OpenSeason - More Details on $FU

FU studios just published a blog post with more details on their native token $FU and the planned integrations for OpenSeason. If you missed my initial post, check out the AF from last week to get the full scope on this Fortnite-style battle royale.

The two most important news: The final, third snapshot of NFT holders was taken – presumably today & a free day 1 game pass (for the beta) is available now.

More details on Token Distribution

Total Supply: 621 million

  • Airdrop – 10% 

10% of the supply, 62.1m token, will be airdropped to  FU memberships NFTs holders – snapshot was taken & multipliers applied for longtime holders. As expected, the floor price for memberships has retraced to 0.07 ETH post-snapshot. However, memberships have not become utility-less. In the future there will be more ways to earn $FU by holding the NFTs such as the 5% revenue share. The team also mentions that game access codes will go live soon. Referrers earn $FU by distributing codes, as they receive a portion of the $FU earned by their referrals playing the game. The skins displayed by the NFTs will be integrated as in-game items as well – so I’m keeping mine solely because I have a sweet-looking gun skin.

  • LP – 5% 

Here, a bunch of new information was made public. First of all, the token contract has been deployed. 5% of the supply, 31.05m, will be allocated to a 1% fee Uniswap V3 pool on Arbitrum. The initial token price will be $0.0077 (0.0000022 ETH/FU), meaning FU will TGE with a FDV of $5m. However, with the CA already being public, snipers are given ample time to set up their bots. And on top of that, according to the blog post the initial ETH liquidity one the buy side will be 15 ETH. The sell side liquidity is seeded at different tranches between 0.00000222 ETH and 0.00045 ETH – all the way up to $1 billion FDV. Thus, I personally expect the FDV to be very volatile shortly after TGE.

The ETH fees collected from the pool will be used to fund further development and distributed as salary for team members. The $FU fees will either be burned or distributed to the community in different incentive programs similar to the community allocation described below.

  • Community – 30% 

30% of the total supply is retained for community/ user incentives and will be distributed over the course of 10 years.

In the first year, 80% of emitted tokens go towards ranked players. As mentioned in the first AF, FU studios focuses on Win-To-Earn instead of pure P2E. We got more specifics here, too. Beans, in-game collectibles, will still be fetched on each map and convertible to $FU. Ranks will act as multipliers for rewards. So the higher you rank on the leaderboard, the greater your earnings. The remaining 20% of emitted tokens is allocated to unranked players collecting beans.

  • Team – 20% 

20% of the total token supply is distributed to the project team and subject to linear vesting over 6 months. Vesting started the day of the CA deployment: June 12, 2024. Embracing transparency, all team wallets are public allowing everyone to track on-chain activity. The complete list of addresses with allocation percentage can be found here.

  • Future Productions – 35% 

No new information here. 35% of the supply is locked for one year. This allocations is both used to distribute to external teams building on top of OpenSeason and retained for future productions integrating $FU in their game design.

The project has never raised from VCs or held private sales, so that’s it as far as token distribution goes.

$FU Utility

As mentioned in the first AF, the token combines aspects of a meme coin with utility. It will be the culture coin of the OpenSeason community, earned by playing the game, and the means of payment for in-game characters & items, skins, and emotes. The team explicitly does not promise any returns but mentions that as the game matures, a revenue-sharing model will be integrated: Any ETH generated from the sale of items & collectibles, wagering, fees, and more will be sent to a smart contract and claimable by burning a proportional amount of $FU.

That’s all the new information for now. Liquidity will be added in the next few days.

Disclosure: I hold a Studio Membership NFT.

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