Earlier this month, Merit Circle published a Medium post in which they introduced their upcoming Play2Earn DAO.
‘’With pride, we’re bringing you Merit Circle, a decentralized autonomous organization (DAO) with a mission to maximize value accrual across different games in the metaverse. We are creating a platform at the intersection of capital (investors), expertise (platform and managers) and players (gamers).’’
Play2Earn refers to blockchain games that reward their players for playing the game using NFTs. One of the best examples of a play-to-earn game is Axie Infinity, a game that recently enjoyed a surge in popularity, especially due to their scholarship program, a topic we covered before. Axie Infinity saw incredible growth throughout this year and as a result, blockchain gaming became more popular than ever. The past two months, new games were announced left and right and some games managed to raise incredible amounts in funding. For example, SoftBank led a $680M raise for Fantasy Football game Sorare. Another example is Star Atlas that recently launched through FTX, with their tokens Polis & Atlas now counting a ~$5.1B fully diluted valuation & Illuvium (ILV) sitting on a fully diluted valuation of ~4.8B. Merit Circle announced to not only focus on Axie Infinity, they’ll continue to research opportunities in the meta verse through new games focused on the play-to-earn model.
Merit Circle Community
The Merit Circle community is already live, and over 1,000 players are already onboarded to play Axie Infinity! Both their Twitter and Discord are growing fast and are full of activity with people in live (voice) calls at all times.
Merit Circle scholars initially earned a 60% split of all gaming earnings, which has recently been increased to 70% ‘to reward their scholars according to what they deserve’: https://twitter.com/MeritCircle_IO/status/1438531909638926338?s=20
What’s amazing is that their community members have actively help others as well.
Multiple community members went to help others, after a fire destroyed the homes of multiple families in the Philippines: https://twitter.com/Iringitom4/status/1437364423866208265?s=20
This is reflected in the way all scholars work together also. As, top players in the community become coaches to help others become better players.
Merit Circle – $MC Token
Merit Circle focuses on three key pillars: gaming, cryptocurrency and investing. They shared: ‘’With the support of multiple noteworthy investors and advisors knee-deep into the play-to-earn gaming ecosystem, there’s nothing that can stop us. Within the next couple of weeks, we’ll slowly unravel what we’re building and what each and any of you can expect. The $MC token will be at the heart of our DAO. More information about that to follow as well.’’ This indicates that Merit Circle will announce additional information about the MC token in the near future. Considering it’s a DAO, it’s clear MC will be a governance token and a utility token for anything in the Merit Circle ecosystem. The structure is similar to what we’ve seen with two other projects in the space, Yield Guild Games (YGG) which has a fully diluted valuation of ~$5B and BlackPool (BPT) with a fully diluted valuation of $455M.
We’ll eagerly await their launch and will share more information around the launch of MC as soon as the team shares more information on this topic.
Meanwhile, you can already follow their social channels at: