An Exploration into Shrapnel: GameFi’s New Frontier in AAA Gaming Innovation

Greythorn Asset Management
6 min readJan 16, 2024

Shrapnel ($SHRAP) Research

Project Name:Sharapnel

Project Type: GameFi
Ticker: $SHRAP

Market Cap: $61,616,590
Fully Diluted market cap: $760,826,485

Circulating Supply: 240, 900, 741 (8.03%)

Total Supply: 3,000,000,000

Max. Supply: 3,000,000,000

TGE: April 29, 2023.

Project Overview:

SHRAPNEL stands out in the gaming world as a highly anticipated AAA extraction shooter, developed by a team of BAFTA and Emmy Award-winning veterans. It recently garnered awards for ‘Most Anticipated Game’ and ‘Best Graphics’. Running on the Avalanche blockchain and powered by Unreal Engine 5, SHRAPNEL offers a cutting-edge gaming experience with AAA graphics quality.

With its deployment on an Avalanche subnet, SHRAPNEL ensures a premium gaming experience, featuring zero latency, EVM compatibility, and the opportunity for in-game asset trading. This integration of high-quality gaming with blockchain technology positions SHRAPNEL as a pioneering project in the gaming industry.

  • Tokenomics -

Shrapnel features a single token economy:

Circulating Supply: 240.9 million $SHRAP

Total Supply: 3 billion $SHRAP

Market Capitalization: $70 million

Regarding token emissions, 6 million $SHRAP tokens will be released in April/May. Subsequently, starting from November 2024, about 46 million $SHRAP tokens will be made available monthly.

Token Distribution:

  • Community Rewards: 33%
  • Team and Advisors: 27%
  • Seed Token Holders: 20%
  • Ecosystem Fund: 8.5%
  • Strategic Token Holders: 7%
  • Market Making and Liquidity: 3%
  • Public Distribution: 1.5%

With SHRAP now active, the game has a limited timeframe to bring in enough active and paying users, given that 54% of the total token supply is set to start vesting soon. According to the whitepaper, the vesting process for the team and advisors (27%), seed token holders (20%), and strategic token holders (7%) will begin after a 12-month cliff period. Notably, seed holders will be fully vested over a 12-month period, which translates to 24 months from the current time.

Token Utilities:

  • Content Publishing: Enables players to publish and own their digital creations like maps and skins as unique items on the blockchain. Players can sell, auction, or keep these items.
  • Governance & Promotion: Allows token holders to promote certain content, influencing its visibility. Promoters earn rewards in SHRAP based on content popularity.
  • Transaction Medium: Used as a currency in the Shrapnel Marketplace and to provide a gasless experience by compensating network validators.

Fundraising Rounds -

  • Seed Round

Date: November 2021

Funds Raised: $10.50M

Lead Investor: Polychain Capital

More Information: CoinDesk Article

  • Funding Round

Date: 11 April 2022

Funds Raised: $7M

Lead Investor: Dragonfly Capital

More Information: CoinDesk Article

  • Series A

Date: 25 October 2023

Funds Raised: $20M

Lead Investor: Polychain Capital

More Information: The Block Article

Roadmap / Key Highlights for Shrapnel in 2024 -

Upcoming Features:

  • Insignia Creation: Develop and own your distinctive custom designs.
  • Item Portability: Transfer on-chain items across platforms.
  • Marketplace Features: Opportunities for buying, selling, and promoting items.
  • Player Profile Customization: Tailor your public persona within the game.
  • SHRAP Token Rewards: Increased chances to earn SHRAP tokens.

In Development/Future Expansions:

  • Pre-Alpha Access: Exclusive gameplay access for Operators holders and Extraction Pack owners.
  • Skin Customization: Create and own unique cosmetics for gear and weapons.
  • Early Gameplay Access: Be the first to experience new game features.
  • Community Incentives: Rewards for content creators, curators, and those with high reputation.
  • Map Development: Opportunities to create, host, and promote your own maps.

The release date for STX.01, an enhanced MPX.1 expansion, is not yet confirmed. More details and early game versions will be released in 2024 to early access players. Exclusive items and early access are available for purchase on the SHRAPNEL website, with gameplay through the Epic Game Store. This early phase is vital for collecting player feedback before the public release.


Gaming encompasses a vast array of genres, ranging from card games to racing and beyond. In this context, Shrapnel is crafting a unique extraction-based gaming experience. To better understand its position in the industry, it’s insightful to examine and compare AAA FPS (First-Person Shooter) games, particularly those built on blockchain technology, across various networks. This comparison will offer a clearer perspective on where Shrapnel stands and how it innovates within this dynamic gaming landscape.

Bullish Fundamental Factors -

  • Shrapnel offers a diverse range of NFTs targeting various stakeholders- players, creators, curators and investors
  • Shrapnel boasts a team of seasoned gaming professionals, recipients of prestigious BAFTA and Emmy awards, known for their contributions to high-profile franchises like HALO, Call of Duty, Star Wars, Hawken, and Skylenders. The CEO of Shrapnel, Mark Long, has notable experience as the former head of Xcloud at Microsoft and in publishing at HBO.
  • They have plans to expand to mobile systems in the near future.
  • Solid financing and backing provide Shrapnel with outstanding resources and strategies, likely sufficient to fulfill its ambition of becoming a leading AAA game innovator.

Bearish Fundamental Factors -

  • Early investors are facing a short time frame of only 12 to 18 months from the Token Generation Event (TGE) until their holdings are completely unlocked. This scenario may lead to significant selling pressure on the token. Reference:
  • The percentage of tokens designated for the team and early investors in this project is notably higher than in many other projects.
  • In 2023, progress in the blockchain gaming sector was more moderate than expected. Although there’s still a positive outlook for what lies ahead, the industry didn’t reach the anticipated widespread popularity, even with the release of several significant games.

References -

- Shrapnel Website:

- Shrapnel Whitepaper:

- Shrapnel News:

- Shrapnel Discord:

- Shrapnel Twitter:

- Shrapnel Research:

- Project Quantum Website:

- Project Quantum Whitepaper:

- Undead Blocks Website:

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