Early preview of some of our upcoming race graphics

Hello Racers, Investors, and Enthusiasts! This is Paul Nirenberg, Lead Systems Designer at Third Time. Today, we’d like to introduce you to some of the economic workings of our upcoming project, Photo Finish. We’ll be covering a few topics: Racing, Breeding, and Ownership so this should be a helpful window for anyone interested in the game. Lets start from…

The Basics

Photo Finish™ LIVE is a real money Horse Racing Game using a two token system to support different gameplay and monetization for its varying player base.

In one stream we have $DERBY, an inflationary currency that fuels many of the hands-on gameplay actions. Race purses, breeding costs, and horse purchases are all done in $DERBY. As future systems are added to the game (Think wagering, training, etc…) those will run on $DERBY too.

The second stream features $CROWN, a fixed supply Governance Token that provides control over the ownership side of the game. $CROWN fuels our DAO and allows broad minded players to participate in the Racing Season by investing in race tracks.

Together, they create a healthy system where different types of players (Racers, Breeders, Owners, etc…) can play and make a return from their preferred skill set.

So what do those skill sets look like and how do they make their money?


Racers are the meat of the game. They breed or buy horses, hunt down optimal races, and aim to make a killing on prizes. Each of a horse’s stats wax and wane at different distances, and Racers understand which stats are strongest at each length.

Racers double dip on rewards when they do well. The game’s genetic system passes good genes on to foals, and nothing proves good genes like a big win. Retiring a good racing horse isn’t the end of it’s career. Racers can sell their retired horses for hefty sums on the market where breeders search for the parents of the next generation of champions. For those looking for passive income streams, horses can be put on the Stud Market for a fixed fee or a percent based Foal Share Agreement.

Racer Skills:

Racer Income:

We created a few sample models of what ROI might look like in the $DERBY economy based on a few possible win rates of a horse. Some details about our model:

Ungraded Racing

“Ungraded” races refers to the lower stakes of racing — Claiming, Maiden, Allowance. These have a wide range of purse distributions, from $500 to $7500 USD. Below is a chart of net $DERBY winnings (remembering you have to pay an entry fee to enter each race) for 3 different win rates:

Net $DERBY winnings for an ‘ungraded’ horse over his career at 15% / 20% / 25% win rates

Graded Racing

“Graded” stakes refers to a specific type of race with a minimum purse. There are 4 minimum purse cutoffs for each type of Graded Stakes race:

These are obviously much higher stakes races with tougher competition, but this is also where the “Sport of Kings” gets its name. The risk is high but so is the reward. It should also be noted that there is no theoretical maximum on Grade I races. For example, the Saudi Cup is a GI race in real life which has a purse of $20 million USD (which, if we stuck with the 10% rule and was held in Photo Finish™ LIVE, would be a $2m purse). Below is a chart again showing the possible $DERBY winnings from a horse running in graded stakes races:

Net $DERBY winnings for a single ‘graded’ horse over his career at 15% / 20% / 25% win rates


If Racers are the meat of Photo Finish™ LIVE, then Breeders are the potatoes. Breeders search the marketplace for Studs and Mares that could produce big winners. They look at genetics on a deep level and fine-tune killers for specific distances. Well bred foals can sell for big money, and a good investment can breed many high value foals.

Breeder Skills:

Breeder Income:


If Racers and Breeders are the Meat and Potatoes, then Owners are the plate the meal is served on. Owners invest in and help govern the game as a whole, earning rewards based on how well the season does. They also make decisions in the Stylish Stables DAO, which features real horse ownership, live racing suite access, and philanthropy.

Owner Skills:

Owner Income:

All together, these player types keep the game growing as horse breed, foal, race, retire, and repeat. As long as players love horse racing, there’ll be something to do in Photo Finish™ LIVE.

$CROWN release to DAO Members:

Before we end the post, we’d like to explain a bit more about an important revenue stream: seasonal $CROWN releases. The releases of $CROWN are a regular drop of our Governance currency sent to our DAO’s members. How do you become a member? Currently, it’s easy, just become a verified holder of our Stylish Studs / Fine Fillies / Spooky Studs PFPs.

For those waiting to know how this works, we have good news; it’s generous. A whopping 50% of ALL tokens will be shipping out to our PFP holders. That’s 125,000,000 tokens out of our 250,000,000 total supply. These will be released linearly at the end of every season, meaning roughly 4.8 million tokens and some change will be sent to the holders every 4 weeks for 2 years.


The question you may ask next is “So, what is the valuation of the $CROWN network today?” Stay tuned — we should have some answers to this with upcoming press releases on our investment round.

PFP Holder Distribution:

As we’ve said from the very beginning, we wanted to make sure that rarity mattered for the life of these NFT’s. We also wanted to make sure that even the lowest ranked holders feel like they’ve gotten a fair return, so we looked at a few distribution methods for the release of $CROWN. Ultimately, we settled on a unique curve that is averaged from a linear distribution and a logarithmic one. It’s a compromise that still rewards the highest ranks while maintaining a healthy baseline for all holders and makes the value of rarity significant at every level. Here’s what it looks like:

Note: you can check the rarity rankings and how they map to $CROWN releases here: https://docs.google.com/spreadsheets/d/1Jz_4H0Kw-VvIYYuc7ZIEEuH47gH5k7V0fJdQ8WzirDM/edit?usp=sharing


We’re aware that there’s speculation about HOW we ranked the PFPs so we’ll clarify that too. First, we put all 15,008 into one group and added Gender as a trait. The full total of 15,008 comes from the inclusion of our 8 Spooky Studs. To rank the “new” set, we summed all counts of each trait and compared them to the total population.

Things worked simply from there, though we DID decide to Fudge the Spooky Studs a bit. Technically their traits are the rarest of all, as they’re 1 ofs and the Unique Studs and Fillies are 2 ofs (Two counts of Ziggy Face, 2 At the Track Background, ect…). We didn’t like how rare that made them, so we decided that the Spooky Studs would have the same rank as the unique studs.


We are so very excited to begin the next step of this journey with all of you, our loyal, active, and amazing community. We have been hard at work on the game and have plenty more to share in the coming months.

Along those lines, we are very excited to also announce that the final PFP Breeding Tool release is coming EXTREMELY SOON! We expected it to be released this week in all honesty, but as we moved everything from devnet to mainnet we ran into some hiccups and we want to be ultra sure things are fully tested, secure, and as stable as possible if things go wrong inside the network during the minting process. We are targeting open release of the breeding tool at the beginning of next week!

COMING SOON: “Breeding” your own Generation 0 Tickets

Disclaimer: It goes without saying, but game development is difficult — and though we are making every effort to execute every part of our shared vision with the community, things can change. Specific details may be subject to change in order to comply with regulatory compliance. The team might also just come up with a better idea on how to best implement a feature. Nothing in this post is meant to solicit investment in any way shape or form. The details are being shared for informational purposes only. The team reserves all rights to modify this post in the future in order to provide the best possible experience.

See you on the track!

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