# Chillchat Financial Model Pixel-art NFT metaverse on Solana where players create, trade, and earn via UGC worlds and characters. - Canonical: https://finamodel.com/startups/chillchat - Excel download: https://finamodel.com/startup-models/chillchat.xlsx - Category: Crypto/Web3 - Model type: Unit-economics / DTC - Funding round: Seed - Funding: $19M - Founded: 2022 - Geography: Not in deck (implied global / crypto-native audience). - Customer: B2B2C ## About the company Chillchat is a Solana-based pixel-art NFT metaverse where players create worlds and characters, trade digital assets, and earn through user-generated content. Its Create to Earn proposition combines social gameplay with an economy built around $CHILL and the CHILLING governance token. The project was early-stage and pre-launch, with an Origin mint positioned as proof of market rather than recurring operating history. Its reported $19 million funding supports an initial build, but the financial engine is event-driven: NFT drops can create large, irregular receipts, while secondary trading and creator activity may generate ongoing marketplace fees. Model mint events, player growth, creator participation, NFT GMV, and marketplace take rate separately in SOL and USD. Token treasury flows and player incentives should not be mistaken for ordinary cash revenue. Stress test token prices, conversion after mints, live-operations costs, and the cadence of new content, because each can materially change cash runway. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition - Pixel-art NFT metaverse built in-browser; started on iOS in 2018, pivoted to NFTs on Solana in August 2021. - Three core loops: Create (pixel editor for Characters, Pets, Emotes, Tilesets, Items), Socialize (virtual Worlds as hangout spaces), Trade (all NFTs tradeable on-platform or externally, e.g., Magic Eden). - World Engine: no-code visual node scripting to add Play-to-Earn (P2E) game mechanics inside any World. - Self-described as intersection of Minecraft/Roblox (gaming UGC) + Discord (social layer) + Magic Eden/OpenSea (marketplace). - Competitive angle vs. incumbents: "accessible, easy to use, cross-play optimised, perpetual art, casual" vs. "complex, steep learning curve, depreciating art, hardcore." ## Revenue model Four revenue streams identifiable from deck: 1. **World Sales** - Initial auction of 50,000 Worlds (out of 250,000 total) bid in CHILLING. 100% of World Sale proceeds flow to Treasury. 2. **NFT Mints** - Characters, Pets, Emotes, Tilesets, Items. Each mint: 75% to Treasury / 25% to Staking Pool. 3. **Transaction Fees** - 2% on in-platform trades. Split: 75% to Treasury / 25% to Staking Pool. 4. **Origin Mint** - 1,000 characters at 2 SOL (private + public mint) + 400 via public auction starting at 2 SOL = 1,500 Origin characters total. Revenue denominated in SOL (and CHILLING token); USD value depends on SOL price at time of events. ## Traction & metrics - Founded / started: 2018 on iOS, pivoted to NFTs August 2021. - Origin mint planned: 1,500 unique Origin characters - 1,000 via private/public mint at 2 SOL each; 400 via public auction starting at 2 SOL. - Implied gross from fixed-price Origin mint at floor: 1,000 × 2 SOL = 2,000 SOL (pre-launch, not yet realised). - No revenue, DAU, MAU, or waitlist numbers shown. Deck pre-dates launch. ## Unit economics - Origin NFT floor price: 2 SOL per character. - Transaction fee: 2% on all platform trades. - NFT mint split: 75% Treasury / 25% Staking Pool. - Transaction fee split: 75% Treasury / 25% Staking Pool. - World Sale proceeds: 100% to Treasury; Treasury allocates 25–50% to Creator Program, remainder to P2E Prize Pools. - No CAC, LTV, or margin data in deck. ## Competition / moat - Moat claimed: accessibility (casual, browser-native, no download), "perpetual art" (pixel format retains value vs. competitors' "depreciating art"), integrated create-socialize-trade loop in one platform. - Competitors named: Minecraft, Roblox (gaming/UGC), Discord (social), Magic Eden, OpenSea (marketplace). - Advisor: Pontus Mähler (indie video game advisor, investor, accelerator) guiding Creator Program. ## Team & funding ask / use of funds --- ## Recommended financial model - **Archetype + why:** NFT/Web3 gaming token-economy model. Revenue is event-driven (mint drops + ongoing transaction fees) and denominated in SOL. Best structured as a **crypto gaming P&L + treasury/token-flow model** rather than a standard SaaS or DTC model, because: (a) revenue is lumpy mint events, not recurring subscription; (b) a significant portion of "revenue" routes through a token treasury rather than USD bank account; (c) token price volatility makes SOL-denominated and USD-denominated views essential. - **Forecast horizon & granularity:** - Year 1: monthly (pre-launch through first 12 months post-launch, covering Origin mint, World auction, and early transaction volume). - Years 2–3: quarterly. - Key phases to model: Origin Mint → World Auction → Ongoing P2E / transaction flywheel. - **Key drivers & assumptions:** | Driver | Value | Source | | -- | -- | -- | | Origin characters minted | 1,500 total | - | | Origin mint price (floor) | 2 SOL | - | | World supply (total) | 250,000 | - | | Worlds in initial auction | 50,000 | - | | World auction floor price | - | Model as 5–20 SOL range sensitivity; comparable metaverse land auctions (Decentraland, The Sandbox) suggest 1–50 SOL depending on hype | | SOL/USD price | - | Model at $20, $40, $80 scenarios given crypto volatility | | Character/Pet/Emote mint supply | - | Model at 5,000–20,000 units per drop, 3–4 drop events per year | | Secondary transaction volume (GMV) | - | 10–30% of primary mint value monthly; benchmark: NFT platforms see 1–5× primary in secondary in first 6 months | | Transaction fee | 2% | - | | Treasury → Creator Program allocation | 25–50% | - | | Treasury → P2E Prize Pools | residual | - | | CHILLING token inflation / staking yield | - | Key risk; needs token supply schedule not in deck | | Monthly active players (post-launch) | - | Seed with 500–5,000 MAU in Y1 (early NFT metaverse benchmark); drives transaction volume | | Avg trades per player per month | - | 2–5 trades/player/month | | Avg trade size (SOL) | - | 0.5–2 SOL per trade | - **Scenarios (Base / Bull / Bear):** - **Bear:** World auction under-subscribed (10,000 of 50,000 Worlds sold); SOL at $20; low secondary volume; token launch delayed. - **Base:** 25,000 Worlds sold at 8 SOL avg; SOL at $40; moderate secondary; Creator Program drives 50 active game worlds in Y1. - **Bull:** 50,000 Worlds sold out; SOL at $80; high secondary (3× primary); viral growth via SOL NFT community partnerships; P2E flywheel self-sustaining by end of Y1. - **Required sheets / outputs:** 1. **Assumptions** - SOL price, mint volumes, floor prices, fee rates, allocation splits. 2. **Mint Revenue Schedule** - event-by-event (Origin, World Auction, Character/Pet/Emote/Tileset/Item drops): units × price × SOL rate = USD gross. 3. **Transaction Fee Model** - GMV estimates × 2% fee × 75%/25% Treasury/Staking split. 4. **Treasury P&L** - inflows (mints + fees) vs. outflows (Creator Program 25–50%, P2E Prize Pools), ending balance. 5. **Staking Pool** - CHILLING accumulation from 25% of mints and fees; staking yield modelling. 6. **Token Allocation / Cap Table** - CHILLING distribution: Origin holders, staking, treasury (12-month lock-up), DAO. 7. **Runway** - USD-equivalent treasury balance vs. operating expenses (not disclosed; major gap). 8. **Dashboard** - KPIs: cumulative NFTs minted, Worlds sold, MAU, GMV, treasury balance (SOL + USD), fee revenue. ## Frequently asked questions ### Is the Chillchat financial model free? Yes. The Chillchat model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.