Messari Research Report: From Game Mechanics to Economic Model — A Deep Dive into Seraph's Path to Success
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Messari Research Report: From Game Mechanics to Economic Model — A Deep Dive into Seraph's Path to Success
In the past 30 days, Seraph has completed over 20 million transactions and attracted 1.84 million unique players.
Navigating Web3 tides with focused insightsAuthor: Jeremy Koch
Translation: TechFlow
Key Insights
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Seraph is a blockchain-based action role-playing game (ARPG) developed by Seraph Studio, running on opBNB, BNB Chain’s Layer-2 network.
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The game demonstrates remarkable network activity: it generated over $2 million in revenue during a 30-day season. In the most recent 30 days (November to December), the game processed over 20 million transactions and attracted 1.84 million unique players.
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The in-game ActPass marketplace enables free trading among players, allowing users to buy and sell game items, as well as quickly transfer items between accounts and the game via off-chain orders.
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Prior to the token generation event (TGE), players can purchase virtual "feathers" from the Seraph Starry Journey series to gain eligibility for future redemption of SERAPH tokens.
Background
Since 2017, the metaverse and Web3 gaming sectors have attracted over $19 billion in investment. Blockchain games have evolved from simple on-chain operations to delivering experiences comparable to traditional AAA titles. Seraph, an action role-playing game (ARPG) developed by Seraph Studio, stands as one of the leading examples of this technological advancement.
Inspired by classic loot-driven ARPGs, Seraph offers players an immersive adventure experience. Players can complete quests, discover hidden treasures, and craft their own gear. As a free-to-play title, Seraph incorporates a “play-to-earn” model, allowing players to earn rewards by completing challenges.
Seraph Studio combines deep expertise in traditional gaming with Web3 technology, leveraging profound industry insights and blockchain scalability to successfully implement practical blockchain integration within gaming.
Currently, Seraph ranks first in both user count and transaction volume on BNB Chain’s dApp rankings. The game also features a dedicated marketplace for trading in-game equipment. While the SERAPH token has not yet launched, players who hold virtual items from the Seraph Starry Journey series will be eligible to redeem them for tokens upon TGE.
Gameplay Basics
Hero Selection
In Seraph, players begin their journey by selecting one of four main characters, with a fifth character—“Druid”—currently under development: (i) The Valkyrie excels at ranged attacks using bows and spears; (ii) The Barbarian possesses immense strength and endurance, capable of wielding various weapons and combat skills, ideal for frontline melee combat; (iii) The Witch specializes in magic, manipulating ice, fire, and lightning elements through diverse spells; (iv) The Necromancer commands undead minions and casts curses.
Seraph launched an NFT PFP collection called SOUL PFP, consisting of 6,000 NFTs—500 classified as SSR (Super Rare) and the rest as R (Rare). Owners of these NFTs are considered core players, receiving unique identity markers and exclusive benefits.
Equipment System
Seraph features a rich and diverse equipment system. Each player can utilize 10 equipment slots: left-hand weapon, right-hand weapon, necklace, two rings, helmet, armor, belt, gloves, and boots. Equipment comes in multiple tiers, and players must select combinations best suited to their class.
Different classes have distinct equipment needs. For example, gear labeled “Valkyrie” typically offers higher base damage, appealing to players seeking high output. This design encourages players to seek specific gear categories that align with their playstyle and goals to optimize character performance.
Additionally, players can equip companions or pets that provide numerous conveniences, including automatic item pickup, gear identification, item decomposition, and shop services. Players can even customize pet pickup rules, further enhancing gameplay convenience.
Dungeon Gameplay
Seraph offers three dungeon modes: Void Realms, Mystery of Chaos, and Trial of Seraph, each featuring unique challenges and reward mechanisms.
Void Realms
Void Realms are special dungeons unlocked after completing main storyline missions or directly accessed using the “Riftbreaker’s Gift” item. There are 18 difficulty levels in Void Realms, including special boss maps. By defeating monsters, players can obtain soul fragments, crafting materials, or high-tier gear. Higher-difficulty maps support team play, adding strategic depth and cooperative gameplay.
Mystery of Chaos
The Mystery of Chaos is a dungeon mode designed specifically for holders of “Seraph Gear” NFTs. Players accumulate energy by killing monsters, and once full, can challenge the dungeon boss. Upon defeating the boss, players receive multiple treasure chests, which may contain new equipment NFTs.
Trial of Seraph
After completing the main questline, players unlock the Trial of Seraph dungeon—the primary drop location for gems and amulets. Gameplay resembles Mystery of Chaos, but non-boss enemies grant only experience points, not loot. Players can form teams to tackle this dungeon, with difficulty increasing based on team size.
After each run, the system ranks players based on floors cleared and completion time, distributing rewards accordingly. This ranking system encourages teamwork while fueling competitive spirit.
Technical Support
Marketplace
Seraph Studios built the ActPass Marketplace to provide players with a seamless platform for trading in-game items. Through a simplified login process, players can transact without needing to understand complex blockchain operations. ActPass allows users to deposit specific crypto assets to purchase digital items, instantly syncing them with their game account. Purchased gear becomes usable immediately in-game—no waiting required.
ActPass streamlines transactions by managing user wallets and enables seamless NFT transfers between the game and external platforms—all without additional fees.
ActPass’s efficiency stems from Seraph’s use of opBNB, BNB Chain’s Layer-2 solution. opBNB supports frequent transactions with ultra-low gas fees (approximately $0.001) and throughput exceeding 4,000 TPS, enabling smooth NFT trading and gear acquisition. Even during peak times, the game maintains stable performance, ensuring real-time asset synchronization and a seamless user experience. This technical architecture delivers high scalability while abstracting away blockchain complexity, offering players a top-tier gaming experience.
In-Game Economy
Throughout gameplay, all players can earn rare assets through exploration and challenges—especially within Void Realms. Players equipped with “Seraph Gear” NFTs can defeat monsters in Void Realms dungeons, consuming the NFT’s Chaos Energy to generate the game’s primary currency—Soul Spars.
Soul Spars are an off-chain virtual currency serving four key purposes:
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Consumed to enter the Mystery of Chaos dungeon, where “Seraph Gear” NFTs may drop.
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Used to enhance NFT gear and improve combat stats and character levels through affix mechanics.
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Traded on the in-game ActPass marketplace, facilitating free exchange among players.
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Packaged into on-chain “Soul Boxes” NFTs and sold to other players, enabling asset circulation on-chain.
Tokenomics
Seraph is a free-to-play game incorporating a “play-to-earn” model. The project’s native token, SERAPH, has not yet undergone its token generation event (TGE). However, players can purchase Seraph Starry Journey Feathers now to secure future redemption rights for SERAPH tokens at fixed ratios.
These feathers come in three rarity tiers, with corresponding conversion rates:
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1-Star Feather (Starry Feather) = 1 $SERAPH
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1-Chaos Feather (Chaos Feather) = 3 $SERAPH
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1-Soul Feather (Soul Feather) = 10 $SERAPH
A portion of SERAPH tokens will be distributed as player rewards through a “user interactives” system. This system quantifies player behavior and engagement metrics, distributing rewards each season.
The SERAPH token serves several primary functions: unlocking game features, crafting items, and participating in in-game events. Additionally, $SERAPH can be used for:
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Re-rolling chaotic affixes on NFT gear each season to optimize attributes.
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Identifying dropped NFT gear to reveal hidden properties.
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Participating in exclusive drop events, such as Soul Spar and “Seraph Gear” NFT drops.
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Future community governance activities, granting players greater decision-making power.
Network Activity
Seraph has already proven its monetization capability. From August 22 to September 25, 2024, Seraph generated over $2 million in in-game revenue and reached a record high of 90,000 unique daily players. In the past 30 days (November to December 2024), the Seraph ecosystem processed over 20 million transactions and attracted 1.84 million unique players, demonstrating strong growth momentum.
Roadmap
Conclusion
Seraph exemplifies the progress of blockchain gaming technology. This dungeon-focused action RPG delivers an immersive exploration and adventure experience. Players enjoy “play-to-earn” mechanics by completing quests, discovering treasures, and crafting gear. The ActPass marketplace simplifies the trading of NFTs and in-game items, allowing participation without deep blockchain knowledge.
With robust performance on opBNB within the BNB Chain ecosystem, Seraph has achieved significant revenue growth and user expansion. By fully harnessing the potential of Web3, Seraph is poised to lead the next wave of blockchain gaming, offering players a thriving ecosystem that blends entertainment with tangible value.
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