There is a majority of new projects popping up in the crypto space that are trying to combine DeFi, NFTs, and gaming in order to succeed. All booming keywords in one place, nice… This isn’t a surprise as DeFi, NFTs, and Crypto games were booming in 2021 and prior. I’ll be diving into projects like this to find out what they really are about. Furthermore, I’ll be investigating underlying factors that could increase risk.
Bomb Crypto is a relatively new project on the BSC (Binance Smart Chain). It exists for a few months right now and is highly speculative in my opinion. In this study, I will be diving a bit deeper into the world of BCOIN to see if it is profitable and if it is more or less sustainable, which is nearly impossible with the volatility that blockchain markets bring.
I'll tend to spend about 30+ days to complete my study on BCOIN.
Audited by VeriChains Lab
Bomb Crypto claims that the project has been audited by Verichains Lab. So, who is VeriChains Labs? They audited Axie Infinity, Kyber Network, Request Network, plus more. While it is unclear that Axie Infinity is audited by VeriChains (there is no documentation or publication from Axie Infinity about that that I could find), it is clear that VeriChains Lab audited the "Ronin Wallet", that is used for transactions within the Axie Infinity ecosystem.
You can read the audit that VeriChains did for BCOIN here. I'm not sure what to make up of it, but a quick look tells me that only BCOIN the crypto token is audited, not the project.
Potential passive stream of income?
While this isn't a passive stream of income, as you need to take action every once in a while in order to not get kicked due to inactivity, it could be a stream of additional income with not that much effort. Monitoring the page and to make sure you don't get kicked seems to be consuming the most time that you spend with Bomb Crypto.
Starting with less than 100 bucks
I decided to try to see if it was worth spending about 100 bucks (including fees) on Bomb Crypto to see if it was lucrative.
I tried out my luck and spend 20 BCOINS on NFT mints. Unfortunately, I managed to mint two "commons", the worst rarity in the game.
After playing for a day with these mints, I realized it would take a lot of time to get my investment back. I destroyed zero chests, netting me 0 BCOIN. This would take quite some time to get at least 1 BCOIN, and knowing that you need 40 BCOIN before you can claim, it would probably take a few months to get my return on my investment back. Who knows what could happen during that time.
If I knew this before, and I had just 100 bucks, I wouldn't try it out in the first place.
Injecting a bit more
We all know that a lot can happen over time, especially in crypto time. With current calculations and token price, the ROI should be about 30-50 days. That's acceptable. Even if the coin dips, I could get half of my investment back in a timespan of more or less two weeks. Even if it would take a whole year to get my investment back, 50% over 50 weeks should definitely be manageable.
I threw in 100 BCOINS and I have the feeling that I was super lucky with the mints. I pulled 1 epic, 2 super rares, 1 rare, and 6 commons from the 10-pack.
I let them work and the clear speed was so much faster. In about 18 minutes, I managed to clear a few floors worth of more or less 3 BCOIN. That's almost 3,5% of my investment with the current price at writing. If I would do this every day, it would take about 30 days to get my investment back. I think I can play twice a day, so that would net me about 6 BCOIN per day, shorten the 30 days to 15 days. That's if I play twice -every day-.
About the game
It isn't really a game, but it does let you "mine" tokens as long as you are powered and connected to the internet. That's a fair treat in my opinion. Down below you'll find some a bit of an explanation what everything does.
Heroes
In order to play the game, you will need some heroes that can work for you. These heroes cost 10 BCOIN each and their rarity is randomly generated when you mint a hero. Heroes are the NFTs of the game. Heroes have various traits that help you clear floors faster or longer. Power, Speed, Stamina, Bomb Numb, and Bomb Range. On top of that, Heroes have a chance to mint other attributes that can change the game for real.
Rarities
- Common | 1 attribute
- Rare | 2 attributes
- Super Rare | 3 attrubutes
- Epic | 4 attributes
- Legendary | 6 attributes
- Super Legendary | 8 attributes
Traits
- Power | Damage of a bomb
- Speed | Walking speed of a hero
- Stamina | How long a hero can place bombs
- Bomb Numb | The amount of bombs a hero can place
- Bomb Range | The range of each bomb
Once the stamina is depleted, your hero will automatically go in rest mode. At this point, the hero is regenerating stamina. This can take 2 hours, or almost an entire day, depending on the amount of stamina one hero has. More stamina means, more bomb placements, but it also means longer resting time.
Houses
You can purchase houses with BCOIN in order to speed up the resting time of a hero. They generate a lot more stamina per minute than when the heroes aren't resting in a house. Houses are quite expensive if you'd ask me.
- No house | 0 BCOIN | 0.5 stamina per minute
- Tiny House | 720 BCOIN (SOLD OUT) | 2 stamina per minute
- Mini House | 2400 BCOIN (SOLD OUT) | 5 stamina per minute
- Lux Housr | 5400 BCOIN (SOLD OUT) | 8 stamina per minute
- Penthouse | 9600 BCOIN | 11 stamina per minute
- Villa | 15000 BCOIN | 14 stamina per minute
- Super Villa | 21600 BCOIN | 17 stamina per minute
It's safe to say that only whales will be able to purchase a house. I won't be buying a house anytime soon.
Chests
Chests are filled with bits of BCOIN and are needed to be cleared to be able to mine them in your wallet.
Floors
Chests and other destructible blocks spawn on floors. You need to clear these floors to go to the next one. The difficulty of these floors doesn't change, it is all random, with some other RNG mechanics attached to it (like better, or more chests).
Claiming
You can claim your BCOIN if you have mined more or equal to 40 BCOIN. Be aware, there are fees attached when you are claiming your BCOIN. Claim 40? Gotta pay a 10% fee. For 60 it's 6%, and 80 is the "usual" 3% for OGs. This used to be the fixed fee when I just started playing.
Nerves
At some point, there was a nerve initiated that made it so that chests include more health, which leads to less revenue generated over time. I noticed quite a drop when it comes down to BCOIN harvested per day. Either way, the ROI is still ridiculously high. In the future, I think there should be more nerves to make it a bit more healthy.
Stress testing
In The upcoming 30 days, I will track the amount of BCOIN I'm getting every day, and track every time that I claim the tokens. Currently, it is the 20th of December and will finish the stress testing on the 19th of January. This is great, because Christmas and NYE will average the BCOIN down a bit, so the average output of the tokens will be a lot more realistic.
Rollbacks
There were a few rollbacks that set the resting mode on my heroes to active. This means that my heroes were not resting and the stamina recovery is wasted. If you're sleeping for 8 hours, that's about half of the stamina not being recovered on epic, and super rare heroes. It is simply wasted.
Maintenance
Maintenance is always a thing when it comes to fixing games. With this "simple" game, it happens almost weekly if not more than once each week. Quite a lot of maintenance going on. I do have the feeling the reason for these maintenances is to decrease selling pressure as it is often addressed in the discord to "not sell your BCOIN", "save the chart", "NFT/GameFi is bleeding", and so on. Of course, there are fixes as well, but on top of the rollbacks (that prevents your heroes from recovering stamina), it seems to be a bit out of the ordinary maintenances.
Daily tracking
| Day 1 | 06.96 BCOIN | Day 16 | 09.53 BCOIN*** |
| Day 2 | 13.06 BCOIN*** | Day 17 | 15.67 BCOIN*** |
| Day 3 | 21.44 BCOIN | Day 18 | 20.56 BCOIN |
| Day 4 | 27.34 BCOIN* | Day 19 | 25.80 BCOIN |
| Day 5 | 34.66 BCOIN* | Day 20 | 30.72 BCOIN |
| Day 6 | 38.30 BCOIN* | Day 21 | 35.21 BCOIN |
| Day 7 | -39.60 BCOIN** 04.08 BCOIN |
Day 22 | -36.55 BCOIN **/*** |
| Day 8 | 10.66 BCOIN | Day 23 | 04.92 BCOIN |
| Day 9 | 15.73 BCOIN*** | Day 24 | 08.24 BCOIN |
| Day 10 | 20.87 BCOIN | Day 25 | 12.16 BCOIN |
| Day 11 | 26.25 BCOIN* | Day 26 | 15.37 BCOIN |
| Day 12 | 32.81 BCOIN | Day 27 | 17.93 BCOIN |
| Day 13 | 37.30 BCOIN | Day 28 | 22.39 BCOIN |
| Day 14 | -39.50 BCOIN** 02.97 BCOIN |
Day 29 | 25.01 BCOIN *** |
| Day 15 | 08.71 BCOIN | Day 30 | 27.84 BCOIN |
* = Christmas/NYE
** = Claimed/Sold BCOIN incl. 3% fee
*** Maintenance/Rollback
| Investment | 121 BCOIN | 465$ |
| Return after 30 days | 27.84.1 BCOIN + 318$ = ~400 usd |
| Profit after 30 days | -65$ |
| Average BCOIN per day | 4.78 BCOIN | 14.35$ |
| APR | 1138% |
Result: 673-1100% APR
With an average of almost 5 BCOIN per day, and assuming this project is here for at least another year and the price remains somewhat the same, projecting APR could be 1100%+ per year. Which is ridiculous. If we set our target to 15% per year, the price of BCOIN must be at least $0.04 to be considered lucrative in traditional markets. A 15% APR was always treated to be "the hidden gem" in FIAT markets. If I combine that mentality with the risk I am willing to take the risk/reward ratio is considerably higher than I anticipated, yet, with adding a bit of skepticism, that raises the expectation for higher risk, I'm willing to invest not more than 500 bucks to see where it goes.
Even if I take an average of 2.83 BCOIN per day (the last harvest), that would be equal to more than 1000 BCOIN per day. If the price remains around $3, the projected APR would be 673%, which is still ridiculous. Price target at an APR of 100%: $0.44 Price target at an APR of 15%: $0.07
Updates
As you can see in the table, I've had quite some maintenances. This was due to postponed updates and removing any bugs. There were two major updates scheduled while I was playing the game. There is a marketplace now, and there is another game mode (adventure mode)where you can actually play the game. To be able to play Adventure mode, you will need at least 15 bomb heroes and keys that you will find when clearing floors. At first, I thought of buying additional bomb heroes as I only needed three more. But after seeing that the rewards are about 1 BCOIN per run, I thought it would be wise to first harvest the keys to play adventure mode at all, like, 30 keys equals 30 BCOIN, whereas 30 BCOIN equals three bomb heroes (the investment).
Once I clear these two chests on the left, I'll have 3 keys (10% of the goal before I get more Bomb Heroes)
Of course, this is not financial advice, this is for entertainment purposes only. Always DYOR (Do your own research) and never (NEVER) spend money that you cannot afford to lose.
Cheers,
Ruben