Gensokishi Online Meta World Turns Elemental Knights Online Into New Metaverse, GameFi Project

Popular Japanese mobile game Elemental Knights Online is planning to release Gensokishi Online "Meta World" — the newest version of the online MMORPG which incorporates elements of play-to-earn (P2E), user-generated non-fungible tokens (NFTs), and the metaverse. Gensokishi Online's “Meta World” metaverse will allow players to purchase land and freely edit their creations, such as buildings and characters. The land, as well as in-game equipment, can be minted as NFTs and sold on different exchanges as it is built on the Polygon blockchain network.

The game's metaverse proposes two tokens — MV and ROND. The MV token will be arranged as a utility token on Polygon to be used outside of the game for users to acquire various privileges such as the voting rights for game policy, or the right to create in-game equipment. On the other hand, ROND is a currency to be used for in-game economy. However, a user's earned ROND can be traded on decentralised exchanges as a virtual currency. Gensokishi Project targets to list the MV token on Uniswap, Quickswap and Pancakeswap by this month.

The platform will also support the subsequent phases of the GameFi project, which include the deployment of a DAO that will give the players more power over the management system and more. This decentralized entity sits at the center of the project's Metaverse plans and is called MV.

To celebrate the announcement of Gensokishi Online Meta World and the opening of the social communities, a campaign will be held to distribute “Limited Equipment NFT” to all users who join the social communities by December 27, to help them advance their adventures.

The objective of combining free-to-play, user-generated content (UGC), and P2E elements within the game is to let users start off with the game anytime for free, acquire NFTs, create their custom characters, trade them on marketplaces, and even play to earn, depending on their priorities. Additionally, since it is launching on Polygon, an inherently interoperable network, users can import NFTs from other blockchain games such as Axie Infinity and use them within Elemental Knights Online.

Elemental Knights Online is an MMORPG (massively multiplayer online role-playing game) that was originally launched on the mobile platform in 2008 and amassed over 8 million downloads. Now Gensokishi Online "Meta World" is expected to be officially released in August 2022.

P2E is one of the biggest trends in the gaming industry right now, with the likes of Axie Infinity, Arc8, and Splinterlands gaining massive popularity globally. However, play-to-earn NFT games are banned in Japan's neighbouring South Korea, due to concerns over its speculative behaviour.