Hello everyone,
This is Kumon from enish.
This letter focuses entirely on web3-related matters. I can finally discuss the announcement I promised to make after the New Year. As the title suggests, it's about "Second Chain Integration." Currently, Last Memories operates on GEEK Verse, a custom chain on Oasys' second layer, issuing tokens and NFTs. We're now adding support for an additional chain.
The new chain we're integrating is Ronin, one of the world's largest gaming chains hosting numerous web3 games like Axie Infinity, Pixels, and Apeiron (which we recently visited for an AMA).
This initiative has two aims:
To attract new players by joining a chain popular among core Web3 gamers.
To expand the GEEK economy to a new chain, offering an even more enjoyable "Web3 experience."
Today, I'll explain how Last Memories will change with Ronin integration. Detailed information will be provided later through updated whitepapers. For now, I'll focus on the overview.
As usual, changes and new elements are in boxed sections, with background explanations and personal views outside these boxes.
New Tokens and NFTs
New Tokens and NFTs
We'll issue Ronin-compatible tokens (rGEEK) and NFTs (rNFT).
※Names are tentative
※For clarity, "o" prefix is used for GEEK Verse (Oasys) tokens and NFTs
rGEEK
Tradable token on Ronin chain.
rxGEEK
In-game currency exchangeable with rGEEK, required for purchasing rNFTs in the game market. Its key feature is a fixed exchange rate with rGEEK, meaning its value fluctuates with rGEEK.
*The exchange rate with rGEEK (shown in the figure below) is a provisional value.
rNFT
NFTs that can earn rxGEEK, available as DOLLs, equipment, and land.
GEEKBOX Acquisition
Players will choose which chain to activate when playing Build Mode or Land Dungeons. Only BOXes from the active chain will drop, based on the NFTs' earnLv and BOX balance on that chain.
*Daily play count limitations are currently under consideration.
In the GEEK Verse chain, xGEEK has been treated as a stablecoin with a fixed price. In contrast, the new rxGEEK will be set as a currency linked to the price of rGEEK. This means that when rGEEK's price rises, rxGEEK will have a higher value, and vice versa when it falls.
The current aim is to set rGEEK as a significantly higher-value token compared to oGEEK, catering to more experienced players on the Ronin chain. This is intended to provide a larger-scale Play-to-Earn (P2E) experience. The rNFTs will be structured as high-value NFTs with limited quantity to match this approach.
On the other hand, GEEK Verse will serve as an entry point for P2E beginners, allowing them to enjoy the experience casually. Ideally, if rGEEK's value drops below a certain point, the fixed price of GEEK Verse will act as an anchor, helping to maintain the value of both systems.
Tokenomics Changes
NFT Upgrade
A new feature called NFT Upgrade will be implemented, allowing random increases to the earnLv (earning level) of each NFT. NFT upgrades will be performed using special items sold for oGEEK/rGEEK.
There will be a limit to the number of times each NFT can be upgraded. As a result, NFTs with higher initial earnLv will have the potential to achieve even higher earnLv
Minting rNFTs
NFTs on the Ronin chain (rNFTs) will primarily be generated by GEEK Verse NFT (oNFT) holders. Unlike NFTs on GEEK Verse, they won't be available through regular sales by the operators or obtainable from engraved boxes.
To mint an rNFT, you'll need two ★6 oNFTs and a special item sold for oGEEK. The higher the earnLv of the base NFTs, the greater the chance of creating a more valuable rNFT. We're also considering a system where the type of base NFT and other factors may affect the kind of rNFT generated.
Some of the generated rNFTs may include NFTs that don't exist on the oNFT side.
The base oNFTs can still be used after minting, but we plan to limit the minting process to once per NFT.
In the future, we're considering allowing oNFT minting using rNFTs, but the decision will depend on the circulation volume of both oNFTs and rNFTs.
rNFT DOLL and Equipment Features
rNFTs are designed with a lower initial earnLv compared to oNFTs. In exchange for this, they have a higher limit on the number of times they can be upgraded. This is intentional; rather than providing NFTs with a predetermined earning potential, we want to empower players to define the value of their NFTs through their own choices and actions.
rNFT Land
For rNFT Land, we plan to offer slightly different system from oNFT Land, such as new types of facilities. We'll provide more detailed information about this later.
*The NFT mechanisms described here are planned to be implemented for both DOLLs and Equipment.
*We plan to conduct a very limited NFT sale only once at the beginning of Ronin integration.
The expansion of tokenomics aims to create new excitement with the addition of the Ronin chain while also contributing to and increasing the value of the GEEK Verse chain itself.
To achieve this, we have decided to introduce NFT upgrades and rNFT generation features as one of the solutions to address the previously mentioned lack of utility for GEEK. Furthermore, by having rNFTs primarily created by players themselves, we aim to control the fluctuation in NFT circulation based on operational convenience and allow market principles to function more effectively.
Schedule and Future Plans
Due to the scale of system modifications and the need to arrange listings for new token trading, rNFTs and rGEEK are expected to be available in-game from April onwards.
Leading up to this, we plan to gradually implement features such as NFT upgrades for oNFTs and conduct initial limited NFT sales for DOLLs and Land.
In addition to these plans,we are also considering additional initiatives, such as rewards for holding rGEEK over a period of time, and a campaign that allows you to charge BOXes to rNFTs using oNFTs.
About Withdrawal Restrictions
We have received numerous comments on this matter. The reason for reinstating the previously relaxed restrictions is due to the price issues. For the sake of service continuity, we believe it is difficult to remove the restrictions while the price remains balanced within the current range.
However, if the price were to increase, we are certainly prepared to gradually ease the withdrawal restrictions accordingly. We aim to raise the token price through this initiative and subsequent measures, hoping to improve the situation. We kindly ask for your understanding and cooperation.
We're finally at the stage where we can make this announcement, and so we are delivering it in the form of this producer letter. In future letters and whitepapers, we will share more detailed information.
We understand that some things may be difficult to understand just through text. As we still have some time before the second chain integration is complete, we would like to explain this to you directly in an AMA and answer your questions. If there is demand, please let us know!
Please do let us know if you have any feedback (while we cannot respond individually, we read everything).
https://forms.gle/uFKe54CBV56iaFgL6
Thank you for your continued support of Last Memories.
Sincerely,
Executive Producer
Yoshiyuki Kumon
