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ICYMI: Key highlights from Mars Labs Metaverse AMA

By:
on Nov 21, 2022
Updated: Nov 22, 2022
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  • Mars Labs Metaverse executives hosted an AMA on the OKX Telegram channel.
  • Tokenomics, 2023 outlook, and longer-term vision were topics of conversation.
  • Mars Labs CEO Kevin Chang said "we're looking at hundreds and thousands of people gathering at one place"

Kevin Chang, CEO of Mars Labs, and Amy Lee, Brand and Business Development Manager, hosted last week an AMA (ask me anything) on the official OKX Telegram channel. For those that were not able to listen to the conversation live, here are some key takeaways from the event.

In their own words: what is The Mars Metaverse Project

Simply put, Kevin and his team are creating a Mars-themed metaverse gaming platform where users can chat, interact with friends, play sports, draw, be an artist, or camper. Users “will get rewarded once you play a game but you can also get rewarded for resting by the beach. because every player is unique and important. And that together makes up our metaverse ecosystem.”

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Invezz previously covered the Mars Token launch on the OKX crypto exchange.

Mars Labs tokenomics

Kevin says the Mars tokenomics is based on the user numbers who enjoys the game. Kevin explains:

“Daily Active Users when we release the game act as a base number for the rewards to be shared. And MRST acts as a utility or spending token for purchasing in-game items. Or actually, sort of to make living in the metaverse world. Our game is free to play mobile game, but in order to enjoy extended contents; they would have to use MRSTs – the token generated by the system, P2E system. It can be used to purchase or create NFTs that individual users or an artist generate. or they can even buy home furniture for their housings or building. It will even be used to pay fine, if a user violates rules that harms the living in the metaverse.”

Later on in the AMA, Amy explains the token is issued in accordance with the number of daily active users which is around 100,000 DAUs. Based on this number, Mars issues around 330,000 MRSTs per day which is around 2.8 MRST per user reward per day. The basic emission rate is around 2% and is based on the 100,000 DAUs. The Mars team “tries to not burn the MRST but focusing on returning or spending to be at 1.8%.”

The Whitepaper with additional details can be found here.

What to expect in 2023

Kevin and his team started as a game developer studio in 2018 but is now committed to going “all-in” on the metaverse to be an “early starter of the industry.” The metaverse industry as a whole is still in its early stages and 2023 will mark the first “stress test” for Mars. Kevin says:

“We’re in prep. for our first stress test next year where our metaverse will be based on massively multiplayer online because we believe that metaverse should be the place where people has to interact – to build content, socialize, and share. So we’re looking at hundreds and thousands of people gathering at one place for the “stress test” to check our server capability we’ve been developing.”

The ‘ultimate goal’

The MRST token, according to Kevin, is to reward users. But MRST is meant to be used for services as well with the ultimate goal of boasting as many users as web2 metaverse projects like Roblox and Zepetto attract. 

According to Kevin, the second goal of MRST is for brands to adopt the coin and create an ecosystem.

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