Disclaimer - this is not financial advice. We always encourage you to do your own research. Please find a full disclaimer at the end of this Report.

Report Highlights

Shards aims to enhance player retention by developing a chain-agnostic SDK for team building in various games. Their first pilot was executed in the game Petopia, where competitive players saw a retention rate increase of 600%. The focus of the SDK is for web 3.0 projects, but there is the possibility to extend to traditional games as well.

Background

Mirai Lab, Shards' creator, has a history of successful projects such as Pegaxy, which boasted over 15,000 active players in 2022. With over 70 employees, they are a stable and profitable entity in the industry.

###Tokenomics

The $SHARDS token will serve multiple purposes:

• DAO Governance
• Strategic staking
• Revenue share
• Premium guild upgrades
• Premium trader tools
• Guild and game advertisement
  

The token has a supply of 1 billion. The TGE price is anticipated to be $0.04 with an initial market cap between $300k and $500k. The TGE is planned for May/June 2024. The blockchain has not been decided yet, but they are considering to launch on Avalanche ($AVAX).

Team

- **Corey Wilton, CEO** - Co-Founder at Mirai Labs (Shards, Pegaxy, Petopia, etc) - Produced 500,000 unique users. - First game, Pegaxy, in 2021, $200M in NFT trading volume with $8M in revenue.
- **Steve Nguyen, CTO** - Former CTO of a major Vietnamese tech company with 55,000,000 users.
- **Ilya Shereshevsky, CMO** - Head of Product Marketing at Mythical Games ($1B+). - Developed and executed go-to-market strategy to launched 1st blockchain game on the Epic Games Store (1M+ downloads)
- **Peter Navarro, CSO** - Head of Strategy at [Ex-Bluewillow.ai](http://ex-bluewillow.ai/) (acquired by Limewire), helped gain 2M users in 6 months.
- **Avery Si, CPO** - Former product manager at a VC that incubated YGG and BreederDAO. - Social-fi Project Manager for Mirai Labs

Notable Backers

Crypto.com Capital and Kyber Ventures

Notes

• Product already tested
• Mirai Lab has a track record of successful projects
• Company has over 70 employees
• Experienced team
• 15% of the tokens allocated for the team
• Crypto.com Capital and Kyber Ventures are lead investors
• Plans to launch on many centralized exchange

##Researcher's Opinion

Mirai Lab has consistently produced games that saw adoption and survived the last bear market. Their experience in marketing and evidence of making games more profitable through their SDK makes them a strong contender. However, the market for fractionalized teams may not be extensive, despite Mirai Labs' potential to make it work.

Shards is an interesting new take for what Mirai Labs have previously done, which is moving away from only producing games to also expand their reach to other studios with this development toolkit solution.

Their recent success with Petopia speaks that the product has potential, but I’d like to see another case study to help prove that Shards was the cause for a significant increase in revenue.

The revenue model is interesting as it’s a free integration and only a rev share is being charged for volume run through the SDK, priming for more interest of small- to mid-size gaming studios.

In short, the product is very interesting and given that it touches both infrastructure and gaming, it fits well into our investment thesis.

Disclaimer

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