1. Project Background and Positioning
1⃣ Classic IP Transition to Web3 (
The Adventure Island Universe is the blockchain version of the classic IP (Adventure Island) owned by South Korean gaming giant Nexon, led by the original development team, with an investment of $100 million. Nexon operated the (Adventure Island) client game for over 20 years, with over 250 million global players and revenue exceeding $5 billion. This transition aims to achieve 'asset playerization' and 'community autonomy' through Web3 technology.
2⃣ Core Objectives and Innovations
***Decentralized Asset Issuance: All in-game items (weapons, gear, characters, etc.) exist as NFTs, with ownership permanently belonging to players and supporting free trading. ***No Pay-to-Win Store: Unlike traditional online games, MSU does not set up an in-game purchase system; revenue relies entirely on token economy and ecological contributions*** Cross-chain Compatibility: Based on Avalanche protocol, supporting multi-chain asset interactions, lowering entry barriers for players.
2. Token Economic Model and Circulation Data
1⃣ Basic Token Information
***Token Name: $NXPC (Governance Token)
***Total Supply: 1 billion tokens*** Initial Circulation: 169 million tokens
***Distribution Structure:
1) 80% (800 million tokens): Ecosystem contribution rewards, released based on game season dynamics, no lock-up;
2) 16.317% (163.17 million tokens): Airdropped to early community users (original (Adventure Island) players and Web3 test participants), no lock-up;
3) 2% (20 million tokens): IP licensors, unlocking quarterly over three years after a 9-month lock-up;
4) 0.696% (69.6 million tokens): Development team, unlocking over three years after a 9-month lock-up.
5) 0.4% (40 million tokens): Advisors, unlocking according to project progress after a 12-month lock-up.
2⃣ Initial Circulation and Exchange Dynamics;
***Launch Date: May 15, 2025, simultaneous public testing and token issuance;
***Initial Exchanges: Binance Alpha (focused on GameFi sector), South Korea's Bithumb (opening KRW trading pairs)*** Circulation Volume Prediction: Approximately 16.904% of tokens (169 million tokens) will directly enter the market at TGE, of which 163 million tokens come from community airdrops, possibly facing selling pressure in the short term.
3. Estimated Market Capitalization:
Scenario 1: Market Cap of $30 million (low) FDV: $180 million Opening Price = $0.18
Scenario 2: Market Cap of $50 million (medium) FDV: $300 million Price = $0.30
Scenario 3: Market Cap of $100 million (strong) FDV: $600 million Price = $0.59
Scenario 4: Market Cap of $200 million (aggressive) FDV: $1.2 billion Price = $1.18
Scenario 5: Market Cap of $300 million (extreme speculation) FDV: $1.8 billion Price = $1.78
4. The Relationship Between Tokens and Game Design
1⃣ Core Functions of Tokens;
***Asset Minting Fuel: Players need to use NXPC to exchange for in-game currency NESO or NFT items, with a fixed exchange rate (1 NXPC = 100 NESO);
***Governance Voting Rights: Holders can participate in key decisions like game version updates and item issuance rules.
***Value Anchoring: All NFT items are linked to $NXPC through the 'MSU Item Pool,' with item scarcity dynamically adjusted by NXPC minting volume.
2⃣ Economic Mechanism Innovations;
**NXPC Splitting: Players can invest NXPC to randomly obtain NFTs from the 'MSU Item Pool' (such as gear and character skins), with early players able to obtain rare items through bulk exchanges;
***Item Fusion: Players can exchange redundant NFTs back for $NXPC at a weighted price in the secondary market, forming a 'gold farming-reinvestment' cycle, but there is a risk of studio monopolization.*** Anti-inflation Design: NESO and NXPC use a fixed exchange rate, and the total supply of $NXPC is constant, avoiding token devaluation caused by unlimited issuance in traditional chain games.
5. Potential Risks and Monitoring Indicators
1⃣ Short-term Challenges;
***Selling Pressure Risk: Airdropped tokens account for 96% of the circulation; if the community sells off en masse, it may trigger a price collapse.
***Game Playability Controversy: The economic model heavily relies on token revenues, which may lead players to focus solely on the 'most efficient gold farming' professions and maps, weakening game diversity.
2⃣ Long-term Value Support;
***Ecosystem Activity Level: If the average daily player count exceeds 500,000 in the first month of public testing, the market cap of $NXPC is expected to exceed $500 million (current estimated FDV $1 billion)*** Cross-industry Collaboration of IP: Nexon plans to integrate IP assets like (KartRider) into the MSU ecosystem, forming the 'Nexon Metaverse Alliance'
Summary and Recommendations
1⃣ Project Positioning: A benchmark case for traditional large companies transitioning to Web3, suitable for two types of people:；
1) Nostalgic Players: Experience classic IP chain transformation at zero cost, realizing 'emotional monetization' through free trading of NFTs.
2) Chain Game Speculators: Focus on token liquidity and exchange dynamics in the first week of public testing, betting on short-term volatility.
2⃣ Operational Strategies: 1) If the price of $NXPC falls below $0.1 after opening (corresponding to FDV of $100 million), consider accumulating in batches;
2) If trading volume in the first week remains below $50 million, be cautious of declining project interest.