About GensoKishi Metaverse (MV)

GensoKishi Metaverse is a blockchain-based P2E game. Participants create and exchange characters and items, such as maps and weapons. To lower transaction costs and mitigate congestion, the project was built on Polygon, a layer-2 Ethereum-scaling solution.

MV is one of the game’s two native tokens. The other is ROND. MV is used to confer voting rights and give holders the rights to build new worlds and in-game content. MV can also be staked within the game for additional tokenized rewards.

Billed as the metaverse-based incarnation of popular Nintendo Switch title Elemental Knights, GensoKishi utilizes non-fungible tokens (NFTs) to create a more comprehensive digital economy than its predecessor.

Within this NFT-focused environment, players assume full ownership of the in-game items they choose to create.

According to the project’s whitepaper, players also possess the ability to purchase plots of digital land which can be customized and monetized through a fee-based entry system. 

In-game assets can be bought and sold via OpenSea.

GensoKishi is described as a massively multiplayer online role-playing game (MMORPG) in which users can complete quests and battle digital beasts all while roaming an expansive fantasy universe.

As noted, GensoKishi has not one but two native tokens, MV and ROND. MV token holders can stake their assets to the project to earn ROND, which in turn is used to make payments within the game’s metaverse. ROND can also be converted into smaller units known as miniROND that can be earned by lending out in-game assets and completing various quests.

Currently in beta, GensoKishi is set to debut sometime in November of 2022.

To date, the project has managed to partner with a series of leading GameFi titles, including Aavegotchi and Monkey Kingdom.

When was MV created and how much was it worth?

GensoKishi Metaverse was created by a cohort of Japanese developers, including current CEO Maxi Kwon who helped launch the game in December of 2021. Prior to his work within the GameFi space, Kwon served as an advisor to media firms Blockcast and C Channel.

The game’s native token, MV, was initially released to the public via a Trustpad IDO in January of 2022 at a price of $0.019.

GensoKishi’s first NFT sale took place in February of 2022. Shortly thereafter, the project announced a partnership with Soulz, a leading Japanese-based NFT collection and soon to be sub-realm within the GensoKishi world.

CoinGecko data shows that MV rode a wave of positive momentum following its public distribution with the token hitting an all-time high of $1.66 in early February 2021. The rally ultimately proved to be short-lived as the token subsequently lost more than half of its value within a matter of weeks. Apart from an upward spike in April of 2022, MV has declined amidst a broad market correction.

How is the price of MV determined?

It’s a deflationary asset. MV has a hard cap of 2 billion tokens, of which some 1.7 billion are currently in circulation. In terms of tokenomics: 28% of this supply was earmarked for GensoKishi’s ecosystem fund; 27% was allocated towards project liquidity and token listings; 22% was reserved for management team members’ and 12% was put towards GensoKishi’s marketing efforts. If the game gains in popularity, the limited supply could play a factor in the price possibly rising over time particularly against the backdrop of a generally bullish digital asset market.

Why does MV have value?

Similar to other P2E titles, GensoKishi allows players to earn a tokenized reward simply by virtue of their playing the game. And the game features a comprehensive digital economy in which players can monetize in-game assets.

Is MV secure?

MV is ERC-20 compliant and backed by a number of leading Ethereum wallets and exchange-based storage solutions.

GensoKishi is built on the Polygon Network which uses various layer-2 implementations to effectively scale the Ethereum ledger.

What are the main benefits of MV?

• GensoKishi features various P2E mechanics allowing players to obtain tokenized rewards.
• Within the GensoKishi ecosystem, in-game assets exist as NFTs which can be bought and sold via the project’s OpenSea marketplace.
• GensoKishi is built on top of Polygon, helping to avoid the high transaction costs and network congestion on Ethereum.

What do critics say about MV?

As noted by Vice, some industry members question whether P2E is actually sustainable as an economic model.