Tokyo Games Foundation Reveals Project U Whitepaper: Legal Betting, NFT Racing, and Deflationary Economy
Goodbye Tokyo Beast, Hello Project U
The Tokyo Games Foundation has officially unveiled the whitepaper for Project U, signaling a bold pivot away from its previous title, Tokyo Beast, and introducing a new focus on legal betting and NFT racing. With the release of this whitepaper, dated October 19, the studio outlines its vision for a deflationary web3 economy fueled by the $TGT token.
Initially, many assumed Tokyo Games' return would include the revival of Tokyo Beast, their first launched game. However, the newly published whitepaper reveals a major shift in direction. While Tokyo Beast is briefly referenced, all attention is now on Project U. This new game is designed around a betting fandom system, moving away from the strategic combat focus of Tokyo Beast.
Project U is touted as a web3 game targeting betting enthusiasts, NFT character collectors, and fans of blockchain gaming. The team behind the project claims the game is a result of deep reflection on their prior mistakes and their growing experience in the GameFi space.
Betting Fandom: A New Core Philosophy
At the heart of Project U is the concept of Betting Fandom, which encompasses three primary goals: building an active betting community, fostering emotional connections with character NFTs, and scaling the power of fandom. This is not solely about gambling; the game emphasizes the storytelling, visual appeal, and collectible value of the NFTs.
Betting will play a pivotal role in the game, with players able to place bets using $TGT on daily races. Successful bettors are rewarded with $TGT, while owners of the NFTs featured in the races receive a portion of the wagers placed on their characters.
Legal Betting at the Core of Project U
A key differentiator in Project U is its focus on legal betting. Players will bet $TGT on race outcomes, with each race featuring its own set of rankings, payouts, and grade levels. The game will offer both manual and auto race entries, with each bet placed resulting in a small burn of $TGT tokens. This design encourages player engagement while limiting token supply.
Tokenomics: A Deflationary Economy with $TGT Burns
The $TGT token will play a critical role in Project U's ecosystem. The whitepaper reveals a deflationary model where no new $TGT tokens will be minted. Instead, every significant action within the game, such as betting, breeding, or entering races, will burn a percentage of $TGT, helping to reduce token supply over time.
Breeding in Project U has been specifically designed to prevent inflation. Character NFTs are limited in supply, with each having only two breeding opportunities. After the first breeding, the character loses eligibility for racing within a week. This ensures that the number of active race participants remains manageable and inflation is minimized.
No Scholarships, No Delegation
Unlike many other GameFi projects, Project U does not feature a scholarship or delegation system. Only NFT owners can train or race characters. Rental options are available for breeding, but any rental fees in $TGT are subject to a 10% burn.
NFT Auctions and Secondary Market
In Project U, NFT character auctions will be the primary way to acquire new characters. All auctions are conducted using $TGT, and all tokens used in auctions will be permanently burned, further supporting the deflationary economy.
Community Reactions: Mixed Feedback
Community reactions to the new direction for Tokyo Games have been mixed. On X, some web3 figures expressed skepticism about the new focus on betting. Ryan Ever, CEO of Bravo Ready, questioned the execution of legal betting features, while others compared the project to the failed Pegaxy horse racing game.
However, there are voices of optimism. Some members of the community have praised the "no-new-token" approach, calling it a positive sign for the game's long-term health.
Lessons Learned from Tokyo Beast
The shift from Tokyo Beast to Project U follows the shutdown of Tokyo Beast just two months after its global launch. The game initially saw success with over 300,000 downloads and $1 million in revenue, but ultimately failed due to unsustainable tokenomics and the high cost of rewards. The lessons learned from Tokyo Beast are now being applied to Project U, with a focus on legal betting and sustainable game mechanics.
Unanswered Questions and Future Uncertainty
Despite the insights offered by the Project U whitepaper, several key details remain unclear. There is no confirmed release date, early access timeline, or specifics about the game’s platform availability. Moreover, while the team mentions leveraging a BIG IP, no specific brands or franchises are identified. Fans are also left in the dark about the visual style and gameplay mechanics of Project U.
Conclusion: Tokyo Games' Bold New Direction
As Tokyo Games pivots away from Tokyo Beast and introduces Project U, the shift toward legal betting and NFT racing presents both exciting opportunities and significant risks. The deflationary tokenomics and focus on community engagement will be closely watched by the broader web3 gaming industry.
As the project continues to evolve, fans and critics alike will be eager to see if Project U can overcome the challenges that led to the closure of Tokyo Beast and carve out a successful niche in the rapidly growing world of blockchain gaming.