LMS in Numbers: First $1+ Million NFT Sales Day. 1,5 Million Downloads.

Letmespeak.org
4 min readMar 27, 2022

Imagine being paid to learn a foreign language.

Our ultimate vision that we published 3 months ago is fast becoming a reality. We will let the numbers speak for themselves.

LetMeSpeak.org has already helped over 1 million people to improve their English for free in the last few months, with more than 500,000 learners participating over the last 30 days.

Learn and earn model has transformed users’ motivation. It’s boosted the average time users spend learning by up to 6X, compared to the Free-to-Play version of the same app.

NFTs sales exceeded $1M in a single day on Friday 25th March. Allowing users control creation of new NFT Characters (“Invites”) has transformed the LMS ecosystem in just 7 days. It has made the user experience more fun and rewarding, and set off exponential growth in Learn-and-Earn users and NFT sales.

Enjoy the insights and help to spread the word!

How many users does LetMeSpeak.org Metaverse have?

  1. LetMeSpeak learning app: 1.5M downloads, with 1M in the last 4 months
  2. Number of free users (just learning, no earning) has grown 7X in the last 4 months:
  • Monthly Active Users (“MAU”) 69K -> 507K
  • Daily Active Users (“DAU”) 6K -> 53K
Figure 1. LetMeSpeak.org Monthly Active Users have exceeded 500K, and Daily Active Users 50K

3. Daily Active NFT users (learning and earning) have grown 4,5X in just one week: 505 -> 2,354

Figure 2. Daily Active NFT Users (learning and earning)

How many NFTs are there?

LetMeSpeak created 16K NFTs to date:

  • Initial pre-sale 10K
  • Primary sales (since Public Beta launch) 4K
  • User-minted NFTs (invites, since launch last week) 2K

Users activated 4,426 NFT Characters for learning and earning.

How much are users spending on LetMeSpeak NFTs?

LMS Metaverse launched on the 1st February 2022. The Metaverse turnover to date is $6.3M.

Several key events helped NFT sales growth:

1. NFT Presale on 28th Dec 2021. 10,000 NFTs sold @ $2M.

2. Public Beta launch of Learn and Earn on 1st Feb 2022.

3. Release of Invite feature on 15th Mar 2022:

>> $3.5M worth of NFTs were bought between 15–25 March

>> $1M+ of NFTs were sold in a single day for the first time on 25th March

Figure 3. Cumulative LetMeSpeak NFT Turnover ($)

We calculate the LMS Metaverse Turnover as the sum of NFT Marketplace Turnover (USDC) + User spend on Invites (in USDC at the LSTAR/USDC rate at the time).

What effect does the Learn-and-Earn model have on motivation to learn?

Amazing how a little bit of additional motivation makes people find time to study in a busy day!

Average Daily Usage:

1. An average “Free-to-Play” daily user spends 17 minutes a day learning English over 1.6 learning sessions.

2. An average “Learn-and-Earn” daily user spends 53 minutes a day over 4.2 learning sessions.

Average Monthly Usage:

1. An average “Free-To-Play” user spends 41 minutes in the app a month

2. An average “Learn-and-Earn” user spends 271 minutes learning a month or 4.5 hours

Figure 4. “Learn-and-Earn” users are commiting 3x more time to learning English than “Free-to-Play” ones

In total 505K Free-to-Play users spent 219K hours learning, and 2.5K Learn-and-Earn users spent 16,5K hours learning with LMS over the last 30 days.

Who is buying NFTs?

  • 16K NFTs have been bought by 3K accounts.
  • Around 80% of the buyers this week are from Asia.
  • Top 3 regions: Hong Kong, Japan and the US.
Figure 5. NFT Marketplace Sales Breakdown by region ($)

How is the market for LSTARs doing?

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. The price of LSTARs is determined by the open market. It depends on supply of and demand for LSTARs. You can read more about it here.

Demand for LSTARs has exceeded supply for the first time this week, as new Learn-and-Earn users have joined the Metaverse and rushed to mint new NFTs taking advantage of the recently introduced “Invite” feature.

Figure 6. LSTAR in-game Supply and Demand

This pushed the price of LSTARs from 0.02 USDC to 0.03 USDC, and increased daily turnover of LSTARs from 13,000 USDC a day to 750,000 USDC a day at peak on 25th March. The best way to see it for yourself is to check out Solscan and Birdeye.

Figure 7. Daily Volume of LSTARs across Serum DEX and MEXC (USDC equivalent)

MEXC exchange surprised us with a listing of LSTARs/USDT on Thursday 24th March. You can read about it here. Thank you MEXC!

We are grateful to our community for the warm reception, active involvement in helping us make the product better and spreading the word about LetMeSpeak.

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Letmespeak.org

LetMeSpeak is the first English language learning platform with financial motivation.