Moon Capital Observation #6 — Phi
Introduction
In the world of Metaverse, in the past we only wanted the metaverse to bring us closer to others, but now more and more projects are fleshing out virtual content and putting it into the metaverse, giving users a new and interesting experience. This may lead to the integration of GameFi and SocialFi under blockchain, and we can expect more projects with cross-domain integration to enter our vision in the future.
Phi is the first social metaverse focused on “on-chain Identity” created using ENS domains and proven wallet activity. It encourages users to interact with various Web3 protocols, which in turn provides positive feedback to the entire crypto ecosystem. The mission is to visualize on-chain identities and create an open and inclusive meta-boundary terrestrial system based on common web3 building blocks such as ENS domains and wallet activity.
Product
The product of Phi is using land to visualize the Web3 World that evolves with On-Chain activities. As a product, Phi offers a more fun and familiar onboarding experience, along with gamified application mechanics, similar to SimCity, along with beautiful pixel art created by eBoy.
Phi has two main components: Phi Lands and Phi Objects
- Phi Land — Lands generated from ENS domains. ENS can work as a Metaverse address system(e.g. vitalik.eth would be Vitalik’s Metaverse land address.)
- Phi Object — Objects(ERC1155) tied to various on-chain activities.
Examples of on-chain activities to claim Phi Objects:
- Token Holding: Holding more than 1 ETH
- Token Swapping: Swapped 1/5/10 times on Uniswap
- NFT Holding: Holding 1 Loot
- Voting: Voted more than 1 time on Snapshot.
In this way, a variety of on-chain data can be tied to an individual’s identity, and by putting these various objects into their land, players can show their On-Chain Identity.
Development Progress
Earlier this year, Phi already launched and closed the first demo on StarkNet Goerli Testnet (previously live between March 22 and May 31). Now in August 2022, Phi launched their second demo on Polygon Mumbai Testnet in order to gain meaningful user feedback.
The experience lets users generate their own personalized space using their ENS domain and allows users to claim in-game objects based on their wallet activity. Using the objects, users can build their own Web3 world to show off their on-chain identity, interact with Web3 protocols, earn objects, and build their own worlds.
Until September 22, 2022, Phi has 20,000 lands created on Mumbai testnet by Phi users.
Phi has won two hackathons (NFTHACK2022 & BuildQuest) and has received grants from Lens Protocol and Uniswap up to now. It is also now up on Gitcoin Grant Round 15 with over $25,000 in grant amount.
Roadmap
Based on its roadmap, in November 2022, Phi will launch its official version to everyone online on Polygon Mainnet. In December 2022~Q1 2023, Phi says “Something Big event for our early community.” That gives us a space for imagination and we look forward to this event.
Highlights
- The first highlight we witness is Phi’s combination of Game and Social, the two important areas in Blockchain. We have watched the ups and downs of the GameFi industry. The SocialFi and Social industry are now growing rapidly, penetrating more towards the Web2 areas.
- The second is its extraordinary UI design that matches the aesthetics of Web3 users: Simplicity, Interactive, and accessibility. It simplifies the social factors of Web3, making it easy to understand for Web2 users. With interactive and accessible functions, Philand can be easily set up by anyone who has previously surfed the Internet.
Conclusion
Phi has already been a star project on Gitcoin Grant Round 15. Lots of users have already connected their social profiles to the lands. As it grows larger, Phi has the potential to become a more universal and interactive DApp. We look forward to future functions for Phi and more progress for the entire social blockchain industry.
About Moon Capital
Moon Capital is a cutting-edge investment firm focused on blockchain and cryptocurrency. Moon Capital portfolio includes, Galxe, Woo Network , Matrix World, Litentry, DeepDAO and some other high-quality projects.
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