Hello fellow Hivians!

My last Thetan Arena post covered Wolffun Game's flash sale to kick off the launch of their new NFT game 'Thetan Arena'. To recap that sale, they lowered the prices of their boxes for heroes for a short 48 hour period to enable more players to get into the play2earn aspects of the game. As a part of this, they announced that all revenue from the sales would be used to burn THC.

So, some cool and surprising facts:

1. Thetan's sale amassed $27.97M worth of heroes
2. Breaking that down that translates to somewhere between186.5k common boxes and 93.2k epic boxes. That is a TON of heroes that just flooded the game.
3. At the time of this post, each of those heroes will produce on average between 1,100 and 2,800 THC.
4. Rough math assuming 60/40 common/epics brings us to a total of 227.5M THC that will be created from these heroes.*

Now per the company, here is the plan related to the $THC burn:
👉Thetan Arena will use all the revenue to buy back both $THC and $THG to effectively capture the value of $THC.
👉A unique converting program will be officially deployed within December.

💥With this $THC burn program, Thetan Arena aims to create a sustainable ecosystem, promoting long lasting values for both $THC and $THG holders.

The company's statements honestly are not very informative and doesn't really tell us anything so I've tried to draw my own conclusions and estimations.

Based on my rough calculations, the current THC price of $0.20, and the company's statements we can guestimate that the company will be buying up to roughly 139,850,000 THC. (~27M / THC price)

To me this says that THC will never reach what it was near before the sale was announced again unless further actions are taken. We were close to $0.60 prior to the announcement and are now at 1/3 of that yet the company will only be able to reasonably buy back around 60% of the created THC at current prices.

This could mean a lot of things including that the price hasn't quite hit the bottom yet or simply that when the company does burn, the prices just won't go back to $0.60.

Quite frankly, the company seems quite happy with a low THC price and I think that they have no intention of boosting it back to its previous glory days. Instead I forsee them using the money very slowly overtime to hide any real drop in THC value over the next two years or so to keep the price relatively at a point that they want. What that point is... well, who knows...

Disclaimers

Thetan Arena images owned by Wolffun Games. All other images and content owned by me unless otherwise noted. Calculated numbers utilize rounding and rough assumptions of box sales given the company has not released number of sold epics vs commons.

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