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2nd AMA with CoverCompared (about OpenWorld)
It’s the 2nd AMA between OpenWorld and CoverCompared. This AMA is hosted at https://t.me/CoverCompared with which you can discover more about OpenWorld. From our team, our vision to sneak peek about what’s going on with the project, what we aim at in near future. Let’s get started!
Mr. Sammy | CoverCompared: AMA With OpenWorld starts now!
Today we have Partnership Lead Thong Nguyen to talk more on this project and familiarize you with details of our collaboration with CoverCompared. @TranDzungOW, You're welcome to this wonderful AMA session!
Mr. TranDzung | OpenWorld: Nice to meet you all! I am ready, then we can start the AMA
Mr. Sammy | CoverCompared: Yes sure!
Can you please introduce yourself and your team to our community?
Mr. TranDzung | OpenWorld: My name is Thong Nguyen, Partnership Lead of OpenWorld project. I am crypto enthusiasts and have been in crypto market since 2016 so I have witnessed at least two bull and bear cycles. In crypto market, you should be witness of one full cycle (bull – bear) at least in order to fully understand how it moves.
The OpenWorld project is a Metaverse project but I would like to call it as a digital world with a sound circular economy based on real monetary flow. OpenWorld envisions to open a new dimension for everyone to connect, play, express themselves, and find happiness.
The team now has about 20 members in a group of diverse and complemented backgrounds: coding, venture capital, digital media, and business operation. We just grow our team from just a handful of pirate bandit part-time freelance members of 5–6 people to a full fleet ready-to-fight working 24/7 in just the past 2 months. That shows how fast we are growing behind the scene right now.
The core team knows each other personally and have worked together for 10+ years over various ups and downs in multinational firms as well as high growth startups across Vietnam, Singapore, and the US.
I pick out a slide about our team in our pitch deck here for the community to see:
We treat community members as team in a broader sense as well. We're all on this ship together.
Mr. Sammy | CoverCompared: Alright moving on to the next question
Can you please briefly tell us more about your project (OpenWorld) ?
Giving us more Juicy interesting details we need to know 🙂
Mr. TranDzung | OpenWorld: Again, thanks for the question. Let me go through it
We have been very much into DeFi technology in 2020 and the first half of 2021. In mid of 2021, realizing the implications that NFTs can revolutionize gaming into a field where gamers can play and make a living from their investments and efforts, we developed our game, CryptoWar $xBlade which works fine. If you take a look at GameFi projects, you will see how $xBlade hold its price very well. It is because we have solid idea behind our GameFi financial model. Even so, the instinct mechanic of GameFi is unsustainable and can not be fixed. Consequently, our team recognized its vital weaknesses and decide to switch our project to Metaverse. We would prefer to call it as a digital world rather than a too broad term like Metaverse.
The OpenWorld project is a Metaverse project with a sound circular economy based on real monetary flow. OpenWorld envisions to open a new dimension for everyone to connect, play, express themselves, and find happiness.
The token smart contract address is the same, only token name & ticker changed and so far we already successfully updated information on both Coinmarketcap and Coingecko. More important, OpenWorld $OPEN has been verified its marketcap which make our project is one of miniority crypto projects have marketcap verified.
https://coinmarketcap.com/currencies/cryptowar-xblade/ (we are working with Coinmarketcap to update the url link from cryptowar-xblade to openworld like what you see on Coingecko)
Even though we started building the project as a GameFi (with already built-up P2E and PvP feature) on BSC, we want to upgrade our project into building a synthetic digital world that mainly base on Harmony as our main chain, and then spread out multi-chain from there.
Our digital world will have all current DeFi features buildable in the market: Single-Asset Staking, LP Staking. GameFi features P2E, PvP (already proved capability with our current mini-game CryptoWar xBlade), and many more metaverse features in the long run: Avatar, Avatar customization, circular economy, digital value creation, social networking inside synthetic world, etc.
This is a big picture view about how we see our project:
Mr. Sammy | CoverCompared: Awesome 🙂
Thank you for this information. The next question
So, in terms of technology and finance, what will help OpenWorld differentiate from GameFi projects and be a sustainable, healthy one?
Mr. TranDzung | OpenWorld: Thanks for the great question.
Basically, let’s look at the main reasons why the branch industry GameFi fails. It is because they don’t have a healthy economy in game, in their ecosystem. Even Axie Infinity is on the verge of collapse even without the recent hack. The growth of GameFi economy based on how they can attract new gamers and how much their gamers, speculators readily to spend money. Mostly, what they need is money from the game, they just want to earn. So when the main reasons why they start off disappears, they leave the game, and the momentum of growth can’t maintain, the whole economy in-game will collapse and unstoppable.
Our solution is to build up the OpenWorld digital world with 3 main pillars:
Finance: Balanced circular economy
Digital experience: Entertained and value-created digital interactions
Art: Beautiful and distinct design from visual to sound.
From technology side, we are doing our best to capture those 2 critical development in the industry.
(1) Currently we build our digital world 100% on-chain, so it’s completely transparent and secure. In the future, we will develop on-chain/off-chain structure with our game to so that we can expand our game into more complex functionalities
(2) Initially, our token is on Binance Smart Chain but we are switching to Harmony $ONE. Soon we will partially burn our token on Binance Smart Chain and bridge the same amount to Harmony.
You should know that our project already granted $50,000 by Harmony and it’s just the beginning. Our ambitious plan is to build up a strong project which will play as an important one in Harmony ecosystem. They need to diversify their ecosystem and we need a good chain to deploy our project on. It’s a win-win cooperation!
From the finance side, we think that what make OpenWorld different is we try to build a balanced circular economy in various aspects: the world itself should both create enjoyment for players to play and provide them an opportunity to make money.
Mr. Sammy | CoverCompared: On to the next one
Could you please tell us about goals you want to achieve in this year ?
Mr. TranDzung | OpenWorld: Let’s look at 2 parts:
(1) what we’ve achieve with our mini-game CryptoWar;
(2) our Roadmap for OpenWorld.
(1) With Mini-game CryptoWar:
We have lots of game transactions, trading and big, active communities from global to local
We have PvE to PvP but we want to build something better.-
It’s why we will stop this mini-game on 6th June 2022
NFTs from the mini-game will be converted to OpenWorld NFTs.
(2) OpenWorld: Check the roadmap there, phase 2: https://openworld.vision/#roadmap
Above is our Roadmap for phase 2. A general roadmap is as follows
Sneak peek on what's going on recently
Map of the digital world has been completed
Technopocence is a centre city of OpenWorld
Coding is in-progress for the OpenWorld initiation
We officially granted $50,000 by Harmony $ONE
We are in a $500,000 Seed Fund-raising
A bridge from BSC to Harmony is under deployment
It's for Art (one of 3 pillars)
Coding is in progress
Finance is solid (in thinking, idea, and model)
Mr. Sammy | CoverCompared: These are beautiful to see. Happy to see them. Thank you!
Mr. TranDzung | OpenWorld: Thanks for your kind words.
Our team are hard-working and we know Art is one of most important factors to bring enjoyment to users.
Mr. Sammy | CoverCompared: Yes, very true. Now moving on to the last question for this section before we bring in questions from Twitter for the next section
What are your plans for fund raising and expanding your team for OpenWorld development?
Mr. TranDzung | OpenWorld: About our team
- Currently we have 20 members (8 blockchain/smart contract dev), the team mainly bases in Vietnam.
- The project and token are live in BSC and ThunderCore, about 200 active gamers with our mini-game, 60K+ transactions in game, 1000+ NFT sold.
About fund raising
- We are looking for $500K in Series Seed at target valuation at $5M to build up the metaverse prototype (the prototype will include on-chain DeFi and GameFi features that we built: staking, bond, P2E PvP, and may have on-chain/off-chain structure (we are debating this, not quite sure if we have enough time to put this in prototype of this will come after the prototype)
- After that we aim for $5M-$10M on Series A to build the actual metaverse in MMORPG style with a major focus on digital value creation and circular economy.
For the next 6-9 months, we focus on the Seed round, build up all-star team, and build up prototype.
- The recruitment will need: 1 Chief Product Officer (Game Director), 2-3 Senior Game Dev, 2-3 Artist (including 1 Art/Creative Director).
- We also need to build up our Advisor Board. The fields of Advisors we target is: 1 PE/VC, 1 Blockchain (Hopefully one from Harmony), 1 Game (Management - Background in MMORPG), 1 Game Tech, 1 Blockchain Tech.
We need help on every front: building this up is challenging because we need to build a good MMORPG with thoughtful economy design with an on-chain/off-chain structure that is secured on blockchain.
A lot of things have to be well designed and worked well together. So we are very much appreciate any help into our direction.
Mr. Sammy | CoverCompared: Awesome, thank you! Now moving on to the next section. Bringing in questions from Twitter
Mr. TranDzung | OpenWorld: Thank you too for all great questions! 🙏 Let's go Sammy!
Mr. Sammy | CoverCompared: From
Mr. TranDzung | OpenWorld: A great question from the community. Thank you!
Aforementioned, success of a project depends on its main pillars.
In OpenWorld, we have 3 pillars: Finance, Digital experience; Art.
The most important part is Finance with which we aim at building up a balanced circular economy. It will help the OpenWorld economy is very healthy. We spent a lot of time to think of it and how to build up this pillar.
To achieve this, we will build up a digital world which is like a mirror of real society in which people will play, work, entertain, enjoy their life but they have to spend money as well as have opportunity to get earnings and profit.
It is a balanced circular one that means it is balanced and operates in a cycle 💪✌️
Art is mostly completed but there will be adjustment, upgrades in future. Finance and Art are two main pillars which lead to a good digital experience in OpenWorld.
Regarding to fund, the bigger the fund we can raise, the faster development we can achieve in shorter period.
However, our team are hard-working, technically and financially autonomy.
- We have our own budget, got a $50,000 grant from Harmony and are raising $500,000 in the seed round.
- More to come later.
- Don’t worry too much about it, when big corporartions, whales see a hidden gem, they will hop on the boat, then Moon we go. 🌖
Our community is big and more than that, we are building up a Partner Alliance with ccFOUND, Quarashi Network, Owl DAO, Hyper Jump and CoverCompared obviously.
Together, we will create a big net-effects from this alliance. 💪
Mr. Sammy | CoverCompared: Second question is form @Crypto_Investe
Mr. TranDzung | OpenWorld: Excellent question, thank you Crypto_Investe!
As the project name reveals, our digital world is an Opened one (OpenWorld) for everyone.
What our team build is a platform for everyone to connect, play, express themselves and find happiness.
»»» In other words, in future, people will be free to develop their projects, connect them to OpenWorld and be part of OpenWorld ecosystem.
Let's me use some case studies, then you can make your own extrapolation
- It would be massive as exchanges, bookmakers, etc. where investors, traders, gamblers might be in gain or in loss but platforms always get profit.
- It’s just like Binance Smart Chain, with so many projects deployed on it exclusively fail, dead and successful ones but eventually Binance have good income from Binance Smart Chain operations.
Mr. Sammy | CoverCompared: Thank you very much. Moving on to the last question for this section before we open the group so we can also let fone questions in from the community.
The last question from @Msmijinyawa
Mr. TranDzung | OpenWorld:
No bull shit talk here!
In the same trend, not all projects can succeed because if they don’t think deeply and have solid plans on how to build up pillars for their projects, they will fail sooner or later.
Our team have solid thinking on balanced circular economy which will bring us to massive success.
In GDC, only Sandbox talked about Circular economy and honestly, it is the first time we hear about the term beyond our OpenWorld team.
Mr. Sammy | CoverCompared: You did great there. Thank you. I'm glad to see this 😊
I'll be opening the group now to let the community questions in. After we've let in some questions I'll close the group and you'll pick a few questions to answer after the group has been locked. I'll let you know when that's done
Mr. TranDzung | OpenWorld: Let's go everyone! Bring your questions in. I will pick 2 from you
Mr. Sammy | CoverCompared: Group closed. Please @TranDzungOW pick two questions
Mr. TranDzung | OpenWorld: The first chosen question is from @Annatte
Changing from GameFi (p2e) into digital world with circular economy is a new thing in crypto. I am curious to how you guys will advertise or introduce it to crypto users, especially to newbie. Any other marketing strategies beside doing AMA? I read that the current users who have NFT (heroes and weapon) in Crypto War can convert the NFT on OpenWorld. Can you elaborate or give us a little hint about the conversion? Ty.
(1) NFT conversion: We will have conversion for old gamers from the previous mini-game CryptoWar and CryptoWar NFTs to OpenWorld NFTs. Details will be given later but no worry, there will conversion
(2) Marketing strategies: we are doing it on our sides. AMA with partners is just one part of marketing. We also build up a Partner Alliance for long term mutual support. Moreover, there will be ventures join us and support us with Marketing as well. It's on-going. They will not only invest into OpenWorld but will deeply engage with us.
The second question is from @DeaaAngela22
I have one question that you should probably answer. I wonder if your platform is specifically for gamers? What about non-gamer users? Can they still generate income even without playing your game? If so, what are the other possible ways?
(1) OpenWorld aims at a much significantly wider user population, not only gamers.
Because as said previously, GameFi fails because their user population mainly earners, not even truly gamers.
(2) Our digital world will have a diversifying user population that will together make the digital economy is a sound circular and balanced one. Some will play to earn, some will play for fun, and some will join to simply explore the world, others will participate in with their own projects and so on.
(2) It's for everyone to explore, exclusively earning but not only about earning.
2 should-read articles
Our Linktree https://linktr.ee/OpenWorldVision
In addition, you can use $OPEN token to play 5000+ games on Owl games, Sandboxcasino.io, HyperJump, etc.
Thank you so much for hosting the AMA today, Sammy!
Let me share Recap for the 1st AMA with CoverCompared
Read more there
✅ Substack: https://openworldvision.substack.com/p/1st-ama-with-covercompared?s=w
✅ Medium: https://openworldvision.medium.com/its-the-1st-ama-between-openworld-covercompared-7286901e8117
Recap for today AMA will be released tomorrow
Congrats to all winners (5) in the AMA, we will collect information and distribute reward to you as soon as possible.
Mr. Sammy | CoverCompared: Thank you do much 🥰
This brings us to the end of this Wonderful AMA section
I hope we all enjoyed it because I did 🙂 Our team will reach out to the winners directly. Please leave your twitter id's here
Mr. TranDzung | OpenWorld: Thanks for all. We will have other collaboration in future!