A Voice from the CEO of Monsta Infinite, Jin Tan.
This letter is written by the CEO of Monsta Infinite, Jin Tan, to address his concerns for Monsta Infinite.
I want to address to the entire community that I am aware of your concerns and frustration. There has been a loss of confidence due to numerous factors; from the delays of our game to the worrying price of MONI and the Monsta NFTs as well as the pessimistic sentiments on the entire crypto industry. The entire market has been bearish; with the GameFi industry losing momentum, affecting Monsta Infinite to be on a downtrend. It has also been brought to my attention that the community has the thought that the Developer Team has not been paying attention to the project and has lost the vision we originally had for Monsta Infinite.
Therefore, I am writing this letter to address my concerns as the CEO of Monsta Infinite as I have failed to execute my responsibility well. Even though I had foreseen that the project would undergo numerous mistakes and challenges, there were still hiccups during the progress that was unavoidable and it affected the project more than I wished it would. I realised that we were not as transparent as we promised to the community we would be, and that is wrong as the communities are part of Monsta Infinite; not only as stakeholders but as the ecosystem of the project and you deserve to know more.
Another part that was unforeseen was that we constantly had a turnover in the project; team members that came and left as it was difficult to find talents that would suit the project. We also tend to neglect the fact that we could have turned to our community for help, which then returns to the challenge of providing transparency to the community. We should have opened up more to the community; not only to spread the good news but to share the struggle and challenges we face so that you would know the latest updates and what to expect. Several products and services that we released have not reached the level of quality we desire for the community, from issues on the marketplace to guides and support for the community.
We constantly had challenges regarding the game as well, which led to the constant delays of not only the minigame but eventually affecting the main game. As we were developing the main game, we also conducted research on other GameFi in order to produce the perfect and sustainable ecosystem. We noticed that there is a trend when other GameFi projects rush their product to meet the timeline, the quality of the game would likely be at an unsatisfactory level. These would eventually lead to the entire gaming ecosystem failing and people losing confidence in the project. The damage towards the economics will then become permanent and beyond repair, with the economic model suffering from bot farms and unbalanced supply and demand.
This tends to happen as other GameFi projects replicate their economic model and gameplay from conventional games into their GameFi, where they develop a huge supply of their in-game currency and items with no actual usage and utility with no care on the inflation. Even though this concept does not have any issues with conventional games, it would be harmful to the GameFi ecosystem. It is important to develop a balance of supply and demand of the in-game currency in a GameFi to ensure the sustainability of its economic ecosystem.
Therefore, we had to constantly modify and improve our economic model. I would like to emphasize that the Developer team is continuously building multiple models to simulate the sustainability of the game in order to reach that satisfactory level that we desire, which causes delays to the timeline. We insist that the sustainability of the GameFi ecosystem is more important than the entertainment of the game; because if there were any issues with the economic model of the game, the damage would be permanent and will lead to the entire project failing to thrive in the GameFi industry. Unlike the Monsta Wallet or the Marketplace where we constantly upgraded and modified the features after the release; the damage on the features would still be tolerable. Therefore, we had to build multiple models to help improve and modify the entire gameplay to suit the economic model and constantly modify every little detail before we are able to release it to avoid any unwanted damage to our ecosystem.
It was difficult reading the feedbacks of the community bashing and scolding us. Nevertheless, I appreciate it as it is a sign of the community actually caring about the project. As a father to a son, the reason why there were harsh comments is that you want us to succeed. The bashing, scolding and critics is part of my learning process and the emotions involved just proves that you care about the progress of this project just as much as I do. I am just as upset and angry as you are; not only towards the team members but to every mistake we have gone through. This is because I am the biggest stakeholder for this project; not just in staking MONI wise, but to the fact that my name, Jin Tan, is tied to this project. I am Monsta Infinite. If anything goes wrong, not only does it affect my wealth but my reputation, my legacy will go down with the project.
I have been here since day 1 of this project; this project was the result of my ideas. Just like the father to a son concept, I care a lot about what happens to Monsta Infinite. Since the challenges and mistakes happen, I thought a lot about stepping down as I did not see myself fit to lead this project. But I couldn't find a successor that not only has the right skill sets but the heart, vision and fate towards this project like I do. I care too much about this project than to just pass it to someone else. It is truly undeniable that I am Monsta Infinite.
Stepping down is easy; it would be a relief from all the pressure placed on me by the expectations on this project. But that would mean I would be giving up on myself; this project is a part of me and I won’t give up. I once heard a famous quote, “Dying is easy, living is hard”. I find this quote very personal to me with this project. It is easier to just step down rather than to continue the struggles of continuing this project. But this is a part of me that I will not give up on. Therefore, I will correct my mistakes and continue my responsibility as a form of punishment for me having the thoughts of giving up. No matter how hard it is to continue and how hurt I will be, I will continue to push on.
Therefore, I will not resign from this position. I will continue to share the struggles and challenges to finish what I have started. First, I will have to address the problems that this project faces. The Developer team and I will work harder and place more effort to improve the project, providing the highest quality of product and service to the community. We will provide more transparency for the community by having weekly updates to keep all of you informed on the latest progress. We will continue to expand and recruit new talents that will help us ensure a better quality of work and product. We will rebuild the entire project from the very core. The first plan would be to build the actual game at a smaller scale to avoid neglecting the economics. We will emphasize more on optimizing the sustainability of the ecosystem. We will revamp the gameplay as well to match with the new economics.
Our vision is not just to develop a successful game; it will go hand-in-hand with the Monsta Launchpad, Monsta Chain and many more features in the future. We have already developed separate teams for every feature that will be introduced so that none of the features will be neglected. This has already proved beneficial with the latest Monsta Launchpad that allows the community to not only be exposed to other projects but to benefit from the Launchpad. From the latest League of Ancients event alone, the participants had access to purchase $LOA tokens at an IDO price of $0.05 USD which has not only allowed the participants to break even their capital after 10 days but to constantly earn profit from the launchpad event.
We promised that Monsta Infinite will be the №1 NFT Game Worldwide, and having just a successful GameFi is not enough to reach that level. Just like what was mentioned before, we plan on developing an entire gaming ecosystem for the future of GameFi. We have also decided to not set a timeline on the game launches as we do not want to rush the process. We want to ensure that we have made the perfect GameFi with solid and sustainable economics before we decide to announce it to the community.
We have plans on boosting the marketing of the project as well. The marketing team has already made plans that will not only attract more players but increase partnerships. These plans range from involving more animations to involving famous influencers and artists to help create more content for Monsta Infinite. There will also be a revamp on our website which will accommodate better community interactions, with proper guides for all newcomers and features where we can release the latest updates for the community. The latest updates will include what we have done, what we managed to achieve and what challenges we are currently facing.
I admit that currently, the project is on a downtrend with the market currently being pessimistic. But like every action movie just before the climax, the main character has to go through his/her lowest point; the struggles and challenges before they become victorious in the climax. The next scene for Monsta Infinite will be the climax.
To prove my sincerity and commitment to this project, I will be pledging 1,000 BNB worth of MONI from my own financials into a wallet address and publicly announce the wallet address. By 31st December 2022, if Monsta Infinite does not reach the top 200 highest marketcap in the entire crypto industry, the wallet will be used to distribute the 1,000 BNB worth of MONI to every Monsta Wallet that holds at least 1 Monsta of any kind. I will place 1,000 BNB from my own personal financials into the wallet address and will be using the funds to purchase MONI from the market within the next 10 days from 21st December 2021 till 31st December 2021. This is not a type of compensation, this is a goal set for the entire team of Monsta Infinite and my personal pledge of commitment and allegiance to the community to work side by side with not only my team but with the community to make Monsta Infinite the No1 NFT GameFi Worldwide.
My personal wallet address: 0x5647B3FA9951152EED082969C4677A3B06cdB3a7
To further prove my commitment to this project, I will be publishing my personal Telegram account number. I am willing to accept any critiques and suggestions that can improve the project. I will personally reply to your messages one by one.
Telegram Username: jintan_monstainfinite
Telegram link: https://t.me/jintan_monstainfinite
I appreciate everyone that has been loyal to the project and willing to stay with us. As long as I have your faith, we will continue to hustle and eventually reach the top of the crypto space. Just like any story of success around the world, as long as we are willing to go through the struggle and hardships side by side, eventually, success and glory will be rewarded to those that deserve it.
The greater the storm, the brighter the rainbow.