Mirai Labs Blends SocialFi and Web3 Gaming, Migrates to an Avalanche Subnet

Avalanche

Mirai Labs, creator of horse racing game Pegaxy, has migrated to Avalanche and integrated SocialFi with esports economics into blockchain gaming. The move to Avalanche and the SocialFi layer, which lets participants buy and sell Key-like assets similarly to Friend.Tech, will create a more engaging experience for guild members, their supporters, and more casual gamers.

With the launch of Mirai Chain on an Avalanche Subnet, Mirai Labs adopts a blockchain platform that is increasingly known as a hub for Web3 game development thanks to its unique architecture and tooling, which provides superior scalability, security, and decentralization.

This migration from Polygon to Avalanche includes the entire suite of Mirai Labs offerings: the Mirai Chain, the free-to-play racing game Pegaxy, Petopia with its new SocialFi esports-style integration, the native token $PGX, Mirai ID, the Mirai App, and Mirai Pay.
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“With its Subnet technology, unmatched developer support, and exceptional scalability, Avalanche is increasingly known in the blockchain industry as the go-to network for Web3 gaming. It just makes sense for Mirai Labs, as a leader in Web3 gaming, to be part of that momentum,” said Corey Wilton, Co-Founder and CEO of Mirai Labs.

In parallel with this migration, Mirai Labs unveiled its latest innovation in gaming: the integration of SocialFi with esports economics, a new model launched in Petopia. The launch marks a new step in the evolution of blockchain gaming, one broadening participation and monetization opportunities for guilds, players, and their supporters in a decentralized gaming ecosystem.

In traditional esports, teams and fans engage in a familiar economic dance: fans support teams through merchandise, ticket sales, and viewership, while teams provide entertainment and community. Mirai Labs is reimagining this mode. Now, both players and fans can tap into this economy, earning through participation and investment akin to how esports fans traditionally engage but with the added benefits of blockchain. In Petopia, everyone can earn, irrespective of their playing status, thus expanding the economic landscape.

“Inspired by the vibrant economics of esports, we at Mirai Labs are excited to introduce a new dimension to Web3 gaming with what we call ‘GuildTech.’” Wilton said. “Just as esports transformed the landscape of competitive gaming, bringing fans closer to the teams they love, we're extending this concept in the Web3 realm. Our platform is designed to deepen the engagement between games, guilds, players, and their communities, leveraging the decentralized nature of Web3 to unlock new, dynamic revenue streams. We're not just adapting the esports model; we're evolving it, using blockchain technology to create a more inclusive and rewarding gaming ecosystem. It's a new playbook for how we connect, play, and profit in the gaming industry.”

This year, Ava Labs, a software provider for the Avalanche network, launched Avalanche Arcad3, a collaborative program designed to ease the transition of traditional gaming studios into Web3. Avalanche has also rolled out a string of gaming partnerships throughout 2022 and 2023.

“We’re thrilled to welcome one of the most successful Web3 game studios, Mirai Labs, to the Avalanche gaming ecosystem,” said Ed Chang, Head of Gaming at Ava Labs. “Not only will games like Petopia and V2 of the smash hit Pegaxy launch on a custom Subnet built for gaming, Mirai Labs will use its own marketplace, fiat onramp, bridging, and other in-house products. The endgame: to streamline UX, giving gamers a better experience — and that’s before even getting into the SocialFi and guild innovations.”

By expanding the Web3 gaming economy and social fabric, Mirai Labs creates a new model.

In this model, guild supporters can purchase tokenized “fragments” of guilds, just as SocialFi users can buy Keys for social profiles on Friend.Tech. Fragments are unlimited in number, and can be bought and sold instantly via a liquidity pool. Their price is determined via a bonding curve. As such, Fragments provide opportunities to earn both through rewards and through resale.

The SocialFi integration will also introduce tokenized seats: peer-to-peer tradable positions within a guild that are only available to players. Upon a guild's formation, seats will be available to players at a fixed price determined by the guild founder. Seat owners (players) receive a percentage of the guild’s earnings based on their individual contribution to its leaderboard rank. Seats can also be sold by guild members if they decide to leave.

Importantly, Guild Masters (those who establish and own guilds) retain the ability to strategically balance reward distribution between seat holders (players) and Fragment holders, depending on the guild’s goals. Guild Masters also receive a percentage of their guild’s income.

All the GuildTech games features are currently active in Petopia on the Mirai Chain. An SDK is available for select developers. Petopia is a free-to- play game available here: https://abr.ge/hukhmy.

About Mirai Labs

Mirai Labs is a pioneering multi-game Web3 studio that exists to create long lasting memories for the next generation of gamers. Headquartered in Vietnam but boasting a global footprint, Mirai Labs in 2021 secured $2 million in funding and expanded its international team by 70+ talented professionals. The studio's flagship game, Pegaxy, became the second-most popular crypto project in Asia in 2022. With a trading volume that exceeded $200 million USD in its native peer-to-peer marketplace within just eight months, Mirai Labs has captivated more than half a million users.

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About Avalanche

Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs.