Today we are talking about a potential project, which is also a chain game platform. We have talked about several chain game platforms before, such as gala.
Magic has great potential. The one we are talking about today is called Merit Circle (MC), which is also very promising. Its current market value is only US$130 million, and its market value ranks 160+. This market value is similar to Magic. Then there is at least three times the space from gala's US$400 million. And recently, the market has been quite fierce, and it has doubled in less than a month. Then let's see if he has a hundredfold potential today.
Introduction
merit circle
Merit Circle is a decentralized autonomous organization (DAO) on a mission to revolutionize the game. As a DAO, the mission is to revolutionize gaming by empowering individuals to play a role in shaping the future of gaming.
As the DAO grows and develops, MC’s ability to support, create, and positively impact the GameFi industry continues to increase. Merit Circle’s activities and products are now divided into four distinct branches – Investments, Markets, Games and Studios. These verticals focus the goals and enable MC to positively impact key areas of the Web3 landscape. Bringing these verticals together will create a vibrant network of products, tools and services that users can leverage to begin their journey in the fragmented gaming industry.
Merit Circle's predecessor, Axie 420, was an Axie infinity "scholarship" guild. Initially, Merit Circle co-founder and CEO Marco van den Heuvel raised approximately $1.5 million from friends by lending NFTs to grow the guild. A few months later, Axie 420 officially changed its name to Merit Circle and raised US$4.5 million from some well-known funds and angel investors, thus officially starting a new journey.
Marco van den Heuvel is the co-founder and CEO of Merit Circle. In addition to him, Merit Circle has two other co-founders-Mark and Tommy. They are also the founders of a private investment fund and have extensive experience in investing and managing assets.
Merit Circle's team currently has more than 30 full-time team members. They come from all walks of life and are located around the world, and all have some experience and enthusiasm for games, community building and cryptocurrency.
Project Vision
Marco pointed out that Merit Circle is a gaming DAO. This means that the community (MC token holders) determines the content and direction of things done in the future. Merit Circle is primarily involved in the play to earn industry. In these games, players can own in-game props through NFT and receive rewards while playing the game.
Through Merit Circle, it not only invests in this space, but also develops its own products, such as the recently released NFT series "Edenhorde", as well as the gaming platform it is building. Through the gaming platform, we hope to attract more traditional players to enter the blockchain gaming world.
Therefore, Merit Circle believes more in free-to-play games with a player-sharing economy, rather than games that players play to make money. The money-making component should be a reward, but the player-shared economy will always be there.
GAMING
The games are introduced on the website. There are still many games, including those on PC and mobile phones.
Financing situation
On October 8, 2021, Merit Circle announced the completion of a US$4.5 million seed round of financing. This round of financing was funded by DeFiance Capital, Mechanism Capital, Spartan Group, DCG, Maven11, OP Crypto, Dialectic, CitizenX, Yield Guild Games, and Bitscale Capital Participate in investment. Angel investors include Coingecko co-founder Bobby Ong, Axie co-founder Jihoz, and Nansen CEO Alex Svanevik.
On November 6, 2021, Merit Circle announced that it had completed US$100 million in financing in the form of a Dutch auction through the Balancer Labs Liquidity Bootstrapping Pool on the Copper platform.
On April 13, 2022, Binance Labs announced its investment in Merit Circle. The specific amount was not disclosed. Participants include DeFiance Capital, Mechanism Capital, Spartan Group, DCG, Maven11, OP Crypto, Dialectic, CitizenX, Yield Guild Games and Bitscale Capital.
At present, Merit Circle has completed three rounds of financing. These three rounds of financing reflect Merit Circle's popularity in the capital market, both in terms of the amount of funds and the background of the investors.
Token distribution
MC is the governance token of Merit Circle DAO and has the following current and planned use cases:
Governance: MC token holders (staking tokens) can vote on network governance decisions.
Play-to-earn index: Each MC token represents a portion of the MainDAO treasury. Through MC tokens, users can access multiple game NFTs in various subDAOs, which will serve as an index for the earn-while-playing industry.
Staking: MC token holders can stake their MC tokens or Uniswap LP tokens in the Merit Circle platform to receive MC rewards.
Early access to NFT: MC token holders can be the first to experience native NFTs from Merit Circle and NFT issuance from platform partners.
Platform rewards: In the future, MC token holders will be eligible to receive platform rewards and product discounts based on their MC holdings.
The project raised $4.5 million in funding in a seed round sale, selling 140,625,000 MC (14.06% of the total token supply). The DAO has raised $105.5 million in the Balancer Liquidity Bootstrapping Pool via Copperlaunch, selling 41,020,000 MC tokens (4.10% of the total token supply). The funds raised exist in the DAO vault.
The first issuance time is 2021-12-02, the current supply is 669,811,161 MC, the circulation is 372,225,532 MC, the current currency price is 0.3 US dollars, the peak was 10 US dollars in December 21, so this is also a 99% drop, and then the team The currency holding ratio is a bit high, 20%+16.4%=36.4. And almost half of them are still unlocked.
Finally, to sum up, this is also a chain game platform. Compared with Gala before, it is relatively new. Compared with Magic, their market value is almost the same, but it seems that there are more games on MC, especially recently, because of the previous paragraph I think there are not many games that can be played, and the game platform is nothing more than whether the game is fun and whether there are top games. Judging from the current market situation, there are not very large-scale fun games. Of course, this platform I have never played it, so friends can take the time to play it, see how it is, and then give me feedback. Recently, this coin has also risen a lot because it was invested by ygg, so YGG has experienced a surge in price. , which should have more or less inspired this project.