Pirate Nation: A Comprehensive Overview of the Emerging Gaming NFT - MVHQ

Pirate Nation: A Comprehensive Overview of the Emerging Gaming NFT

Apr 26, 2024
General Strategy
Pirate Nation: A Comprehensive Overview of the Emerging Gaming NFT


Pirate Nation is a notable entry in the realm of Fully on-chain gaming, developed by Proof of Play studio. This report aims to offer an in-depth look at the game's features, team, and market dynamics.


Team Overview

The team behind Pirate Nation boasts significant experience in gaming and technology. Founder Amitt has a background in developing the game engine for Farmville, while Art Director Chris was the art director at Farmville. Mattv, Adam, Dith have all been legends in their previous roles at Epic games, Square, Stripe etc. The team announced $33m funding led by A16z six months ago and having a full time team of 20+ people, they have a runway for years to come. I have seen a lot of teams in this space over last 4 years but I don't think any team comes close to POP team in terms of speed and quality of execution.


Game Overview

Pirate Nation is a fully on-chain card battler game which means all the game logic, game state and game assets are fully on chain.There are no servers running the game. PN introduces players to blockchain gaming in an intuitive way, minimising the traditional complexities associated with on-chain games. Key features include signless, gasless and bridge-less gameplay, along with automatic wallet creation, aiming to abstract away the blockchain aspect from the average player.


Game Assets and Tokenomics

Central to the game's ecosystem are the Founder's pirate NFT collection (Gen 0 pirates).


Gen 1 pirates are the free to play pirates, which are accessible via mint codes.


PGLD (Pirate Gold, erc20), is the in-game utility token and plays a crucial role in the game's economy. PGLD is quite inflationary right now and is sitting at a mc of $250k so it has a lot of upside if they make tweaks to the emission rates. I had launched a PGLD LP when the game was on Arb nova but there is no LP on Apex just yet.


Market Analysis and Observations

Pirates have been slowly grinding up from a .3E floor and ranging between .8E to 1.2E now. The recent increase in price was due to a few things.

  1. NIM airdrop - Each pirate got 1333 $NIM airdrop which is potentially $500+ per pirate.
  2. Launch of their Proof of Play Apex chain (which is an Arbitrum orbit L3)
  3. Rumors of an upcoming token.
  4. Rumors of potential big partners building on Apex chain.
  5. Rumors of Node distribution for Apex chain to Founders pirates in future


Strategic Insights

If pirates do drop a token ($POP), I expect it to be massive. They are simply the only true fully on-chain game out there that works seamlessly. I expect proof of play to release more games in the future and having an ecosystem token seems very likely at this point.


Pirate Nation has since begun a Play 2 Airdrop campaign (P2A), with Season 1 slated to end June 10th! There has been no promise or guarantee of a specific token but one is highly expected to come from this campaign. 


$Pixels is sitting at 3.7B fdv and hit 4B recently.

$Ron is at $4b fdv.

$Xai and $prime both at $3b fdv.


I believe the Pirate Nation token covers all the narratives these other tokens have run up on except for the AI narrative with Parallel.


PN is a game much more complex than Pixels. Apex chain is much better than Ronin chain in terms of performance. PoP nodes can be just as lucrative as Xai nodes once other games start building on it. $POP can easily hit a billion fdv valuation in my opinion.


If/when that happens, Pirates will likely command a multi-eth floor.


Keeping this in mind, if you decide to buy pirates, following are some tips that hopefully help you with your decision.


  • Rarity - Rarity is very speculative and as of writing this report it simply does not matter how rare your pirate is, all pirates are treated equal by the game. Caveat here is I do expect this to change in the coming weeks. We are seeing glimpses of this with shark type pirates given the ability to swim like a boat without having to ride on an actual boat. Same things can happen with Winged pirates (Angels and demons being given the ability to fly, Gold type pirates ability to earn a bit more gold etc). Again, rarity is speculative but it does command a fat premium.
  • Pirate level - I believe levels are the most important thing you should look at if you are buying floor pirates. It takes a long time (2-3 months) to fully grind your pirate to max level which is level 30. It takes a lot of gold to level up too however gold is cheap on the market and can be bought if you want to speed things up. Higher level pirates earn gold at a slightly faster rate but more importantly levels are also used as a gating mechanism for a lot of quests in game so it helps a lot holding high level pirates.
  • Chests claimed - These chests were founder pirates holder rewards for holding your pirate for 1 week, 1 month, 2 months, 3 months and 4 months. These were one time rewards so once claimed, they are gone. There are often founders listed on the market that have all 6 chests left to claim. So if you can find them near the floor, they are good deals. The only important drops from those chests are Founders Map pieces. There are 4 map pieces that you get from those chests and it has been heavily teased that they'll lead to something amazing. If you were to buy the 4 map pieces on secondary they would run you around .05-.06 so keep that in mind.
  • Affinity/expertise - This doesn't matter much if you are buying only 1 pirate but if you are buying multiple, I would target different expertise. Pirate nation is a card game and the cards you get in game depend on 2 things, your pirate level and your pirate expertise. So if you decide to play the game, having multiple expertise helps a lot. Affinity works the same as pokemon types and goes like Water beats fire, fire beats earth, earth beats lightning and so on. By "beats" I mean have a 15% boost on damage inflicted and damage taken. So of the two traits above, expertise is hands down more important.


Potential Pitfalls

A lot of OGs in the community hold 50+ pirates and while most don't want to sell, there will come a number when a lot of people decide to take profits. So holder distribution is one potential issue. Pirates don’t launch a token and their upcoming major announcement is bearish which can result in the floor taking a sharp fall.



IMO, Pirate nation has been flying under the radar till now because of the team's focus on building a quality game and underlying infrastructure before leveraging marketing tactics like P2A campaigns. I am expecting this to change very soon. I know a lot of you guys have been involved with pirate nation in the past or have at least heard of it. I wanted to present a bull case for why Pirates can go to a multi-eth floor. This is not meant to shill or add any fomo. I just want to put a project that might potentially explode soon back on your radar and guide you if you are interested in buying a Founder's pirate or any in-game items.



For transparency, I hold 69 pirates and have been actively involved with the project since mint. Goes without saying I’m biased!