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Corey Wilton, CEO of Mirai Labs — Interview Series

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Corey Wilton, CEO of Mirai Labs

Mirai Labs, a well-known torchbearer in the field of Web3 technology and gaming, is gearing up to integrate its Shards.Tech SDK into a plethora of games across the blockchain. To learn a bit more about the team’s ongoing efforts to broaden its reach, I caught up with Mirai Labs CEO, Corey Wilton.

Thanks for taking the time to speak with us, Corey. Could you please introduce yourself to our readers? Who are you, and what brought you to the gaming world?

Corey: I’m Corey Wilton, the CEO of Mirai Labs, an international web3 gaming ecosystem, and the co-founder of Shards.tech, a platform for optimizing social mechanics that allow participants to have fractionalized pieces of guilds.

Games have always been an important part of my life. But after beginning my career in the sales world, I was drawn to cryptocurrencies and co-founded a company servicing the crypto industry. Eventually, this led me to connect with partners who had an idea for a blockchain-based game. Together, we launched Pegaxy, a play-to-earn horse-racing gaming. Eventually, we founded Mirai Labs.

Tell us a bit about your studio, Mirai Labs. When was the company founded, and what led you to pursue a stake in the Web3 ecosystem?

Corey: Mirai Labs was founded in 2021 during the early stages of the crypto gaming bull run. We recognized an opportunity in those initial stages as games like Zed Run and Axie Infinity were starting to gain traction with a few thousand users and catching the attention of the wider crypto market.

Our team, located in Vietnam and various other countries around the world, saw the potential to improve upon the existing game economies and flywheels. By iterating quickly and executing on enhancing these mechanisms, we became a standout in the 2021-2022 “Gamefi summer” period, with over $200 million in revenue flowing through our flagship title, Pegaxy, and 27 million connected wallets.

The clear growth trajectory of crypto gaming and the ability to create improved economic models led us to pursue a stake in the emerging Web3 ecosystem during its nascent stages.

Let’s talk about your in-house games — specifically, the acclaimed Web3 game, Pegaxy, which launched a couple of years back. For those who’ve yet to take to the reins, so to speak, how would you describe it?

Corey: Pegaxy was one of the most innovative games during the 2021 era. When other games were utilizing scholarship models with high friction, we took a different approach. We introduced the first on-chain rental system, essentially an escrow system that allowed anyone to rent out their in-game assets to strangers.

These renters could then use the assets within the game, splitting the profits or earnings generated. This rental mechanism enabled Pegaxy to scale extremely quickly. At its core, Pegaxy started as a simple 2D horse auto-racing game but has since evolved into a full-fledged mobile 3D player-controlled horse racing experience.

The innovative rental system, which lowered the barrier to entry, combined with the engaging horse racing gameplay, made Pegaxy an acclaimed title in the Web3 gaming space during its launch a couple of years back.

Of course, there’s also Shards.Tech, too. What inspired this idea? Could you tell us a bit about how it works?

Corey: The inspiration behind Shards.Tech came during the bear market when we had the second version of Pegaxy available for launch alongside our other game, Petopia. At that time, we recognized that the core value propositions for Web3 gaming businesses – NFTs and token launches – weren't working well due to the market conditions.

We observed that trading platforms like Friend.tech were still generating substantial revenue through trading fees, irrespective of market conditions. This led us to contemplate integrating a similar speculation-driven flywheel into a game environment.

In November, we sprinted to build Shards.Tech, aiming for a December 1st release. Overnight, 400 guilds joined the game, marking it as a massive success. It became evident that this model could serve as a monetization layer for the entire Web3 gaming industry.

As for how Shards.Tech works, it allows users to discover, buy, and sell fractions of guilds. Players speculate on a guild's potential performance, with the desire to profit from trading. However, if a guild performs well in tournaments, the fraction owners receive a percentage of the prize pool awarded by the game itself. It's a simple yet effective model that taps into the speculation and trading aspects while aligning incentives with in-game performance.

And then there’s GuildTech. Are we right in thinking that this side app will allow users to discover, buy, and sell Guild Fractions?

Corey:  Yes, that's correct. When a guild is created inside the game, it is instantly tokenized and fractionalized. Users can then discover, buy, and sell fractions of these guilds, either natively within the game itself or through the Shards.Tech website. This aligns incentives between fraction owners and the performance of guilds within the game.

Speaking of Guild Fractions, could you tell us about how they work? Could you share some advice for those looking to launch their own enterprise within the nexus?

Corey: Creating a new guild is straightforward. Users simply form their team within the game itself. The fractionalization and trading functionality is natively integrated through an SDK, providing a seamless user experience without added friction.

So, what’s next for you? Do you have your sights set on anything, in particular, or is the sky well and truly the limit at this moment in time?

Corey: The primary focus right now is integrating the Shards.Tech SDK into as many games as possible. This is the core business model we are pursuing. Securing integrations with big names in the space would be a tremendous achievement. We are also aiming to build the strongest community, attract the most active traders, and maintain our position as the market leader in this niche. This will require continuous effort to ship the best product possible and stay ahead of potential competitors who may attempt to replicate our model.

While specific goals like game integrations and a successful token launch are priorities, the sky is truly the limit in terms of the potential for Shards.Tech. We are laser-focused on executing at the highest level, continuously innovating, and exploring new opportunities to drive growth and maintain our leadership position in this rapidly evolving space.

The road ahead is filled with exciting possibilities, and we are determined to capitalize on them through relentless effort and an unwavering commitment to delivering value to our users and partners.

What’s the best way for potential newcomers to stay up to date with Mirai Labs’ work? Are there any social channels or newsletters that we should know about? Or better yet, will we be able to catch you at any events this year?

Corey: The easiest way to stay updated on Mirai Labs' progress is by being a part of our community on Discord, Twitter, and Telegram. We consistently post updates across all these platforms, ensuring that our community remains informed about the latest developments for each of our products.

As for events, we would love to connect with newcomers and share more about our work. We encourage everyone to join our social channels to stay informed about any upcoming events or appearances we may have this year.

Regarding Shards.Tech specifically, it is a first-of-its-kind platform that truly harnesses the potential of Web3 and blockchain technology. If you want to experience the possibilities unlocked by embracing these cutting-edge technologies, Shards.Tech provides a seamless and permissionless way to do so. Simply connect your wallet and start buying and selling guild fractions – it's that straightforward.

Furthermore, we have an incentives program in place, making participants eligible for an airdrop. So, we invite everyone to participate, experience the power of Web3, and potentially benefit from our airdrop by joining the Shards.Tech ecosystem.

Any final words for our readers?

Corey: Joining our Discord, Twitter, and Telegram communities is the best way to stay updated on our progress, learn about upcoming events, and seize opportunities like the Shards.Tech airdrop. We look forward to welcoming newcomers and sharing the exciting developments happening at Mirai Labs.

Thanks for your time, Corey!

 

To stay up to date with Mirai Labs’ upcoming projects, be sure to check in with the team over on their official social handle here. Alternatively, you can visit the website for additional information here.

Jord is acting Team Leader at gaming.net. If he isn't blabbering on in his daily listicles, then he's probably out writing fantasy novels or scraping Game Pass of all its slept on indies.