The recent cryptocurrency market is very bleak, but the token of a gamefi I am playing has performed well. It has risen by 10% in the past week and outperformed USDT. It is really not easy. In addition to the stable output value of its own tokens, while playing with this project, I found some ingenious ideas in the design of this project, which may give some reference for many Web2 projects to turn to Web3. At the same time, this game is also a very affordable opportunity for students who want to enter web3. It has low cost, quick return on investment, strong interest, and can learn a language.
Let me speak is not a native Web3 project like StepN. From the App store, this application has a history of more than four years. It can be basically determined that it is a game software that can easily learn English. The currency model realizes the gorgeous turn from Web2 to Web3.
Image source: App store
At present, the number of Let me speak Twitter followers is close to 1 million, but the updates are very infrequent. The latest one was on April 26. The number of discord groups does not match that of Twitter. There are currently only more than 7,000. It can be speculated that discord has The token economic model was built later.
LetMeSpeak conducted the pre-sale of NFTs on October 28, 2021. Officially, the NFTs in the LetMeSpeak system are divided into five levels: “common”, “uncommon”, “rare”, “epic”, and “legendary”. Among them, common It is free, but there is no benefit from memorizing words. The prices of other initial public offerings are 100U, 250U, 600U, and 2000U. A total of 10,000 NFTs were sold, and the income was 2 million US dollars, which was used as the start-up capital of the project;
On February 1, 2022, the beta release of earning while learning was carried out. Users can officially use NFT to learn English to earn LSTAR and exchange it for USDC on the internal trading platform of the platform. The price of the project side for LSTAR is 0.02U/piece , but if the single price of LSTAR exceeds 0.03U/piece, then the project party will sell the tokens in their hands, which means that the price of LSTAR will be stable between 0.02-0.03U. Personally, I think this is a very good design, which avoids the rise and fall of tokens and ensures the stability of the project.
The invite function was released on March 15, 2022 (two NFTs of the same level consume a certain amount of tokens to generate new NFTs), so far LSTAR has the largest application scenario in this game, and the demand for LSTAR exceeds for the first time supply.
According to the official data report, LetMeSpeak’s APP data is also very gratifying as a whole. As of March, the IOS market alone has had 1.5 million downloads, more than 500,000 monthly active users, and more than 50,000 daily active users, increasing in the past three months. nearly seven times. Considering that the current scale of Android users is much higher than that of IOS, LetMeSpeak’s APP data will be further improved after the Android APP is launched.
LetMeSpeak IOS monthly/daily active
According to the data website solscan, it is obvious that the trading volume of LSTAR has a great increase in March, and it is in a spiral upward state. At present, LSTAR has been listed on the MXC exchange. However, due to the setting of the token mechanism, the price is still relatively stable. state.
Image source: https://solscan.io/
Image credit: @MexcResearch
Token Economic Model
The main way to make money in LetMeSpeak is that users need to buy NFT characters in the market, and then learn English in the APP. Each NFT has a certain amount of energy every day. Learning consumes energy but can generate LSTAR. LSTAR can be exchanged for USDC in the built-in trading market of the APP. . Each NFT has 6 opportunities to invite (produce) a new NFT together with NFTs of the same level, but the amount of LSTAR tokens consumed each time is different. The generated NFTs can be directly sold on the market, or they can be kept use by yourself.
Taking the most basic uncommon as an example, the current NFT floor price of the two uncommons requires a total of 244U, and the cost of producing the first child requires an LSTAR worth 77U, then the first child can earn at least 45 U (actually 40U). , the platform needs to extract a handling fee of about 5U), the second child needs LSTAR worth 94U, and the second child will earn at least 28 U (actually 23U, the handling fee extracted by the platform), and the third child will be born. You can earn at least 5U, and the cost will soar to 136U when the fourth one is born. At this time, you must be very strange, so why continue to invite?
Because LetMeSpeak has made another design here, by the time of the fourth invitation, it is possible for users to give birth to a higher-level NFT. If two uncommons can give birth to a rare, according to the current rare floor price, it is worth 310U , then this time the invite can earn at least 174U, but it is only possible to invite to a higher level. If there is no invite, then this time the invite is a loss-making transaction, so you can see a lot of invites in the internal trading market of the platform. After three NFT sales, in fact, the original owner did not continue to invite out of risk considerations.
However, when two NFTs are invited for the sixth time, a higher-level NFT can definitely be produced. For example, the cost of six babies is 248U, and at least 55U can be transferred. (The sales price of all NFTs produced above is calculated based on the floor price, but in fact, with the increase of the number of invites, the level of new NFTs will also increase, and the price will also rise.)
For more information on the cost and benefit of invite, please refer to the following figure, which is explained in more detail.
According to the author’s experience in participating in this game during this period, the price and supply and demand of NFT and LSTAR are in a relatively stable state. When the market demand for NFT is particularly high, the rise in the floor price of NFT will encourage everyone to buy LSTAR to participate in the invite, which will increase the cost of the invite, reduce the number of users rushing in to participate in the invite, and more users will choose to sell their own products. The resulting LSTAR ensures the dynamic balance of the token price. After the number of NFTs invite increases, the floor price can also be well maintained.
Expectations for Let me speak
The overall progress of LetMeSpeak is still relatively slow. So far, not to mention that it has not launched its own governance token, and even the Android application that many people expect has not been launched. The operation of the entire team is not as radical as that of encrypted applications. From LSTAR The setting of the price range is evident. However, it is this characteristic that attracts me. In the fight in the encryption circle, running fast does not mean that you can run for a long time, and the projects that run for a long time are worth waiting for.
The expectation for LetMeSpeak may be the launch of governance tokens. If governance tokens will be launched, there is a high probability that governance tokens will also be airdropped to NFT users in the initial public sale, similar to StepN.
Web2+Web3, what to consider?
The very important revelation that LetMeSpeak gave us is how a user-based Web2 application should combine with Web3 gameplay.
First of all, you need to fully consider the threshold of the encryption circle for many people, high handling fees, NO! Delay, NO! Choosing a fast chain is important! LetMeSpeak chooses the Solana chain, which is very efficient and low in fees. Even if users interact more than a dozen times a day, the fees required are negligible, but it also has a problem. Its technical settings determine that once its mainnet If the transaction frequency is too high in a short period of time, it is easy to crash. The latest update of LetMeSpeak has also made great adjustments. Users must earn more than 300 LSTAR before they can claim and trade, which greatly reduces the call to the chain. pressure.
Secondly, reducing the user’s trial and error cost, attracting more users outside the circle, LetMeSpeak’s minimum 100U NFT, and the setting of the guaranteed token price, these are the reasons why many users are willing to try and buy.
The last thing is to consider whether the product itself really has an application market, or whether it can get traffic with Web3 packaging. At least learning English is just a necessity for people in non-English-speaking countries around the world. At present, LetMeSpeak can set up Chinese, Spanish Chinese, Japanese, Russian, Vietnamese and other more than a dozen languages. I have purchased NFT more than a dozen times. From the first language setting, I can see that this game is really used and learned by people from different countries.
If you really find a point in the market, then come to Web3 to toss, the value that can be brought here is far beyond your imagination!
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/let-me-speak-what-needs-to-be-paid-attention-to-in-the-gorgeous-turn-from-web2-to-web3/
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