OVERWORLD - The GameFi Project Of 2023
The largest, most popular mint of H2 2023 took place last week. Here's a breakdown of the project.
Introduction
If you’ve been reading my tweets or are a paid subscriber with access to my weekly portfolio breakdowns, you’ll know I’ve been bullish on Overworld for quite some time.
While the macro thesis was built around the idea of GameFi coming back, Overworld has cemented itself as the most popular mint of H2 2023, with over 100,000 followers on Twitter, 75,000 whitelist applicants, and 53,000 daily quest participants. The Overworld NFTs are currently resting at a floor price of 2.63ETH, a 17.5x from mint.
As we head into 2024, I believe GameFi continues to see a “hated rally”, and that Overworld will be one of the stronger games emerging from the pack. With their $MNCT token slated to come in Q1 2024, I believe that a bullish thesis can be structured around the game.
Without further ado, let’s dive in.
What Is Overworld?
A sandbox RPG set in a fantasy universe that features a brand-new combat system never seen before.
- Jeremy Horn, COO of Overworld, Co-Founder of Xterio
Overworld is a cross-platform online RPG set in a fantasy world. The game boasts visually captivating anime-inspired graphics, adding an extra layer of appeal to its design.
Players engage in rewarding battles while exploring and conquering diverse landscapes, collecting valuable items for crafting and trading. It is free-to-play, with PvP and PvE game modes.
Overworld is developed and published by Xterio Games (Jeremy’s company), and currently has 2 NFTs available for purchase: the Genesis Incarna PFPs, and the Supporter Key.
Breakdown Of Overworld NFTs
Currently, the best way to gain exposure to the Overworld ecosystem is through their NFTs. There are two main collections:
Supporter Keys: Only given out to members of the community who have shown incredible support for the team, limited to 100 keys. Current Floor Price: 26 ETH
Genesis Incarna PFPs: The original mint that went out on 15 December, with a supply of 6000. Current Floor Price: 2.63 ETH
The Overworld team has constantly hinted at a token ($MNCT) that will be airdropped to NFT holders at a later date. Below is a breakdown of differences in benefits between the two NFT collections:
The PFPs will get airdropped MNCT at a later date, while the keys seem to act as a “booster” of sorts for the PFPs. It’s also worth noting that the Keys are currently the only known way to gain access to the $XTER presale - the native token of Xterio, Overworld’s parent company.
Manacite - $MNCT
The native token of the Overworld ecosystem, Manacite, is to be launched somewhere in Q1 2024, and listed on a “Tier 1 CEX”. Having been backed by Binance Labs, the natural assumption to make is that MNCT will be listed on Binance.
Tokenomics:
Total Supply: 20,000,000,000 tokens
Allocation:
Player Rewards: 65% - In-game Activities
Ecosystem/Treasury: 20% - Held in reserve, ensuring liquidity and supporting various actions for the game's economy, project development, and operational needs.
Community/Marketing: 15% - Designated for marketing and community initiatives, including a 3% airdrop to Incarna holders at listing.
Ways To Get $MNCT
Holding an Incarna NFT: You'll receive an airdrop of $MNCT at token listing, equivalent to 3% divided by the total supply of Incarna.
Staking Your Incarna NFTs: This method will earn you additional $MNCT over time at a rate of 2% per year for three years, divided by the number of days Incarnas NFT are staked.
Complete in-game quests and dungeons to earn $MNCT
Trade in-game items or services: Exchange them with fellow players in return for $MNCT tokens.
Get $MNCT on exchanges: obtain more $MNCT on the Xterio marketplace (via CEX partners) via $XTER tokens.
$MNCT Tokens aren't tradable within the game or through their marketplace.
$MNCT Usecases
Obtain in-game assets, such as supply-limited land, before and after the game launch.
Used to craft, refine, and upgrade items in combination with a forge NFT.
In trading with other players for items and services
Token Model:
In the model above, I used BIGTIME as the benchmark just because it’s the most recently launched GameFi token - as such, it would be natural to assume that MNCT will perform similarly.
Team & Partners
The above image shows the backers of Xterio, Overworld’s parent company. With names like Binance Labs, Animoca Ventures, Hashkey and more - it’s safe to say that this is a pretty strong list of investors.
The Overworld core team is made up of 3 people:
Michael Tong (CEO): Co-founder of Xterio, Ex-COO of Netlease, CSO of FunPlus. With over 20+ years of leadership, Michael has incredible experience in managing a company.
Jeremy Horn (COO): Co-founder of Xterio, Ex-VP at Jam City, GM at TinyCo and GameLoft. Over 15 years in Gaming, and known to be the “product guy” in the Overworld team - on Twitter Spaces, he regularly talks about building an incredible product first - and everything else will follow.
Yitao Guan (CTO): Co-founder and CTO of FunPlus, a multi-billion dollar gaming company, having produced hit games that drew in over 10 billion dollars in revenue.
These are individuals that have many years of experience in gaming, and incredible connections across the gaming scene.
Roadmap
Token: Q1 2024
Playtest Alpha: June
Overall Thesis
The Overworld team is led by individuals with deep expertise and know-how in the gaming sector. With their close relationship with FunPlus, it provides legitimacy to the game - that it’s not just some run-of-the-mill GameFi product.
The list of investors is also incredibly impressive - with Binance Labs on the cap table, it would mean a strong possibility for MNCT to be listed on Binance.
A new token, with the Game-Fi narrative, launching on Binance? I couldn’t name three better ingredients for incredible pumpanomics even if I tried.
You also have the added confluence of:
The NFT market bottoming
The GameFi hated rally and resurgence in 2024
ETH Outperformance sometime in 2024
In conclusion, Overworld is an extremely promising project and one of the better bets in the GameFi ecosystem so far.
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