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Hashed Team Blog

Our Investment in MetaGods

Today, we’re excited to share that Hashed were part of MetaGods’ $4.2 million first fundraising round! MetaGods is the world’s first 8-bit action RPG on the blockchain, incorporating cutting-edge game mechanics from experienced game developers.

Context

The play-to-earn (“P2E”) crypto GameFi (Game + DeFi) market is evolving.

It initially started out with a wave of click-to-earn games, focused on enabling users to earn tokens within the game.

Now, with the influx of top games such as Sipher, which Hashed recently invested in, teams are also starting to focus on making the games entertaining to play.

MetaGods is a crypto version of an 8-bit Massively Multiplayer Online Role-Playing Game (“MMORPG”) — like Diablo 3 — that will initially launch on Binance Smart Chain (“BSC”).

Gameplay

When it comes to 8-bit action role playing games, MetaGods is the first of its kind. Each player has a generative art NFT that is not only their avatar and profile picture, but also their unique in-game character. This is created by the union of mortals, demigods, and titans.

They will team up with each other to fight epic bosses, while slowly growing their path to ascension and becoming true gods themselves.

Players can engage in combat through 2 game styles: (i) Player vs. Player (“PVP”) and (ii) Player vs. Environment (“PVE”). Whether it be PVP or PVE, players have the option to engage in idle gameplay and fight passively or get immersive and participate in active gameplay:

  • Stake your characters into a pool which auto-plays the game for you
  • Earn XP and $RELIC passively, which can be used for character crafting and upgrades
  • Leveling up will be slower in this game mode — get moving!
  • You participate actively in PVE and PVP games, and have limited lives in each round
  • This requires time, skill and effort as once you run out of lives, you will never be able to enter this game mode again!
  • Stand a higher chance at upgrading your character and earning legendary loot

Our Investment Thesis

MetaGods is one of the few projects innovating on top of the popular P2E model of gaming. Common models follow a linear P2E model where gamers are paid in the native currency of the game, only for them to look for methods to off-ramp into fiat. In this manner, games are viewed as a means to the end — resulting in players improving themselves only in hopes of “earning more”.

MetaGods acknowledges this current dynamic and introduces a circular game model where incentives to “level up” go beyond wanting to make more money. MetaGods has a dual-token system where $MGOD is the native token and $RELIC is the in-game currency that supports gameplay.

$MGOD token

  • Buy adventure packs consisting of characters, equipment, weapons and consumables
  • Entry fee to enter raids, tournaments, boss challenges and other special events
  • Staking, governance and payment for marketplace transactions

$RELIC token

  • In-game purchases of consumables and marketplace activity
  • Curated merchant mechanics aim to stabilise the price, e.g. one long sword will always be worth 100 $RELIC (setting the floor); and may be sold on the secondary market for a higher value depending on combination and rarity

MetaGods believes that for games to prioritise a “play-first” element over “earn-first”, a community must be built both externally (on social platforms like Twitter and Discord) and internally (community in-game dynamics). As such, they have coined a new term “Social GameFi” to enable and incentivise different players that band together to achieve more and get better rewarded.

MetaGods has several character classes — mortals, demigods, and titans. Before entering a realm, it is recommended to have a mix of character classes best suited for the mission. With the holy trinity of MMO, every player stands a better chance to win against the pantheon to earn those sweet, juicy, thick APY rewards.

Having difficulty finding a compatible team? MetaGods has an inhouse leaderboard system to help players find partners that have the same rank and may complement each other. As the old adage goes… Teamwork Makes The Dream Work!

The core team consists of 4 builders with commendable knowledge in traditional gaming studios and game development. Jack spent most of his life creating quality games on Web2, Eddie focuses on full-stack programming and game narratives, Snake has over a decade of experience in game design and art styles, and Rob is a veteran of the blockchain industry.

The team boasts Ex-Animoca and Ex-Triple A Game Studio experiences and are all strong believers of gaming and crypto co-existing in perfect harmony. They are currently unnamed due to corporate non-compete reasons.

Concluding Thoughts

Hashed is always on the hunt for innovative gaming projects. Along with an ingenious storyline of having Greek mythical heroes battle deadly monsters as a collective, the MetaGods in-game economy stands out as one that is engaging, entertaining and sustainable.

We are excited to support MetaGods with weaving a novel metaverse narrative with new and fun Social GameFi elements!

Disclosure: Hashed has established, maintained, and enforced strict internal policies and procedures designed to identify and effectively manage conflicts of interest related to its investment activities. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. Furthermore, references to any securities or digital assets are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services.

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cpt n3mo

VC | Investment | Research @ Hashed; Articles are my personal views and not financial advice. @cptn3mox on Twitter