The article is the opinion of the author Ronni - a member of the RADA community.
1. Project Introduction
For a long time, Pegasus in Greek mythology has been associated with prosperity, dreams and ambitions. And now, in the aspiring MetaVerse of Horse Racing and Blockchain Gaming: The futuristic giant horse Pegaxy enters the booming #gamefi market space on a mission to evolve Horse Racing combining Blockchain, DeFi, Gaming, Racing, Breeding and Play-to-earn into a total Horse Race Experience in The Celestial Horse Racing Manager MetaVerse.
Everyone has experiences from their life involving the thrill of racing or the excitement of winning the race, having gambled on the right horse - or the regret of finishing late or having lost a bet.
Pegaxy is a Horse Racing MetaVerse in where mythical futuristic horses, the Pega, are born to Race against other Owners, Managers or Players. The Pega are at the center in the competition on skill in the Races.
Pegaxy offers a 12 player Horse Racing Experience with the goal to get to the top 3 to get into the prize money as it is known from Horse Racing all over the world.
In the following sections we will review each aspect of Pegaxy with the hope of giving a full overview of this RADA backed project.
2. Market Review
According to Alltech's Steve Elliot, the annual economic impact of the equine industry is significant – involving some $300 billion dollars and 1.6 million full-time jobs. Horse Racing, thoroughbred breeding and gambling (betting) on racing are global industries worth several hundred billion dollars. They are also industries facing serious challenges, from the rise of alternative forms of leisure gambling to concerns about the ethical treatment of animals in all equestrian sports.
Over the past decade most betting on horse racing has moved from the physical track to online, and as angry voices grow larger while the audience is more and more distant from the sport, it would seem horse racing as we have known it for a century is about to take its next evolutionary step.
Esports is the obvious solution and #gamefi-esports is perhaps one of the most interesting categories within #gamefi as it combines Gaming, Play-to-earn, Esports, Breeding, Staking, and Selling. It's a very young and underdeveloped market, where upstart Pegaxy will be one of the pioneers to go for all 6 cornerstones - but also have to challenge a few existing players for market share from the current and future expanding consumer base in the category.
The blockchain gaming industry is currently attracting a lot of investments, because of the young stage of the industry, the potential for growth is extremely high. With such a market potential, Pegaxy will have many advantages, but there will also be competition from other projects in development as well from the current players, so the product strategy will be essential for the success of Pegaxy.
There are other games with gameplay like Pegaxy on the market today, and there are even some titles that feature big names. Pegaxy has a strong game development team, eye-catching game design and new and unique features that promise to bring many great experiences to the Player.
To highlight a few of the current competitors:
F1 Delta Time
F1 Delta Time with a market capitalization of $42.9 million, is a Formula 1 racing game on the Ethereum network, allowing users the opportunity to collect, buy and sell cars or car parts, providing a workshop for people to equip their car parts and drivers.
DeRace with a market cap of $53.1 million, DeRace is the world's second decentralized NFT digital horse racing platform, behind ZED Run. With DeRace players can buy, breed NFT horses and many other interesting things.
3. Product Review
Attractive features Pegaxy possesses
Pegaxy is a unique ecosystem that allows Players to participate in free horse Races. With this economic model, Players will compete to receive attractive rewards. In each Race the Player competes with 11 others to try to get to the top 3 and get rewarded with $VIS tokens. Game knowledge, skill and strategy are necessary to get a top result in the Race results.
Racecourse in Pegaxy is a PvP #play2earn horse racing game in which the Player selects Pega for the Races and uses his or her knowledge to equip the Pega and to prepare the Pega to win.
In Pegaxy, the Player can breed to create a new Pega. Players can continue to breed Pega to use in the Race, Sell, Rent or to earn $VIS tokens. Mechanisms all designed to keep Player Retention high.
The Pegaxy Rental System is the first trustless rental system in the #play2earn #gamefi category with a dual token based economy. The system allows owners to lease their NFT’s to other parties on the platform via an escrow smart contract. When initiated, the leasing contract sees the NFTs deposited into the escrow wallet alongside all earnings from that NFT. Earnings are automatically distributed every 15 days accoridng to the rental agreement terms.
Pegaxy has very unique features in terms of gear, and it's a feature that directly affects the outcome of the Race. At the start of the Race, the Player will have a period of time to equip their Pega to adjust the Pega's properties to match the random attributes of each race and to prepare the Pega so it has the best chances of winning!
4. Unique Selling Points
Through a customer experience based business strategy and a deep understanding of the needs of the community, The Celestial Horse Racing Manager MetaVerse Pegaxy aims to be the future sustainable ethical and experience driven home of horse racing.
Pegaxy gives Players an ecosystem where they can play, interact and work within the same narrative and each game mechanic supports the total experience of being a part of a Celestial Horse Racing Manager MetaVerse.
Pegaxy also has incentive programs to help Players in developing countries access the game for free and earn money. From there we see that Pegaxy optimizes to meet the needs of players, which is not possible for all games.
$PGX and $VIS . Token Functions.
$PGX (Pegaxy Stone) was developed to become Pegaxy's governance token and resides on Polygon's Blockchain (Layer 2). Initially, players will have relatively few ways to collect $PGX through gaming but this will be resolved with the introduction of the Pegaxy Community Treasury. Players will use $PGX tokens in the game as a fee when Breeding, Staking or Trading (Selling or Buying) in the Pegaxy NFT Marketplace.
$VIS (Vigorus) is the main token circulating in the game. $VIS will not be issued through an IDO or pre-minted by the company. The only way Players can earn $VIS is if they finish at least in the top 3 in the races. Players will use $VIS mainly when Breeding as a fee for the minting of new NFTs (race horses.)
- Community Developer Incentives: 24 months of linear release
- Ecosystem Reserve and Marketing: Release on Demand
- Team: Tokens are locked for 12 months, then released through a 12-month linear release
- Liquidity Provisions: On-Demand Releases
- #1 Private Sale: 10% at launch, 3-month lockup and then 12-month linear release
- #2 Private Sale: 10% at launch, 3-month lockup and then 12-month linear release
- IDO/IEO: 50% at launch then vesting over 5 months
The project's roadmap is quite detailed, specifying the goal for each quarter. This makes it easier for investors to capture and track every step of the project. The next major event coming up later this year will be the project's IDO of the $PGX token.
Compared to other projects on the market, this is probably not a really impressive number, but this is not a problem that investors have to be wary of. Because with each step of the project shown on Roadmap, it can be seen that the project will gradually develop and reach many people in the future. Looking only at the total number of followers is a very risky strategy when considering whether to become involved in a project or not.
8. Partners & Investors
Pegaxy has shown a high potential so far which has attracted many reputable investment funds, notably: Crypto.com, Kyber Network, Shima Capital - adding a seriousness to the project that can not be ignored.
Pegaxy has an extremely large and experienced development team with over 30 team members in charge of different areas of the project. They are young and extremely talented with an array of experience. Among them, some have several years of experience working on many different projects, others have extensive experience in the subfield they undertake as lead specialists.
With such a team, plus the enthusiasm of youth, it is believed that it will make a successful game in the future.
Core team details:
- CEO Ken Pham: He brings along 10 years experience as a Business Establishment Consultant for many multinational corporations alongside well documented knowledge in the cryptocurrency and blockchain industry. He is a Masters Degree recipient in International Business and is known to be a very seasoned team builder.
- CTO Steve Nguyen: Also CTO of Appota Group, has nearly 15 years of experience in the field of information technology. Appota and Steve developed Gamota, one of the largest game publishers in Vietnam with a user base of 14 million.
- CMO Corey Wilton: Has more than 7 years of experience in digital marketing and customer service landscape, has been providing services for more than 20 crypto based projects.
The home of horse racing in Metaverse
Based on the explosion #gamefi, Pegaxy was born with the goal of becoming the home of horse racing in Metaverse that will bring Players a satisfying gaming experience, while removing ethical problems and combining all the fun related parts of a $300 Billion USD annual industry into the Pegaxy MetaVerse.
#play2earn adds a very interesting addition to the Horseracing Industry, because it virtualizes, equalizes and simplifies the payment systems of all related mechanisms by enabling a system where Players who Contribute are rewarded through a very simple wage system where you get paid your wage based on the value of your additions in MetaVerse economy.
High potential for growth
The additional inclusion of a PvP model will bring more authentic emotions and engage the consumer base of Players both as Audience but also as Managers, Owners, and staff bringing the race experience in focus with all other elements supporting it, or being supported by it.
The user experience driven approach to the product development of Pegaxy combines all 6 main factors (Gaming, Play-to-earn, Esports, Breeding, Staking, and Selling) into the product strategy. As we have reviewed in this project, it will be up to the team to execute on the business plan and follow through on the promises from the whitepaper, but this one could be a very promising project if the team can execute it well and put all the parts together in the game.
With the information that we have provided in this project article, it is clear that Pegaxy is a project with a high potential for growth.
I hope this will help you, the RADA Reader, to get an overview of the project to make your own investment decisions.
Disclaimer: Information is obtained from the project's Whitepaper and official sources. The content in this article is the author's personal opinion for providing informational purposes and should not be considered as investment advice. RADA and the author are not financial advisors and will not bear any responsibility in connection with your investment.