The FIREPIN protocol —chance to get rich or just another project with a lot of red flags?

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Outlook and opinion

FIREPIN’s concept has potential as it addresses a gap in the market, namely a metaverse platform with broad cross-chain support. While other P2E games with cross-chain support already exist, this market offers a plenty of scope for further players. In addition, the FIREPIN project looks to combine P2E with defi, therefore not only targeting gamers but also defi investors.

Overall, information on the project is very limited. FIREPIN is expected to launch the $FIREPIN token on 27th May on three chains. Further to that, no details are available on the platform and its mechanics, the team and their experience or FIREPIN’s jurisdiction. The tokenomics lack details on the token’s utility, the underlying mechanics and governance.

It is hard to gauge if FIREPIN will be able to deliver on their vision of a multi-chain metaverse platform.

In their whitepaper, FIREPIN state “Our principal ambition is for you to believe in our endeavour.”

Given the lack of substance, I find it hard to build up sufficient belief to support the FIREPIN project as investor.

What do you think — chance of a lifetime to get rich or just another project with a lot of red flags?

What is the FIREPIN protocol?

FIREPIN was founded in February 2022 and is a decentralized protocol based on the $FRPN token, which is multi-chain and collateralized and backed by the METAVERSE DAO. The project’s mission is to build out a P2E platform by funding Web 3 game development and offering features such as a cross-chain crypto currency swaps, an NFT marketplace and staking. The $FIREPIN token is expected to launch on 27th May 2022.

There are three key success factors for the FIREPIN project. First, raising sufficient funds is essential to be able to progress on the roadmap. Second, the FIREPIN project is complex, combining many functionalities. The project’s success depends on the team’s ability to add those functionalities in a timely manner. Third, the project requires a critical mass of users using the platform to become financially sustainable, thus adoption rates are crucial to FIREPIN’s success.

Market conditions and competition

FIREPIN looks to build a multi-chain metaverse platform, hosting P2E games. The P2E market size stood around $3bn in 2021 and is projected to grow to $40bn by 2025 (source: https://gritdaily.com/play-to-earn-with-blockchain-games/). The P2E market includes established platforms with broad adoption. However, these platforms do not offer cross-chain functionality. Such platforms allow users to buy land and use it to host events or games. They typically include a P2P marketplace where users can trade items in form of NFT contracts. Examples include the Sandbox or Decentraland whose tokens are based on Ethereum.

Some P2E games already address the need for cross-chain support, such as TCG World or NFT Worlds. Ardor blockchain bridges to other chains and enables cross-chain infrastructure, which is particularly attractive for P2E games, such as Mythical Beings.

However, P2E cross-chain support is only emerging and the space offers plenty of scope for further offerings.

Technology

The project is currently in its seed phase and has not launched yet. The $FIREPIN token is expected to launch on 27th May 2022. The token’s address will be announced at launch.

Very limited information is available on the platform and its mechanics. On the roadmap, the project is at stage 1 (Q1 2022), currently raising funds via presale. The project continues to be in stealth mode, with no code available publicly.

FIREPIN roadmap

On social media (Twitter and Telegram), users repeatedly point out that they cannot see their $FIREPIN tokens that they have purchased on pre-sale, indicating some bugs.

A Certik audit is in progress, which is 95% complete. The audit has not progressed toward completion for a few weeks now, according to Telegram users.

Founders and Team

No information is available about the team, their skills and experience. It is thought that the team resides in non-English speaking countries.

Legal, Compliance and Funding

No information on the project’s jurisdiction, any partnerships or their legal advisors is available. FIREPIN project does not have any KYC requirements.

The project’s funding position is unclear. They are currently raising funds through selling 30bn tokens of $FIREPIN on presale.

Tokenomics

The $FIREPIN token supply is capped at 100bn across all protocols. 30bn of the token are available in the current presale. A presale vesting schedule will be announced soon.

The token will be a multi-chain token, initially available on Binance Smart Chain, Ethereum and Polygon, with a fourth chain to be added later this year. Use of the cross-chain bridge will incur a fee.

Each order incurs a fee of 6%, which is equally allocated to marketing, LP acquisition and airdrops to the community. A portion of $FIREPIN tokens will be added to a liquidity pool and locked for a set period of time. These holdings can be converted into BNB.

$FIREPIN token allocation

Half of the tokens are earmarked for distribution to users — that’s a very high portion.

The project looks to take steps to protect token value by introducing a liquidity pool. The fee represents a feasible way to generate an ongoing revenue stream once the platform is live and has a critical mass of users. First phase users will receive a bonus of 3% for referrals.

Community/Social Media

FIREPIN has Facebook, Instagram, Twitter and Telegram accounts.

The most active social media channel is Telegram with 6,778 members, followed by Twitter with 3,824 followers. Telegram users who ask about the team get banned, arguing that there is no space for “FUD”. Twitter and Telegram contain repeated requests for help from users that they cannot see their $FIREPIN tokens purchased on pre-sale.

The project’s Twitter account contains 6 tweets only, all about the current presale.

Risks to the project

Like any other project, FIREPIN is exposed to technological, security and regulatory risks.

In the absence of detailed information about the team’s capabilities and token/platform mechanics, it is difficult to gauge if the team can deliver their vision of a multi-chain metaverse platform.

Views are my own. This is not investment advice. Always do your own research.