Hello, everyone. This is Kumon from enish.
Today's revision is significant and challenging, especially for those who have invested in GEEK. As the explanation for the reasons and the impact is quite extensive, I've separated the key points (conclusion) from the detailed explanations.
I am prepared for the strong criticism this impactful change might bring. After careful consideration, based on your comments on social media following GEEK's listing and discussions with the team, we concluded that if we do not correct this now, there is a risk that the game economy could collapse. I hope you can understand the decision made in this revision.
Revision Details
Revision Details (To be applied starting with the October 3rd airdrop)
The amount of ADP earned from holding GEEK or OAS will be revised as follows:
From 1 ADP per 1 GEEK to 1/3 ADP per 1 GEEK.
For OAS, the ADP earned based on its value compared to GEEK will also be reduced to 1/3 of the original.
Risks and Countermeasures
This revision essentially diminishes the value of GEEK. To counteract this risk, we will implement the following two measures to maintain GEEK's value.
In-Game Rewards for Holding GEEK Long-Term (Available from Version 1.10 onwards)
Reducing ADP alone would simply lower the value of GEEK. Therefore, as a relative compensation, we will provide rewards to those who stably hold GEEK.
Eligible Period: Calculated at the end of each month.
Calculation Method: Average GEEK held in the in-game wallet during the month (Total GEEK held / Number of days in the month).
Reward Details:
You can receive all the rewards achieved.
| Average GEEK Holdings | Reward Type | Amount |
|---|---|---|
| 1,000 〜 10,000 GEEK | Sealed Box Unlock Limit | +2 |
| Daily Dungeon Attempts | +1 | |
| Klon | 200,000 | |
| Sub-Parameter Reset Ticket *1 | 1 | |
| 10,001 〜 50,000 GEEK | Klon | 500,000 |
| Storage Limit (Equipment) | +100 | |
| Premium Gacha Ticket | 5 | |
| Sub-Parameter Reset Ticket *1 | 1 | |
| 50,001 〜 100,000 GEEK | Klon | 500,000 |
| ★4 Evolution Data (General DOLL) | 1 | |
| Premium Gacha Ticket | 5 | |
| Sub-Parameter Reset Ticket *1 | 3 | |
| 100,001 〜 300,000 GEEK | ★4 Evolution Data (General Equipment) | 1 |
| Guaranteed ★4 DOLL Gacha Ticket | 1 | |
| Storage Limit (Equipment) | +100 | |
| Blue Frame Inheritance Item *1 | 1 | |
| 300,001 〜 600,000 GEEK | DOLL Fragment SS Selection Box | 25 |
| Equipment Selection Box (★4, excluding SS) | 1 | |
| Enhancement Support Data (General) | 10 | |
| 600,001 〜 999,999 GEEK | DOLL Fragment SS Selection Box | 25 |
| Big Enhancement Data Selection Box | 10 | |
| Land Coin | 100 | |
| 1,000,000 GEEK ~ | ★5 Evolution Data (General DOLL) | 1 |
| ★5 Evolution Data (General Equipment) | 1 |
*1: Item names are still under consideration. Rewards will be provided after they become usable with app updates. *Note: Rewards may be adjusted or upgraded at management's discretion.
GEEK Buyback (To be conducted gradually)
Considering the high possibility of this depreciation leading to a drop in price, we will conduct a GEEK buyback to help maintain and increase its value.
However, a rapid buyback would simply attract quick profit-taking, so starting from October 2nd, we will proceed with irregular and continuous buybacks over the next few weeks. Once completed, we will also announce the total amount bought back.
Background and Reason for Revision
From here on, the details get a bit lengthy. If you only need to know the changes, feel free to skip this section.
Current Understanding
With the recent listing of GEEK, the impact of ADP earned from holding GEEK has become apparent across all airdrops. Currently, due to the listing price starting quite low, the ADP acquisition efficiency for 1 GEEK is abnormally high.
While this may appear favorable for GEEK holders, it also means that the efficiency of acquiring ADP through methods other than holding GEEK (or OAS) has drastically declined.
The ADP obtained through means other than GEEK holding, starting with the initial NFT sale, was acquired by those who took the risk and supported the project before anyone else. It would be against our intention to undermine that value in this way. However, holding GEEK also represents the early risk taken during the initial listing period. Both groups are irreplaceable supporters, and we want to balance things appropriately.
Thoughts and Approach Toward Resolution
The revision approach consists of reducing the ADP acquisition efficiency from holding GEEK/OAS (from here on referred to as GEEK only), enhancing GEEK value, and implementing a practical price support strategy through GEEK buybacks.
The current price level has resulted in a nearly tenfold difference in ADP acquisition efficiency between holding GEEK and other methods. In trying to correct this, we considered uniformly boosting the "other" methods but ultimately concluded that it would have the same result as lowering the value for GEEK holdings. Therefore, we opted for a simpler direction.
For those who have invested in GEEK, I sincerely apologize for this significant reduction. Whether the additional measures can completely compensate for the value lost may vary depending on individual perspectives. And while we acknowledge that we might receive critical feedback on this revision, it was a decision we made after thorough consideration.
Operating within Web3 is truly challenging. Troubles, uncertainties, and unexpected events arise every day from various external factors. We believe that making swift decisions and adjustments to keep moving in a positive direction is all we can do.
Quick decisions and course changes may be seen as inconsistent management that changes its stance frequently. Some might think of it as hindsight maneuvering. Even so, if we judge that a course correction would be better than maintaining the current state, we will continue to pivot courageously.
Having said that, we intend to avoid significant changes like today's that overturn core assumptions as much as possible to ensure you can invest and play with peace of mind.
If you think we're wrong, please feel free to share your thoughts without hesitation.
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Thank you for your continued cheering for Last Memories.
Executive Producer
Yoshiyuki Kumon
