Completing $30 Million in Financing: Introducing MEEET, GameFi's Emerging Star

BeginnerAug 16, 2023
As a major force in socialFi and GameFi, MEEET is not only limited to the development of community interaction but also successfully obtained $30 million in seed round financing after integrating the concept of AIGC. In addition, the successful launch of Arbitrum on this platform has achieved the dual-chain operation of BSC & ARB.
Completing $30 Million in Financing:  Introducing MEEET, GameFi's Emerging Star

As the next Bitcoin halving time draws near, people from all walks of life in the crypto sphere constantly explore potential tracks and projects that may lead the next bull market. Now that this round of bear market has just passed, the capital in the market seems to have become active again. Recently, MEEET completed a seed round of financing at a valuation of 30 million, and the long-silent metaverse/GameFi track seems to have re-entered people’s sight.

What is MEEET?

The whitepaper of MEEET begins with this statement: “The MEEET protocol is a developmental social networking graph that vertically serves the gaming industry, and any application can be integrated into it.” In this short sentence, we have already learned two characteristics of MEEET:

  1. Gaming Industry

  2. Social Features

The core function of MEEET is a GameFi project with social features, and it is an open platform. For MEEET, its openness is not only for the user network but also for developers. Anyone can start their Web3 gaming journey as a user on MEEET, and likewise, any game developer can load their game onto the MEEET platform. Through MEEET, users and players can quickly experience Web3 games. Web3 game developers also have a corresponding user group, enabling them to understand user needs and industry trends more directly.

Undoubtedly, MEEET is targeting billions of Web2 game players and plans to convert them into Web3 users. On this basis, the MEEET protocol will create individual gaming profiles for users (including game assets, playing time, etc.), as well as the social relationships between users and other games, and all this information will be stored on the blockchain, personalizing the user’s assets.

Through the entertainment and virality of games, MEEET can establish a community in Web3 centered on the core gaming concept and focus on developing the gaming industry within Web3. The methods to achieve this include but are not limited to, attracting users through well-designed games, utilizing the rapid spread of decentralized networks to continuously inject new vitality into the community, maintaining community activity, and more.

What are the Characteristics of MEEET?

GameFi is a concept that combines gaming with finance, where users can invest through games and simultaneously receive returns. Typically, GameFi projects are based on blockchain technology, utilizing smart contracts and cryptocurrency to facilitate the in-game economy. As part of the metaverse, GameFi provides the foundational conditions for virtual worlds and economies, aligning with the general expectations people have for the metaverse.

In GameFi, the Play to Earn (P2E) model is the direct source of economic benefits for users and one of the key factors that attract players. In projects like MEEET, players can earn virtual assets, in-game currency, or cryptocurrency by participating in the game. This economic reward incentivizes more people to engage in P2E games. The P2E model encourages interaction and communication between players, forming a community-based economic system within the game. Players can support and collaborate with each other in the community through trading, division of labor, and other means, achieving asset growth and resource sharing. This community economic model enhances the social aspect of the game, attracting more player participation.

Similar to traditional GameFi, MEEET continues to follow the P2E model. Players achieve production and resource accumulation by purchasing land and farmers. The resources produced can be used to complete tasks and earn rewards, or participate in the following industry chain to obtain other products. For example, a user might harvest corn after planting it on their land, then use the corn in a food processing factory to produce canned corn, and finally sell the canned corn to a shop, thereby earning rewards.

In the entire MEEET game, every aspect is closely related to the final rewards, and the critical item produced is the “Farmer NFT.” In MEEET, farmers have five attributes, which are as follows:

  • Profit: This attribute directly determines the amount of tokens earned.
  • Luck: Increases the level of gems in equipment, thereby raising the upper limit of NFT attributes.
  • Wisdom: Reduces the stamina consumption of NFTs.
  • Hunger: Reduces the maintenance cost of NFTs.
  • Speed: Speed can increase the drop frequency of gem equipment boxes; it can also enhance the earning speed per unit of time, consuming more stamina in a shorter period.

The level of farmers can be attempted to obtain higher-level farmers through synthesis. For example, a player needs to consume 5 gray-level Farmer NFTs to attempt to synthesize a higher-level green farmer. If successful, 5 gray-level Farmer NFTs are consumed; if the attempt fails, one gray-level Farmer NFT will be lost, and the remaining four will be returned.

MEEET adopts a dual-token token mechanism design, specifically MST (in-game currency) and MMT (governance tokens). MST has an unlimited supply, and players can earn it by completing related tasks in the game, then use MST to unlock more content or enhance the attributes of items. MMT, on the other hand, serves as a governance token. Players can only start earning MMT after promoting their Farmer NFT to a certain level, and the speed of earning MMT is related to the attributes of the NFT itself and the configuration of related items.

It’s worth mentioning that the MEEET team, to address the inevitable inflation problem in P2E (Play-to-Earn) games, designed a series of burn mechanisms. These include limiting the daily amount of MMT that can be unlocked, requiring the consumption of MMT to upgrade specific NFTs or equipment (though the upgrade will result in higher efficiency to earn MMT), and a time requirement for this upgrade. Additionally, after accumulating a certain amount of MMT, the system will reward NFTs or items, among other measures.

As a GameFi with a social feature, in addition to establishing traditional gaming guilds, there are three public chat systems and one private chat system within the game, namely:

  1. World Channel System: Players can converse with anyone in the world chat system, discuss the game, and exchange information. They can seek help from certain players through the world chat system.

  2. City Channel System: Players can converse or make friends with others in the city channel based on their location. Players can also seek help from some players through the city system.

  3. Guild Chat System (Family Channel): Players from the same guild can freely chat with players from other guilds. Players can send messages to other players through the guild chat system to seek assistance.

  4. Friend Private Chat System: Players can send friend requests to others and directly exchange messages. Players who engage in a few days of conversation with friends will earn game badge rewards. Players can seek help from other products to meet their task requirements, thus gaining MST more quickly. Players can also send gifts to friends through the friend private chat system daily to strengthen friendships.

An exciting feature in the game is the “stealing crops” mechanism. Stealing crops refers to the act where players, who are friends or in the same guild, can steal each other’s crops when there is a shortage. Generally speaking, stealing crops consumes some game energy, which is automatically replenished. Players can obtain energy by burning MST in the game.

Currently, MEEET supports both the BSC chain and Arbitrum, allowing players to choose either chain for gameplay, with identical content. The built-in market within the game allows users to sell/purchase farmer NFTs and other items, accepting BNB and ETH tokens. As for player profits, namely MMT, they can be freely transferred across both chains, while the in-game currency (MST) cannot.

How to Increase the Popularity of GameFi/Metaverse Concepts

MEEET has a more seamless in-game system compared to other blockchain games, along with significant investment. However, since the birth of the Metaverse and GameFi, there has been no shortage of high-quality original games in the blockchain, and attractive games by Web2 giants entering or investing in the space. Why, then, has the popularity of GameFi declined rather than grown in recent years?

There are three important factors:

  1. Lack of Playability in the Games Themselves: The Web2 gaming industry is highly developed. Although GameFi’s development will not ultimately follow the traditional gaming industry, the core content of the games fails to meet players’ basic requirements. Many games are overly hyped before launch, only for players to sneer at them once they actually play.

  2. Collapse of Sustainability Surrounding P2E Models: When a game’s production significantly exceeds its consumption, the market inflation of the token will increase rapidly. Once prices enter a downward spiral, the game itself enters a countdown to extinction.

  3. Lack of Transparency and Openness: The payback period is an essential reference for users participating in GameFi projects. However, project owners often overstate or even conceal data, leading users to find that things are different from what they seem and ultimately abandon the project.

Today’s blockchain presents a blossoming landscape with multiple tracks. GameFi and the concept of the Metaverse no longer have the initial influence, and the audience is gradually shrinking. Rebuilding user confidence is undoubtedly a priority.

GameFi’s basic concept originates from the blockchain, providing distributed advantages not found in traditional industries. Ensuring that each player can fully control their game characters, assets, and props, and guide the development direction of blockchain games through governance tokens, is the core content of GameFi’s development. The decentralized structure of blockchain games provides an advantage in operation, where players can participate in the operation and maintenance. The higher the game’s popularity, the better the players’ experience; the more players there are the greater the early players’ benefits.

In addition to optimizing blockchain game structure, actively integrating community efforts is something more blockchain game projects should consider. Regularly hosting various community activities, such as online or offline AMA (Ask Me Anything) sessions, live lectures, game competitions, etc. These activities offer opportunities for direct interaction with users, allowing them to ask questions, share opinions, and communicate with others.

An open governance system might allow users to participate in project decision-making. Through community voting, users can express opinions and choices, such as deciding on implementing new features or adjusting economic models. Such participation mechanisms can increase users’ sense of belonging and commitment, providing valuable feedback and suggestions. Regular communication with users to share the latest progress, plans, problems, and solutions enhances transparency and openness. Honest and open communication channels with users help build trust and consensus.

In a nutshell, increasing user retention, and allowing them to see more possibilities is key to retaining users. As proven successes like Axie Infinity and the newly $30 million seed-funded MEEET demonstrate, putting users first and enhancing their experience throughout the use may become an essential pathway for GameFi to regain popularity.

Economic Model of MEEET’s Token ($MMT)

Private Sale: 15%

Public Sale: 7%

Team: 15%

In-Game Distribution: 25%

Ecosystem: 30%

Community Airdrop: 5%

Advisors: 3%

(Image source from the official website https://www.meeet.xyz/)

Conclusion

With the development of GameFi and Metaverse, challenges arise in enhancing playability, ensuring sustainability, and boosting transparency and openness. To increase the popularity and trust in GameFi projects, stakeholders should focus on the quality and playability of game content, maintain the sustainable development of the game, actively interact with the community, establish an open community environment, and engage users through transparent communication channels and governance mechanisms.

In summary, GameFi projects like MEEET hold significant importance for the development of the crypto sphere and the realization of the Metaverse. Through innovative gameplay and economic models, as well as an open community environment, GameFi projects can attract more user participation and support, exploring new possibilities for further advancement in the gaming industry. As the cryptocurrency industry continues to grow and innovate, there are good reasons to look forward to the future of GameFi.

Author: Tree.99
Translator: piper
Reviewer(s): Edward、KOWEI、Elisa、Ashley He、Joyce
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