Big Time Blockchain Game Report: Detailed Analysis of Team, Gameplay, and Economic Model

Big Time is a large-scale multiplayer online role-playing game (MMORPG) built on Ethereum, featuring an industry-leading team and funding. The game is currently in the beta testing phase, essentially embodying the basic structure of an MMORPG and has completed the conceptual development of a sustainable economic mechanism. The game offers a good playing experience with a certain level of playability. Despite the current bear market, blockchain gaming maintains a significant scale. Once Big Time opens its doors without any entry barriers, it might attract an influx of new players.

Project Overview

Big Time, an MMORPG built on Ethereum, is currently in beta testing, having developed the basic structure of an MMORPG and a conceptual economic mechanism. The Big Time team has a solid background in gaming and crypto, with core members having experience in developing major games or working in large gaming companies. Since the first report in May 2022, there have been some changes in the core team, including the departure of the Product Director and the Game Economic Model Design Director, which may have impacted the game’s development and delivery. Other experts deeply rooted in the gaming industry have taken over their responsibilities. Furthermore, as Big Time Studios operates entirely remotely worldwide, this could impact the timely delivery of the game.

Financially, Big Time has raised over $90 million through primary market financing and NFT sales, sufficient to support the development of a AAA game. Post-launch, the project team can continue to fund operations sustainably through the sale of in-game resources.

Regarding the core mechanics, Big Time fundamentally mirrors the character and growth design of established MMORPGs, but its free job change system significantly enriches the gaming experience. However, this also demands balancing adjustments from the game team, as a low threshold for job changes means that if one profession is particularly powerful, it could squeeze out the space for other professions, affecting the playability of the game.

Economically, Big Time’s design is ingenious, ensuring a stable yet flexible in-game economic cycle and a rich gaming experience for both free and paying players. However, this economic model requires players to strategically allocate in-game resources and find their suitable roles in the game.

From a gameplay perspective, the game already has a certain level of playability, but future iterations are needed to improve visual presentation and gameplay mechanics.

Regarding entry barriers, the game’s hardware requirements are not particularly demanding, but players need to meet specific criteria to participate in the preseason.

Looking at the project’s development, the game’s operation and development pace are slower than expected, but it has already attracted a core group of highly engaged players. Once Big Time opens without any entry barriers, it may attract more players.

In terms of market trends, since entering the bear market, although the number of players and transaction volume in blockchain gaming have decreased, the core group of players remains highly engaged, and the overall development of the sector is not significantly affected. Many new games are still in development and operation. Once the overall macroeconomic environment improves, the blockchain gaming sector still has potential. Based on the different types and development stages of blockchain gaming, games like Big Time, which partly blockchainize core assets and are rooted in Web2 gaming with sufficient development and operational capabilities, are likely to have greater potential for future growth.

1. Basic Overview

1.1 Project Introduction

Big Time is a large-scale MMORPG built on Ethereum, currently in the beta testing phase, and has developed the basic structure of an MMORPG and a conceptual economic mechanism.

1.2 Basic Information

2. Project Details

2.1 Team

According to the official website, the core team of Big Time currently consists of 38 members, while LinkedIn reveals a total of 89 employees, indicating an increase of 22 staff since the initial report in early 2022. From its inception, Big Time has recruited an all-star team of seasoned professionals from top gaming companies such as Epic Games, Blizzard, EA, and Riot.

Key team member profiles and changes are as follows:

Ari Meilich, CEO, former co-founder and CEO of Decentraland, served as a market research analyst at Silicon Valley venture capital fund Charles River Ventures, and founded the big data company Benchrise, serving as CEO. He has extensive experience in venture capital and data analysis.

Matt Tonks, CTO, served as the lead programmer for COR Project from Jan 2004 to May 2005; a software engineer at Electronic Arts from May 2005 to Oct 2007; a senior AI programmer at Epic Games from Oct 2007 to Jul 2012; Technical Director at Drifter Entertainment from Jan 2016 to Aug 2020; and has been a co-founder of BitMonster since Mar 2012. With 18 years in the gaming industry, Tonks has extensive experience in game development.

Thor Alexander, CPO, served as Director of Development at Epic Games from Apr 1999 to Dec 2006; founder and editor of MMP Game Development from Oct 2002 to Feb 2005; Director of Product Management at Metaplace, Inc. from Dec 2006 to Nov 2008; Executive Producer at Zynga from Nov 2008 to Dec 2011; founder and CEO of Lucky Puppy, LLC from Mar 2012 to Aug 2017; Vice President of Product at Decentraland from Nov 2018 to Apr 2020. With over 25 years of experience in traditional gaming and multiple successful projects, Alexander is an industry OG. He likely left Big Time as his profile is no longer on the official website, with Brian Chu taking over his responsibilities.

Brian Chu, Head of Product Management, entered the gaming industry in 2007 as a developer marketing intern at Salesforce. In 2008, he joined Deloitte Consulting as a senior consultant, advising companies in interactive entertainment, software, and mobile information. He became the chief product manager for CityVille at Zynga in 2009, Vice President of Product at Identified in 2012, and joined Blizzard Entertainment in 2013 as Global Brand Management Director, responsible for global brand marketing strategies, budgets, and execution for Heroes of the Storm and StarCraft II. In 2016, he became Product Director at Rocket Games, which was acquired by Penn Interactive Ventures in April 2017. He joined EA as Product Management Director in 2017 and Epic Games in the same role in 2019. In April 2022, Chu joined Big Time as Head of Product Management.

Michael Migliero, CMO, was a Product Marketing Assistant at Akamai Technologies from 2007 to 2008; co-founder and CEO of Fractional Media (an advertising services company) from Dec 2012 to May 2018; and DSP Director at Machine Zone (MZ) from May 2015 to May 2018.

Ken Harsha, Chief Animator and Creative Director, has over 31 years of experience in special effects animation, TV animation, and gaming. He has held various roles, including Art Director, Production Designer, Director, Writer, Story Artist, Storyboard Artist, and Visual Development Artist, and is highly respected in the U.S. entertainment industry. Harsha has worked on projects with Disney, DreamWorks, Warner Brothers, and provided art direction for several Call of Duty series games. He has served as Art Director, Producer, Production Designer, and Film Director at Electronic Arts for over five years and managed Treyarch’s concept art department for over eight years.

Daniel Paez, Director of Game Economic Model Design, worked in various roles from 2009 to 2015, including Product Manager at VisusTV, Industrial Engineer at IBM Brasil, Client Manager at Transcend Information, and Business Development Manager at Gresso Miami, mainly focusing on enterprise products. He was an Apple SPO Specialist from 2015 to June 2015, Pricing Manager and Publishing Intelligence Manager at Blizzard Entertainment from June 2015 to Dec 2020, and Senior Manager of Commercial Finance and Operations at Activision from Dec 2020 to Aug 2021. Besides his role at Big Time, Paez also served as Director of Game Economic Model Design at Worldspark Studios. According to LinkedIn, he left the position in Feb 2022 and was succeeded by Khaled Alroumi as Director of Game Monetization and Economy.

Khaled Alroumi, Director of Game Monetization and Economy, entered the gaming industry in 2010 and co-founded several gaming companies in

Kuwait and Dubai, developing the game “War Front: Tolia’s War”. In 2021, Alroumi joined the blockchain game Illuvium as a game systems and economy designer. He joined Big Time in Sep 2022 and has been serving as the Director of Game Monetization and Economy since then.

Aaron Smith, Art Director, previously worked at Rogue Entertainment, Nerve Software, Epic Games, and is a co-founder and game artist at Bitmonster, Inc. Smith, an artist with over 20 years in the gaming industry, specializes in concept art, 3D character, and environment modeling, with over 17 years of experience with Unreal Engine.

Martin Sweitzer, Chief Engineer, served as a software developer at Trilogy from Jun 1998 to May 2000; a programmer at Sony Online Entertainment from Nov 2000 to Oct 2001; a founder of Sigil Games Online from Jan 2002 to Jun 2004; and a senior game programmer at BrickHouse Games, Epic Games, and Squanch Games from 2004 to 2017, besides being a co-founder of Bitmonster, Inc. With over 20 years of experience in game development, Sweitzer is a veteran in the industry.

TJ Stamm, Chief Designer, began his career in the gaming industry around 2000, holding designer positions at Electronic Arts, Infinity Ward, and others, responsible for various roles including producer, designer, and artist. During his six years at Infinity Ward, he mainly worked on weapon design and game balancing for the Call of Duty: Modern Warfare and Infinite Warfare series.

Cedric Fleury, Chief Designer, started in the gaming industry in 2006, working as a level designer for games including Wolfenstein at Threewave, EA, and SE. In 2016, he joined Ubisoft, contributing to the development of Farcry 4, mainly responsible for the open-world environment design of the entire game. He then served as a senior level designer on various projects at WB Game and EA. In May 2022, Fleury joined Big Time as Chief Designer.

The CEO of the Big Time project is Ari Meilich, also the former co-founder and CEO of Decentraland. In addition to Meilich, most team members have extensive industry experience in traditional gaming, with backgrounds in major companies. The team’s portfolio includes professional game development experience and involvement in top-tier games like League of Legends, Fortnite, God of War, Call of Duty, and Overwatch. Since the first report in May 2022, there have been few changes in Big Time’s core team members, but the departure of the Product Director and the Director of Game Economic Model Design may have impacted the game’s development and delivery, with other gaming industry experts taking over. Additionally, as Big Time Studios operates entirely remotely on a global scale, this may also affect the game’s development.

2.2 Finance

2.2.1 Fundraising Part

On May 12, 2021, Big Time Studios announced the completion of a $21 million fundraising round, which was divided into two parts. The first part, amounting to $10.3 million, was led by FBG Capital with participation from North Island Ventures, Digital Currency Group, DFG, OKEx Blockdream Ventures, Alameda Research, LD Capital, YBB Foundation, Circle Financial, and Sound Ventures, founded by Ashton Kutcher. In addition, Big Time Studio also completed a round of fundraising amounting to $11 million, which will be used to invest in game companies willing to employ the related NFT technology.

2.2.2 NFT Sales Part

Apart from fundraising, Big Time also generated substantial revenue through several in-game NFT item sales events. The details are as follows:

1) First Sale on Binance NFT Market

On July 22, 2021, Big Time made its first NFT Drop on the Binance NFT Market. This event was divided into four parts, as shown in Table 2-1:

Table 2-1 First Sale Situation on Binance NFT Market

In summary, Big Time’s first sales event on the Binance NFT marketplace was a complete sell-out, with the total value of NFTs sold amounting to $667,160.

2) Binance NFT Marketplace Sale Part 2

On August 13, 2021, Big Time launched the second round of sales on the Binance NFT marketplace. This event was mainly divided into two parts, as shown in:

Table 2-2: Binance NFT Marketplace Sale Part 2 Details.

In summary, based on the information available, Big Time’s second round of sales on the Binance NFT marketplace amounted to approximately $2,905,200 in NFT value.

3) SPACE NFT Sales

On December 21, 2021, Big Time launched the sale of SPACE NFTs.

Table 2-2 SPACE NFT Market Sales Situation (December 2021)

SPACE NFTs are components of individual personal metaverses within Big Time, equivalent to “land” in other metaverse projects. SPACE NFTs come in various sizes and rarities. The rarer and larger the SPACE, the more functions it can support.

This is the first sale of SPACE NFTs, where the team will offer 60,000 SPACE NFTs for sale, representing 10% of their total supply. The details are as follows:

Figure 2-1 SPACE NFT Sales Details

Combining the two tables in the above Figure 2-1, we can calculate that Big Time sold a total of $38,148,000 worth of SPACE NFTs in their initial SPACE NFT sale.

4) Mystery Gift Box Sales

Table 2-3 Mystery Gift Box Market Sales (February 2022)

On February 17, 2022, Big Time launched a Mystery Box sale event on the Binance NFT marketplace. In this sale, a total of 25,000 Mystery Boxes were offered. Each box had the chance to drop one of six different types of animated postcards, with a smaller probability of dropping an ultra-rare postcard. Additionally, the Mystery Boxes had a chance to drop a VIP pass for early access.

For this sale, each Mystery Box was priced at 25 BUSD, amounting to a total value of $625,000.

5) Exalted SPACE Flash Sale

Table 2-4: Sales Situation in the Exalted SPACE NFT Market

On March 24, 2022, Big Time launched its Exalted SPACE NFT sale event.

Figure 2-2 Exalted SPACE Sale Details

In this Exalted SPACE sale event, Big Time sold a total of 3,000 Exalted SPACE NFTs (accounting for 0.5% of the total SPACE NFTs) and 12,000 Mythic SPACE NFTs (accounting for 2% of the total SPACE NFTs), as shown in the image above (right).

The selling price for each Mythic SPACE NFT increased from $36 to $691 compared to the previous SPACE NFT sale event held on December 21, 2021; the price for Exalted SPACE NFTs even soared from $1,066 to $11,381. Such dramatic increases drew criticism from some community members, but it did not hinder the popularity of Big Time.

However, the team did not disclose the specific number of large, medium, and small-sized SPACE NFTs sold in this Exalted SPACE sale event. Therefore, it’s difficult to calculate the total funds raised in this event.

Comparing the scale and pricing of this SPACE NFT sale event to the previous one, the editor conservatively estimates that if all SPACE NFTs were sold, the team would have raised at least $30 million. This is for reference only.

6) Open Loot Mystery Gift Box Holiday Sale (Christmas and Spring Festival Holidays)

Table 2-5 Market Sales Situation of Open Loot Mystery Gift Box Holiday Sale (Christmas and Spring Festival Holidays)

In its two holiday special sales events, Big Time sold 4,500 and 7,388 mystery gift boxes respectively on Open Loot. These gift boxes contain three types of functional NFTs (Utility Collectibles) for use in SPACE: the Armory, the Forges, and the Time Keeper, with proportions of 45%, 45%, and 10% respectively. The Time Keeper is used to create Hourglass components, which are used to generate BIGTIME tokens. The Armory and Forges use BIGTIME tokens to create skin-type NFTs, which can later be traded on Open Loot.

Each Christmas holiday mystery gift box can yield three functional NFTs, while the Spring Festival holiday boxes will only contain two, but the drop rate for the Armory, Forges, and Time Keeper has been uniformly adjusted to 33.3%. Additionally, the drop rate for high-rarity functional NFTs in the Christmas boxes is significantly higher than in the Spring Festival boxes.

The Christmas holiday mystery gift boxes are priced at $49.99 USD each, and the Spring Festival holiday boxes at $39.99 USD. Customers can purchase up to 100 boxes at a time, and selling all the boxes could bring the team nearly $520,000 in revenue.

7) Game Guild Subscriptions

Currently, Big Time has established partnerships with over 20 gaming guilds, including YieldGuild, Merit Circle, Avocado Guild, Loudgg, Neo Tokyo, Black Pool, Polkastarter, YGG Sea, ReadyPlayerDAO, 3D Gamers Guild DAO, and most of these guilds have purchased corresponding NFT assets in the Big Time game. However, most guilds have not disclosed specific amounts, so the exact sales figures remain unknown. Additionally, the Web3 community OpenDAO has also partnered with Big Time, purchasing over $5 million worth of SPACE.

In summary, since its inception, Big Time’s various NFT sales activities have conservatively generated around $72,865,761 in revenue (unofficial figures, actual figures could be higher, as there are community claims of Big Time making hundreds of millions from these sales, though unconfirmed).

Including the $21 million previously raised in funding, Big Time’s treasury, without considering expenses, totals approximately $93.87 million. Even considering the normal development costs of AAA games in the industry, which often run into tens or even hundreds of millions of dollars, Big Time’s financial situation seems quite robust, enough to support development and operations for a considerable length of time in its early stages.

2.3 Code

Big Time is built on Ethereum and uses Procedurally Generated Goodness technology to expand its off-chain scale. Its framework is similar to most blockchain games, where game assets are on the blockchain, but the game itself runs on off-chain servers. The codebase is not open source.

2.4 Product

Big Time is a massively multiplayer online role-playing game (MMORPG) inspired by time travel.

As a subcategory of RPG games, MMORPGs should first satisfy several core elements of RPG games:

1) Character Element: Players choose or role-play a character, defining their abilities and attributes.

2) Interaction Element: The game typically includes combat, quest, NPC, map, and loot systems that interact with player actions.

3) Growth Element: Key to RPGs, growth elements are divided into internal mechanisms (like levels and skills, which players improve through combat and exploration without external resources) and external mechanisms (like equipment and items, obtained through resources like gold). A well-designed RPG balances these two for a smooth gaming experience.

What sets MMORPGs apart is the emphasis on two-way interaction, unlike the one-directional experience of other RPG types. For example, Japanese RPGs focus on guiding players through a main storyline, often with a single or a few clear paths to different endings. American RPGs, inspired by Table RPGs like Dungeons & Dragons, weaken the main storyline’s influence, incorporating more random elements to emphasize the player’s impact on the game. These games offer a variety of endings based on player actions.

MMORPGs, following the American RPG style, focus on player interaction with game elements and other players, resembling online social games. They usually have a short introductory story to establish the world view but do not set a definitive “end” to the game, with the main experience built on player interactions.

Below, we’ll first introduce the game’s world-setting and then analyze its core elements and gameplay mechanics.

2.4.1 Big Time Game Story Background

Note: This section introduces the game’s story background and is not a focal point. Readers uninterested in this aspect can skip it.

Every MMORPG has its unique background and storyline, and Big Time is no exception. Set in the future, a mysterious force threatens the balance of the universe, distorting time and causing different eras to collide. Survivors seek refuge in BIGTIME’S END, a place known as the end of time.

Figure 2-3: Big Time Game Characters

Currently, there are four character classes in the Big Time game, as shown in Figure 2-3:

1. Time Warrior: Specialized in close combat, suitable for tanking. Signature skills include Whirlwind Slash and Invincible Roar.

2. Chronomancer: A long-range mage capable of dealing area damage. Signature skills include Fireball, Blizzard, and Time Stop.

3. Shadowblade: Possesses high-speed movement and stealth abilities, ideal for single-target damage. Signature skills include Stealth, Backstab, and Bomb Trap.

4. Quantum Fixer: Similar to a priest, capable of healing teammates and serving as support. Signature skills include Healing, Summon Turret, and Energy Restoration.

Big Time’s four classes are based on the traditional Western RPG archetype of “tank, mage, healer, and rogue,” making it easier for players to quickly adapt to the game’s mechanics and choose their preferred playstyle. Additionally, Big Time introduces a class-switching mechanism. Players can use “Pocket Watches” items from different classes to switch to a different class during the game. Furthermore, after the v0.26 update, when players reach level 30, they can choose to switch to two new classes: Techblade and Battlemancer. These classes offer entirely new skill sets, with Techblade combining tank and mage characteristics, while Battlemancer combines assassin and priest roles.

Regarding character progression, the internal growth system includes leveling up and skill points. In Big Time, players gain attribute points and skill points with each level-up. Attribute points enhance the character’s base attributes, allowing them to equip better weapons and gear, similar to traditional RPG gameplay. Skill points include active skills related to the chosen class and general talents that are class-independent and remain effective throughout the game.

Figure 2-4: Upgrade Skill Point System

The current optional external growth mechanisms include the equipment system and the item system.

Figure 2-5: Equipment and Item System

The equipment system currently includes gears, armor, shields, weapons, jewelry, and backpacks. Gear items can be equipped on the watch to grant players additional abilities or item rewards. Weapons are directly equipped by players, and there are currently various weapon types available, including two-handed axes, one-handed hammers, two-handed hammers, one-handed swords, two-handed swords, dual swords, and two-handed staffs, among others. The weapons that players can equip are tied to their character class, level, and base attributes. Weapons can enhance the player’s base attributes and have a mutual restraint relationship with the defense type of the target. Armor consists of five parts: helmet, shoulder armor, chest armor, gloves, and leggings. Additionally, there are shields and jewelry. Similar to weapons, these equipment items can also enhance the player’s base attributes. The backpack is used to store player items, providing additional inventory slots to assist players in the game.

The equipment system currently includes rarity and skin mechanisms. Equipment with higher rarity often has a higher attribute bonus limit. The skin system is similar to the fashion mechanism in DNF and can be crafted in the Armory and Forges in SPACE. It does not affect the attributes of the equipment itself, and players can equip the skins they currently own in the collection section above the UI. These equipment items or skins can be obtained through monster hunting, synthesis, participating in activities, or purchasing corresponding packages. Skin-type NFTs can be traded as NFTs on Open Loot. We will provide more specific information about the equipment forging mechanism in the NFT and SPACE sections.

In terms of the item system, the game sets up many items, including energy potions, health potions, teammate teleportation potions, town teleportation scrolls, and life trees. These items can generally meet the player’s needs for replenishing character resources and quick movement and are often obtained as loot drops from monsters.

From the perspective of character elements and growth elements, Big Time has basically drawn on the character and growth designs of mature MMORPGs. However, its free job change system will greatly enrich the player’s gaming experience. But this also poses requirements for the game team’s balance adjustments because a lower job change threshold means that if the abilities of a certain profession stand out in the future, it will squeeze the survival space of other professions, thereby affecting the game’s playability.

2.4.3 Interactive Elements

The core gameplay mechanics of a game can be distilled into its interactive elements. Currently, in games, the objects that can be interacted with include plot, maps, scenes, and players. Both paying and non-paying players generally experience the same game content in terms of character roles and growth elements. However, in the aspect of interactive elements, paying players can enjoy a richer gaming experience.

In version v0.27, players will explore an entire map featuring towns, forests, swamps, snow mountains, towers, dungeons, and other elements. Interactive objects include NPCs, monsters, ores, portals, and other players.

Figure 2-6: BigTime Game Map

Figure 2-7: Interactive Elements

Players can interact with NPCs to trade items, learn skills, initiate plotlines, and accept quests. Monsters and ores mainly correspond to the game’s combat and gathering mechanics. Players can execute combo attacks with the left and right mouse buttons or use numeric keys to release corresponding skills or items to attack enemies.

Figure 2-8: Dungeon Portal

Portals primarily relate to the game’s dungeon mechanics. Each dungeon has a maximum capacity of six players and suggests a recommended level. After completing mini-tasks in a team, players can enter the final Boss room. Defeating the Boss yields rich rewards. In subsequent official versions, the dungeons will offer prizes like pocket watches, gold coins, Time Crystals, BIGTIME tokens, equipment, skin fragments, luck enhancement chips, NFTs, and more. Besides regular portals, there are high-reward ‘Glory Portals’ that significantly increase the drop rate of rare items. To enter these, players must meet entry requirements related to skin-class NFTs, which might include type, theme, season, color, etc., and pay an entry fee with BIGTIME tokens or Time Crystals. Additionally, players can use the lucky wheel slot to provide extra bonuses for these high-reward dungeons.

The current in-game interaction mechanisms with other players include teaming up, player emoticons, and chat features. Functions like friends and guilds are expected to be available in later version updates.

2.4.4 Resource Elements

To the left of the main UI map at the top right corner of the game, three types of resource elements are displayed: gold coins, Time Crystals, and BIGTIME tokens. Gold coins can be obtained through activities like defeating monsters, completing quests, trading loot, or mining. They are used to purchase ordinary equipment and items in the game.

Time Crystals are the primary in-game currency, hard to obtain through normal gameplay. Players mostly buy them from Big Time through Open loot. Time Crystals are not blockchain assets; once purchased, they are bound to the account and cannot be traded in the market. The current pricing is around $5 for 500 Time Crystals and approximately $100 for 13,500 Time Crystals. They are mainly used to activate various functional NFTs and require payment in Time Crystals when using the armory, forge, and Time Guard. Besides, Time Crystals can also purchase auxiliary items, such as extra time hourglass equipment slots or pay certain Prestige Portal entry fees.

BIGTIME tokens are the most crucial core asset in the game, representing the final link in the entire game’s economic mechanism. We will introduce this token in section 2.4.7.

In addition to the three resource elements visible in the UI, there are four more crucial resources related to functional NFTs in the game: Cosmetic Shards, Workshop Mod Chips, Prestige Portal Mod Chips, and Cosmetic Scraps. Workshop Mod Chips and Prestige Portal Mod Chips, collectively known as Bonus Roll Chips, drop during game activities. They are non-blockchain assets and thus non-tradable, mainly used for exchanging functional NFTs and for the Prestige Portal’s lucky spin.

images 2-9 show Workshop Mod Chips and Prestige Portal Mod Chips

These four resources drop from monsters in instances. Cosmetic Shards are primarily used to synthesize refined shards, which then go into creating or upgrading skin-class NFTs in the Armory or Forge. As seasonal drops, new Cosmetic Shards are released each season for crafting that season’s skin NFTs. Workshop Mod Chips are mainly for exchanging functional NFTs and purchasing the functional NFTs’ Bonus Roll. Prestige Portal Mod Chips are primarily for exchanging for the Prestige Portal’s lucky spin. Cosmetic Scraps, mostly obtained by destroying skin-class NFTs, are mainly used to exchange for Workshop Mod Chips and Prestige Portal Mod Chips.

2.4.5 NFTs in Gaming

In the game, there are two types of NFTs. One is the skin-type NFT, previously mentioned in the equipment section, and the other is the functional NFT. The distinction between them lies in their purpose: skin-type NFTs are products, enhancing the player’s gaming experience by improving the audio-visual presentation of in-game items like armor and weapons, signifying the player’s status. Players owning skin-type NFTs gain access to exclusive scenes or ‘Glory Portals’, experiencing unique content. To maintain game balance, skin-type NFTs do not affect the original game stats of the items. Conversely, functional NFTs are primarily used to produce skin-type NFTs and BIGTIME tokens, sustaining the game’s economic cycle.

Skin-type NFTs are categorized into two: craftable and non-craftable. The former can be created using functional NFTs, while the latter are obtained randomly during gameplay. Currently, there are three types of functional NFTs: Forges, Armory, and Time Wardens. All three can only be utilized after being linked to a personal metaverse SPACE. In the Forges and Armory, players must invest resources like BIGTIME tokens, Time Crystals, and skin fragments to create and upgrade skin-type NFTs. Three lower-rarity craftable skin-type NFTs can be exchanged for a higher-tier craftable skin NFT, which will be a crucial element in future seasonal competitions.

The Time Wardens is the most complex functional NFT, used for producing BIGTIME tokens. Players must first invest Time Crystals to create Time Hourglasses. By equipping and charging these Hourglasses with Time Crystals, BIGTIME tokens are generated. Note that Time Hourglasses are consumable, and once depleted, they must be recharged using Time Crystals in the Time Wardens to continue producing tokens.

Every action within a functional NFT, including refining, creating, and upgrading skin-type NFTs, allows the use of a Lucky Wheel, obtained via Workshop Chips. This wheel, in a lottery-style mechanism, provides additional bonuses to the action. The level of the functional NFT determines the available slots on the Lucky Wheel, and multiple different wheel bonuses can be stacked in one action. All activities in functional NFTs also earn experience points, which, upon reaching an upgrade threshold, allows for NFT upgrades using Time Crystals. Upgraded functional NFTs offer higher production efficiency, additional Lucky Wheel slots, and bonus effects.

Besides these features, functional NFTs come in different types, each with a unique color classification and special bonus type. The type of functional NFT also correlates with its rarity, with the top three rarities being exclusively of the Triumph type.

Currently, there are ten types of Forge, each with specific bonuses:

Figure 2-10: Forge Max Issuance, Rarity & Types

The Armory currently also has 10 types:

Figure 2-11: Armory Max Issuance, Rarity & Types

Different from the Forges and Armory, the Time Wardens currently only has 4 types:

Figure 2-12: Maximum Supply of Different Types and Rarities of Time Wardens

In addition to the individual bonuses each functional NFT offers, players can also gain set bonuses based on the types of functional NFTs present in SPACE. These set bonuses are similar to individual bonuses and can be stacked. Red increases the speed of crafting and refining, blue reduces the BIGTIME consumption during crafting and refining, and green adds extra slots to the lucky spin wheel.

The officials emphasize that all functional NFTs will have a fixed and unchangeable issuance number. However, new skin-type NFTs will be introduced seasonally, with the maximum issuance number for each season’s skin-type NFTs determined at the start of the season.

2.4.6 SPACE

SPACE is a key game element that differentiates between paying and free players, similar to the concept of “land” in other metaverse games. In the game, players can summon their personal metaverse portal on the map by pressing a specific button and then enter it. Both free and paying players can have their personal metaverses, but only those with SPACE can perform special operations within its expanded area.

Image 2-13 Personal SPACE Portal

Currently, SPACE has four functions:

Expanding personal metaverse. Designed like building blocks, each SPACE has an entrance and multiple exits. Players must first use the entrance to create their personal metaverse, then connect to other SPACES or functional NFTs (Armories, Forge, and Time Wardens) through the exits. Different sizes of SPACE have varying numbers of exits.

Image 2-14 Inside SPACE

2）Using functional NFTs. Armories, Forge, and Time Wardens can only be used when connected via SPACE.

3）Placing skin-type NFTs. Players can display or customize the skin-type NFTs they acquire during the game in their personal metaverse.

4）Acquiring Cracked Hourglasses. These can be used to produce the game token BIGTIME on a one-time basis.

5）Integrating social features. Players can invite others to visit their personal metaverse and interact.

Currently, SPACE can only be obtained by purchase. Different sizes and rarities of SPACE have a fixed maximum issuance:

Image 2-15 Maximum Issuance of SPACE of Different Rarities and Sizes

The size of SPACE affects the number of exits, influencing the number of components it can connect to. Apart from the Exalted rarity, SPACE comes in three sizes: small, medium, and large, with 2, 3, and 5 exits, respectively. Exalted rarity SPACE has one more exit than other rarities.

Besides influencing the number of exits, rarity also limits which functional NFTs can be connected and used on SPACE. Higher rarity functional NFTs can only be connected and used on SPACE of corresponding rarity. Additionally, the rarity of SPACE affects the rarity and drop rate of Cracked Hourglasses, while its size impacts the quantity dropped, thereby affecting BIGTIME token supply.

In the future, Big Time will introduce a SPACE rental system, allowing more players to experience the richer content SPACE offers.

2.4.7 Game Economic Mechanism

The game economy of Big Time revolves around the BIGTIME token.

The primary uses of BIGTIME tokens are:

1）For refining or crafting and upgrading skin-type NFTs in the Forge and Armories.

2）To pay the entrance fee for Glory Portals.

There are 5,000,000,000 BIGTIME tokens, theoretically generated entirely in-game through gameplay, not by issuance, and without any token sales to investors.

Specific methods of acquisition include:

1）Random drops of Cracked Hourglasses in personal metaverse SPACE, used as one-time items to produce BIGTIME tokens. These, like Time Crystals, are non-blockchain assets bound to player accounts and non-tradable.

2）By spending Time Crystals in functional NFT Time Wardens to create Hourglasses, then equipping and charging them with more Time Crystals to produce BIGTIME tokens.

3）Purchasing already produced BIGTIME tokens from the market or receiving them via team airdrops.

The mechanism of BIGTIME production ensures that its supply is mostly related to the distribution of in-game resources, providing stability and flexibility to the game’s economic model. As producers of in-game BIGTIME, the direct resources required are Hourglasses and Time Crystals. The fixed USD pricing of Time Crystals ensures stability in the game’s economy, reducing token supply when BIGTIME output falls below costs. Market-driven Hourglass prices link BIGTIME output to market activity, i.e., actual player demand, adding flexibility to the game economy.

In addition to the BIGTIME token, assets that can be traded on Open Loot include skin fragments, SPACE NFT, decorative NFTs, and functional NFTs. Thus, there are two main pathways for participating in the complete economic cycle within Big Time:

1) Defeat monsters, play instances to obtain skin fragments, and trade them on the market.

2) Defeat monsters, play instances to acquire non-craftable skin NFTs, and then trade them on the market.

These are the two pathways for free-to-play players to participate in the game’s economic cycle. Due to the lower drop rates of NFTs and rare resources in regular instances, free-to-play players need to invest significant time and effort. Trading skin fragments will be one of the few ways these players can actively participate in the full economic cycle of the game. However, since blockchain assets do not significantly impact game balance, free-to-play players can still enjoy most of the game’s content without involving these assets.

For paying players, how to engage in the game’s economic cycle is more strategic. Deciding the ratio of investing time crystals, BIGTIME tokens, and skin fragments, and using SPACE and functional NFTs to produce more skin NFTs and BIGTIME tokens for trading becomes crucial. Additionally, mechanisms like the ‘Glory Portal’ enrich the gaming experience for paying players, increasing their engagement in the game.

Overall, Big Time’s economic mechanism is ingeniously designed. It ensures a stable yet flexible in-game economic cycle, providing a rich gaming experience for both free-to-play and paying players. However, this system demands strategic resource allocation from players, requiring investment to find their optimal in-game role.

2.4.8 Airdrops

Big Time will airdrop to early NFT purchasers and early game participants to thank them for their support. There are two types of airdrops: one is a mystery gift box airdrop totaling 153,000 boxes, each containing a functional NFT with different drop rates based on rarity. The more and higher rarity NFTs a user has in their account, or the more game tasks and instances completed, the higher the value of airdrop they can receive.

The other type is a BIGTIME token airdrop. According to the current plan, the total token airdrop will be 2.6% of the total supply, which is 130,000,000 BIGTIME. In the preseason, 97,500,000 BIGTIME tokens will be airdropped, with the remainder used for other airdrops and marketing plans. These airdrops will occur at the end of the first three months of preseason, based on the real-time ranking of points in each user’s account. Points are calculated based on:

1) In-game leveling. Higher levels yield more points.

2) Using functional NFTs. Points can be earned by refining cosmetic fragments, crafting cosmetics, creating and charging hourglasses, and dismantling broken hourglasses.

3) Participating in the Glory Portal.

4) Inviting friends. Inviters receive 50% of the points earned by the invitees.

Simply put, the more a player engages in Big Time and the more collectibles they own, the higher their chances of receiving an airdrop and the richer the rewards. However, the specific details of the airdrop may be fine-tuned by the Big Time team in the future.

2.4.9 Seasonal Competitions and Rewards

After its public beta, Big Time will update major versions every 90 days, each season including:

1) A fixed number of new skin NFTs, both craftable and non-craftable.

2) New seasonal skin fragments and refined skin fragments.

3) New special events and game content.

In addition, each season will feature a skin NFT synthesis competition, the ‘Unparalleled Challenge Race’. In each season, there will be only one Unparalleled rarity skin NFT. The first player to craft this unique skin NFT wins the competition. Crafting an Unparalleled rarity skin requires 19,683 common future rarity skins. Big Time may introduce more events to encourage player or guild participation in this competition.

2.4.10 Game Experience

• Game Configuration

Since Big Time aims to match traditional AAA titles in design, it requires certain hardware specifications, currently as follows:

• Graphics Card: GeForce GTX 1060 / Radeon Rx 580 or higher

• Memory: 8GB RAM

• API Interface: DirectX 11 or higher

• Processor: Intel core i5 4430/ AMD FX 6300

• Storage Space: 23GB

Note: These specifications may adjust with ongoing game development.

Currently, although Big Time cannot yet be compared with the AAA games from traditional major studios, when looking specifically at the blockchain gaming track, Big Time far surpasses the hastily made blockchain games currently on the market in terms of game graphics, gameplay, sound effects, and systems. It reaches the level of a qualified independent game in the traditional gaming field.

However, due to Big Time’s certain system requirements and the need for skilled operation, the game inevitably limits the participation of some groups of people due to its demand for considerable time and effort. Therefore, the core issue is whether the game can successfully “break out” of its niche. This depends on factors like the game’s appeal, the built-in economic incentives, and their ability to attract both blockchain and traditional gamers.

Game Experience:

From the overall game testing results, version v0.27 of Big Time already shows the embryonic form of an MMORPG. Firstly, the gameplay mechanics are established, but not all systems, such as tokens and guilds, are fully implemented in the current beta testing. These are expected in future updates. Currently, players can smoothly experience dungeons and main storyline challenges, which are mostly up to standard.

In terms of audio-visual performance, the game generally meets expectations. The graphics are slightly better than anticipated, but the overall color scheme is somewhat monotonous and lacks variety, which can lead to a feeling of fatigue after extended play. For a comprehensive experience of the current version’s content, players need over 30 hours. The game’s content is moderately sized, with more storylines and dungeons planned for future updates.

Payment System:

To purchase NFT assets on Big Time, players only need to log in through their Google account on the official Big Time page, then link a phone number or Google Authenticator, and finally link a bank account or add USDC to make purchases. Experienced users can also create a new cryptocurrency wallet for transactions. Note that the Big Time Marketplace currently only supports USDC payments, with plans to include ETH in the future.

The NFT purchasing process in Big Time is user-friendly, lowering the entry barrier significantly. It’s important to note that for major deposits (over $2,000 within 24 hours) or any withdrawals on the Open Loot NFT marketplace, KYC verification is required, and currently, one KYC verification can only be linked to one account.

2.5 Technology

2.5.1 Procedural Content Generation:

Big Time is built on Ethereum and uses Procedural Content Generation (PCG) to expand its off-chain scale.

PCG involves inputting feature parameters and basic materials, then using a series of customized (or somewhat random) algorithms to generate large amounts of game content in real-time or offline. As game developers increasingly embrace industrialization, PCG has become mainstream in recent years. PCG has several advantages in game production:

1) It significantly speeds up the production of game assets, reduces costs, and has a low error rate, which is crucial for optimizing control over outsourced large-scale game projects.

2) The vast quantity of resources generated by PCG allows for considerable innovation in gameplay, continually generating random content to inspire game designers’ creativity.

3) It enables real-time dynamic generation of unlimited new content within limited disk space, saving space and allowing players to repeatedly enjoy new auto-generated levels. It can also perform offline calculations, optimizing game performance and offering players vast spaces for exploration.

Many popular traditional PC games, such as “EVE,” “Horizon: Zero Dawn,” “Red Dead Redemption,” “Far Cry,” “GTA,” “Minecraft,” and others, are built using PCG technology at their core.

Big Time, through PCG technology, has constructed a vast game world for players, enhancing the game’s fun and playability, and extending its exploration period.

2.5.2 Vault Technology

In Big Time, one of the most groundbreaking components integrated is its patented Vault technology. According to the team, Vault technology can help users reduce the management of external wallets, self-custody assets, and avoid expensive on-chain transactions. Players can enjoy benefits like instant transaction settlement without having to set up and manage their own cryptocurrency wallets or spend on network fees. This is primarily achieved because the team stores Big Time’s game items in its off-chain Vault storage system.

In simpler terms, Big Time uses Vault technology to create a private database.

Through Vault, Big Time records the items created or purchased in its own database. Technically, Big Time doesn’t automatically mint NFTs on the blockchain. NFTs and regular items coexist, thus maintaining lower transaction costs. On the other hand, players can transfer assets from off-chain to on-chain at any time.

Moreover, Ari Meilich, CEO of Big Time, pointed out that if there’s sufficient demand for Big Time, the studio will design new ways for players to extract their assets and transfer them to any desired blockchain. This could mean that Big Time’s SPACE NFTs might soon become cross-chain assets.

Summary:

From a team perspective, the Big Time team has a solid background in gaming and crypto, with core members having experience in developing major games or working in large gaming companies. However, there have been some changes in the core team members since the first research report in May 2022. The departure of the product director and the game economy model design director may have affected the game’s development and delivery, with other gaming industry experts taking over subsequent work. Additionally, since Big Time Studios is a fully remote gaming studio globally, this also impacts the timely delivery of the game.

Financially, Big Time has raised over $90 million through primary market financing and NFT sales, enough to support the development of a AAA game. After the game’s launch, the project team can continue sustainable operations through the sale of game resources.

Regarding the game’s core mechanics, Big Time essentially borrows from the role and growth design of mature MMORPGs. Its unique free profession change system significantly enriches the player experience. However, this also poses demands on the game team’s balance adjustments, as lower barriers to changing professions mean that if one profession is particularly powerful, it could squeeze out the space for other professions, affecting the game’s playability.

In terms of economic mechanics, Big Time’s design is ingenious, ensuring a stable yet flexible in-game economic cycle, and enriching the gaming experience for both free and paying players. However, such economic mechanics demand high strategic resource allocation from players, requiring them to invest resources to explore their optimal positioning within the game.

From a gameplay experience perspective, the game is already playable, but it will need more iterations to improve its graphics and gameplay mechanics.

Regarding game accessibility, the hardware requirements currently do not seem high, but players need to meet certain criteria to participate in the preseason.

3.Development

3.1 History

Table 3-1 Big Time Major Events

3.2 Current Status

As of September 1, 2023, Big Time remains in its beta testing phase. The game has been in beta for over a year, and it has been updated to version 0.27. Several major versions have undergone a data wipe during testing. However, due to limited testing qualifications, the actual number of online players in the game is relatively low, resulting in most servers being relatively idle.

3.2.1 Social Media Scale

Table 3-2 Big Time Social Media Data

As of October 9, 2023, Big Time social platform has a significant number of followers and high levels of interaction. The community is actively engaged, with most discussions revolving around the game mechanics. The platform boasts impressive live streaming data, with over 2,000 broadcasters having streamed Big Time gameplay. The total streaming time has exceeded 40,000 hours, surpassing Axie Infinity to become the most streamed Web3 game among broadcasters. Additionally, the total viewing time of the game has exceeded 480,000 hours. It is estimated that the game currently has a core fan base of over a thousand, which is likely to continue growing in the future.

3.3 Future Prospects

Figure 3-1: Big Time Roadmap

Big Time is currently in its beta testing phase. The development focus of the upcoming versions will be primarily on the development of the BIGTIME token and the implementation of functional NFTs. In the future, Big Time plans to update and add more main storyline content to enhance the gaming experience. On October 10, 2023, Big Time is scheduled to launch its preseason version, which is expected to attract a large influx of new players.

Summary:

In terms of project development, the game’s operational and development pace is slower than expected. However, it has already garnered a group of highly dedicated core players. The subsequent versions, which will be open with no barriers to entry, are likely to welcome an even greater number of players.

4. Economic Model

Big Time is set to introduce an in-game token, $BIGTIME. We have discussed the BIGTIME token and the game’s economic mechanism in the product section (Chapter 2), and will not elaborate further here.

5. Market Position

5.1 Current State of the Market

Since the beginning of 2023, the overall performance of the blockchain gaming market has been somewhat disappointing for those who had high expectations for this sector. However, compared to the overall slump in the blockchain market, the blockchain gaming market is still performing relatively well and possesses significant potential for future growth.

Figure 5-1: Unique Active Wallets (UAW) and Transaction Volume in Blockchain Gaming Sector

Figure 5-2: Number of Unique Users in Blockchain Gaming Sector

According to data from DappRader and Footprint, as of September 25, 2023, the number of Unique Active Wallets (UAW) in the blockchain gaming sector over the past year has remained around 800,000. Although this represents a decline of over 30% from the daily average of around 1.2 million during the period covered by Big Time’s first research report, the core players in blockchain gaming have not experienced significant loss. Once the overall market recovers, there is a foundation for the resurgence of the blockchain gaming market.

Figure 5-3: Financing Volume and Amount in the Blockchain Gaming Industry

Figure 5-4: Number of Active Blockchain Games

Despite a noticeable decline in fundraising amounts for blockchain gaming (often referred to as “chain games”) over the past year, the number of active blockchain games has not significantly decreased. In fact, it’s slowly rising. This suggests that the sector is still growing and developing, showing a certain resilience even in a bear market.

Overall, both in terms of gaming and player data, the blockchain gaming sector is performing well in the current bear market environment.

5.2 Future of the Sector

Following the first wave of blockchain games led by StepN and Axie Infinity, the blockchain gaming sector has entered a somewhat contradictory environment. On one hand, the market has affirmed the viability of the blockchain gaming sector. On the other hand, it awaits the emergence of a new paradigm to guide the sector into its next phase.

Currently, numerous games within various sub-sectors of blockchain gaming are undergoing exploration. The classification of blockchain gaming can be done in multiple ways. For instance, by asset type, games can be divided into fully blockchain-based games and those with only key assets on the blockchain. In terms of operation, there are Web2.5 games and Web3 games. Additionally, games can be categorized by gameplay mechanics like MOBA, FPS, MMORPG, and more.

Presently, among the mainstream categories, we believe Web2.5 games with some core assets on the blockchain have significant potential for development, for several reasons:

The limited performance and reliability of blockchain restrict fully blockchain-based games from meeting most players’ interactive needs. Having only core assets on the blockchain can also reduce operational costs for game operators.

Most games have high demands for project operation and product iteration. Therefore, compared to pure Web3 games, Web2.5 games—operating in the Web2 style but with Web3 elements—strike a balance between operational efficiency and cost, ensuring a basic gaming experience for players.

After the first wave of blockchain games, there’s been substantial development in the sector, with increased investment in game development and heightened player expectations for the next blockchain gaming paradigm. Hence, older blockchain games with mechanics and graphics akin to mini-games or browser games are unlikely to achieve unexpected success. Players and the market are anticipating a game that can truly rival mainstream Web2 games in terms of quality.

Based on these points, we view games like Big Time, which are rooted in Web2 gaming and possess ample development capability and experience, with relative optimism. Additionally, MMORPGs, as a genre, often have a more stable user base and longer game lifespan compared to other types. Although this implies higher operational demands for project teams, it also suggests greater potential for growth.

Summary

Looking at the sector since entering the bear market, despite a decrease in player numbers and transaction volumes in the blockchain gaming sector, the core group of blockchain game players maintains high loyalty, and the overall progress of the sector hasn’t been significantly impacted. Many new games continue to be developed and operated. Once the overall macroeconomic environment improves, the blockchain gaming sector still holds promising potential. Based on the different types and development stages within the blockchain gaming sector, we believe that games like Big Time, which have some core assets on the blockchain and are rooted in Web2 gaming with sufficient development and operational experience, will have greater growth potential in the future.

6. Risks

1) Game Economy Model

In Big Time, tokens can only be acquired through normal gameplay, which often requires a high level of player engagement.

2) Team Risk

The game’s rules are set by the team and may be changed or adjusted at any time based on the current state of the game, potentially affecting player interests.

3) Game Bug Risks

The current version of the game still contains numerous bugs, some of which may be malignant bugs that affect game assets. Players should approach these cautiously and provide immediate feedback to the project team.

Disclaimer：

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