Background & Mission
Founding background and studio mission
Last updated
Founding background and studio mission
Last updated
When it comes to services utilizing NFTs on Web3, we distinguish between two distinct categories: NFTs based solely on PFP (Profile Picture) and the NFT industry based on utility, such as gaming. These represent two entirely different areas within the NFT space.
IP-Based NFT Industry: The NFT industry centered around PFP places its focus on establishing and maintaining communities founded on membership. Here, the value of NFTs often lies in the uniqueness of profile pictures. While this sector has successfully created strong initial NFT communities, it grapples with a significant challenge in sustaining its revenue structure. Currently, the sole source of revenue for foundations in this realm is creator royalties (foundation fees) from NFT transactions. Our goal is to achieve a milestone in the NFT industry initially, establishing a solid foundation and expanding our business into the Web2 content industry, including web novels, webtoons, and larger media. Our strength in building a serious IP is already gaining significant recognition in the Web2 content industry, with plans to launch IP content in Q4 of 2024.
Web3 On-chain Gaming Industry: In contrast, the Web3 on-chain gaming market sees NFTs as digital assets that maintain the value of in-game skins or items. This sector has already witnessed the emergence of numerous gaming projects. However, only a handful of these projects harness the power of PFP communities. While Web3 on-chain games have the potential for exponential growth, primarily through the issuance of tokens and in-game sales, they face unique challenges. Success in an on-chain game project is intrinsically tied to the value of the tokens, which can lead to perceptions of unreliability and lack of sustainability. Notably, many NFT-based Web3 games adopt a Ponzi-like structure, making it easy for gamers solely seeking profit to disrupt incentives and harm the community. Consequently, building a strong, supportive community remains a significant struggle for many games, with some ultimately failing due to speculators, known as "flippers," who quickly buy and sell tokens for profit.
All in all, in many cases, these two industries have failed to coexist and have remained separate for now.
Our primary objective is to foster synergies and bridge the gap between these two distinct industries. NFTs can serve as a valuable tool for nurturing a robust community with Web2 IP value propositions, ensuring unwavering support for the project, while on-chain games provide a clear revenue stream that fuels the project's sustainability.
We firmly believe that the strengths of both industries can compensate for each other's weaknesses, and we see this as the pivotal factor for the success of the expansion of Web3-based industries.
