MaticVerse: Update

Dear MaticVerse community,

I’d like to begin by thanking all community members and mods for their support of the core team since our inception. We’ve seen tremendous success since we launched as BabyMatic on the 23rd of July. Since we started, one of our main goals was to build a positive, thriving community and we’ve built close personal relationships with a number of individuals.

The situation that we are currently in and an issue being faced by a number of P2E games is sustainability and the impact on token price. There are a number of aspects we can put into place to mitigate this to an extent but with this comes the risk of making the game unattractive to play.

We as a core team have decided that the best way forward for the project is to launch a brand new token with our V2 game. This has not been an easy decision to make but we feel it is the best decision to make for the following reasons.

1. Our goal is to make a AAA game that will be attractive to both crypto enthusiasts and gamers alike. To do this we would require significant investment to deliver this. With our current tokenomics and chart and the fact that the token has been live for 5 months, it would be non-feasible for any VC to invest in the project.
2. By having a fresh new token, it would allow us to create a complete ecosystem within the V2 game.
3. Currently, we have approximately 30,000 non-perishable NFTs. This puts the project in a difficult position as it does not encourage any reinvestment.

What happens to the existing holders?

Further details of the opportunity for V1 holders for V2 will be announced at a later date.

What happens now?

The V1 game will continue in its current iteration. The game vault will be deposited with all of the remaining tokens put aside for the game vault and this will be left open until it reaches 0. Minting of NFTs will be turned off.

Buying and selling taxes will be turned off, as well as all taxes from the game and marketplace being set to 0.

For those who invested in the vested private sale, the remainder of the pledged amount will be refunded.

Further details of the new token will be announced shortly and we are looking at TGE in Q1 2022.