token is a BEP20 utility token that powers Galaxy Blitz’s gameplay and in-game economy, with a variety of in-game utilities. MIT’s token is allocated in the following manner:
MIT Token Emissions
The chart below shows the notional market capitalization of the MIT token (Y-Axis) by the number of days after token generation event (TGE) — note, every 30 days represents one month; the chart is scaled for nine months.
The area chart derives market capitalization by multiplying the number of MIT tokens that will be available in various public sales by an assumed price of $1.00 (note this assumes price action following IEO is neutral and does not fluctuate). On the X-Axis is the number of days after primary listing to display in aggregate a nine-month timeline.
How to Buy/Earn MIT
AscendEX is excited to facilitate MIT’s initial exchange offering (IEO) and support Galaxy Blitz’s transition from primary to secondary markets, a critical milestone in a project’s journey. During the IEO, AscendEX users will gain exclusive access to MIT trading. In addition to being able to purchase MIT on AscendEX, gamers will be able to earn MIT by completing in-game tasks, winning tournaments, and inviting new players into the Galaxy Blitz community.
Galaxy Blitz Partnership with AscendEX
AscendEX is pleased to be an investor in Galaxy Blitz and is excited to be a partner for the IEO and the primary listing of MIT under the trading pair MIT/USDT. Details are as follows:
Appendix
For more information regarding Galaxy Blitz, see below:
Galaxy Blitz Website
Galaxy Blitz Medium
Galaxy Blitz Documentation
Galaxy Blitz Twitter
Galaxy Blitz Telegram
Galaxy Blitz Discord
