Holo everyone!
It's been a long time since our last financial report and we apologize for the delay and silence in this regard. As many of you know having followed our project there were some downtimes in certain areas with team members becoming sick or having people close to them becoming sick and needing their attention which brought some delays in communincations mainly. We'd like to get back on track with these financial reports to both be open to the community and at the same time have a better idea on where we stand as a project and what we have fulfilled so far.
Reading another project's need for funding today pushed me (@acidyo) to get going on creating this post, it's taken a while to catch up on everything I look over with the project and I hope to be able to hire someone else/ask for help with keeping up with these posts, potential reveals/teasers and the popular contests we've had going. Even though I'm back now I have to admit that it's a lot of things to take care of with this project as it aims to be quite ambitious once it is ready.
One thing that may make these reports a bit difficult is the fluctuation in value and income of our main funding - Hive delegations. We know that people want profit and that many may move their delegations over onto other projects that may offer a higher APR cause things have been moving slow with our project which is understandable. We are happy that our project, since its inception, has provided a net-positive APR compared to just holding HP and receiving curation rewards from it. The fluctuations in delegations and price movement has also caused some aspects of the development of the project to be delayed, which can't be helped, but we aren't all too worried about it as delegations are just the first phase of funding our project and we hope not to have to rely only on them in the near future.
However, as we are getting closer to alpha testing and a beta release where players can earn our ingame currency which is planned on being used and burned within the game, we would like to ask the community for a push in delegations to get us faster to our destination with funding and paying off freelance workers working on our project. We would like to do so by adjusting the distribution at this time to delegation rewards and staking rewards. More about this in a future post.
Let's look into where we stand with things currently with our financials, we'll try to make it as simple as possible while keeping in mind that the price of Hive has fluctuated quite a lot and made certain costs and debt higher.
We will be comparing the data from our last post on January 7th
Let's start with earnings as that has remained the same, all coming from delegation(curation) rewards on @zingtoken:
Earnings on January 7th
Curation rewards + beneficiary posts: 49,936
Earnings on July 16th
Curation rewards: 188,234
Now let's look into spendings:
Spendings on January 7th
Servers: 194
Devs: 0 (see debt)
Gamedev: 35,820 (see debt)
Art: 13,489
Misc: 2,270
Spendings up to July 16th
Servers: 776
Devs: 6000 (+see debt)
Gamedev: 63,740
Art: 84,839
Misc: 16,395
Debt:
Gamedev: $4000
Devs: 21000+ Hive
Misc: 12500+ Hive
Holdings: 54500 HP + 1.7m HP delegation
Alright, so here are some things to point out to the financials. For transparency, we have to mention that we moved forward at one point to have our payment handler not be the only one in charge of handling payments for our freelancers who didn't create a Hive account or didn't want to get paid in crypto for legal reasons. You may see some transactions during March where a lot of payments were being sent back and forth as we had some issues with one of our new payment providers not wanting to let our transactions go through, this was sorted later on. While we have encouraged our freelance artists to create a hive account to avoid transaction fees and bring more transparency to our project, not all of them had the means to do so and preferred being paid in fiat. One of our artists for instance resides in a country where the crypto tax is close to half of the income so we have to exchange funds to make the payments possible.
Another thing you may notice is that a lot of our funding has shifted into artwork, we deem this to be very important for the project as with the artwork being polished and long-lasting it opens up a lot of doors for our project in the future to advance in many directions for the project and games, merch and other things it may offer the community and investors. We've wanted this to be as close as perfect to other popular web2 franchises because with things being NFTs thus immutable we don't want to come back at a future date and have to adjust or change the artwork and potentially leave collectors and early adopters disappointed in changes and weaken the "immutable" part of it.
While we still have a lot of debt to overcome, this downtime in our project helped us cover some of that even with the price of Hive falling.
What we've accomplished in the meantime are:
Gamedev side: A 3d turn-based game with a lot of logic behind it almost ready for private alpha testing to find bugs and balance creature and healer abilities and stats. A lot of complex behind the scenes logic to prevent cheating the xp system and applying new formulas to the game's capture logic, stats with double effects, healing abilities with complex effects, creature abilities, etc. We hope to be able to showcase and reveal these to the community soon.
Artwork side: Over 40 unique 2D creatures, with half of them being 3D ready with idle stances, movements such as getting hit, doing an attack, fainting, etc. A massive selection of attributes to our 2D healer generative NFT component of the game which we hope to launch both on Hive and other chains shortly after the starter sale but before or at the same time as the beta release of the game. Among that, card-art, animations, achievements, vials all created from a different artist but well-fitting to our project to give it a different, more futuristic and premium look that people on Hive may not have seen yet. Much of this is 99% finished and we hope to wow the community once we showcase it in our starter sales and upcoming collection rewards.
We hope this report finds you well and if you have any questions feel free to ask, we strive for transparency and a fairly launched token system within our project that you may not find elsewhere in the web3 space.
Stay tuned by following us on Hive @holozing
Official Hive community:
Peakd - Hive.blog - Ecency - inLeo
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