Why you can enjoy Blokpax in a Crypto Bear Market!
Thoughts from Frenchie on the current market.
So here we are in a real crypto bear market. If this is your first time, don’t worry too much… Touch some grass and know that the sun will shine again.
I want to tell you why I’m bullish on Blokpax (bias noted) during this turbulent time.
Reason 1:
We really use the Web 3 tech stack and we have truly innovated.
In the past year we have created a very novel product suite that would not be possible using Web 2 tooling. Before the invention of NFTs and crypto, it would be impossible for you to “own” sweepstakes entries in a way that also makes them liquid and instantly tradable without risk of charge backs and other trad-fi barriers.
Yep. We took a concept and made it more fun by doing things that were previously impossible.
So many other NFT projects built on hype (see reason 2 below) really haven’t done anything innovative with Web 3 tech. Literally nothing.
Legally we all know that that Blokpax is mostly built around sweepstakes mechanics. Historically, sweepstakes were only won/lost based on luck but Blokpax adds many elements of skill. (Of course there’s luck too but how well you execute trades has a huge impact on your end result. The more you embrace the tech stack yourself the better you do).
Reason 2:
None of our NFT assets are based on "hyped speculation” or swing trading.
So many NFT projects have pumped and made teams and flippers money on one thing… Hype.
For the most part hype is hard to predict. Harder to create. Many good projects have failed to grab hype while others have. It’s at the whims of a fickle market and we all know that hype has been a massive driver in this space.
Contrast that to us. We have seen no hype. Zilch. I’ve never paid a shill or asked for a tweet. We have just built. Organically.
Everything we have created has a very specific utility use case or is tied in some way to an IRL asset that is much less volatile than crypto. As ETH has dropped hard (down so bad), the value of our Vault Tokens, Crowdslabs, and Collision editions have held fairly strong (all markets are down including cards but not nearly to crypto levels).
Even our IMs, LOTTs and Geeks are tied to various utilities that circle back long-term to real assets and/or real utility as it relates to playing our games which people enjoy and are willing to allocate some of their fun budget towards.
Reason 3:
Drops are based on real life card values with fairly short term windows.
We price drops and lock set lists for the Razz and Common Games roughly 30-45 days before we play. So there’s some room to flux but when you buy drops you know the risk of prize asset value flux is relatively low between purchase and play time.
Reason 4:
We continue to learn, improve and simplify.
The Summer Supreme is about to introduce some of our most thrilling pack dynamics yet. Huge hits are coming. In addition to more thrills, I also believe things are getting easier and easier to understand. Blokpax University did a great job of on-boarding our last class of new players.
Reason 5:
Market fit is great. How do I know?
Over 90% of Geeks buy the drops. That is unheard of customer retention. 90% is better than many auto-billed subscription businesses. This tells me that despite the complexities we have been working to improve, the core market fit is great. People simply love to play the game. This much we know for sure. That is a great and bullish indicator. So even if belts tighten and people play with a little less money per drop, I think most will keep playing. Because they truly enjoy it. Life is short and people spend money on things they enjoy in bull and bear markets alike.
Reason 6:
We have known from Day 1 that a bear market would come and that our business model and its coming ERC-20 token had to provide REAL utility or else it would fail.
So many projects rushed to get a token out. The community was clamoring for them so they could pump in a bull market. Well. Look at them all now. It’s so bloody. We could have dropped BPX with a few hours of coding and let it trade on pure speculation. But we didn’t.
We avoided that temptation. We are working to get a full suite of utility in place and then we plan to layer in BPX once it’s ready. We want BPX to serve in ways that ETH or USDC don’t. We know that we must build around utility and that is what we will do. I’ve made public statements that I don’t “like” this market but I look forward to the opportunity to show you all what real sustainable value looks like in Web 3. Seeing many shitty utility tokens evaporate will help further differentiate our approach.
BPX will drop when the time is right. When the utility is there to support its use and when it can benefit us all in novel ways. Not a day before. But. I am bullish on it. BPX won’t be some “shit coin”. If I don’t believe in its value and use case it will never see the light of day.
So again. As creator. I know I’m biased. But I believe every word of this. I’m bullish on our model. On our Geeks. On the future of BPX. I’m bullish on Blokpax.
PS. A note about card values.
I’ve been in cards basically my entire life. I’ve seen people pronounce cards dead more times than I can count. The card market is not immune to the overall bear market. Values have declined some. I think we will see good stuff hold well and bad stuff not as much. But again, because we move “drop by drop” we are effectively dollar cost averaging the card market as a community. I’m 100% comfortable owning cards. I have large personal exposure to the asset class but I know there will be ups and downs. But overall, there are millions now in the hobby and I believe it’s an area they will keep spending where they can afford. Again, belts may tighten but I’m bullish on the hobby long term.
Hope this read is somewhat insightful.
Have a great week!