On November 16, Mars Labs was introduced in the OKX community to share ideas about Mars: Metaverse project and to talk about $MRST that was recently listed in OKX CEX/DEX.
Hosted by Lois (from OKX), Kevin Chang (CEO, Mars Labs) and Amy Lee (BBD, Mars Labs) answered several questions, and here is the recap of what you might be interested in:
Q1: Maybe you can explain more about The Mars (Mars Labs) Metaverse Project. About your products and how did you first come up with the project idea? What is the roadmap and any VC?
Kevin: At the Mars, we’re creating the Mars-themed metaverse gaming platform, and yes, we’re talking about the red planet. The place people imagined visiting and urges to be there as a choice besides the earth. As game professionals, we’re building a metaverse world that has lots of gaming content. You can chat, and interact with friends; as well as you can play sports, draw, and be an artist or camper. whatever you can imagine. the distinguished difference we have is that we try to build every aspect of the things that you can do as gameplay. For example, you will get rewarded once you play a game but you can also get rewarded for resting by the beach. because every player is unique and important. And that together makes up our metaverse ecosystem.
How we start? well, the project started a year and a half ago. We started as a game developer studio in 2018. We released one mobile game that had been featured on Google Play several times. and our team really believed in the future of the metaverse and web3. we literally went all-in so that we could be an early starter in the industry and the metaverse. we’re in prep. for our first stress test next year where our metaverse will be based on massively multiplayer online because we believe that metaverse should be where people have to interact — to build content, socialize, and share.
So we’re looking at hundreds and thousands of people gathering at one place for the “stress test” to check the server capability we’ve been developing. Just before the listing on OKX, our project was funded by HG Ventures and we will also be looking for more partnerships with other VCs in the future. And we’re right on the roadmap and scheduled to deliver our product to users now! more to show for the folks.
Q2: A big part of a crypto project’s success can be attributed to its tokenomics. So, could you explain to us Mars Tokenomics? What are the price, token usage, and any plan for further listing?
Kevin: Our tokenomics is based on the user numbers who enjoy our game. so Daily Active Users when we release the game act as a base number for the rewards to be shared. And MRST acts as a utility or spending token for purchasing in-game items. Or actually, sort of to make a living in the metaverse world. Our game is free to play mobile games, but to enjoy extended content; they would have to use MRSTs — the token generated by the system, P2E system. It can be used to purchase or create NFTs that individual users or an artist generate. or they can even buy home furniture for their housings or building. It will even be used to pay a fine if a user violates rules that harm the living in the metaverse. It will be given as a reward basically as the gamefi project does, but we’re building it a deflationary to make places to spend for Avatars, Avatar’s gears, or users’ properties. The price of the token — given the market circumstances now is placed at around 0.05 and we will be looking to further listing on other CEX/DEX but let’s market cool down some.
Q3: Let’s talk about the general power of coins. Pretty sure that everyone here would like to know the volume of trade (USD). How much of the share is held by the development team and is there any media coverage?
Amy: Speaking about 24H turnover, it counts almost $100K. This might not be the perfect number that we were looking for, but you know the market needs to cool down and we are waiting for further opportunities. That goes back to Kevin’s answer about what we are building in the Mars Metaverse. So stay tuned and be with us. Talking about team share, it is about 20%. In terms of media coverage, it was widely covered in WSJ, Bloomberg, Barron’s, etc. as we stated in our announcement about the OKX listing. You can easily google it!
Q4: I am sure our users are intrigued to know more about the coin utility. Why it exists? Have any financial statements been published? What is open-source code?
Kevin: Yes, great question. So besides the potential of the metaverse itself; MRST is to reward users as we all know. But we strive to create an ecosystem where MRST is used for services as well. Our ultimate goal is to first, have many users as possible as Roblox and Zepetto — the successful web2 metaverse projects out there. These franchises have 300M user bases and we aim to follow in their footsteps and lead the industry as the market is growing and opening up. and 2nd is to adopt MRST usage with the brands like fashions or with IPs and have them create the ecosystem and the market in the metaverse. This also applies to banking or other service areas as well.
We see that potential now in the web2 spaces and we also see the signs of traditional industries/markets trying to enter a more immersive world — a metaverse platform. And I’m sure MRST will be used as a means of payment in our platform. We’ll be covering more details via our IR activities since now we’re listed and people would want more clarity on our finances and plans. And now, open-source code exists on our smart contracts only.
Q5: What are the costs involved? Everything that you can tell us about the fees paid, hash rate, or the transaction per second.
Kevin: We’re built upon the Polygon network, and it has great potential for P2Es or gamings so the feeds, tx per sec. those we rely on the Polygon network! But, another thing I want to underline is the current blockchain tech. — like the question — is limited since it’s not real-time. there are tx per sec; delays. I’m sure this will improve as the tech gets better and better. It’s improving faster than we think. Meanwhile, we write on block for the important user assets, tokens, NFTs, etc. And off-chain for the gameplay to provide real-time seamless gameplay!
Q6: Is MRST coin support PoW or PoS?
Amy: MRST is based on the Polygon chain and follows the same logic. Meanwhile, I would like to briefly introduce our MRST Mining App (MMA) where you can freely mine MRST via Google Playstore and Apple Appstore. The basic idea follows a similar concept to Bitcoin; the hash rate decreases as the number of users increases. However, it doesn’t use computing power, and you can continue mining when you switch off the app. Easy peasy.
Q7: Could you tell us about the project’s sustainability? What are the coin emission rate and the burn rate?
Amy: As mentioned earlier, the token is issued by the number of daily active users, and here, I am talking about 100K DAUs. Based on this number, we issue about 330k MRSTs per day, which is around 2.8 MRST per user reward per day. If interested you can definitely check out our whitepaper: https://whitepaper.marscompany.co/ so feel free to check out the whitepaper for the tokenomics with more details and our basic emission rate is around 2% based on the 100K DAU. The team tries not to burn the MRST but focuses on returning or spending to be at 1.8%. Hope this answered the question
Kevin: Right now, you can mine MRST just by downloading the app and one touch of a button to start mining so join us people!
