Muverse: A music NFT trading platform and all-in-one application.

Original Title: "Project Research Report | Music NFT Trading Platform and All-in-One Application Muverse"

Original Source: AvatarDAO

One, Background

1.WEB2 Music Industry

WEB2 music industry refers to the traditional music industry, including record sales, music television stations, radio stations, etc. In the past decade, the WEB2 music industry has shown a rapid growth trend worldwide. The rise of famous music streaming platforms such as Spotify, AppleMusic, Tidal, etc. has greatly changed the way people access music. These platforms have won a large number of users and market share by providing high-quality music services to users. According to statistics, the global music market has a scale of more than 200 billion US dollars annually, of which music streaming accounts for more than 50% of the market share, making it the leader in the music market. However, the WEB2 music industry has some problems. Firstly, musicians' income is not high because record companies and copyright intermediaries occupy most of the profits. Secondly, the issue of music copyright protection has always existed. Traditional copyright protection methods are easily infringed, resulting in damage to the interests of musicians.

2.WEB3 Music Industry

The development of the WEB3 music industry began with the rise of blockchain technology. The decentralization and transparency of blockchain technology provide new solutions for copyright protection, music distribution, and music creation in the music industry. The WEB3 music industry uses blockchain technology to make the interaction between musicians and users more direct, transparent, and secure. Due to the immutability of blockchain technology, music copyright issues have been better resolved. In the WEB3 music track, some projects have achieved initial results. For example, Audius and Musicoin, decentralized music distribution platforms, greatly reduce the intermediate links between musicians and users, and increase the income of musicians.

二、项目简介

translates to

2. Project Introduction

Muverse is a community-driven music NFT trading platform and all-in-one application that allows music artists, investors, and fans from around the world to participate in frictionless NFT trading. It provides users with gamified interactions, investment opportunities, and income scenarios, including a rhythm game with a revenue model and an NFT exchange that provides ample liquidity for users.

By combining music with gaming, social, and crypto-economic structures, the GameFi+SocialFi model allows artists and music enthusiasts from all over the world to participate in the various interactive scenes provided by Muverse. The goal is to enhance the connection between artists and fan communities through standardized rules and processes, allowing the community to discover and promote the development of artists, promoting mutual growth between artists and fans, and enjoying the rich rewards brought by web3.0.

Official website: https://muverse.info Twitter: https://twitter.com/MuverseNFT

Three, Project Analysis

The APP2.2 version has just been officially launched, and the project is still in its early stages. The first music interactive scene, a rhythm game similar to the previous Rhythm Master, has been launched. You can download the APP to experience it directly. You can experience 2 energy values every day and play the game twice. To truly participate in the game, you need to hold the headphone NFT. During the previous testing phase, the NFT was obtained through airdrops, and the genesis headphone airdrop was obtained through market activities, community cooperation, and pledging high-quality project NFTs. Regarding pledging NFTs: the designated NFT price +100% exchange price, returned in the original way after 3 months, limited to 9,999 genesis headphones airdrops, and the genesis headphones have been completely airdropped. The only way to obtain headphone NFTs is to purchase them through the in-game market. Moreover, all the white-listed NFTs pledged have been returned in advance, which is a good start.

Social media situation: Project Twitter fans 10.1K+, Discord community members 2K+, currently players mainly concentrated in overseas and Hong Kong, Macao and Taiwan regions, relatively few players in mainland China, but there are notices of gradually cooperating with domestic teams. If the mainland market is opened up later, the development space will be huge, and it is worth looking forward to the development in mainland China in the future.

Additionally, it is reported that on October 31st of last year, Muverse completed the sale of the first artist on the platform - Korean singer Lee Hong-gi's music NFT work within 1.5 hours, with a total sales amount of 120ETH (approximately $200,000); in the same year, American singer Lamar Casey, endorsed by Akon, completed the sale of his first NFT music work "Winnin" with the support of Muverse on November 28th, with sales completed in just one hour and a sales amount of 20ETH. This shows that Muverse platform has rich resources and strong marketing and organizational capabilities.

Recently, there have been reports in the media about new PFP designs on platforms. Interactive music platform Muverse announced that it will collaborate with Yoshihito Akatsuka, the winner of the Best Art Direction Award at the Hong Kong Film Awards, to launch its new NFT avatar. The design of the new avatar is in line with Muverse's new market positioning and future development plans, and is an important step in the development of the Muverse platform. Muverse will gradually release information on new avatar designs, replacement plans, and open trading on its official Twitter account, @MuverseNFT.

Japanese art master Yoshihito Akatsuka is one of the top 20 production designers in the world. He has served as a producer/art director for many internationally renowned films such as Kill Bill, Tower of Babel, Seediq Bale, The Flowers of War, and The Monkey King: Havoc in Heaven's Palace.

It seems that both in terms of planning and design, this is a significant investment in configuration, and it is also worth looking forward to.

The project has frequent activities and high community participation, with frequent interactions with players. The participation level of overseas communities is higher, and the project has a high level of popularity. The main recent activity of the project is the bi-weekly Town Hall. On February 22nd, CMO Adrian and Asia Pacific Director Jina will update the latest progress of Muverse. In addition, at ETHDenver 2023 on March 2nd, Muverse's CMO Adrian also gave a speech. At the same time, during the Hong Kong Web3 Festival 2023 in April, a high-end targeted invitation-only closed-door meeting will be held, with a strong lineup of guests, and also jointly held an AfterParty and other activities. The project promotion is proceeding in an orderly manner, which has a positive effect on the future development.

And, the platform has passed SlowMist's token contract audit, with high security.

Four, Roadmap

The Android version of the APP has been launched on Google Play, and IOS supports Test Flight. Currently, the completion rate of the roadmap is relatively high, and everything is progressing step by step.

 Five, Partners  

Our partners include well-known institutions and NFT projects, such as: FNC Entertainment / Invest HK / Syndicate Capital / Zonff Partner / AvatarDAO / Lumire / Slow Mist / 1783DAO / KaratDAO / WeirdoGhostGang / DuduLabs / C.C.C.C / DavaoDefi, and we are constantly expanding and exploring different directions for partnerships. It is worth noting that currently, most of our partnerships are with domestic teams, which is necessary for opening up the domestic market and deserves attention.

Sixth, Financing Information

According to media reports, Muverse has completed a $6 million seed round of financing, with participation from Syndicate Capital, Knights Templar Capital, Zonff Partners, AvatarDAO, Sun Artland Ltd, and BN Blue Fox Limited. The funds raised will be used to expand the platform's functionality and services, accelerate user acquisition, and improve user experience. Muverse is currently developing its second phase of products, which will include a music NFT exchange, NFT fragmentation function, and an AMM pool for its F-NFT/MCT transactions.  

Seven, Team and Resources

Team: Muverse. The team is distributed in regions such as Los Angeles, New York, Seoul, Singapore, Beijing, Vietnam, and the Philippines, making it quite international. Muverse CEO Kent Huang has 15 years of experience working in Hollywood as a producer for The H Collective. Adrian and Jennie, who are responsible for the North American and Asian markets, respectively, both have years of experience in the cryptocurrency industry.

According to media reports, Hollywood producer Mark Rau has joined Muverse as COO. Mark Rau, who previously served as CEO of The H Collective Europe, a Hollywood film company, has been involved in the production and distribution of films such as "The Final Destination 7", "The Kid Who Would Be King", "Wolf Warrior 2", and "Look Who's Back". He briefly joined the Social-Fi NFT game development company Element.black in 2021.

Other resources: Muverse has invited former AMPAS (Academy of Motion Picture Arts and Sciences) chairman, former Lucasfilm, Marval, and Paramount vice president Sidney Ganis as a consultant to promote Muverse in North America. Muverse also has a partnership with FNC Entertainment in Korea.

Eight, Platform Gameplay 

 1. Revenue Model  

The platform has three participation methods: users, artists, and collectors. Muverse has designed different profit scenarios for different users on the platform.

Users can experience the first music interactive scene of Muverse, a beat game, on the platform and earn MCT token rewards by playing the game. The game has two modes: single player and multiplayer battle mode. As the product iterates and updates, more features such as scoreboards and note enhancement modes will be introduced. To play the game and earn MCT, users need to have an earphone NFT. If they don't have one, they can purchase ETH on centralized or decentralized exchanges and transfer them to their Muverse wallet, then transfer the ETH to the in-app wallet to buy the earphone NFT on the market. (Note: always keep some ETH in your wallet account as gas.) After preparation, users can experience the game, go to the earn revenue homepage, select the earphone NFT, and start earning MCT by interacting with music. Recently, Muverse has also launched a feature to earn revenue by listening to music in certain scenes.

Artists can create and earn. After registering as a platform artist, Muverse will establish a web3.0 music community for artists and their loyal fans, enhancing interaction between artists and their fan community, allowing fans to directly discover and invest in talented musicians and music works. Music parties can also be initiated, which are a visual and auditory feast for the release and sale of artist music NFT works jointly initiated by artists and their loyal fans. By initiating music parties, artists can not only complete the sale of music NFT works, but also expand their user base and community influence. Artists create value for their music and earn revenue every time they sell their music.

The profit model for collectors is to follow Muverse's talent discovery mechanism, which provides the opportunity to discover artists with potential early on, invest in them, grow with them, and profit together. Discovering talent among artists is an important goal for Muverse, and to achieve this, Muverse will establish a good mechanism to help artists expand their fan base and influence both inside and outside the platform. After interacting with music on the Muverse platform to a certain extent, users will be granted the status of a collector. Users with collector status can join music parties and buy or sell their favorite artist's NFTs at the party. The winner will only be announced when the song is sold out, and the real-time NFT royalty of the winner will be much higher than that of ordinary NFT holders. When an artist's music NFT is applied to interactive scenes within Muverse, real-time royalty income will be generated. The income will be distributed to collectors based on the number of music NFTs they hold.

2. Game Modes

Divided into earphone mode and non-earphone mode. In non-earphone mode, users can participate in game interactions to earn token rewards without owning earphone NFTs, as long as there is energy available. In earphone mode, users can earn higher token rewards by participating in game interactions with available energy. The following content is all in earphone mode.

Users can only participate in single-player mode when they have energy. Each energy can be used for one music interaction. Players earn scores and MCT rewards by completing music game interactions. Rewards are usually based on three factors:

Music Game Difficulty: With different types of earphone NFTs, you can choose music game difficulty levels. The higher the game level, the higher the MCT reward.

Music interactive scoring: Score based on your performance in music games.

Value of Sound Quality: The higher the sound quality value of the NFT headphones, the more MCT can be obtained with the same score. There will be a challenge mode launched in the future.

3. Game Elements

The game contains four types of NFTs: headphone NFT, blind box NFT, gem NFT, and music note NFT. The app has a built-in marketplace where players can buy and sell items, including headphone NFTs, blind box NFTs, gem NFTs, and music note NFTs. A 6% fee is charged for these transactions. The items in the transaction will be locked and cannot be used to earn profits.

Earphone NFT

There are four types of earphone NFTs, corresponding to four levels of game difficulty.

(1) Headphone properties.

Sound Quality (MCT Revenue): The higher the sound quality attribute, the higher the revenue under the same energy consumption.

Inspiration (Mystery Box): Inspiration determines the frequency and rarity (to be released soon) of the appearance of the Mystery Box.

Charm (MU earnings): Not yet available, expected to be related to later MU token earnings.

Quality (Durability/Repairability): Quality affects the durability and repair cost of headphones. The higher the quality attribute, the less life points are consumed each time and the lower the repair cost.

(2) Earphone Rarity

Rarity is the value level of each headphone NFT. There are 5 levels: common, classic, precious, rare, and legendary. Different levels of rarity correspond to different levels of basic attributes, which will affect the bonus of gem slots and the upper limit of energy value. Therefore, the higher the rarity, the higher the profit.

In addition, the value of each attribute will be randomly determined within the corresponding minimum and maximum values based on the rarity of the headphones. Therefore, even for headphones of the same rare NFT, their attributes may vary greatly.

(3) Earphone Gem NFT Socket (Coming Soon)

Each headphone NFT has four gem sockets for players to insert "gem NFTs" to increase their basic attribute values. Each headphone NFT will unlock a socket when it reaches a certain level.

Gem slots have four types, and each gem slot represents an attribute:

Blind Box NFT

Opening blind boxes is one of the main ways to obtain earphone NFTs. Blind boxes have the same five different rarity levels as earphones: common, classic, precious, rare, and legendary.

Blind boxes have a higher chance of opening headphones NFTs with the same rarity, but there is also a certain probability of opening headphones NFTs with higher or lower rarity.

宝石 NFT (coming soon)

Gem NFT is an additional enhancement to the headphone NFT attributes. When the headphone unlocks the slot and consumes MCT activation, players can insert Gem NFT to enhance the specified attributes of the headphone NFT. There are two ways to obtain Gem NFT: mystery boxes and the market.

Gemstones have four types, each representing a different attribute:

Yellow + Sound Quality

Blue + Inspiration

Purple + Quality

Red + Charm

音符 NFT (coming soon)

Music notes NFT can be obtained through music interaction, and the effects of music notes NFT will gradually be enabled as the development of application music interaction mode progresses.

4. Game System

Earnings Upper Limit Mechanism: The game sets an income upper limit mechanism, and the single-player mode has a daily energy upper limit and a daily token reward upper limit. These limit the number of tokens users can earn each day. When the number of tokens earned reaches the upper limit, even if there is still energy, users cannot continue to earn tokens. They must wait for the reward limit to reset (reset at 0:00 every day) to continue playing and earning rewards.

When playing in non-headphone mode, the main factor affecting a player's earnings is the continuous single-player score.

When in headphone mode, the attributes of the headphone NFT are also the main factor affecting player game earnings, and are related to the player's headphone efficiency and continuous click score. In short, the better the player's headphone NFT attributes, the higher the participation level and earnings.

Energy Mechanism

Each music interaction will consume energy, which can be automatically restored after consumption. Every 6 hours, 25% of the energy will be restored until the energy limit is reached. Users can increase the energy limit by holding more headphone NFTs, calculated as follows:

With the possession of Earphone NFT and obtaining basic energy, each Genesis Earphone NFT can increase the energy limit by 0.5.

With the possession of earphone NFT and obtaining a certain basic energy value, rare or higher level earphone NFTs can increase the energy limit.

Example:

1 Regular Earphone + 1 Classic Earphone = 6 Total Energy (5 Basic Energy + 1 Bonus)

2 Rare Headphones + 1 Common Headphone = 17 Total Energy (7 Base Energy + 10 Bonus)

Note: Selling headphones on the market will result in loss of energy and energy limit. Transferring headphones from one account to another will result in a 48-hour cooldown period, during which the user cannot use the headphones.

Durability Mechanism

The initial durability is 100, and each time the game consumes energy, the earphone NFT will consume durability. If the user only uses this earphone to provide energy, the durability of this earphone will not decrease.

According to the rarity and quality value of the headphone NFT, the consumption of durability is different. The higher the quality attribute, the lower the durability loss and recovery cost. The headphone NFT will suffer from "sound distortion" punishment when it reaches the durability threshold.

Durability < 100%, NFT headphones cannot be listed or transferred on the trading market.

20% < Durability <= 50%, the sound quality of the NFT machine will decrease to 90%.

0 < Durability <= 20%, the sound quality of the NFT earphones will decrease to 10%.

The durability is 0, and the sound quality of the NFT earphones will decrease to 0%.

Use MCT to restore durability. The recovery of durability is affected by the rarity and level of the headphone NFT, as well as the degree of durability loss. The lower the durability, the higher the recovery cost.

Earphone Upgrade

Each headphone NFT has 30 levels, and players can upgrade by spending MCT. The higher the level, the more MCT is consumed. Each upgrade requires waiting time, and paying MCT can speed up the upgrade process. In NFT Lv.19, Lv.28, and Lv.29, in addition to MCT, additional MU is also required.

Upgrading headphones with NFT can increase daily revenue limits, and unlock new features in the future. At Level 5, 10, 15, and 20, respectively, you can unlock headphone Mint, socket 1, socket 2, socket 3, and socket 4.

After the upgrade, 4-12 additional attribute points will be allocated based on the rarity of the user's headphones.

NFT Mint

When NFT reaches level 5, the minting function will be unlocked. It consumes MCT/MU to pair two earphone NFTs and mint a blind box. Each earphone can be minted up to seven times, and as the number of mints increases, the cost of MCT/MU also increases. The probability of obtaining a higher-level blind box increases with the frequency of minting. The earphones used to pair two NFTs are called "causes", and the category and rarity of the causes will directly affect the blind box produced by the earphones. Pairing causes of different rarities will generate blind boxes of different rarities. Users only enjoy probability rewards when pairing 1-1, 2-2, 3-3, 4-4, 5-5, and 6-6, while other pairings such as 0-1, 0-5, and 3-4 do not enjoy probability rewards, according to the probability of the first mint.

After the account is minted, there is a 48-hour cooling-off period during which MINT cannot be performed.

MINT cost is dynamically adjusted, mainly determined by MCT price. The casting cost is updated every day at 14:00 UTC (22:00 Beijing time). Due to the high volatility of token price, it is possible to adjust multiple times a day in extreme cases.

The cost formula is as follows: Mint cost = MCT (A) + base MU (B) + additional MU ([A+B]*x). The adjustment is mainly for the additional MU token, and dynamic adjustment can ensure token consumption and ensure the value of MU. At present, MU has not been launched, and Mint is mainly consumed by MCT.

Tax and Fees

The game will charge different taxes and fees for various in-app activities, as follows:

The further plan of the game.

除了暂时还未上线的宝石 NFT 升级，神秘宝箱外，平台还有计划后期上线音乐&跳舞 ( 通过在游戏中使用手机的摄像头随着音乐跳舞来赚取收益 )，音乐&唱歌（通过在游戏中唱歌来赚取收益），音乐&健康的生活方式（可以通过在游戏中边听音乐边锻炼来赚收益）。

Social-Fi

Currently still in the development stage, Muverse focuses on music and social, so SocialFi is also a key area of development. Through a queueing system, artists can easily release music albums on MUVERSE, hold online or offline concerts through MUVERSE, and develop their own fan base. Users can purchase their favorite music NFTs and invest in artists.

Moreover, in the creative mode, similar to short videos, users can gain attention from other users and earn income by creating works using music. Advertising companies can also purchase music video NFTs at prices set by users through Muverse. After purchasing, advertising companies can add advertising content to the video.

Music NFT is the focus of Muverse's social aspect, providing artists with sales revenue. Music NFT buyers will have real-time royalty income generated by the music NFT in Game-Fi. As artists' music climbs the charts, these groundbreaking music NFTs will generate ongoing royalty income and increase in value.

Nine, Token Economics

Muverse adopts a dual-token governance model with MCT+MU.

MCT

MCT is a token used for operations in Muverse. MCT obtained through interaction with music has an unlimited total supply. Its application scenarios include paying for various APP functions, such as Earphone Mint, NFT Durability Repair, NFT Upgrade, Gem Upgrade, and unlocking Gem Sockets. All MCT consumed within the application scenarios will be destroyed.

MU

MU is the governance token of the platform. MU is a payment token with some advanced features.

Total supply is 1 billion tokens, with lock-up periods ranging from 1 to 2 years.

MU's application scenarios include: headphone upgrades, headphone minting, gem upgrades, participating in challenge mode, and purchasing music storage nodes. All MU consumed within these scenarios will be completely destroyed, so the MU model is gradually deflationary.

As of April 2nd, users have mined a total of 16,562,281 MCT through rhythm games and music listening scenes on the Muverse platform. The total amount of MCT consumed for upgrading, maintaining, and casting headphone NFTs is 5,178,281, accounting for 31.265% of the total mining amount. The remaining 3,437,722 MCT is reserved as a platform reserve to support the continuous growth of user mining demand.

MCT Liquidity: Muverse's MCT utility token can only be mined by users, and the Muverse team did not conduct any pre-mining. Additionally, any use of MCT will be transparent to the community.

MCT has added liquidity to Uniswap v2, and the liquidity pool address is: https://app.uniswap.org/#/tokens/ethereum/0xbee709aa42375ace642338f7f657ff859a19c9bc.

The MCT used to increase liquidity pools comes from the NFT upgrade and maintenance of Muverse headphone NFT users. Starting from April 1, 2023, all MCT consumed for Muverse headphone upgrade and maintenance will be transferred to the wormhole address for destruction and will no longer be used for other purposes.

Regarding MU, a total of 752,586 MU tokens were purchased by users previously. The total amount of MU consumed during the upgrade and casting process of the headphone NFT was 433,749.4 MU tokens. The remaining balance of MU in users' addresses is 318,836.6 MU. Currently, multi-signature address A of Muverse still holds 10,247,414 MU tokens, accounting for 93.158% of the total issued MU tokens and 1.025% of the total MU tokens. The amount held by users (318,836.6 MU) accounts for 6.842% of the total issued MU tokens and 0.00032% of the total MU tokens.

You can check out the latest quarterly transparency report for details: https://medium.com/@Muverse/transparency-muverse-quarterly-transparency-report-2023-q1-48dc2d1bee55

10. Summary

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