What Is GensoKishi Metaverse? (MV)
The Beginner’s Guide to MV Token
GensoKishi Online is the newest play-to-earn version of Elemental Knights.
GensoKishi Metaverse (MV Token) is one of two native cryptocurrencies powering GensoKishi Online, a blockchain-based play-to-earn (P2E) game where users can create, buy and sell unique characters, weapons and maps.
The project evolved from the massively multiplayer online role-playing game (MMORPG) Elemental Knights Online (EKO), where players freely roam an immersive fantasy world and engage in quests with other players.
GensoKishi Online offers a fully functioning 3D virtual world that can be thought of as a metaverse incarnation of the Nintendo Switch/PS4 game Elemental Knights. By combining the MMORPG elements of its predecessor game with the utility of NFTs and cryptocurrency, GensoKishi Online offers an innovative fantasy gaming experience where players are able to take ownership over their in-game assets.
Who created the GensoKishi Metaverse?
The CEO of GensoKishi Online, Maxi Kuan, ran a blockchain-focused startup consultancy in Japan for five years before joining the team in December 2021.
Former NHN PlayArt CEO Masaki Kato is an advisor, along with world-renowned video game composer Tokuhiko Uwabo, who defined Sega’s early sound through popular titles such as Phantasy Star and Alex Kidd in Miracle World.
In February 2022, GensoKishi Online held its first non-fungible token (NFT) auction. Japanese NFT collection SoulZ signed on as an initial partner and was the first to create its own world within the metaverse.
Other notable partnerships include Samurai Guild Games, Sakura Guild Games and Hyrule Guild Games.
How does the GensoKishi Metaverse work?
GensoKishi Online players can design their own skins, characters, maps and weapons in a virtual world where all items are expressed as NFTs. The ability to track ownership of unique in-game items using NFTs has created an expansive digital economy that is more sophisticated than the economy within the original Elemental Knights game.
As such, any in-game items created or earned by players belong to them and can be sold to or traded with others, creating a commerce-based gaming experience.
By purchasing plots of land, players can create a wide range of structures for others to interact with and monsters to battle against. In return, land owners can charge players fees to enter their worlds, allowing them to monetize their digital property. There are also quests individuals or teams of players can complete to earn rewards.
There are two separate native cryptocurrencies that fuel GensoKishi Online:
- MV token: MV token, the GensoKishi Metaverse token, acts as the main governance token of GensoKishi Online and grants holders voting rights over proposed changes to the game. MV tokens can also be purchased and staked to earn ROND tokens, pay fees and give holders the right to construct new worlds, costumes and other content in the game.
- ROND: ROND is the main in-game cryptocurrency of GensoKishi Online. It can be converted into smaller units called miniRONDs when used to make payments in the Metaverse. Everything in the GensoKishi Online world costs miniRONDs, from traveling around different worlds to buying and upgrading weapons and costumes. MiniRONDs can also be earned by lending accrued items to other players or by completing challenges.
Players who wish to cash out of their miniRONDs can convert them back into ROND, which can then be sold on secondary-market exchanges.
GensoKishi Online is built on the Polygon (MATIC) network and both MV and ROND tokens follow the ERC-20 standard. This token standard refers to a specific set of smart contract functions that must be followed to create and deploy tokens on the Ethereum blockchain.
During the initial closed-testing phases (planned to last until August 2022), gamers need to purchase one of three “closed-ticket” NFTs to enter the game: gold, silver or bronze. These closed tickets provide holders with various tiered benefits and in-game effects, depending on which one they purchase.
GensoKishi Online players then need to connect a crypto wallet, such as MetaMask, and create an account. After customizing their new avatar, players will be able to access the alpha and beta versions of the GensoKishi Online and navigate through various quests.
Why does MV have value?
MV primarily acts as the native governance token of the GensoKishi Online experience and gives holders the ability to construct and deploy their own user-generated content (UGC). This includes things such as new lands, monsters and costumes.
In addition, MV tokens provide a number of benefits to GensoKishi Online players too, such as:
- Enabling users to buy wearable equipment at an unspecified discount price
- Allowing players to stake MV tokens and receive ROND rewards
As a separate token that cannot be used directly within the game, the price of MV is designed to not be impacted by the in-game marketplace volatility of ROND.
The team also hopes that by encouraging players to stake MV tokens and earn ROND, the price will be more stable and likely to rise over time — provided demand for the game continues to increase.
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Why buy MV token?
Those that are interested in creating their own UGC-based characters, weapons and worlds for others to enjoy or sell on an NFT marketplace may choose to purchase MV tokens.
With no barrier to entry, users from all over the world can enter a gaming finance (GameFi) 3D world where NFTs represent exciting in-game elements such as rights to plots of land or monsters to battle. These features have helped the project win a sizable following in Japan, Taiwan and the U.S.
MV, which functions as the foundation for the game’s metaverse, gives players the opportunity to create highly customizable NFTs. Cryptocurrency can also be earned through virtual property fees (that creators charge at their own discretion) incurred when other players visit their in-game land.
In addition, those that believe the team behind GensoKishi Online will continue to shape the future of NFT-based metaverses may want to purchase MV token in order to play an active role in the future development of the game.