Hello 1-UP fans, we have an important and exciting update for everyone!
First off, we appreciate everyone’s patience during this quiet period since Jan 1 while we did some serious work behind the scenes. We know how difficult it is in the Web3 space to remain patient and trust your projects when updates are sparse, so we are truly thankful to those who stuck with us, sent supportive DMs, and otherwise held steady.
We are thrilled to announce the purchase and business operations restructuring of the 1-UP Platform!
The most important things to take away from this immediately are: game development will continue as promised, and there is a completely new business development team who will run project direction, marketing, outreach, and funding. There was extensive due diligence of business operations, ownership, and legal framework that had to be completed before this deal was completed and finalized. We could not say anything until it was official because details were continually in flux. Public updates likewise had to be scaled back pending any change in project direction by the new team.
Q: Who is taking over?
A: Our new executive office will be run by Mr. Berry, Zodar, and Goth Angel with additional business development and marketing headed by an investment group with a proven track record of successful NFT launches and Web3 project relaunches. We have also secured financial backing and logistical support from one of our largest early investors.
Q: Who will develop the game?
A: Also exciting is that the original game development team will continue building out what we think will be one of the premiere gaming platforms in Web3. They will also stay on as equity partners and are fully invested in putting out the same high quality gaming content our beta testers have raved about for more than a year. This acquisition allows them to step away from community management and business management to instead focus purely on building a top tier game.
Q: What will happen with the token?
A: We know this is probably one of the biggest concerns in our community. There will be a token relaunch under the new brand and, in order to protect our long-time holders and not provide any unfair advantage to whales buying or selling, we have unpaired the 1-UP/Eth pool on Uniswap. This means trading of the 1-UP token has now stopped.
Q: Why launch a new token?
A: There were numerous factors involved in this decision, but the short answer is the prior token prevented us from flexibility in future utility and a new token launch will help us build up a warchest for marketing and development needs via a sale of a token that truly represents a store of utility within the new game.
For current holders: Now that trading is halted, a snapshot will be taken and there will be two phases to reward the current 1-UP token holders.
Phase 1: In the coming days a claim contract will go live that will allow holders to claim ethereum from the LP pool based on their current holding percentage. If you held 0.5% of the token supply, you will get 0.5% of the Eth.
Phase 2: At the new token launch (date TBA) current holders will be allocated a percentage of the new supply to be claimed after launch. This allocation will also be based on the percentage of 1-UP supply held. Final details are still being worked out, but there will be a change in total supply and there will be a vesting schedule for claiming. Current 1-UP holders will also likely have an early buy-in opportunity for the new token before public launch. An incentive to hold onto that Eth from the claim contract.
In the spirit of transparency, the team will be manually pulling their portion of the LP pool (about 10%) early in order to settle expenses for relaunch. Those tokens will be held in the multisig address and will not interact with the claim contract.
A token relaunch is always a stressful time for a community and we will continue to be as transparent as possible as we go forward. Please remember the 1-UP team had multiple opportunities throughout the past 18+ months to pull liquidity or sell team tokens on the community, but protected the token at every turn and the new entity will do the same. A group of the 1-UP token’s largest holders and long-time community members were involved in the discussions of relaunch details to ensure 1-UP holders were rewarded for their belief in the project while also allowing it to move forward. The new token will maintain utility in the game with details to be announced later. The community will be updated once details are finalized.
Q: What do you mean “new brand?”
A: The “1-UP Platform” will be sunsetted to make way for the new project under a new name to represent the change in operations and ownership and newly focused direction. We will announce the rebranding as well as our new social channels within the next week.
Q: What will the new game look like?
A: The vision for the gaming platform remains essentially the same, but everyone agrees the scale before mainnet got too ambitious. Therefore the scope for new mainnet launch will be narrowed down to the initial project vision of an eSports tournament-ready win-to-earn game. Our roadmap will continue to have NFT integration and content creation tools, but we think it’s time to get this fantastic product out on the market and this is the most efficient way to do it.
Q: Wen mainnet?
A: We know this has been a pain point for everyone. Our goal is a three month timeline for mainnet MVP to allow the developers to adjust for the new direction and to complete the token relaunch, marketing, and outreach to make this a highly successful event. Six months for a fully-functioning eSports tournament platform with new modes, art, and levels.
Q: Who are the new community contacts for this new entity?
A: As mentioned, the new executive group will be headed by Mr. Berry as CEO along with Zodar and Goth Angel in executive positions, but expect to see some new (and familiar) faces going forward.
We will update the community through Discord and Twitter and will transition the existing 1-UP Telegram account to an announcement only channel when our new brand launches.
At this time we are providing all of the details that we can release publicly and we will continue to update the community as more details are finalized. This is an exciting leap forward for the project and we hope you’re all ready to take this game to new heights with us!