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There's a new project growing in the metaverse. New HEROs are being created. And though there isn't much fanfare around this project- YET- less than three months after launch, it is doing relatively well. The question is: Can we all be HEROs in the metaverse?
Let's talk about it.
The MetaHero Project
Launched earlier this year, the MetaHero project promises to bring to market 3D scanning and modeling technology generating realistic 3D avatars and virtual items which could be used across games, virtual reality, social media, and online fashion. The MetaHero development team of engineers, developers, designers, etc., is led by Polish internet entrepreneur Robert Gryn.
At the time of the project's launch, the NFT as well as the play to earn gaming craze was just heating up, and the development group promised in their whitepaper that the prospect they offered of "scanning real world art into ultra-HD 3D NFTs is a revolutionary concept on its own."
The HERO token, as part of this project, is a deflationary token with a 0-10% fee on each transaction.
Let me tell you guys, as a prospective investor, when I heard about this project, I was sold.
In July, I went out and invested in HERO, and about two weeks after I invested, the announcement came, HERO was scheduled to be listed on its first centralized exchange: BitMart. Great news, right? Well...
A Bumpy Introduction to BitMart
In mid July, centralized exchange BitMart announced it would list the HERO token for trade. These were very early days into the project (it's still early days) and initial investors were excited by the development as the first step of many.
Then came the hiccups. There were technical difficulties at BitMart. Traders discovered that their HERO tokens were locked up on the exchange, and suffice to say, they were pissed. Technical difficulties on trading platforms, though disconcerting are not unheard of, however, and the development team working together with the platform were able to come up with a solution.
In a news release posted to their website, the MetaHero team advised that traders were allowed to withdraw their tokens to their wallets and that BitMart trading was temporary suspended until a permanent solution is found. Traders, however, continued on other exchanges such as BKEX and CoinTiger.
So this was disconcerting. And then there was also the issue of the tokenomics.
Confusing Tokenomics
So, the thing is, there is a maximum supply of 10,000,000,000 HERO tokens. And following its rollout, a 0-10% fee has been exacted on each transaction. To be balanced, there is also a smart staking offer of 0-2% of each transaction redistributed to all HERO holders and 0-2% of each transaction is forever burned leading to an every decreasing supply of HERO tokens.
But let's keep it simple, many every day traders, like myself, simply don't want to see up to 10% transaction fees deducted from them after they took the huge risk of buying into and supporting a young project, right? I know developers want huge investors buying in and so, maybe, small traders like myself may seem dispensable based on their target audience. But don't discount us.
And so, among HERO investors, some eyebrows were lifted at the concept of transaction fees. It was daunting to say the least. For a decent few, it was even more concerning to see the tokens you hold disappearing from your wallet when no action is taken on your part.
A number of HERO holders questioned the tokenomics in posts on social media and the team responded with this explanation:
All rewards are aggregated in one big rewards pool. Technically, rewards are not distributed to your wallets because that would create millions of small transactions and would be completely inefficent. Rewards are reflected on your wallets - that's why your token amount grows. It may also sometimes slightly decrease at the time when a new big holder comes in and his reflections are shown to him. The “decrease” of tokens will happen more often at pumps because your reward share will decrease with more or bigger holders. This is how it’s designed and it’s a good thing as it gives more incentive for big buys. Big buys -> price up, simple as that.
Of course, following this statement, one regular trader posted: I'm not sure if I understand this.
And man, I was nibbling my fingernails and just nodding my head vigorously in the background. So...
The HERO business is Not for the Faint of Heart
Being a HERO is serious business.
You have to be fearless.
You have to be purpose driven.
You have to go all in.
The hero business is not for the faint of heart.
And I'm gonna confess, in a world of BRAVE heroes, I'm more like the accidental type. I'm a Scooby Doo. And so, after the hiccups, I got cold feet and sold some of my coins. Was taxed for it, but I took my losses and fled.
Nevertheless, I held on to a few, just in case. And boy, am I glad I did.
A Promise of a Brighter Future
Yesterday, I logged on to my wallet, having (admittedly) dismissed the HERO project as flawed, and was pleasantly surprised to discover that my HERO tokens were multiplying in value. In fact, since I got in in July, HERO has exceeded 1000% returns.
Already. And, to date, it's still not listed on any major exchanges.
Recently, the MetaHero team also announced a $10M rewards airdrop scheduled for September 30th and an improvement to its tokenomics, effectively eliminating trading fees. They also claim to be in talks with tier one exchanges which, if true, is certainly excellent news for HERO holders.
Can we all be HEROs?
One of the key selling points of the MetaHero project is the innovative V3 Metascanner which the team promises to unveil in Dubai during the Future Blockchain Summit on October 17-20. They say this will change the course of history. We'll see.
In the meantime, I actually think I might tiptoe back in, prodigal like, and bag some more tokens this month. Maybe. Not sure I have the stomach for it, but I'm thinking it's early days yet on this one.
But, listen guys, I'm NOT qualified to give any investment advice. Any projects you choose to invest in should be after you conduct your own detailed research. Don't just be taken in by the promise of rewards, understand the risks. And then, my sole recommendation, invest ONLY what you can reasonably afford to lose.
That said, guys, what do you guys think? Do you think this project has a chance? Can we all be HEROs in the metaverse?
