The Return of Gods Unchained

With the upcoming launch of ImmutableX just around the corner, coupled with elevated interest in the NFT market in general, we felt it was a good time to finally analyze Gods Unchained (“GU”). Coincidentally, life has recently started to return to the GU universe. For context, over the past 12-18 months the market has been extremely depressed, despite being one of the first crypto games to leverage NFTs on Ethereum. Trading has only become more difficult as gas prices have soared. The majority of cards are worth less than $100 and transaction costs can make trading them unfeasible. However, ImmutableX, a layer 2 solution built with the help of Starkware, is looking to remedy this. A marketing push is already beginning to be rolled out. The impact of this is evident in the chart below, as you can see thousands of new players picking the game up.

The goal of this piece is to give an overview of the GU NFT universe and highlight the rarest / most useful assets within it. While growth may not be as significant as NBA Top Shots, given its branding that appeals to a mainstream audience, we could still see decent short-term upside potential for some of these assets. Gods Unchained undoubtedly deserves recognition as one of the “OG crypto games” who fought through the last bear cycle along with Axie Infinity, and to a lesser degree games like Neon District by Blockade Games.

The current state of the market is defined by high gas costs, depressed prices, low volume and extremely thin order books. For many of the more valuable assets, only a handful of market buys sit between here and the price multiplying by 3x or greater. With the introduction of ImmutableX, which promises to remove gas costs and dramatically improve liquidity, it’s very likely that this situation will change. Thin order books will be eaten into quickly and asset prices could multiply in short order, with significant uptakes in volume and liquidity overall. 

The kind people over at GU decks have shared with us their API data on card scarcity which we have used to compile a spreadsheet and tier list of Genesis, Etherbots and Promo cards. Other relevant sets like seasonal cards are not on-chain yet, so we could not acquire accurate data on those c