Shrapnel: a genuinely well-reviewed AAA shooter, a token down ~99.9%, and a name shared with an unrelated project.
We're continuing our P2E Crypto Games series with Shrapnel, a first-person extraction shooter built on an Avalanche subnet by Neon Machine, a Seattle studio spun out of HBO Interactive and staffed by BAFTA and Emmy Award-winning veterans of Xbox, HBO, EA, ConsenSys, and Microsoft. Real, disclosed genuine strengths: Decrypt's hands-on early access preview states directly the game "already shines," two 2023 GAM3 Award wins for Best Graphics and Most Anticipated Game, and a genuinely distinctive creator-economy mechanic letting SHRAP holders vote to promote player-made maps and share in resulting rewards. What we don't think should be set aside: SHRAP reached its all-time high of $0.4353 in December 2023, just weeks after listing, and has since fallen roughly 99.7-99.9% across multiple dedicated price-tracking sources. We also want to flag directly a real, disclosed data-quality problem we found: at least one entirely unrelated token shares the "SHRAP" ticker, and several sources report wildly inconsistent figures we believe reflect that collision rather than genuine disagreement about one asset. We weighted all of it below.
Our take, up front: Shrapnel is a first-person extraction shooter built on an Avalanche subnet by Neon Machine, a Seattle-based studio that first started as part of HBO Interactive before spinning out independently, staffed by BAFTA and Emmy Award-winning veterans of Xbox, HBO, EA, ConsenSys, and Microsoft, with Aaron Nonis serving as Chief Operating Officer. Real, disclosed genuinely credible hands-on assessment: Decrypt's early access preview states directly the game "already shines" and shows "immense promise as a game poised to compete with the heavyweights of the online shooter genre," drawing comparisons to Escape from Tarkov's risk-and-reward extraction loop. Real, disclosed genuine industry recognition: Shrapnel won two categories, Best Graphics and Most Anticipated Game, at the 2023 GAM3 Awards, a Web3-gaming-specific awards body. Real, disclosed genuine early access launch: the game debuted on the Epic Games Store in February 2024, with a real, disclosed $100,000 SHRAP prize pool for a launch-week competitive event. Real, disclosed genuinely distinctive creator-economy design: players can build their own weapons, skins, and maps using Shrapnel's tools and mint them as NFTs, and SHRAP holders can vote to promote popular player-created content, such as maps, with promoters sharing in the resulting rewards, a genuinely distinctive governance mechanic tied directly to real platform activity. Real, disclosed responsive tokenomics action: in March 2024, Neon Machine proactively revised SHRAP's token unlock schedule, reducing planned April unlocks by nearly 75% specifically to reduce sell pressure. What we don't think should be set aside: SHRAP reached its all-time high of $0.4353 in December 2023, just weeks after its KuCoin listing, then declined roughly 90% by mid-2024 per a detailed technical analysis, and further to a decline of roughly 99.7-99.9% by 2026 across the dedicated price-tracking sources we found most internally consistent. We also want to flag a genuine, significant data-quality problem directly: our research surfaced at least one entirely unrelated token, an inflationary Fantom-based asset tied to BombSwap and an unrelated "MCLB DAO," sharing the identical "SHRAP" ticker, and several sources report wildly inconsistent all-time-high figures, ranging from $0.44 to $26.11, that we believe reflect this naming collision rather than genuine disagreement about a single asset; we relied on the two most internally consistent, dedicated sources for the figures in this review and treat generic "security audit completed" claims tied to the confused ticker with real skepticism. Real, disclosed platform limitation: full blockchain integration remained incomplete even after early access launched, per multiple detailed sources, meaning the on-chain experience lagged behind the core game itself for an extended period. We weighted all of it below.
Real, disclosed genuinely credible, named studio pedigree: Neon Machine, spun out from HBO Interactive, staffed by BAFTA and Emmy Award-winning veterans with experience at Xbox, HBO, EA, ConsenSys, and Microsoft, with a named COO (Aaron Nonis). What we want to flag directly: our research surfaced a genuine, significant naming collision, at least one entirely unrelated token shares the "SHRAP" ticker, and several price-tracking sources report wildly inconsistent all-time-high figures (from $0.44 to $26.11) that we believe reflect this collision rather than genuine disagreement about one asset. No confirmed direct hack of Neon Machine's actual Shrapnel game or token contracts was found in our research, though we treat generic "audit completed" claims tied to the confused ticker with real skepticism.
Pros
- Named, credible studio leadership with real prior AAA and Web3 industry experience
- No confirmed direct hack of Neon Machine's actual game contracts found in our research
Cons
- A genuine, disclosed ticker collision with an unrelated token complicates verifying some claims
- Generic "audit completed" language found in some sources may not apply to this specific project
Real, disclosed responsive action: Neon Machine proactively revised SHRAP's token unlock schedule in March 2024, reducing planned April unlocks by nearly 75% specifically to reduce sell pressure. What tempers this severely: SHRAP reached its all-time high of $0.4353 in December 2023, just weeks after its KuCoin listing, then declined roughly 90% by mid-2024 and further to a decline of roughly 99.7-99.9% by 2026 across the most internally consistent price-tracking sources we found.
Pros
- Neon Machine proactively cut planned unlocks by ~75% specifically to reduce sell pressure
Cons
- SHRAP fell roughly 90% within about six months of its all-time high
- The decline has continued to roughly 99.7-99.9% as of 2026
Real, disclosed named, credible studio leadership with real prior AAA and Web3 industry experience, including a named COO. Real, disclosed distinctive governance mechanic: SHRAP holders can vote to promote player-created content (such as popular maps), with promoters receiving a share of resulting rewards.
Pros
- Named, credible studio leadership including a named Chief Operating Officer
- A distinctive, real governance mechanic ties SHRAP directly to promoting player content
Cons
- Real-world governance participation levels were not independently confirmed in our research
Real, disclosed genuinely credible, positive hands-on assessment: Decrypt's early access preview states directly the game "already shines" and shows "immense promise" against established genre heavyweights. Real, disclosed genuine recognition: Shrapnel won two categories, Best Graphics and Most Anticipated Game, at the 2023 GAM3 Awards. Real, disclosed genuinely distinctive user-generated content tools letting players create and mint their own weapons, skins, and maps.
Pros
- Independently credited by Decrypt as already showing "immense promise" in early access
- Two 2023 GAM3 Award wins, including Best Graphics
- Genuinely distinctive creator tools for player-made weapons, skins, and maps
Cons
- Early access reviewed a "compact sliver" of the eventual full game, per Decrypt's own framing
Real, disclosed accessible distribution via the Epic Games Store, with early access available since February 2024. What tempers this: full blockchain integration remained incomplete even after early access launched, per multiple detailed sources, meaning the actual on-chain experience lagged behind the core game itself for an extended period.
Pros
- Accessible directly via the Epic Games Store since early 2024
Cons
- Full blockchain integration remained incomplete well after the core game's early access launch
Real, disclosed Extraction Pack model gates early access and includes real, disclosed benefits (a playable character, item drops, consumables) rather than a purely pay-to-win structure. Real, disclosed community marketplace for trading player-created NFT items.
Pros
- Extraction Packs bundle real, disclosed benefits beyond simple access
Cons
- An upfront pack purchase remains a real, disclosed cost of entry
Real, disclosed genuinely distinctive creator-economy tooling letting players mint their own weapons, skins, and maps as NFTs, with a real, disclosed community-voting mechanism to promote popular player-created content.
Pros
- A genuinely distinctive, real creator-economy feature set relative to most other shooters in this series
Cons
- The real-world scale of player-generated content adoption was not independently confirmed in our research
Access only through the official Epic Games Store listing, and verify any SHRAP price or exchange data against multiple sources.
Given the real, disclosed ticker collision we found with an unrelated token, cross-check any SHRAP price or trading-volume figure against at least two dedicated sources before treating it as reliable, and confirm you're viewing data for Neon Machine's actual Avalanche-based game specifically.
A genuinely well-reviewed shooter from a genuinely credible studio, undercut by a token chart and a data mess.
We want to give Shrapnel real credit for the parts of this review that were actually straightforward to research. Neon Machine is a real, named, credible studio with award-winning veterans and a track record that predates its token entirely. Decrypt's own hands-on team liked what they played, and two GAM3 Award wins for a game still in early access is a genuinely strong signal. The creator-economy mechanic, letting the community vote to reward popular player-made maps, is one of the more thoughtful, distinctive ideas we've found in this series. What keeps this score from climbing higher is twofold. First, the ordinary problem: SHRAP fell nearly 100% from a peak it hit only weeks after listing, and a proactive tokenomics fix in early 2024 didn't reverse that. Second, a problem specific to this review: figuring out which numbers actually belonged to this game's token, rather than an unrelated asset that happens to share its name, took real, careful cross-checking on our end, and we don't think every buyer doing their own research would catch that distinction. Shrapnel earns credit as one of the more credible shooters in this series. It also earns a caution that has nothing to do with the game itself: know exactly what you're looking at before you trust a number.
The scorecard above is deliberately general. Whether Shrapnel is right for you depends heavily on which of these you already are.
The extraction-shooter fan who wants a genuinely credible AAA studio's take on the genre, played primarily for the game itself
This is exactly where Shrapnel's real, independently-credited gameplay quality delivers value without financial exposure.
The researcher who cross-checks any SHRAP price or volume figure against multiple dedicated sources before trusting it
Given the real, disclosed ticker collision we found, this verification step genuinely matters here.
The creator interested specifically in the platform's map-promotion governance mechanic as a distinct feature to evaluate
This is a real, disclosed, distinctive design worth engaging with on its own terms, separate from the token's price.
Anyone treating a "Shrapnel" or "SHRAP" price chart found online as automatically referring to Neon Machine's game
A real, disclosed naming collision with at least one unrelated token means this assumption can lead to real confusion.
The scorecard covers the headline judgment calls. These four tables cover the specifics we didn't want to bury in prose; the ticker-collision problem we found and how we handled it, SHRAP's price chronology, the studio's real credentials, and how the creator-economy mechanic actually works.
The ticker collision, explained
| Source figure | Our assessment |
|---|---|
| CoinGecko: ATH $0.4353 (Dec 2023) | Consistent with AiCoin's independent Dec 2023 report ("above $0.43"); we treat this as accurate for Neon Machine's real game token |
| Coinbase: ATH $26.11 | Wildly inconsistent with every other source; likely reflects a data error or an unrelated asset |
| TokenInsight/Forbes: "inflationary token launched with BombSwap on Fantom" | Describes a demonstrably different, unrelated project sharing the same ticker |
| Coinpaprika: "operates on Ethereum... proof-of-stake" | Inconsistent with Neon Machine's disclosed Avalanche-subnet architecture; likely a different or misattributed asset |
We relied on the figures that were internally consistent across multiple independent, dedicated sources describing the same Avalanche-based game, and explicitly excluded figures we could not reconcile with Neon Machine's actual, disclosed architecture.
SHRAP, from launch to today (Neon Machine's game token)
| Date | What happened |
|---|---|
| Nov 8, 2023 | SHRAP receives a primary listing on KuCoin |
| Dec 2023 | SHRAP reaches its all-time high of $0.4353 |
| Mar 2024 | Neon Machine revises the token unlock schedule, cutting planned April unlocks by ~75% |
| Jul 2024 | A technical analysis source reports SHRAP down roughly 90% from its all-time high |
| 2026 snapshots | Multiple dedicated sources report a decline of roughly 99.7-99.9% from the all-time high |
The decline was severe within months of listing and has continued through 2026, despite the real, disclosed unlock-schedule intervention in early 2024.
Neon Machine's real, disclosed studio credentials
| Detail | Disclosed fact |
|---|---|
| Origin | Started as part of HBO Interactive, later spun out independently |
| Location | Seattle, Washington |
| Team background | BAFTA and Emmy Award-winning veterans from Xbox, HBO, EA, ConsenSys, and Microsoft |
| Named leadership | Aaron Nonis, Chief Operating Officer |
| Recognition | Two 2023 GAM3 Award wins: Best Graphics and Most Anticipated Game |
This is a genuinely credible, real, disclosed studio pedigree independent of any token performance, one of the stronger production backgrounds we've found in this series.
How the creator-economy mechanic actually works
| Step | What happens |
|---|---|
| 1. Creation | Players use Shrapnel's tools to build weapon skins, maps, or other content |
| 2. Minting | Player-created content can be minted as an NFT on Shrapnel's Avalanche subnet |
| 3. Promotion | SHRAP holders can vote to promote specific content, such as popular maps, to increase its discoverability |
| 4. Reward | Promoters receive a portion of the rewards generated by the content they helped surface |
This ties SHRAP's utility directly to a real, disclosed platform activity, rather than leaving governance as an abstract, rarely-used right.
We don't just want to hand you our number; we want to show you how it sits next to what other review desks and comparison sites have published. We're flagging directly that most general coverage credits the game's genuine production quality without engaging with the ticker-collision problem or the severity of SHRAP's decline as directly as our methodology does.
Our score lands meaningfully below the aggregated industry average; most sources we found credit the game's genuine production quality and the studio's real pedigree favorably, while giving little attention to the ticker-collision data-quality issue or the severity of SHRAP's decline that we found central to this review.
| Source | Score | Type |
|---|
Scores compiled by our editorial team from publicly available reviews as of August 2026. "Editorial estimate" means the outlet didn't publish a single numeric score, so we converted their published verdict and sentiment into a comparable 100-point figure. Verify current figures directly with each source before citing them elsewhere.
No. Our research found at least one entirely unrelated token, an inflationary Fantom-based asset tied to BombSwap and an unrelated "MCLB DAO," sharing the identical "SHRAP" ticker. Always confirm you're viewing data specifically for Neon Machine's Avalanche-based game before trusting a price or volume figure.
SHRAP reached its all-time high of $0.4353 in December 2023, weeks after its KuCoin listing, then fell roughly 90% by mid-2024 and further to roughly 99.7-99.9% by 2026 across the most internally consistent sources we found.
Neon Machine, a Seattle-based studio that began as part of HBO Interactive before spinning out independently, staffed by BAFTA and Emmy Award-winning veterans from Xbox, HBO, EA, ConsenSys, and Microsoft.
Decrypt's hands-on early access preview states directly the game "already shines" and shows "immense promise" against established genre heavyweights. Shrapnel also won two categories, Best Graphics and Most Anticipated Game, at the 2023 GAM3 Awards.
No confirmed direct hack of Neon Machine's actual Shrapnel game or token contracts was found in our research. We treat generic "audit completed" claims tied to the confused SHRAP ticker with real skepticism given the naming collision we identified.
The game is available via the Epic Games Store, with early access gated behind an Extraction Pack that includes benefits like a playable character and item drops.
Shrapnel operates on its own subnet built on Avalanche, letting Neon Machine customize rules and functionality specific to the game.
Players create content like maps using Shrapnel's tools and mint it as an NFT. SHRAP holders can then vote to promote popular content to increase its discoverability, and promoters share in the rewards that content generates.
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