Mocaverse Analysis - Journey from PFP kit to comprehensive NFT ecosystem
Overview of Animoca Brands and Mocaverse
Realizing the potential of blockchain and NFT technology, Yat Siu decided to shift Animoca Brands' focus to the Web3 market. Some Web3 companies belong to Animoca Brands' ecosystem such as Sandbox (SAND), Blowfish studios, Quidd, GAMEE,... Besides, the fund's investment partners range from Web2 to Web3 companies, with names such as Outstanding features include Sky Mavis, OpenSea, Dapper Labs,..
Q4 2022, Animoca Brands launched Mocaverse, a PFP NFT collection featuring 8,888 characters. The collection successfully raised 5.5 million USD (3,552 ETH) at the time of release. At present, the capitalization of the Mocaverse NFT set has grown 20 times to 110 million USD.
According to Animoca Brands, Mocaverse is not just a simple set of NFTs but also aspires to become a blockchain ecosystem with pieces such as Mocana, MocaID, Mocalist, $MOCA,... Join Coin98 Insights to learn about how Mocaverse evolving from a set of NFTs into a generation system as it is today.
Products on the Mocaverse ecosystem
- Mocaverse NFT (March 6, 20203): Moca NFT set on Mocaverse.
- Moca XP (March 23, 2023): Bonus points for users when participating in activities on Mocaverse.
- Mocana (March 27, 2023): User rankings based on reward points (XP and RP).
- Moca ID (October 28, 2023): onchain DID of users on the Mocaverse ecosystem and reward points.
- $MOCA (March 29, 2024): token of the Mocaverse ecosystem
- Mocalist (April 5, 2024): launchpad platform combined with Coinlist on Mocaverse
One of Mocaverse's main competitive advantages comes from Animoca Brands' resources with more than 450 Gaming companies as well as major partners. Users who want to access investment opportunities from Animoca Brands must participate through Mocaverse's ecosystem, starting by owning NFT Mocas or from Moca ID. Some prominent names have attracted the community's attention in recent times such as: Pixels, Nine Chronicles, Anichess,...
Mocaverse's development strategy
Mocaverse's strategy includes attracting users to its network to gain access to tokens and projects in Animoca Brands' portfolio. Owning Moca NFTs and Moca IDs is considered mandatory when using this ecosystem. Mocaverse's development strategy can be divided into 2 segments as below.
First phase (Q1 2023 - Q3 2023): Building an ecosystem
Mocaverse's development can be divided into two main phases, before and after the launch of Moca ID. In the early stages, those who own NFT Moca will have the right to participate in activities on Mocaverse. NFT holders are encouraged to participate in the Moca XP rewards ecosystem. The more XP a user has, the higher their ranking on the Mocana leaderboard.
This direction is similar to how current projects use Point and Leaderboard rewards to encourage onchain activities and retain users. For users, the higher their ranking, the more opportunities they have to receive airdrops as well as participate in public sales from products in the Animoca ecosystem.
However, this development direction causes users to encounter a high barrier to entry when they must own NFT Moca with prices ranging from 1-2k USD to participate. Currently, the price of NFTs is at 11-12k USD.
Besides, using NFTs as identifiers for players will limit the growth of the ecosystem to less than 8,888 users. According to Dune Analytics, the number of wallets holding NFT Moca is only 2056 wallets, of which the number of wallets holding only 1 NFT is only 1075 wallets (52.5%), the remaining wallets will hold 2 NFTs or more ( 47.5%).
In the early stages, Mocaverse will focus on attracting value to the Mocaverse NFT set as it serves as the sole bridge between users and the Animoca Brands ecosystem. However, due to high investment costs and limited number of NFTs, the expansion of the entire ecosystem slows down. On the other hand, from a project construction perspective, Mocaverse is focusing on building important and basic pieces in the early stages in order to move forward in 2024.
Phase 2 (Q3 2023 - present): Using MocaID as Network Flywheel on the Mocaverse ecosystem
In the third quarter of 2023, Animoca Brands called for nearly 32 million USD through 2 rounds of capital from large funds such as CMCC Global, OKX Ventures, Polygon Ventures,... to expand the ecosystem through Moca ID.
Unlike Domain Name Service (DNS) or Decentralized Identity (DID) such as ENS, SpaceID, ... Moca ID is used as a user identifier on Mocaverse allowing them to participate in activities on the ecosystem. Instead of paying fees to buy DIDs, Users will receive Moca IDs for free through holding Mocaverse NFTs or through Invite Code from NFT holders.
According to Yat Siu - CEO of Animoca Brands, Moca ID leverages the power of blockchain and NFT technology to help store user contributions on the network, and reward them appropriately. Moca ID holders have the right to participate in partner missions on Mocaverse to gain XP and RP (Realm Points). The more XP and RP you have, the more opportunities you will have to participate in public sales of projects in the Animoca ecosystem.
This strategy of expanding user files through Moca ID will help create an ecosystem with many users. Projects that want to increase sales or the number of users will choose Mocaverse as leverage due to the advantages of the user file from this ecosystem. The more quality projects developed on Mocaverse, the more users will be attracted, thereby creating a network effect.
Especially when the project announced it would list Binance, the number of mint Moca ID users per day increased to 40k. Later collaborative projects such as Nine Chronicles, Kucoin, OKX together create a network effect for Mocaverse.
Important events affect the number of users on Mocaverse
After the launch of Moca ID, the Mocaverse NFT collection also benefited from the network effect that MocaID brought. NFT holders will not need to participate in tasks to receive RP but have the right to directly buy tokens of the project collaborating with Mocaverse. The value of NFT sets has grown from ~1.8k USD to 12-15k USD since Moca ID launched (October 28, 2023).
The value of the Mocaverse NFT set is not only inherited from Animoca Brands' portfolio, but also from large partners who want to develop based on the launch pad of this ecosystem. If Moca ID represents the user's identity on Mocaverse, NFT Mocas represents the values created from this ecosystem.
Mocaverse's next vision
After launching Moca ID in October 2023, Mocaverse in turn introduced its next pieces such as Mocalist and $MOCA token. This is gradually showing its ambition to become a decentralized economy developing NFT and Gaming applications in the future. In particular, $MOCA will be used as a currency in the Mocaverse ecosystem to pay for in-game items, pay transaction fees, make rewards and participate in voting.
Besides, Mocalist acts as a launching pad for Animoca Brands' investment portfolio to reach investors more easily. In the long term, Mocaverse will aim to become an Animoca Brands blockchain with all the necessary pieces to attract Web2 users in the smoothest way.
- Information about the $MOCA public sale
- Total supply: 8,888,888,888 $MOCA
- Amount allocated for public sales: 126,984,127 $MOCA
- Amount allocated per slot: 2,539 $MOCA (~100 USD)
- Vesting information: 5% at TGE, locked within 3 months, and distributed linearly within the next 12 months.
- Payment method: USDC or USDT
- Required condition: possess Moca ID
- Priority level: Moca NFT > Guaranteed Codes > Waitlist Codes > Users who own Moca ID.
- Launchpad platform: Coinlist
$MOCA will be officially opened for public sale from April 25 and ends on May 2, 2024. The results of the sale and refunds will be announced on May 7, then $MOCA tokens will be distributed to user wallets on May 24.
$MOCA token sale schedule
How to own $Moca purchase slots:
To have the right to buy $MOCA tokens, investors must own one of two types of code:
Guaranteed Codes: guarantees investors the right to buy $MOCA tokens at public sale.
Waitlist Codes: distributed to investors through random drawing after the number of guaranteed codes distributed is used up.
Users must activate Guaranteed Codes and Waitlist Codes to Guaranteed Lots and Waitlist Lots before April 18, 2024.
Moca NFT Guaranteed Lots
Lots will be transferred directly to Moca NFT Holder with the same function as Public Guaranteed Lots but can be shared.
NFT Guaranteed Lots are linked to NFT Moca, with the amount distributed depending on: 1) number of NFT Moca held 2) NFT Moca XP 3) 1/1 Traits
Users do not need to pay an amount that exceeds the distribution amount. Although Guaranteed Lots and Waitlist Lots will give users priority in the opportunity to be allocated $MOCA amounts, this is not a prerequisite for participating in the Public Sale.
Anyone with a Moca ID can participate and has priority after users with Lots. Users can commit capital above the Lots allocation to increase their chances of owning the allocation. Moca IDs that commit large capital and rank in the top list can be rewarded with additional rewards!
How to own Public Sale Codes
a) For Moca NFT holder, you will receive Guaranteed Lots:
Each Moca NFT will receive 3 Guaranteed Lots
The number of Guaranteed Lots will increase according to the number of Moca NFTs held
There will be additional rewards for Moca NFTs that reach a certain XP threshold as well as having a 1/1 rarity
Connect a wallet containing Moca NFT before April 3, 2024 to receive 3 Waitlist Lots Bonus, each Bonus can be shared with friends
There is no limit to the number of NFT Guaranteed Lots
b) For Moca ID holder, you can receive it through:
Shard Rush: Users participate in creating Shards in Mining Period 3 to search for Public Sale Codes. After the sale, all Shards will be burned. The following Shard Rush events will be introduced.
Crafting Public Sale Codes: users synthesize Shards from Mining 1-3 to create codes (top users will receive additional benefits). Each Moca ID will generate a maximum of 30 codes (Guaranteed + Waitlist). The more Shards burned, the higher the chance of receiving Public Sale Codes.
Currently, each Moca ID holder can hold a maximum of 10 Lots with a maximum of 3 Public Guaranteed Lots.
Participating in Mocaverse's partner communities will have the opportunity to receive additional Codes.
c) For Realm Ticket Holder:
Connect Realm Ticket wallet as Giveaway Wallet in "Manage My Account" before 15:00 PM April 8, 2024 Vietnam time to receive code airdrop!
d) For Whales (Large Investors):
- 10% of the public sale will be for whales ~ $500,000
- Commit at least $100,000 to qualify for the Whale distribution round
The amount distributed to whales will be based on the number of whales participating as well as the amount pledged. For example, 100 whales pledge $100,000, each whale will receive an allocation of 1/100 of $500,000 ~ $5,0000 to buy in public sale. Whales who commit to the top of the rankings will receive additional benefits.
Epilogue
The NFT Mocaverse collection is one of the most outstanding collections in recent times with solid developments as well as extremely creativity. Despite a slow start, Mocaverse quickly showed strong growth strategies in Q4 2023 with the launch of Moca ID.
