SOSolChicks Financial Model
Crypto/Web3 Startup Financials (Free Excel Download)
Play-to-earn (P2E) MMORPG built on Solana, featuring 10,000 NFT "SolChick" characters with dual-token in-game economy.
professionals from Deloitte
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About this model
SolChicks is a Solana play-to-earn MMORPG built around 10,000 NFT characters and a dual-token economy. Its planned revenue comes from NFT sales, breeding fees, marketplace royalties, and game activity, while the $CHICKS governance token and emissions shape player incentives and treasury economics.
The game was pre-launch in December 2021, although its IDO had completed through 35 launchpads. With a team spread across more than 19 countries and no live operating history, the model should distinguish upfront launch receipts from recurring player and marketplace behaviour after release.
Forecast active players, payer conversion, NFT primary sales, breeding, marketplace GMV, royalty rate, and token emissions. Track token incentives separately from cash revenue and include game development, live operations, community, infrastructure, and acquisition costs. Launch timing, retention, NFT demand, royalty yield, token price, and content cadence are the main scenario inputs.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About SolChicks
solchicks.io
How to build a detailed financial model for SolChicks
A complete walkthrough of the business, drivers, and assumptions behind the downloadable SolChicks model - distilled from its pitch deck and publicly available information.
Product & value proposition
- P2E MMORPG on Solana: players bond, train, and battle NFT chicken characters across PVP, raids, and quests.
- Dual-token economy: $SLC (in-game currency / SolCoin) for spending in-game; $CHICKS (governance token) earned via leaderboard/MMR rankings and grants rights to game revenues.
- Breeding mechanic: players spend $SLC + $CHICKS to breed new SolChicks NFTs and sell them.
- Gen 1 collection: 10,000 unique NFTs across 5 rarity tiers (Common >60%, Uncommon >40%, Rare >15%, Epic >2%, Legendary >0.1%).
- Thesis: replicates high-entertainment MMORPG/MOBA model (LoL, Diablo, DOTA) and layers P2E on top, targeting both traditional gamers and crypto-native earners.
- Built on Solana for speed (2k TPS) and low cost ($0.00025/tx) vs ETH.
Market
- Top 10 P2E games: combined market cap $20+ billion as of Dec 5, 2021.
- Axie Infinity comparable: $7bn valuation, 1,000,000+ daily active players, $700M+ YTD revenue, 90,000+ ETH traded in marketplace.
- Reference gaming franchises for entertainment-value TAM: LoL ($50M revenue, 180M MAU); Diablo ($300M revenue, 3M MAU); DOTA 2 ($1M revenue, 11M MAU).
- Axie has ~1% penetration vs LoL's 180M DAU - deck uses this to imply 100x+ headroom for a high-quality P2E MMORPG.
- No explicit TAM/SAM/SOM figures stated for SolChicks' own addressable market.
- Solana P2E described as "still in its infancy" vs ETH ecosystem.
Revenue model
Four monetisation streams described; no pricing figures given for most:
- NFT primary sales: Gen 1 collection of 10,000 NFTs; 5,000 released at time of deck. Mint price not stated in deck.
- In-game currency ($SLC): earned via gameplay, spent in-game. No explicit price or conversion rate disclosed.
- Breeding fees: players spend $SLC + $CHICKS to breed new SolChicks; new NFTs can be listed/sold. Fee rates not stated.
- Governance token ($CHICKS): 10 billion total supply; grants holders rights to game revenues - mechanism for how revenue accrues to $CHICKS holders not specified.
- Secondary marketplace royalties: implied via mention of marketplaces (Solanart, Magic Eden, DigitalEyes); royalty rate not stated.
Traction & metrics
- 5,000 NFTs released
- 179,000+ Discord members
- 256,000+ Twitter followers
- 183,000+ Telegram members
- 70+ doxxed team members
- 400+ VC/KOL investors
- 35+ launchpad partners; 60,000+ sign-ups within seconds of IDO launch
- 20+ partnerships
- Playable demo live; 70,000+ people have played it
- 600,000+ total social community across Twitter, Discord, Telegram - within 3 months of Sep 3 2021 launch
- No revenue figures disclosed. Game not yet live; demo only.
Competition / moat
- Direct comparables: Axie Infinity (ETH, $7bn market cap, top P2E), Sandbox, Decentraland, Gala Games, Illuvium (all ETH); Star Atlas (SOL).
- Competitive positioning: SolChicks claims higher entertainment quality (MMORPG depth) vs Axie's simple turn-based gameplay, targeting traditional paying gamer demographics (China, US, Japan, South Korea, UK) rather than Axie's user base concentrated in developing countries.
- Solana ecosystem moat: first major MMORPG P2E on Solana; Solana P2E still nascent.
- Team moat: game dev team has shipped MapleStory, PUBG, Dungeon Fighter, Tera, Lineage, Lost Ark, Crossfire (via Nexon, Smilegate, NCSoft, NC).
- Investor/launchpad network: 400+ VCs/KOLs; 35 launchpad partners (claimed world record).
Team & funding ask / use of funds
- CEO William: Wharton + McKinsey
- COO Lewis: Houlihan Lokey (investment banking)
- Head of Game Dev David: Nexon (MapleStory, Dungeon Fighter, Kartrider)
- Game Design Director Ryan: NCSoft + Smilegate (Lineage, Lost Ark, Crossfire)
- Technical Director Tony: Line Games
- Creative Director Brian: Nexon
- >70 total team members across management, marketing, social media, content, game dev, community, partnerships
- Notable investors: Sfermion, Fundamental Labs, Blocore, AirAngels, GoldenTree, KuCoin Labs, Spartan Group, AU21, Yield Guild Games SEA
Recommended financial model
- Archetype + why: Crypto gaming / NFT P2E token-economics model - a hybrid of (a) NFT primary/secondary revenue P&L and (b) dual-token supply/demand/emission schedule. This is not a traditional SaaS or 3-statement model; value accrual is via token price appreciation and in-game fee flows rather than GAAP revenue. Closest analogue is a marketplace GMV model overlaid with a token emission/vesting waterfall.
- Forecast horizon & granularity: Month-by-month for months 1–36 (covering full vesting schedule), then annual summary to year 5. Token supply schedule runs to month 60.
- Key drivers & assumptions:
- NFT Gen 1 supply: 10,000 total; 5,000 released at deck date. Remaining 5,000 release schedule.
- NFT mint price:.
- Secondary marketplace volume:.
- Secondary royalty rate:.
- DAU ramp:.
- $CHICKS token total supply: 10.0 billion.
- $CHICKS token allocation by bucket: Ecosystem Rewards 37.7%, Team 20%, Game Dev 15%, Private Seed 10%, Treasury/Advisors/Marketing 5%, Exchange Liquidity 5%, Private Presale 4.3%, Public Sale 3%.
- Vesting schedule per bucket:
- Private Seed: 5% TGE, cliff then linear 15 months (through month ~21)
- Private Presale: 10% TGE, cliff then linear 12 months (through month ~15)
- Public Presale: 25% TGE, linear 3 months
- Ecosystem Rewards: 2.5% TGE, linear 36 months
- Team: 0% TGE, cliff then linear 18 months
- Game Dev: 0% TGE, cliff then milestone/time-based vesting
- Exchange Liquidity: 100% at TGE
- Treasury/Advisors/Marketing: 1.5% TGE, linear 36 months
- $CHICKS token price:.
- $SLC in-game token: emission rate tied to DAU and activity level.
- Breeding fee:.
- Monthly active breeders as % of DAU:.
- COGS / opex: team of 70+;.
- Scenarios (Base / Bull / Bear - which variables flex):
- Bull: DAU reaches 500k by month 12; token price 5x IDO at peak; secondary NFT volume 5x primary; breeding active.
- Base: DAU reaches 200k by month 12; token price 2x IDO; secondary 2x primary.
- Bear: Game launch delayed 6+ months; DAU stays under 50k; token price declines 50% from IDO; secondary volume minimal.
- Primary flex variables: DAU ramp, token price, secondary volume multiple, game launch date.
- Required sheets / outputs:
- Assumptions - all drivers with scenario toggles (Base/Bull/Bear)
- Token Emission Schedule - monthly circulating supply build by bucket, matching vesting waterfall to slide 23
- NFT Revenue - primary mint, secondary GMV, royalty income
- In-Game Economy - $SLC emission, $CHICKS earned via leaderboard, breeding demand/supply
- P&L / Cash Flow - protocol revenue vs opex burn, implied runway
- Token Cap Table - fully diluted market cap and circulating market cap over time at various token prices
- Dashboard - KPIs: DAU, circulating $CHICKS, FDV, monthly revenue, burn, runway
Frequently asked
Is the SolChicks financial model free?+
Yes. The SolChicks model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from SolChicks's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
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