What is the Elfin Kingdom, the Booming Game Still in Beta?
Elfin Kingdom has 7 ways to play, and feels like an extended version of Axie Infinity.
Data Source: Footprint Analytics — Elfin Kingdom Dashboard
Elfin Kingdom, a GameFi project invested by Binance Labs, is an MMORPG game running on BSC where players collect, dig and fight with elven creatures in the game.
According to Footprint Analytics, users started flocking to Elfin Kingdom on Dec. 23, 2021, growing from 594 to 174,000 users in just half a month. As a new GameFi protocol, it entered the Top 13 ranking as of March 29.
What caused the explosive rise of this game, which is still in beta mode?
About Elfin Kingdom
Launched in November 2021, Elfin Kingdom is a blend of decentralized farms and NFTs, with gamification elements synthesized into one game.
Backed by a $5.25 million private round led by Binance Labs and Alameda Research on Dec. 16, Elfin Kingdom introduced a number of interesting gameplay options that attracted many players to the game during this period.
There are currently 7 gameplay elements in Elfin Kingdom’s town: Manor, Dining, Hall of Fame, Arena, Hospital, Elfins Market and Bank.
Players can play different roles in the Manor, becoming a farmer or a landowner to earn $ELFIN token and food.
Farmers can rent fields from landowners to grow, and landowners will receive 20% of the proceeds when the crops mature. In addition, the landlord needs to maintain his own farmland within 24 hours, otherwise the farmer who is attached to it will share 5% of the landowner’s earnings.
The purpose of the factory is to raise the rarity of the Elfin. Players can seal Elfin into gems and summon higher-level Elfins.
For example, it takes 0.1 $ELFIN token to turn an ordinary Elfin into a gem, and 200 ordinary gems can be exchanged for a rare Elfin at random. If it takes 0.2 $ELFIN token to seal a rare Elfin, 100 rare gems can be exchanged for a random legendary Elfin.
However, the attributes of Elfins purchased in the market will be higher than those of free capture. In fact, this mode not only provides a free trial, but also encourages players to pay to buy and play.
Players can save here and earn interest to increase their hard-earned wealth.
Tokenomics for Elfin Kingdom
Elfin Kingdom uses a dual-coin model, with $ELFIN as the governance token and $KING as the game token. However, the price of the tokens $ELFIN and $KING has not yet been announced.
$ELFIN is used as a governance token that allows holders to participate in community governance through Kingdom’s DAO and receive rewards through the alliance.
Players can use tokens to trade land, trade sprites, process factories and stake.
In addition, users can also get $ELFIN by staking such as BNB, BUSD and BUDC. Since the token price has not been announced, the user’s wallet address will be recorded after the stake, and the token will be issued to the user after the price is announced.
Unlimited supply of $KING tokens. It can be used to purchase in-game items such as Elfin Catcher, skill cards, potions and other food items.
Once $KING is spent, it is burned, so this emission controls the supply of tokens.
How Did Elfin Kingdom Attract So Many Users in Beta Testing?
According to Footprint Analytics, Elfin Kingdom had 210,000 total users as of March 29. It ranks 13th among many blockchain GameFi projects, and ranks 10th on the BSC chain.
The surge in users of Elfin Kingdom is divided into two phases, as shown by the number of daily users.
- The first phase, from Dec. 23 to Jan. 18, saw a wave of growth with private funding from Binance Labs and Alameda Research. Binance’s team is well-funded, and its game projects on the BSC chain have the largest number of users among many public chain game projects. This enhances users’ confidence and expectations.
- The second phase is from Feb. 23 to the present. Users can play for free in the beta test environment, and the price of the bottom floor of the NFT market is low, with a minimum price of 0.0294 BNB. The threshold for users to enter the game and participate in battling is low. However, the recent trend in the number of users is also slowing down, mainly because the attributes of Elfins captured for free are lower than those of purchased Elfins, while the low-priced Elfins sold on the market are basically captured for free and have not much value.
Elfin Kingdom has a variety of gameplay which is somewhat similar to Axie Infinity. However, the project is in an early and highly volatile stage, with many features still in development or unreleased.
Despite this, it has attracted many users through the support of Binance Labs funding and the advantage of low threshold. The total number of users has remained in the top 10 projects of the BSC chain protocol for 3 consecutive months.
This piece is contributed by Footprint Analytics community.
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