What is Mon Protocol and How does it Work? Read in full!

Bittime - Mon Protocol is a web3 platform that revolutionizes gaming by offering fractional ownership of digital assets and combining Play to Own (P2O) with Free to Play (F2P) models.

What is Mon Protocol?

By offering fractional ownership of digital gaming assets, the MON protocol is a web3 platform that enables blockchain-native publishing of gaming projects and IP as well as governance over gaming on-chain IP platforms. The goal is to reach a larger gaming community.

The MON protocol has tremendous potential to revolutionize web3 gaming through community participation, which has captured the attention of the web3 community since its launch in February 2024.

This chained, IP-agnostic game publisher has joined Pixelmon, a leading decentralized IP gaming provider, as its lead partner in its efforts to giving its community true digital ownership.

What is Pixelmon and MON Protocol?

MON Protocol began a strategic collaboration with Pixelmon, a leading decentralized game publisher whose majority shares are owned by blockchain venture capital company LiquidX based in Singapore. Pixelmon's mission is to create the first Decentralized Game IP Ownership (DGIO) system on web3.

In this DGIO, players will receive play-to-own (P2O) incentives while still benefiting from free-to-play games. In the game, it offers two types of non-fungible tokens (NFT): Layer 1 Genesis NFT (or Genesis NFT) and Layer 2 NFT (or Layer 2).

Genesis NFTs give holders fractional ownership and royalty rights to the underlying IP used to create the artwork, while in-game NFTs can be earned for free. Pixelmon's Genesis NFT has raised over $70 million, and the innovative game Warriors of Nova Thera NFT is ready to destroy everything in web3 gaming.

How Does the MON Protocol Work?

The concept of Decentralized Game IP Wealth (DGIO) is the basis of Mon Protocol's approach to gaming, where players are motivated to "Play to Own" (P2O) while using the familiar Free to Play (F2P) gaming model and microtransactions. Like:

Two Tier NFT System

The two-tier NFT system is the core of the Mon Protocol ecosystem. On Ethereum's main layer (L1), Genesis NFT provides shared IP ownership, allowing its owners to participate in the monetization of the underlying asset.

On the other hand, on the Ethereum Layer-2 (L2) chain, In-Game NFTs represent digital assets owned by players, allowing players to have ownership in a decentralized manner in the gaming environment.

Aligning Incentives for Success

To foster a scalable and sustainable IP ecosystem, Mon Protocol's innovative approach encourages stakeholders, including Asset Owners, Creators, and Gamers, to seek, negotiate, and commercialize IP rights.

Meanwhile, Creators drive content expansion, ensuring a vibrant and dynamic gaming experience. As primary consumers, gamers help expand the ecosystem with their participation and engagement.

The Game Economy and Empowering Creators

Players in the Mon Protocol gaming economy can access digital assets through various channels, such as playing games, purchasing in-game items, and transacting on secondary markets. This flexible structure allows for a variety of player preferences while optimizing user acquisition and retention.

The decentralized User Generated Content (UGC) system allows artists and creators to get funding for their work, distribute their IP, and earn royalties by releasing Genesis NFTs for their work.

Conclusion

Mon Protocol is an innovative web3 platform that enables the publishing of blockchain gaming projects and fractional ownership of digital gaming assets. This protocol was released in February 2024 and collaborated with Pixelmon to create a Decentralized Game IP Ownership (DGIO) system.

Mon's two-tier NFT system combines Genesis NFT, which provides IP ownership and in-game NFTs on Ethereum Layer-2 that represent players' digital assets. Mon Protocol organizes motivation for creators, asset owners, and players, creates a flexible and sustainable gaming economy, and encourages community participation in the web3 gaming ecosystem.

How To Buy Crypto With Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.