Splinterlands | Total Calculated Market Cap Of All Assets!

By costanza | costanza | 8 Apr 2023

Something else this week as I'm taking a look at the total Market Cap of the Entire Splinterlands Ecosystem!

Splinterlands Is Much More Than SPS Market Cap!

While it's easy to look at the SPS Market Cap especially at the current circulating supply and think that 28 Million is very cheap with a low overall value, this has to be taken with a big grain of salt as there are so many different tokens and assets in the game of which the overall value adds up. This to the point I would say that it's overly complicated while there is a constant inflation of tokens and cards which puts pressure on the economy requiring for new players to come in in order for prices to hold up.

All this said, it's quite remarkable how well the economy of Splinterlands has managed to hold up allowing players to still earn quite a bit with good liquidity in most of the assets!

SPS

So SPS is the reward token that kind of represents a share in the company but only in a way that the devs allow as they have all the power. It gives more SPS in Staking rewards which directly comes from inflation, it allows players the earn in tournaments, gives vouchers as a direct small 'dividend' mechanic as those represent value players need to buy stuff, There is a burn mechanic which should make the Fully Diluted supply deflationary increasing the value in the long term , It gives airdrops now for GLX and possibly more in the future, and there will be more use cases attached to it. So Overall SPS is a pretty nice token to passively sit on for a longer time getting some earnings in the process with some upside price potential the coming years.

Splinterlands Asset Circulating Fully Diluted SPS 29 Million

87 Million

Card Assets

Cards are the main in-game assets and there just weren't enough of them to accommodate the growth in the player base when the game became a lot more popular. Expensive cards are a good thing for players that own them, but a bad thing for new players as it got overly expensive to really get into the game. So devs printed them to oblivion which made the overall value go down from 275 Million to 83 Million which actually is a far greater decrease as there are way more cards now with an overall lower market cap. The new Soulbound currently doesn't have monetary value and they will act as another DEC burn mechanic likely causing SPS to be burned once it becomes possible to make them transferable/rentable.

Cards can be rented out for passive income which makes them great but the increasing supply and risk that similar cards will be printed or the meta changing puts a lot of risk on more expensive cards I would say. Cards do have a burn value in DEC but that tends to be a lot lower compared to the actual price that is paid. If a lot more players would come in, some cards especially in the wild format will become so rare that the value will go up very much based on supply and demand.

Splinterlands Asset Circulating Fully Diluted Cards 83 Million ~

Dark Energy Crystals

DEC is what is supposed to be the stablecoin asset in the game that is used to buy/rent cards, purchase in-game assets / burn in Guilds & on Land / Burn to buy Energy / ... The value is backed by both the use case compared to the limited supply along with the fact that there is a 1$ for 1000 DEC value it can be used for to buy packs of the main card Set. Credits in the background also use DEC and in theory, there should be more DEC demand compared to what is available to the point where players need to start burning SPS to get more of it. Splinterlands sees DEC as earnings and hold a lot of it which they probably will sell at a later point in time.

right now, DEC is trading at $0.0009121 just slightly below peg and there is a reported circulating supply of 5.3 Billion which roughly equals 4.8 Million Dollars worth of it. A lot of DEC has been burned in DEC-B, Guilds & LAND while Gladius cards also include DEC they can be burned for which all isn't calculated into the market cap.

Regardless of the Supply, DEC will never get considerably higher than 0.001$ and there might be times in the future where it trades at a discount even though the goal is to have it relativey stable around 0.001$.

Splinterlands Asset Circulating Fully Diluted Dark Energy Crystals 5 Million ~

Land Plots

Land is a new big asset in the game that was created as a way to mint future Spells & Items that will be introduced into the game along with a way to give out SPS inflation. The basic idea behind it was that it allowed devs to raise funds ahead of the crypto bull market for a product that they would build later down the line which is the reason it's taking so long as the money already was received a long time ago. Instead of the devs earning money on packs with Items & Spells, it will be land owners that will be able to mint them. That is if they own land, burn DEC in buildings, Stake Cards that otherwise can be put onto the retal market, and stake DEC along with the cards.

So there are quite heavy requirements and once the entire Spells and Items narrative comes to an end, a new use case for land will need to be found to keep the ball rolling.

There are 150k plots and even though prices vary based on the rarity, an unclaimed land deed right now costs 163$, which means all of the land can be valued at a marketcap of ~25 Million

Splinterlands Asset Circulating Fully Diluted Land Plots 25 Million

Other Tradable Splinterlands Assets

If you think SPS, Land, Cards, DEC already is a lot of different assets in the game, be blown away by all the other tradable assets that there still are...

Vouchers: They are given out as a dividend to SPS stakers and are supposed to have purchasing value in the game. From what I understand there is a 10M supply right now which increases with 40k vouchers each day. They are sold right now at a price of $0.126$ so the combined value is 1.26 Million.
Totems: They were given out as rewards for Liquidity providers and give bonus effects on land plot to increase the Production Points. The are common, rare, epic, Legendary totems that go for 27$ /125$ / 146$ / 629$ giving them a combined market cap of 1.6 Million Dollars
SPT (Splintertalk Tokens): They are the reward tokens for the splintertalk.io blogging site and currently don't have a real function aside from earning more SPT and acting as a token that helps to put the best content on top. These have a high inflation rate and at 0.0001225$ value a market cap of only 25k dollar.
Unopened Packs: Purchased packs can be sold and tend to increase in price as they sell out. There are 7 different editions of them right now with a combined market cap of 7.3 Million
Validator Node Licenses: a licence is needed to run a node and SPS inflation is given out as rewards along with Vouchers from what I understand. I believe there are 5000 nodes right now and they get increasingly expensive as more get in circulation. with a price of 1000$, they have a market cap of 5 Million.

Splinterlands Asset Circulating Vouchers 1.3 Million Totems 1.6 Million SPT 25000$ Card Packs 7.3 Million Validator Licence 5 Million

All Market Caps Combined

When adding up all of the different values of all Circulating Splinterlands assets, it comes down to a number of roughly 160 Million Dollars!

Other Splinterlands Ecosystem Tokens

Instead of using SPS and other Splinterlands native assets for the 2nd Genesis League Goals game, new copy-paste assets were created with GLX, GLGT, Pack tokens, GLX Validators, ... and the Soulkeep Tower Defense game also has Nightmare pack tokens so the amount keeps adding up with these and indirectly they can also be counted as Splinterlands asset market caps.

Conclusion

Saying that Splinterlands has a lot of different assets and tokens is an understatement and the SPS market cap on it's own can't fully be seen as what the game should be worth since it only represents 30 Million out of a 160 Million Market cap. Doing all these calculations makes me a bit less convinced about the actual growth potential in value on the ecosystem as there is also a lot of inflation each day which needs to be taken up. Despite this, it has been impressive how well the economy and the earnings of this game so far have managed to hold up, unlike nearly every other play2earn game.

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