Eureka Research Report: Panoramic Analysis of MAX, In-depth Perspective of MATR1X Platform
Matr1x prefers to deeply support and incubate products entering the ecosystem. In other words, in addition to assisting in the issuance of products on the Matr1x platform, it also provides in-depth support in technology, operations, asset issuance, etc., which will be very attractive to third-party project parties.
Original source: Eureka Researcher - 0xJuly
Overview
Matr1x is positioned as the infrastructure and distribution system of Web3 culture and entertainment. It is an innovative culture and entertainment platform that combines Web3 games, artificial intelligence, e-sports and blockchain infrastructure. It is committed to changing the global game and digital content industry through blockchain and artificial intelligence technology and accelerating the arrival of the Web3 era.
In terms of team and funding, the core members of the Matr1x team have more than 10 years of working experience, have experience in the development of Web2 head FPS games and large DAU product operation capabilities, and the project funds are relatively sufficient, with public financing exceeding 20 million US dollars. On July 26, it just received financing from the top North American fund Makers Fund.
From the overall architecture, the Matr1x platform currently has 4 Web3 native games, including the classic shooting mobile game MATR1X FIRE, the battle royale chicken mobile game MATR1X BATTLE, the RPG+Roguelike 3A game Castile, and the Web3 MOBA Evermoon. The global download volume of Matr1xFire has exceeded 2.5 million. In addition, it has its own e-sports platform GEDA and the game public chain M1-Chain based on OP-stack. The architecture has already met the positioning of a platform, and the four games are all the top 5 game categories in terms of Web2 user scale.
From the perspective of project development, the Matr1x platform is still in its early stages of development. The project adopts a hot operation strategy. The first flagship product Matr1xFire is about to enter the gold-making test stage. At present, it has obtained good market feedback and user data in terms of quality and fun, and the community is also very active. Castile has just finished its first test with a retention rate of over 90%, while Matr1xBattle and Evermoon are expected to be tested at the end of this year or next year.
From the perspective of token economics, MAX is the governance token of the Matr1x platform. It has no public fundraising and is designed to support applications and services within the ecosystem. The main value capture lies in the allocation of the Matr1x platform treasury, participation in the MATR1X Launchpool, and airdrops from other projects. It is equivalent to holding MAX tokens to obtain some subsequent related benefits of the Matr1x platform. Due to the project's explosive operation strategy, in the perception of most users, its first FPS mobile game Matr1xFire currently accounts for a large proportion in the Matr1x ecosystem. However, with subsequent development, Matr1x's platform impression will become stronger and stronger, and it will be more appropriate to benchmark Ronin and Immutable in the future. Compared with Ronin and Immutable, Matr1x's great advantage is that its team itself has strong game development capabilities, Web2 operation capabilities, and currently demonstrated excellent Web3 operation capabilities. Therefore, $MAX = $Ron + $AXS or $MAX = $IMX + $ILV will be more appropriate.
From the perspective of the track, after Gamefi Summer in 2021, the Web3 game track fell into a long period of silence. The games in this round have generally made great improvements in playability and quality, but the corresponding development and operation cycle is longer. "P2E" is still the main theme of Web3 games. Matr1x is one of the most eye-catching projects in this framework. Matr1x is quite different from the previous round of game public chains or distribution platforms. First of all, it has independent research and development capabilities. The currently announced Matr1xFire and Matr1xBattle are both products independently developed by the Matr1x team. Secondly, the team adopts a product-first hot-selling operation strategy, and proves to the market that it has the ability to create hot-selling Web3 games by making the first product a hot-selling product. Finally, compared with chains/platforms such as Ronin, Immutable and Gala, Matr1x is more inclined to deeply support and incubate products entering the ecosystem, that is, in addition to assisting in the issuance on the Matr1x platform, it also provides in-depth support in terms of technology, operations, asset issuance, etc., which will be very attractive to the third-party project parties.
In summary, Matr1x is a project that is expected to become the leader of this round of Web3 game tracks
Note: Eureka's research report is only based on the situation of the project party at the time of writing the research report. According to the subsequent changes in the fundamentals of the project, the overall evaluation of the project may also change. The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Invest at your own risk.
MAX price estimate (for entertainment purposes only)
The following table lists several targets that I personally think are highly similar to MAX in terms of project positioning, fundamentals, and token economic model. The opening price data in the first table is also the data of the three targets on the opening day. The long-term price in the second table is the three game chains that are benchmarked after Matr1x's subsequent platform development and the gradual enhancement of the platform impression. The reference is the current data of the three targets.
Conclusion
$Pixel, $Ace, and $Portal in the table are all positioned as games or game platforms. Based on their performance at the time of opening and the current market situation, we estimate the opening price of $MAX to be 1.2 - 2 U (not an investment recommendation). Currently, the MAX of users in the market mainly comes from two parts: one is from the airdrops (linear release) of YATC and KUKU holders, and the other is obtained by participating in the official Apollo program unboxing. The current cost for users to obtain a MAX is between 0.6-1.5U.
$MAX = multiple popular games + public game chains + Web3 game distribution platforms + Web3 e-sports platforms. These are the contents that the project has already implemented. Currently, due to the popular operation strategy of the project, in the perception of most users, its first FPS mobile game Matr1xFire accounts for a large proportion in the Matr1x ecosystem. However, with subsequent development, the platform impression of Matr1x will become stronger and stronger, and it will be more appropriate to benchmark Ronin and Immutable in the future. Compared with Ronin and Immutable, Matr1x has a great advantage in that its team itself has strong game development capabilities, Web2 operation capabilities, and currently demonstrated Web3 operation capabilities. Therefore, $MAX = $Ron + $AXS or $MAX = $IMX + $ILV will be more appropriate.
1. Current status of Web3 game track - even more difficult
First of all, with the end of Gamef Summer, which was led by phenomenal Gamefi1.0 products such as Axie and Stepn, most people felt that the Gamefi track could not solve the problem of death spiral, which was falsified to a certain extent. Although VCs continued to invest a lot of money in the Web3 game track during the subsequent bear market, there is still no product in this track.
Of course, it is not just the Web3 game track. So far, no phenomenal innovative products have been able to come out in this round, which is also a major reason for the current sluggish market.
As a track with heavy investment in the early stage, if the project party wants to build a product above the standard line of similar Web2 games from scratch (here specifically refers to medium and large high-quality games), compared with projects in other tracks, it often needs to spend more time + manpower + funds in the early stage. The RD cycle of a product can easily take 2-3 years, and the investment can reach millions to tens of millions of dollars. The above prerequisites alone screen out most teams. Therefore, for the game teams that have already had good landing products, it is still very admirable.
Operation is difficult, economic model design is difficult
But it is far from enough to develop products in Web3. The combination of projects and Web3 levels, community operation and maintenance, Web3 market operation... are all very difficult for project parties but have to do, and can even determine the life and death of the project. In this regard, most teams currently do not meet the standards. Friends who have been deeply engaged in the Web3 game track should resonate with this. At present, most game project parties can be said to only work on the product side. As for the marketing and operation part, it is outsourced to a third-party operation team, and the economic model part is solved by VC or consultants. I fundamentally deny this kind of team structure. The core members of the team have insufficient knowledge of Web3, and the lifeblood of the project is handed over to others, and tied up with interests. This kind of relationship is very fragile.
Survival is difficult
Everyone can check the financing situation of the project. I wonder if you have calculated how much money the project can have after deducting product development costs, monthly personnel costs, and publicity costs. The fact is that many projects have little money left, and it is increasingly difficult to raise funds if they do not achieve results. It is worse than ever. No money means that subsequent operations, publicity, and volume purchases cannot be carried out, and they cannot be listed on the exchange. It can be predicted that several projects will be eliminated in the following projects.
Listing on an exchange is difficult
In addition, listing on an exchange is a problem that all project parties cannot escape, or it is the end point of most teams. The needs of the exchange are also very clear: - Traffic - Money. Traffic refers to whether the project can provide a large number of new users (especially overseas users); money refers to the chips and trading volume that the project party can provide to the exchange. It is not enough for a good exchange to just give money, because they still have face.
Currently, BN is in a dominant position. In addition, with this round of ETF bull market, BN is also moving towards compliance, which also means that BN's listing will be more rigorous. So from this point of view, it is even more difficult to list on secondary top exchanges such as OK and Bybit than on BN, because as project parties, everyone knows that BN cannot roll without running out, and they have to roll the next level quickly. This also confirms the gossip I got from recent exchanges: OK now has 200+ projects queuing up to apply for listing, and it is currently known that 3 games have been rejected for listing, and this situation may be more severe in the future (to be verified).
This is the current situation of the Web3 game track. The reality is so cruel. Projects that have no products and only rely on narratives and PPTs are gradually eliminated; those with products, high-quality products, funds, and strong team comprehensive capabilities stay and continue to try to create a new Web3 game paradigm. Matr1x belongs to the head of the latter.
2. Basic Overview
2.1 Project Introduction
MATR1X is an innovative cultural and entertainment platform that combines Web3 games, artificial intelligence, e-sports and blockchain infrastructure. It is committed to changing the global game and digital content industry through blockchain and artificial intelligence technology and accelerating the arrival of the Web3 era.
Currently, the MATR1X platform has 4 Web3 native games, including the classic shooting mobile game MATR1X FIRE, the battle royale chicken mobile game MATR1X BATTLE, the RPG+Roguelike 3A game Castile, the Web3 MOBA Evermoon, as well as the e-sports platform GEDA and the OP-stack-based game public chain M1-Chain. Among them, MATR1X FIRE has been downloaded more than 2.5 million times worldwide.
2.2 Basic Information
3. Project Details
3.1 Team
The founding team of MATR1X has great enthusiasm for Web3 and games. The core members of the team have worked together for more than 10 years, with an average of more than 10 years of experience in games and more than 5 years of experience in blockchain. The cumulative number of users of the games developed and operated by the team exceeds 400 million, with a turnover of more than 5 billion US dollars. Products include Call of Duty Moilbe, PUBGM, and Cross Fire
3.2 Funding
3.2.1 Financing outside the game
As of July 26, 2024, Matr1x has completed 4 rounds of financing outside the game, with a public financing amount of more than 20 million US dollars. Investors include Hana Financial Inverstment, HashKey, Amber Group, Folius Ventures, SevenX, Find Satoshi Lab, Jambo Ventures and the latest North American top game fund Makers Fund. The latest round of financing was completed on July 26, 2024, so the team currently has sufficient funding capabilities.
3.2.2 NFT Asset Sales
YATC
The highest equity NFT on the Matr1x platform symbolizes the highest honor of the Matr1x ecosystem. Holders can continue to enjoy the benefits of the entire Matr1x ecosystem first. The benefits that have been realized include 2061 and KUKU white tickets, test passes, pledged Fire tokens, MAX token airdrops, etc. There are currently 250 locked positions in the treasury, which will be distributed as prizes to the champions of e-sports events in the future.
Matr1x KUKU
The only two platform-level NFTs in the Matr1x ecosystem. Holders can continue to enjoy the rights and interests of the Matr1x ecosystem and serve the creator economy of the Matr1x ecosystem. Currently, there are 2,000 officially locked up, which will be distributed to outstanding creators in the future. The currently realized empowerment includes staking to obtain the out-of-print KUKU box and obtaining the MAX token airdrop. The official Matr1x received a total of 1,857 ETH from this NFT sale.
Matr1x 2061
The avatar NFT of the Matr1x ecosystem mainly serves Matr1xFire, the first hit FPS game in the Matr1x ecosystem. As the highest equity NFT of this game, holders can continue to enjoy the subsequent membership rights of Matr1xFire products. The empowerment that has been realized includes staking to produce Fire tokens, KUKU white orders, and accelerated unlocking of Fire tokens. In the future, they will also receive airdrops of Genesis gold-making characters. Matr1x officials received a total of 666.6ETH from the sale of this NFT.
3.2.3 Box opening data
As of August 2, 2024, the total transaction volume of the two series of boxes has reached approximately 11 million Matic, and the total transaction volume of gun skins has reached approximately 20 million Matic. Among them, the rarest gun skin Judgment-AWP was sold at a price of nearly 100,000 US dollars. With the subsequent public beta of the game, gun skins will be officially applied to the game, and liquidity is expected to reach a higher level.
3.3 Products and Technologies
3.3.1 Public Chain
Matr1x Ecosystem Public Chain M1-Chain has been developed. Based on OP-Stack-ZK, it is committed to providing better infrastructure support for the MATR1X ecosystem, providing a better interactive experience, and attracting more high-quality games to join the MATR1X ecosystem. The test network has been released.
3.3.2 Game Ecosystem
1- Matr1xFire
Web3's first shooting mobile game, which is undergoing global testing, has been downloaded more than 2.5 million times worldwide, and aims to become the first non-transactional application in Web3 to reach 10 million users after it goes online. Recently, DAU has reached 60,000+ without any rewards, most of which are overseas users, and will soon enter the gold farming test phase.
2- Matr1xBattle
Web3's first cyberpunk battle royale chicken mobile game, currently only the promotional video has been released, but from the promotional video, its characters and some of the gun skins in the game may be common with Matr1xFire, which was also revealed in the project's previous AMA. The game is expected to be tested at the end of this year or early next year.
3- Castile
The next-generation 3A idle RPG+Roguelike game.
The first test had 5,000 core players participating, with a 14-day retention rate of over 90%.
4- Evermoon
A 5V5 MOBA game made by a Thai team, downloaded over 100,000 times, and recently announced to officially sign a contract to join the Matr1x ecosystem.
3.3.3 Web3 eSports Platform
GEDA
GEDA is a Web3 eSports gaming ecosystem that has launched the world’s first Web3 eSports professional tournament and a decentralized eSports platform, dedicated to attracting billions of eSports enthusiasts and gamers.
GEDA is also a Web3 extension of Cyber Games Arena (CGA), known for hosting more than 500 global eSports events such as “Homecoming” and “Zotac Cup Masters”, attracting more than 66 million viewers worldwide.
GEDA has held more than 50 online and offline eSports competitions around the world with Matr1x in the past six months, with a cumulative number of viewers exceeding 10 million.
Summary
From the overall architecture, Matr1x aims to create a flywheel combination of multiple hit games + game public chains + e-sports events. The first four games are FPS, Battle Royale, RPG card placement and MOBA, which are all the top 5 game categories in the world in terms of Web2 user scale. In particular, shooting games are the largest game category. There are more than 2 billion shooting game players in the world. Users of shooting games such as CS2, Call of Duty, PUBG, Freefire, etc. are all potential users of MATR1X. It can be seen that the project party had great goals and ambitions at the beginning. And through the data currently obtained by Matr1xFire, the project party has proved to the market to a certain extent that it has the ability to create hit products in Web3 from 0-1. However, there are still accidental factors in a game, and whether it has the ability to continuously create hits needs further verification.
4. Project Development
4.1 History
4.2 Current
As of July 27, 2024, the number of fans of the Matr1x ecological matrix (Matr1x, Matr1xFire, Matr1xBattle, Castile, Evermoon, Geda) has exceeded 1.3 million. During the MAX points event, UAW ranked first in the entire Web3 and first in Polygon Dapp. In the recent situation of no rewards at all, the Matr1xFire game has reached more than 60,000 DAU, and the gold farming test of Matr1xFire will soon be launched.
4.3 The Future
According to the roadmap released by Matr1x, in 24 years, there will be more testing of announced games and expansion of e-sports. In the third and fourth quarters, Matr1xFire will become the core, entering the gold farming test phase and then the final public beta phase, and Castile will also enter the second test. In the fourth quarter, the professional e-sports league and the Watch to Earn function will also be announced; after 25 years, Matr1x will focus more on testing new products and building some infrastructure in the ecosystem.
Summary
Overall, Matr1x is still in the early stages of platformization. As a project that targets multiple hit games + public chain + Web3 game distribution platform, there are currently 4 known games, Matr1xFire, and Castile are still in the testing stage. Matr1xBattle and EverMoon are still some distance away from testing. However, the quality presented by Matr1xFire and Castile has been highly recognized by the market, especially the Matr1xFire product, which has achieved very high popularity and evaluation in the testing stage. With the official launch of Matr1xFire public beta on the app store, the subsequent launch of several game products, and the e-sports events organized by the team worldwide, it is expected that more new traffic will join the Matr1x ecosystem.
5. Economic model
Matr1x currently has two public tokens, one is $Fire and the other is $Max. Fire is positioned as an in-game utility token with a total of 1 billion. It is mainly produced through the early pledge of 2061/YATC NFT and the in-game gold production after the public beta of Matr1xFire. The consumption includes game asset upgrades and unboxing (all burned). The production process will be a dynamic balance process, and it may be applied to other products in the ecosystem in the future. Max is positioned as the platform governance token of the Matr1x platform, and it is also the main token analyzed in this article. 5.1 $MAX Token Allocation From the perspective of allocation strategy, the team classifies itself and investors into the same category and adopts the same unlocking rules, which is equivalent to dividing investors and themselves into the same front. 276 million MAX will be used to reward partners or builders who support the maintenance and development of the Matr1x platform. In terms of specific distribution, it will be based on the contribution of ecological projects to the platform, including effective turnover, number of real users, content creation, etc. The final decision-making power will be given to Matr1x DAO. In addition, early bird users who participate in early testing and the Apollo program will receive 55 million MAX. NFT holders (YATC\KUKU) will receive 94 million MAX.
5.2 $MAX Utility
$MAX is the governance token of the Matr1x platform, with no public fundraising, and is designed to support applications and services within the ecosystem.
Community governance: Participate in MATR1X community governance, propose and vote.
Ecosystem value capture: Allocation of platform treasury, participation in MATR1X Launchpool, obtaining airdrops from other projects, etc.
Exclusive privileges: Have exclusive privileges, including publishing games on the MATR1X platform, competing for club seats, etc.
Pledge and rewards: Pledge $MAX to become a MATR1X ecological node to receive rewards, and participate in the governance decision-making of the MATR1X blockchain, including profit distribution, etc.
Summary of the whole article
From the overall environment, this round is undoubtedly an ETF bull market. Compared with the previous bull market, no innovative phenomenal products have appeared in various tracks so far. Infra is currently too saturated, but there are basically no viable applications. The industry still needs an application that is sustainable and can attract a large number of real users. From the perspective of the track, after Gamefi Summer in 2021, the Web3 game track has fallen into a long period of silence. This round of games has generally made great improvements in playability and quality, but the corresponding is a longer RD and operation cycle. "P2E" is still the main theme of Web3 games.
Matr1x is quite different from the previous round of game public chains or distribution platforms. First of all, it has independent research and development capabilities. The currently announced Matr1xFire and Matr1xBattle are both products independently developed by the Matr1x team. Secondly, the team adopts a product-first hot-selling operation strategy, and proves to the market that it has the ability to create hot-selling Web3 games by making the first product a hot-selling product. Finally, compared with chains/platforms such as Ronin, Immutable and Gala, Matr1x is more inclined to deeply support and incubate products entering the ecosystem, that is, in addition to assisting in the issuance on the Matr1x platform, it also provides in-depth support in terms of technology, operations, asset issuance, etc., which will be very attractive to third-party project parties.
At present, most of the old users of Web3 have been baptized by the previous rounds of bull and bear markets and have become accustomed to chasing short-term high-return projects. However, with the bottom-up development of the entire industry, compliance and infrastructure development, super applications that span cycles may emerge, corresponding to more stable, smoother and more sustainable returns. The Matr1x platform may have the potential to bring a new paradigm to the entire industry.
This article is from a contribution and does not represent the views of BlockBeats
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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