What is Socaverse (SOCA)?
The metaverse has gained some level of popularity over the past year due to the large amount of press it has received. For those that don’t know, the metaverse describes a virtual world that combines virtual reality with a unique sandbox world — just think of the novel and movie Ready Player One.
This large amount of popularity has resulted in a lot of different metaverse projects popping up all over the cryptoverse. They make big promises about launching their own metaverse only to fall flat 99% of the time. Sure, there are some successful projects out there developing some sort of metaverse, but most projects are destined for failure.
With that in mind, we will cover a metaverse project on the Binance Smart Chain called Socaverse. It’s a relatively interesting project that has received a small amount of publicity, so it’s worth discussing.
What is Socaverse (SOCA)?
Socaverse is a yet-to-be-released project that plans on bridging soccer fans with the crypto world. The project claims that it will be a full metaverse, but really this project simply plans on releasing a play to earn game that revolves around soccer.
The company has also launched a betting platform called “Soca Bet.” The whitepaper hilariously claims that Soca Bet is the first Web 3.0 platform in the world, which is absolutely not true. It’s likely a typo and they actually mean that Soca Bet is the first Web 3.0 betting platform on BSC. That also probably isn’t true, but we have not checked that.
Overall, this project really does not have much to offer other than a lot of talk. The staking stats claim that there is $0 currently locked across all farms. The game has not yet been released. And the NFTs that have been released look horrible.
Who Founded Socaverse?
Socaverse actually has a non-anonymous team — their names are all listed on the website. However, not everything is as it seems when it comes to the team. We cannot find any information about any of the team members.
There are no LinkedIn, Twitter, or other social media accounts associated with any of the team members.
That’s very strange for the team of a crypto project.
In fact, it’s so strange that we believe that the team members listed on the website are made up names and stolen images.
It’s obviously a massive red flag when you see something like that. But this is actually common because scammers know that people have way less trust in an anonymous team, so scammers will use fake identities to gain a little more trust.
The Problems With Socaverse
There are a lot of problems with Socaverse. This project has so many problems that it’s hard to list all of them out.
Anyway, here are some of the many problems with the Socaverse project.
Founders Using Fake Identities?
The first thing we take issue with is that it appears the founders are using fake identities. We already covered it in the previous section, so we won’t go into detail.
This looks really, really bad for what should be obvious reasons.
It’s so bad that we would not invest in this project based on this alone.
The NFTs Look Terrible
Our next problem is a subjective one, but most people would probably agree.
The NFT artwork this project has used in teasers looks awful.
We know, this project isn’t a profile picture project, so the artwork isn’t as important. But it still looks horrible.
On a related note, does the project even have permission to use the likeness of the athletes?
Our assumption is that this project probably did not pay out the licensing fee to use the likeness of the athletes.
Guaranteed Valuable Mystery Boxes
Next, the whitepaper for the project states the following:
“Soca Box guarantees users will receive a more valuable NFT than the mystery box they purchased.”
That’s a very big promise to make and one that would be extremely difficult to deliver. If every mystery box delivers a more valuable NFT than the mint, then that’s essentially a money printer.
To put it simply, it’s impossible for this to work.
People would simply mint mystery boxes until the market is flooded with NFTs, which would reduce the value below mint.
This shows a very big lack of understanding of basic economics by the founding team. Alternatively, it could be nothing more than a marketing tactic by the founders.
Little Focus on Game
This project seems to revolve around the gaming aspect of the project, but there’s literally one sentence about the game in the whitepaper.
No teaser videos of the game have been released, either. It’s not a particularly difficult game to develop, so we find this a little concerning.
We would expect a blockchain game project to actually focus on the gaming aspect of the project.
The Project Isn’t a Metaverse
Our final problem is that this isn’t actually a metaverse project — it’s a play to earn game project. The founders are most likely describing the project as a metaverse project because that’s the fashionable buzzword at the moment.
Nothing about this project describes a metaverse.
Is Socaverse a Good Investment?
This section should not be interpreted as financial advice. It is merely our opinion. You should do your own research before deciding whether or not to invest in a project.
With that out of the way, we do not view Socaverse as a particularly good nor safe investment.
It looks like a pretty terrible project based on what we have seen in the whitepaper. However, the biggest red flag for us is that the founders appear to be using a fake identity.
Why would the founders of a project feel the need to deceive people by using a fake identity?
The only logical conclusion is that the project is some sort of scam.
Now, we aren’t saying that Socaverse is actually a scam. However, if it turns out that the founders are really using fake identities, then that’s the only conclusion we can reach.
Even without the questionable identity of the founders, we just don’t like this project. The artwork looks horrible and there are likely licensing concerns with this project.
To summarize, Socaverse has a somewhat interesting project idea, but we are very skeptical about the ability of the team to execute. The lack of depth in the whitepaper and lack of economic understanding make us not have much faith in this project.
Again, we won’t call the project a scam without the requiste evidence of scamming. However, the project just does not look very good.