Magic Club Token (MagicShoes) MCT, an M2E Magic Shoes project promoted by the Adam Gallery Foundation in Singapore, was listed on the global exchange MEXC on July 20.
An official from Magic Club said, “Even though it was recently listed, the daily trading amount is USD 2.27 million (about KRW 3 billion), gaining great popularity. We confirmed that there are users who make KRW 300,000 a day after the listing.”
The Magic Club Token (Magic Shoes) MCT, which was listed at 7:00 pm on the 20th, Korean time, is marked as “MagicShoes” in the USTD Market of the MEXC Exchange, and the listed amount is USD 0.1. Therefore, the Magic Club Token (MagicShoes), which has gained a lot of popularity based on NFT, NFT Marketplace, and M2E projects, can show off its enhanced competitiveness in the global market.
Established in 2018 as the world’s first user-friendly cryptocurrency trading platform, MEXC is a centralized exchange that adopts high-performance transaction matching technology. Currently, more than 10 million users from more than 170 countries and regions around the world participate it. MEXC is a high-performance transaction engine developed by experts in the banking industry, capable of processing 1.4 million transactions per second, providing efficiency and improved performance.
A Magic Club official said, “About 2,000 people participated in the beta test from May 1 to July 14, and more than USD 2 million of NFT MagicShoes were sold. Since it was released on the Mainnet on July 18, it has become popular, with USD 100,000 Launchpad sold out at BSC Station. With this listing on the global exchange, M2E MagicShoes got a stepping stone to take off again after STEPN.
Magic Club Tokens (MagicShoes) can be acquired by exercising through MagicShoes. In MagicShoes, anyone is given 2 hours of exercise time regardless of the number of NFT shoes. The users can create their own motivation for exercise.
The MCP exercised from Monday to Sunday (24:00 UTC) is ranked and Magic Club Token (MagicShoes) MCT is distributed once a week through an automatic distribution system. Users who have a lot of NFT shoes and exercise a lot have the advantage of being able to acquire more Magic Club Tokens (MagicShoes) MCT.
All MagicShoes have a 2-year expiration date, but can be extended with V. DRINK. If there is no expiration date for shoes, inflation of NFT shoes occurs over time which is a plan to defend the initial selling price of shoes.
The Magic Box is made up of 30 minutes, 60 minutes, 90 minutes, and 120 minutes in proportion to the daily exercise time. The more Magic Boxes created through continuous exercise, the more chances the users have to get a good product.
An official from the Magic Club explained, “The game pie function is included, so it can arouse curiosity among users, and they can have fun and enjoyment with the game pie function.”
In addition, he explained, “Blending involves combining four NFT shoes of the same type, resulting in the creation of one higher-grade MagicShoes while the four original shoes are destroyed. Then, the newly created MagicShoes from blending can be used for more mining activities compared to the four NFT shoes before blending.”
Leveling up MagicShoes can only be done once a day, up to level 50. Through long-term leveling up, a sense of ownership over the shoes is developed, and it enables the mining of more MCP. Moreover, maintaining a high level allows users to boast about their challenging mining difficulty to other users, providing additional motivation to exercise.
The types and classes of MagicShoes are all combined and used for mining. Currently, there are a total of 16 types of NFT shoes, and the more NFT shoes a user possesses, the more MCP they can mine. However, if the user activates the exercise mode with lower-grade shoes, the higher-grade MagicShoes will be excluded from the MCP reward calculation.
A Magic Club representative stated “We plan to increase the value of the Magic Club Token (MagicShoes) by employing various methods to reduce its supply. The burning mechanism of the Magic Club Token (MagicShoes) would be implemented through the use of in-app items (Health Power, Durability, and Validity), and a token halving event of 15% annually is planned to reward the miners.”
Furthermore, he said “A motion algorithm is implemented for preventing fraudulent activities, where real-time motion sensor data, GPS, and Km/hr are interconnected. Currently, the motion sensitivity is set to a high level, resulting in some limitations on mining, but we plan to apply more algorithms in the future to block abusive behaviors as much as possible.”
Meanwhile, Magic Club currently has a Discord membership of 22,600, Telegram membership of 17,000, and 28,000 followers on Twitter, indicating significant interest from global consumers. The Discord community shows active engagement from Japanese and Bangladeshi users. Currently, there are around 2,000 offline users in Korea (as of July 15, 2023).