Jan 31, 2022
Public Beta: LMS Metaverse is open
Welcome to the LMS Metaverse! A place to play, learn English and earn.
We are inviting you to join our Public Beta release!
As of today, you can buy NFT Characters on the LetMeSpeak Marketplace and start your Learn and Earn journey in the LMS Metaverse.
Buy an NFT of any rarity by 7 February and get a chance to win a Legendary NFT Character worth 2,000 USDC. We are giving away 10 — that’s 20,000 USDC worth of Legendary NFTs, so hurry up!
Detailed instruction of How to buy you first NFT here.
Public Beta Release features:
- Buy and sell NFT Characters on LMS Marketplace
- Use your NFT to learn English in our iOS app and earn LSTAR rewards
- Claim your LSTARs to your wallet
- Convert LSTARsto USDC on LMS Marketplace through decentralised exchange
About the LSTAR in-game currency
The LSTAR is the in-game currency of the LMS Metaverse. It’s used to reward people for learning English and for redistributing value between community members and NFT owners.
Whilst LSTAR has utility inside the game, LSTARs are freely transferrable outside of the game. The price of LSTARs is generally determined by the open market. It depends on their supply and demand. Total size of LSTARs in circulation is not limited. LMS is always ready to sell/issue LSTAR in-game currency for 0.03 USDC, and to buy back LSTARs at 0.02 USDC (subject to funds availability in Treasury and governance token holder decisions).
Users will need LSTARs for NFT purchases, Invite fees, LMS Visa extension, vanity items and other cool things. We expect the biggest driver of demand for LSTARs to be an Invite fee to create new NFT Characters by users. We expect to introduce the Invites feature in February.
As of today, you can start collecting LSTARs as rewards for learning with your NFT Characters inside the LMS iOS app. You will get rewards in your account after every few minutes of successful learning.
Claim your LSTARs to get them in your wallet on your Account page on the Let Me Speak Marketplace. You can keep LSTARs to use later or convert them to USDC on the Marketplace Swap (using Serum decentralised exchange).
About the Treasury
Treasury stores the value generated by the LMS Economy. Main inflow to the Treasury is sales of NFT Characters created by LMS and sales of LSTARs.
Our first NFT sale in Dec 2021 is the source of funds to jumpstart the LMS Economy.
The initial size of the Treasury is 2 million USDC.
A Few More Details:
- 200 NFTs will be sold daily from 31 January — 7 February. In addition, an NFT owners can sell their NFTs on the LMS Marketplace
- The LMS Visa starts after the user’s first login with an NFT. You can buy an LMS Character now and hold it unactivated until you need it
Commissions and fees:
- Solana blockchain Transactions 0,00005 SOL (<0.001USD): Buy NFT, Sell NFT, Claim LSTAR, Swap LSTAR to USDC and back, etc.
- To make a first swap from LSTAR to USDC will cost 0,025 SOL (2–3 USD). The money goes towards creating a Serum decentralized exchange account (created automatically). It is a one off charge that you can get back if you close your Serum account.
- Marketplace fee for successful sale of NFT — 3,5% (owner pays the fee in USDC)
Next features to expect: Invites and Scholarship
