MOOI Network is open to all innovative and creative projects. Metaverses, a living space for various users, should furnish a range of services to maintain the lifestyle of users therein. P2E services and education services for languages or self-improvement are examples of such a service. Also, DeFi services will be needed for those who want to liquidate assets by depositing NFTs as security or gain stable profits by depositing assets within the metaverse.
Accordingly, we are anticipating a collaboration with character-based projects. Users can truly enjoy a metaverse only when there are various lively services provided. We look forward to hearing from many projects that share our vision.
Existing services that have the same vision as our services will be sequentially brought into a blockchain and NFT-based service. Each service will be reborn as a P2E game, including the items as NFTs, and in the future, avatars of each service will be enabled to cross the boundaries of different services within the MOOI metaverse space.
The first target of such transformation is Cocone’s services that are already beloved by numerous people. Starting from Cocone’s services, we will expand the ecosystem of MOOI Network continuously through collaborations and business partnerships with many teams. Moreover, blockchain infrastructure services are set to join, such as a wallet and decentralized exchange.
P2E services keep rolling out and among those, services that allow users to create actual profits have been drawing keen attention. There are many people who expect tangible profits in these P2E services, as well. Thus, it is common that the services rather stress the aspect of “earn”, overlooking the aspect of “play”, resulting in the service feeling incomplete.
P2E services whose value relies solely on profitability cannot last. Users can easily leave insipid services for another service with higher profitability. This type of structural limit on services that only rely on profitability questioned the sustainability of P2E services.
Many recent attempts have been made to overcome the structural limit of profitability-focused P2E services. We also contemplated sustainable P2E services with our partners. We believe when P2E services are fun enough to engage users, a wide range of people will enjoy them.
The services that will be provided on MOOI Network will focus on keeping the balance between “play” and “earn”, aiming to provide a next-level P2E service that can be both fun and profitable.
In addition, to continuously bring fun and high-quality services that meet user expectations onto the MOOI Network, we plan to provide various incentives to partnering teams. This will heighten the value of MOOI Network, which in turn will make MOOI Network even more attractive and sustainable.
Some people who are familiar with the existing games or services of the virtual world may criticize that the metaverse is not different from the existing services and it is just another form of a marketing technique. However, there is one clear difference between the structure of existing services and metaverse services created by blockchain technology: Web 3.0.
It is not just the fun that makes a service attractive, whether it is an MMORPG game or social service in the virtual world. There is one absolute element needed for creating a truly immersive world, and that is communication with others, i.e. community. We feel more immersion and fun when doing a social activity with others in games, just as in the real world. In the structure of existing services, users create communities by interacting with one another, which contributes to the growth and charm of these services.
Unfortunately, rewards were not offered to users for their contribution but were given to service providers. However, advances in blockchain technology have laid a technological basis that allows objective calculation and fair distribution of rewards to the participants of a community for their contribution. The concept that emerged from the basis of Web 3.0. We think a true metaverse is a world where everyone gets a fair reward for their contribution to the community under the concept of Web 3.0. A world where users get a fair reward for their contribution will create a virtuous cycle, attracting more users, enlarging the community, as a result offering greater rewards to everyone.
We are well aware that the value of Web 3.0 emanates from communities that support the vision of decentralization and the use of blockchain services. To keep these communities, a fair reward should be distributed for the contribution of each member. A reward system has to be built first for a fair distribution of rewards. Using blockchain technology, we have built a reward system that can work in a virtual world and an economic system that will fully power the reward system.
We have also succeeded in developing a financial system that allows the swap of a currency within a service to other currencies or the management of assets. The users of the MOOI Network’s metaverse service can now earn a fair reward for their efforts, time, and contribution to their community. To follow the principle of Web 3.0 in the reward distribution process, MOOI Network is designed to have a fair reward distribution process that works solely by algorithm, thus removing the need to centralize the process by the MOOI Network team.
Regarding the reward for contributing to the ecosystem, various incentives are under consideration, apart from token incentives. We will foster a sound and sustainable metaverse ecosystem through decentralized communities, continuous communication with these communities, and transparent and fair rewards.
When the ecosystem grows and matures moving forward, we will introduce blockchain governance to MOOI Network. As a result, the opinions of communities will be more directly reflected. The governance will have a fair decision-making process through voting, and people who participate in the growth of communities will be rewarded for their contribution.
In modern society, the basis of service has shifted from offline to online, and to mobile again. It is not an overstatement that the primary reason for such shifts is user convenience. It has been the same in the finance and gaming industry. We are living in an era where we wire money online, rather than going to a bank, and use a mobile banking app more often than internet banking. In accordance with the trend, MOOI Network is designed mobile-first and will release services for iOS and Android. Users can use various blockchain services from MOOI Network that ranges from P2E to DeFi, regardless of time or space.
Functional blockchain systems have already been realized on many other blockchains. However, the functional operation does not assure immersive user experiences. We believe that true immersion can only occur when all functions work organically without interruption. Accordingly, for the organic linkage with numerous systems, a user-friendly wallet will be available to manage tokens and NFTs conveniently. The wallet comes with a beautiful and intuitive UI/UX to facilitate the use of blockchain services, even for users without blockchain knowledge. The wallet will be connected to all other services of MOOI Network, which means users can manage assets of all other services using just one wallet app on MOOI Network. The wallet is designed to flexibly respond to other services, regardless of whether they are blockchain-based or not. Such flexibility will accelerate the expansion of the ecosystem of the MOOI Network.
We also prioritized addressing possible user inconveniences commonly associated with using blockchain technology. The main concerns often encountered by users are transaction delays when the network experiences high traffic and the transaction fees, commonly known as gas fees, which can become burdensome. To tackle these challenges, MOOI Network was thoughtfully developed as a metaverse platform project functioning as a sidechain.
As a sidechain, MOOI Network enjoys a remarkable processing speed of 4,000 transactions per second (TPS). This high throughput capacity ensures that user inconveniences caused by transaction delays are effectively mitigated, even as the network scales up. Additionally, users can experience relief from the burden of high transaction fees, offering a smoother and more pleasant experience within the ecosystem.
Moreover, the gas fee of the MOOI Network will be charged at a very low rate. The low fee will not just benefit users, but also business partners who provide services on MOOI Network. In saying that, there is no need to hesitate to try a new challenge or experiment because of the fee, at all. We have long contemplated the fee issue, which is one of the primary factors that can considerably undermine the growth of a sound blockchain ecosystem, and have attempted to attend to it through a sidechain. The low fee will give the ecosystem a driving force that will speed up the growth even faster, and the ecosystem grown thereby will give a greater reward to the participants.
We are now set off to release a metaverse service enjoyable by all, with a fast and stable network, community-based value creation, fair economic structure, and low entry barrier. We will make a new metaverse together with all communities supporting MOOI Network.