Forgotten Runes Wizard's Cult
However that may not necessarily be the case, and the understanding of “Metaverse” can get fuzzy as we dive deeper.
Thanks to digital ownership enabled by permissionless open blockchains, what we call Metaverse (or Web3) is becoming much more than just another streamlined gaming experience spoonfed to us by big tech corporations.
Metaverse can begin with owning a digital asset (NFT) recorded in a decentralized blockchain. These assets can be the door to visit new worlds, where you can not only play (PvP and PvE) but also create, participate in social activities, adopt digital identities and engage in pseudonymous economies.
In short, Metaverse is not just a 3D Virtual Reality gaming world. It starts to emerge from our digital experience even today. High-end VR hardware is not necessary, all it takes is access to a crypto wallet, a dedicated “online tribe” centered around ownership of a token (or NFT) and a bit of pixel art to kickstart the imagination.
Forgotten Runes Wizard’s Cult
“Summon thy Wizard within”
Forgotten Runes Wizard's Cult (FRWC) is a blue-chip NFT collection of 10k Wizards, fully encoded on-chain. The project is a collaborative legendarium - it grows every day as members contribute with art, animation, stories, memes, and lore.
What makes them different?
The team: Elf and Dotta are dedicated creators who are fully committed to the project. They deliver on time and find ways to surprise the community with creative ideas and exciting plans that bring growth to the FRWC world.
Innovation: New collection drops, upcoming mini-series, comic books, and a video game to be implemented in Metaverse. This and more await you in the FRWC realm. Since its launch the project keeps delivering on its milestones, check their 2021 Year Review to see all of their accomplishments.
Community: FRWC has one of the most engaging, supportive and passionate NFT communities. Members embrace the collaborative legendarium principle, and actively contribute to build the FRWC world. New members are bound to feel welcome and supported, and to embrace the community principles: “Wizards are for Everyone”, “Like Wizard, Buy Wizard”, “Lore not Floor”, “Ours over Official”.
Aesthetics: To make sure the aesthetics of the Wizards looks cohesive, the team created a generator that takes artistic direction instead of randomizing all layers (Wizards parts e.g.: head, prop...). By creating classifiers (called Affinities) for the layers the Wizards look like they fall into a theme (Dark, Scholar, Cosmic, etc…).
What does it mean to own a Wizard?
Wizards are the door to this new fantasy world. Ownership of a Wizard is to take part in the co-creation of the FRWC world by adopting a character and giving it life.
The Book of Lore is where members will summon their Wizard alter-ego and write their story, officially giving life to their character. When writing in the Book of Lore, you’re engraving your story in the blockchain where it will forever remain (immutable). It's up to the Wizard holder to decide who they’ll be in the FRWC world, and they have complete freedom to build value and depth to their character by creating artwork, writing independent story lines, and whatever else comes out of their creativity. Each story will deepen the FRWC lore as there will be up to 10k independent storylines to read.
The Wizard holders have IP rights over their character, this way they can commercialize what they create. The project will take royaltees on the revenue if it exceeds the cap they establish. These IP rights are bound to the ownership of the wizard, meaning that if the Wizard is sold, the commercial rights get passed on to the new owner.
The style of choice for the project is minimalistic pixel art. That leaves a lot of room for imagination and derivative fanart.
The Wizards are more than just a JPEG. By owning one, members have access to different digital formats of their character so that they can be as creative as they want using these resources. These include full turnarounds of their Wizard, all body parts in different resolutions, a GM generator and more upcoming features such as walk cycles and other animations. Check here what other extras come with your Wizard.
The Wizards are fully encoded on-chain. This means all data is stored directly on the blockchain, as metadata in the token itself. Wizard holders have a way to save all the information inherent to the NFT (pixels, name, and traits) and can reproduce it on ROM on-chain data. The Wizards are fully decentralized and will forever live on the Ethereum blockchain (read more).
Owning a Wizard is more than owning a digital asset on the blockchain, it’s your digital identity. This is the #1 reason why the project was able to attract such a great amount of people who are committed to it – “See Wizard, Buy Wizard” – Feeling this character is an extension of yourself is what makes members stay.
Each story will deepen the FRWC lore as you will have around 10k independent storylines to read.
Project’s growth and analysis (FRWC Collection)
- Wizard’s mint price (June 30): 0.07Ξ
- Floor price (Feb 1): 2.7Ξ
- Rough value of the main collection (Jan 25): 21,649.9Ξ
Since mint day the project has grown more than 3,000% in value, and the market cap hit 28,800.0Ξ in the beginning of January. The project hit its highest peak in transactions on December 16, one day after the launch of Runiverse was announced. Since then the floor price has spiked due to the announcements for Q1 (public land sale, miniseries and comic book).
When analyzing the graphs below, we can see that 77% of the collection is being hodled since day one. This means most members in the community (62%) are holding on to their NFTs long-term and not flipping them for a quick profit.
When looking at the wallet distribution we can see there are ~2.6k wallets holding Wizards. A 60% (approximately 1.5k) of those holders only own 1 NFT, this means that the other 40% (~1k) of holders own ~8.4k Wizards (more than half of the collection).
This is to show that the project is full of diamond-handed holders. Members recognize the project’s value and potential and are here for the long haul.
Top 10 highest sales
As of January 30th the highest sale was Merlin (69Ξ). Hence the "was"...
On Halloween, 1112 Sacred Flames were air dropped to Wizard holders during the Great Burning Event.
The burning takes place in the basement of the Secret Tower on the FRWC website and the flames are used to transmute a Wizard into a Forgotten Soul. These flames can only be used one time and once a Wizard is burned this process is irreversible. For this reason, the Wizard count is bound to drop to ~8.9k, as ~1.1k Forgotten Souls will rise from the ashes (or most of them).
There is a 1 in 10 chance that the burning will have an “undesirable” outcome, such as a pile of bones, or a grave flower. Even so, some of the undesired outcomes have turned out to be very much desired. An example would be the jelly donut that was sold for 6.9ETH breaking a new world record for the most expensive donut. The utility of these so-called “undesirables” remains a mystery, and who knows if they will be of good value in-game?
Some of the burns resulted in the birth of legendary characters like Nosferatu, The White Lady and Marie Laveau.
High attunement or traits from the original Wizard was often not reflected on the Forgotten Soul. The legendaries, in some cases, reflected the result on the Forgotten Soul, while others seemed to be influenced by the burning number. It’s too much of a coincidence that the Glitched Poltergeist resulted from the 64th burning. See which Souls have transmuted on the Burn Log.
This collection remains a mystery as there are several “undesirable” outcomes that look very promising, like the Orbs for instance. No one knows what they’ll be used for, or if they will at all, but the community is having fun speculating around them.
Knowing that only half of the Sacred Flames were used, the community waits with excitement to see what other unique characters will result from the remaining 500 flames. (Note: according to the team no more Sacred Flames will ever be created thus why existing Flames became very valuable).
Desirable or not, only 1112 Souls will ever exist, and their rarity might be of high value for collectors. Read the complete lore of the Forgotten Souls here.
If you’re considering burning your Wizard check the Collectors Guide to the Forgotten Souls before doing so.
The current floor price for the Forgotten Souls is 4.2 ETH (as of Feb '22).
These are the top 5 most expensive to be sold:
Forgotten Runes Ponies
On Christmas Eve the FRWC team released a collection of Ponies. This collection was limited to Wizards who had written their lore or bought the FRWC merch box.
Just like the previous collection, the ponies are stored completely on-chain and the collection has a total of 567 ponies with 52 different traits and unique names.
New features came along with the ponies. Now members can reproduce animations of their Wizards mounting them. There is speculation that these might be future mounts to be used in-game, and that players will be able to breed their ponies, but their utility remains a mystery.
Read about the lore of the Ponies here.
The floor price for these is currently 3.85 ETH and these were the most expensive ponies to be sold.
A Wizard’s Score is the sum of rarity values assigned to each individual trait and the Wizard's name. Each Wizard is composed of 4 to 6 traits: head, body, prop, familiar, rune and background (the latter is not relevant to determine score) and the classification of these goes:
Legendary > Epic > Rare > Uncommon > Common
To better understand, Affinities are collections of different traits that have the same theme. A Wizard might have several Affinities, but a Wizard with several traits from a single Affinity might be worth more than a Wizard with traits from several different Affinity groups. Let's look at Charmer Thana of the Steppe trait's as an example:
Charmer Thana has 2 rare traits, 3 common and 1 uncommon. Her traits fall into 17 different affinities. Because 4 of her 5 traits (background is irrelevant) fall into the “Purple Haze” Affinity group, she is 80% attuned. Calculating the rarity of her traits and Affinities her final score is uncommon Affinity.
Another metric to look at is the wizard's name. If you go to "custom ranking" on wizards.guide, you will see that the name is also taken into account.
Let's look at "The Red Witch" for instance. Her score is “common Affinity", but because her name is unique, unlike Thana whose name has a total of 12 variations, she is placed into 17th place on the chart
A wizard can be “normal”, 100% Attuned or have MAX Affinity. An example of a wizard that is 100% Attuned would be “The Grey Pilgrim”. This Wizard has all his traits from one single affinity group and his name is also unique.
An example of a wizard with MAX Affinity would be the “Sacred Key Master”, this Wizard has all 6 traits from one single affinity group.
Wizards with less traits and/or low rarity scores can still look aesthetically attuned, and that on its own also has value. Nevertheless, In the FRWC world members have the freedom to bring value to their Wizard, no matter how it looks. So even if a Wizard doesn't possess the best traits there are still ways to make him unique.
TV show and comic book
The team is working on a comic book and they’ve partnered with Titmouse to create their own mini-series to be pitched to Netflix. A 60 second trailer is expected to come out soon.
Elf and Dotta want to keep the collaborative legendarium principle and let the community have a direct impact on how the FRWC story flows. In the mini-series we can expect to see a canon version of the FRWC lore as the creators said they want to keep it as “general and broad” as possible, to avoid colliding with any of the Wizard’s already existing lore. Learn more about the animated project here.
Runiverse.world is in the making! Bisonic.io is the metaverse video game developer behind it and they are backed by a team of veterans who worked on significant projects in the video game industry. Read more about their partnership here.
In the FRWC world “Create to Earn” will be implemented as a new concept where players are rewarded for contributing to the game’s culture and ecosystem. Blacksmiths and Vendors won’t be NPCs, but real members of the community. The cities will be the epicenter of the game’s economy and leisure. Players will take control and ownership of the FRWC world by owning land, creating infrastructures, providing services and coordinating events that will enrich the cities.
As for gameplay, players will raid dungeons, play PvP and fight world bosses (PVE). In parallel with the open world gameplay, players also have the option to follow the storyline by completing quests.
All Wizards have a spell that is assigned to their mint number. They can claim it at any time and mint it on the Book of Spells. While Wizard spells 1 - 9999 are reserved for Wizard holders, Wizard spells 10000 - 12000 are claimable by anyone.
Since everything players create and collect on Runiverse will be an NFT, the team plans to implement layer 2 solutions to cut transaction costs, making the game more accessible to a broader audience.
Players won’t be required to own an NFT to be able to play, the idea is to make FRWC free for everyone. New joiners will be able to choose a stock character and can collect tokens but won’t have the same perks as Wizard holders (ownership of the character, lore building, IP rights, etc).
As the community grows and other collections are added to Runiverse, we can expect to see new cults emerging within the community, alliances forming, new characters emerging and new stories being written.
Public land sale
Land sale is set to launch in Q1. While owning land in Runiverse won't be necessary for players to enjoy the game, owning and renting it will be essential for members who want to participate in the FRWC world’s economy. Land will contain mine-able resources and enable other activities which owners of the land can indulge in or simply let other players do so, for a reasonable cut. Check out the map here.
The FR Warrior’s Guild
The Warriors collection was announced on the 2.0 roadmap. Just like in every other fantasy world, “intellect” and “brute force” seem to complement each other. The Warriors will come to enrich the FRWC lore and offer more role diversity in-game. The collection is said to be released “when the time is right”, so keep an eye out for them.
The creation of a DAO has been previously discussed and these were some of the ideas proposed:
Responsibilities of the DAO:
- A community driven organization that helps to create artwork and all creative things to build value and story to the Wizard holders.
- Ideally this organization would also become “The Lore Master” – Moderators for the Book of Lore.
- Cult member voting to take future decisions.
How will the DAO get its treasury?
- Initially, the DAO will build its treasury through donations.
- Creating an auction house where NFTs could be sold (community stakeholders will decide which ones), and that money would go for the DAO to then be available to support the community.
- Royalties from organization/individuals who capitalize on FRWC.
Are we invested?
After reading all this, you are probably wondering if we invested in the success of the project.
Sigil is first and foremost a hedge fund, and although we are not afraid to bet on NFTs directly, it needs to make sense from a financial perspective to do so.
Basic investment strategy would be to simply “swipe the floor” a.k.a buy a bunch of cheap wizards (at floor price). But managing a large quantity of low price NFTs is simply not worth the time and effort for a fund our size. Not only that but more importantly, investing in such a way we believe we would do a great disservice to the FRWC community ethos.
A better strategy is acquiring one of the “grail Wizards” - rarest and most iconic ones (like we did with the Burning Helios). To get one we tried our luck negotiating with grail owners directly and even bid on Opensea marketplace, with an amount that would break the current highest sale record. From both these failed attempts, we learned that the holders of these “grail Wizards” are diamond handed, as they didn’t accept our generous offers, which only made us feel even more bullish about the FRWC community and overall project. But we were no closer to completing our challenge... Until an opportunity presented itself.
Meet Master Of Spots Hunter
Master Of Spots Hunter ranks as the TOP 3 Wizard on wizards.guide rarity list. His body trait “Cheetah Print” is totally unique and his head and familiar are shared with only one other wizard.
Aesthetically this piece offers a great mix of unique looks whilst preserving the iconic FRWC style. We think it's very well suited for lore writing, role playing and commissioning derivative artwork - activities that not only increase the value of the wizard but also bring more value to the project and community in general.
Our 100 ETH purchase broke the previous highest last sale of 69 ETH (Merlin), so we are proud to help the FRWC project conquer the 3 digit milestone.
That said, let us clarify that we don't take splashy financial decisions. Our fund is denominated in USD, and since the price of ETH declined significantly our USD cost basis wasn't much higher than the previous record sale.
Meet Chronomancer Bao of the Astral Plane
Chronomancer Bao doesn't have that stereotypical Wizard look but you’ll understand why.
He’s ranked at 44th position on wizards.guide and attributes feature a <Legendary> Familiar Golden Viper (only 0.18% of wizards share this trait) and an <Epic> Rune of Infinity (only 0.35% of wizards share this trait).
But even more important than statistical rarity is how his traits are perfectly pieced together.
Chronomancy is divination to determine the favorable time to take an action, formerly practiced in ancient China (Merriam Webster), which relates with the Shaolin head. Chrono magic is the power to manipulate time. Both Rune of Infinity and Sphinx's Hourglass are connected to time, while Golden Viper could be akin to snake Ouroboros, symbol of eternal cycle of life and death. Lastly “of the Astral Plane” just gives it an esoteric vibe that perfectly complements its Cosmic affinity (4 out of his 5 affinities fall into this theme).
The way this Wizard’s traits all piece together makes it hard to believe he was “randomly generated” using the artistic direction software. But if it was, it's a one in a million chance which makes this Wizard an epic coincidence. Chronomancer Bao is great for derivative art, role playing and lore writing and can become an icon with the proper dedication.
The Forgotten Runes Wizards Cult project has come to disrupt the way franchises are created by implementing NFTs to establish IP rights and taking the collaborative legendarium approach.
Even though its official lore is not out yet, the team has managed to get the attention of more than 20k fans who follow them on social media and its roadmap has gathered an amazing community who’s passionate about the fantasy world that is being created.
The team keeps the project fresh and exciting by slowly feeding the community with information, allowing them to speculate on what is to come. This drives hype into the project and gives members inspiration to write derivative stories that will complement the FRWC lore - a true collaborative legendarium and the first of its kind.
Seeing the exponentially growing market that is interested in this project, actively engaging with it since its release, we believe FRWC has the potential to become the first web3 media franchise.
With the upcoming release of the comic book, mini series and Runiverse game and ecosystem we expect to see a significant growth in the number of fans, not only from the NFT community but also from the mainstream audience, ultimately resulting in a significant upside like BAYC (Bored Ape Yacht Club) - similar but more popular NFT collection currently sitting at a 118 ETH floor price with a grail pieces being for sold for >1000 ETH.
Forgotten Runes Wizards Cult stands out in the NFT community, but is still valued lower than most comparable collections. The community engagement and dedication of the founders could serve as a benchmark for other similar NFT/Metaverse projects. If the project becomes as successful as we believe it will, FRWC will make history and we are excited to see how it will unfold.
In the appendix below you can find a few facts and USPs which we considered noteworthy
OpenSea: Forgotten Souls
OpenSea: Sacred Flames
OpenSea: Forgotten Runes Ponies
Entities behind FRWC
Magic Machine - Main entity behind FRWC. Next-generation studio embracing the technology of tomorrow. Magic Machine is disrupting traditional media by creating decentralized ownership of IP and characters. Wizards are just the beginning. The team’s expertise includes a deep understanding of blockchain technology, story telling, IP expansion, media and entertainment, and online community building.
Bisonic - Metaverse video game developer and publisher consisting of AAA industry veterans (such as Elder Scrolls Online, Diablo, Overwatch, World of Warcraft). They are building metaverse games enabling players to create value, engage, and compete. Building Runiverse (FRWC native game).
Titmouse animation - Animation studio that develops and produces animated television programs, feature films, music videos, title sequences, commercials and short films. Known for popular shows such as Big Mouth and Midnight Gospel.
NFTs are speculative assets even within the crypto world. None of the above should be taken as financial advice, and was written purely for entertainment purposes. Only a small fraction of Sigil's portfolio is allocated directly in NFTs. Some members of our team are personally invested in FRWC and many other Metaverse/NFT projects.