Field Report: LeagueDAO Dev & DAO Updates 05.05.2022
Welcome back to LeagueDAO’s latest issue of The Field Report, our newsletter that encompasses new LeagueDAO developments along with relevant news in the Web3 space.
LeagueDAO News
LEAG “Ecosystem” Token Votes
Our two recent snapshot votes regarding utility for the $LEAG token have passed.
LDIP-3: Make the $LEAG token the main currency for the free agent marketplace by limiting users to using LEAG tokens to purchase free agents during the fantasy season.
LDIP-4: Determine the draft order for each Division in the 2022 Fantasy Football League according to the amount of $LEAG or $vLEAG tokens each Team Owner holds in their wallet. The Team Owner with the most $LEAG and/or $vLEAG in their wallet will get the first pick in their Division’s Player NFT Draft.
Here’s a breakdown of the LEAG token’s utility:
Dev Updates
Mega League or Bust
Our dev teams are busy working on V2 of our Fantasy Football League. The “Mega-League” combined the Nomo Protocol that we deployed last October and the 60 teamGenesis Fantasy Football League that helped us launch LeagueDAO. We have 15+ devs working on the different components needed to complete the MegaLeague protocol in time for the 2023 NFL Season.
Here is what the Dev team’s have been working on during the current Dev Sprint:
- Finalizing New Leagues/Divisions smart contracts
- Finalizing New Division/Gen 2 Player NFT contracts
- Developing the MegaLeague smart contracts
- Developing the End of Season Reward contracts
- Updating the points calculation contract
- Genesis Player Token Reward contract development
- Updating the Router for new Leagues contracts development
- Open source contracts, graphnode and back-end
- Update subgraph for new contracts (NFTv2, Updated Calculator, mapped LEAG token, new League/Division, updated Router)
- Back-end implementation for front-end
- Create scripts for updating parameters sets on the Genesis Player NFTs for Player Farming
- Front End development of the Overview, Team and Matchup pages: layouts, front-end connection to contracts and back-end
- Finalizing UI and Wireframes for the Draft Application
- Finalizing the business logic for the Auto-Draft functionality
- Finalizing Requirements and starting wireframes for the Free Agent Marketplace
GameFi & Web3 Developments
NBAxNFT
The NBA released their own NFT project ‘The Association’ on Opensea recently, dubbing dynamic player NFT’s whose attributes evolve over the course of the playoffs. The project was airdropped to everyone who signed up for the allow-list soon after their discord launched, as the capacity quickly filled out. During pre-reveal, the NFT’s reached a .3E (~$800) floor before collapsing to a .01E floor post-reveal; turns out, not everyone wants to buy or hold benchwarmer players.
On the other hand, superstar players like Stephen Curry and Giannis Antetokounmpo saw large sales, with Curry topping over 3E (~$6700) for one. Not too bad for a free airdrop.
https://opensea.io/collection/the-association-nft
Play 2 Earn vs Play & Earn
2021 paved the way for the rise of P2E games — games and protocols designed in a manner where users can earn some level of income by simply playing. It quickly became a trending concept when early adopters in games like Axie Infinity and Wolf Game had both the tokenized assets and game currency’s valuations skyrocket — capturing returns that one could only dream of. Speculation and greed then took over, as copy-cat projects popped out of the woodworks, aiming to drain as much user liquidity as possible, as fast as possible.
The question is then asked — is Play to Earn sustainable? Are users playing solely to chase a bag that may not even exist? Would gameplay even occur if there was no financial incentive?
These questions challenged what many saw as the next big crossover between gamefi & NFTs.
As a result, quality studios and teams are gearing towards creating Play and Earn style games — those that are fun even without financial incentive, yet including some sort of reward for playing can expand the game’s audience. The concept is still new and there hasn’t been a ground-breaking game (yet) that’s successfully built this, but that shouldn’t make anyone bearish:
If folks are playing games like NBA 2K, Fortnite, or Call of Duty for hours on end while spending hundreds to thousands of dollars with absolutely no return, what’s going to happen when similar style games come out with financial incentive?
It shouldn’t overtake the general gaming industry but rather serve as an alternative to normal gaming, thus expanding all the gamefi, NFT, and gaming audiences at the same time.
The Otherside: Good, Bad, or Ape?
Yuga Lab’s highly anticipated land drop, The Otherside, occurred last Saturday, April 30th. Overall, it cost a minter over 3.5E (~$10,500) to acquire one of these NFT’s by paying in the $APE token and customizing gas to extremely fast settings. Inflated mint prices lead to inflated secondary markets as the floor for Deeds was roughly 7E ($19k+) post-mint. The majority of participants, both ape-holders and non-holders, were dissatisfied with the drop mechanics and carelessness by Yuga. The general ‘community-first’ attitude that has catapulted YL into leading the NFT space was nowhere to be found. Instead, folks were priced out of nasty gas wars despite having mint-list spots and missed out on what appeared to be the only accessible BAYC-ecosystem drop in the near future.
How does this relate to gamefi, you ask?
The $APE token will be used in their metaverse, The Otherside. Prior to Yuga’s announcement that the land sale would be in $APE, the token was trading around $11 — following the announcement, the token topped out around $28. The issue rises as many folks bought $APE at inflated prices for the drop and couldn’t secure a mint; as a result, people took losses on $APE, didn’t mint the NFT, and were left with a sour taste in their mouths. This serves the question:
Is $APE going to be a viable game currency? Or will it be prone to extremely volatile price swings since it’s part of the BAYC ecosystem. The token price has fallen back to pre-drop levels and sentiment around Yuga/BAYC is as poor as it’s ever been.
With so much going on around the world, and the proclaimed leaders of the space erring an unexpected result, Web3 participants are holding their breath as we wait and see what’s to come from Yuga Labs. Is the FUD warranted, or will we see another trick up their sleeves?
The ball is in Yuga’s court.
https://opensea.io/collection/otherdeed
Weekly Project Call/AMA
Want more insight into LeagueDAO and what we’re building? Join our weekly Project Call hosted in Discord.
- Fridays at 2:00 PM EST
Here’s a link to the recording from our last project call: https://www.youtube.com/watch?v=sMdmcpLMbCw
Thanks for reading everyone!
To stay up to date on all our progress as well as the latest announcements, be sure to follow us on Twitter and jump into our Discord server.
