China Mobile's foray into NFTs: Migu's first exploration, potential and challenges coexist

Written by: WhaleSee

China Mobile Migu’s Web3 product “Meelier” recently released its first NFT, called “Meelier Milo”, based on the puppy character in the popular mobile game “Panda Coffee House”, creating a unique digital entertainment experience, which has attracted widespread attention.

! [China Mobile’s involvement in NFT: Migu’s first exploration, potential and challenges coexist] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-12afbe6152-dd1a6f-69ad2a.webp)

Meelier milo

The launch of Meelier Milo is in the form of a blind box, which is divided into two stages: whitelist and public sale. The whitelist sale price is 0.026 ETH, with a total of 1500 places, while the public sale price is 0.05 ETH, and the supply quantity is 200 units. In addition, a promotional price for 300 places is available for 0ETH.

It should be noted that ordinary whitelist qualified users can only purchase 1 NFT per address, while cooperative community subscription whitelist qualified users have a maximum of 50 NFT purchases per address, and the lock-up period is 1 month.

Despite Migu’s brand endorsement, Meelier Milo did not receive the expected market response in the early days of its release. In terms of holdings, 1551 NFTs have been sold, and 449 NFTs are still unsold. Notably, the 1551 NFTs were held by only 232 people, showing that a subset of holders own multiple NFTs. In fact, there are 81 people (about 34.62% of the total number of holders) who hold 1 or more NFTs, and 4 of them even hold more than 100 NFTs.

! [China Mobile’s involvement in NFT: Migu’s first exploration, potential and challenges coexist] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-9fdd3dc5f3-dd1a6f-69ad2a.webp)

Opportunity

I. Brand Endorsement

Migu is a subsidiary of China Mobile Communications Group and has extensive digital media and entertainment resources. China Mobile Communications Group is one of the largest mobile communication operators in China and one of the largest mobile network operators in the world.

Migu focuses primarily on digital content, media and entertainment, offering a variety of digital entertainment, music, film and television, reading, games and other services. Committed to creating the ultimate experience and good story for users through “content + technology + integrated innovation”.

This provides Meelier Milo with a strong brand endorsement and attracts more users’ interest.

2. New User Drainage

Migu attracts new users to the Web3 market by combining NFTs with its Web2 products (e.g., Migu Video, Migu Sports). Not only can it open up new user groups for Migu, but it can also prompt existing users to have a deeper understanding of the NFT and Web3 space.

III. Diversified Equity Options

Provide NFT holders with a variety of benefits, not only to enjoy Migu’s membership benefits, but also to get a unique package in the “Panda Cafe” game, providing them with more opportunities to enjoy digital entertainment and games.

This diversified stake not only positions NFTs as digital collectibles, but also a combination of digital entertainment and physical equity, giving holders more practical and potential benefits, thereby driving wider acceptance of NFTs in the market.

! [China Mobile’s involvement in NFT: Migu’s first exploration, potential and challenges coexist] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-3491fb23a4-dd1a6f-69ad2a.webp)

! [China Mobile’s involvement in NFT: Migu’s first exploration, potential and challenges coexist] (https://img-cdn.gateio.im/resized-social/moments-69a80767fe-6b3ebd14c9-dd1a6f-69ad2a)

4. Enhance social interaction

Prior to the public sale, Migu took a variety of approaches to help potential buyers qualify for the whitelist. This includes participating in Twitter-themed Tweet campaigns, friend-boosting through the Discord community, and following official social media and Discord community updates. This series of measures attracted more people to actively participate and improved the social interaction of “NFT Meelier Milo”.

Challenge

I. Insufficient strategy

Migu’s release this time is relatively hasty, especially during the market downturn, although it combines its Web2 products, but lacks eye-catching gameplay and long-term ecological development planning, and it is difficult to attract the attention of Web3 users.

2. Lack of community building

There are relatively few social media followers (5000+ Twitter followers) and community members (7000+ Discord community), and the lack of community prosperity and interaction limits the NFT’s appeal.

There are also relatively few community-building measures, and there is no plan to actively guide users to participate in community building. In terms of community operation, Migu’s efforts appear to be limited, and community consensus and interaction are crucial for NFT.

! [China Mobile’s involvement in NFT: Migu’s first exploration, potential and challenges coexist] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-54ec6b7752-dd1a6f-69ad2a.webp)

III. Future Plans

In the October 16 announcement, Migu mentioned a plan for “NFT trade-in”, and until October 28, 2024, holders of “Meelier Milo” will have the opportunity to perform “NFT trade-in” operations. This means that Migu plans to launch a new series of Meelier NFTs in the future, but the specific release time has not yet been clarified.

Holders have two options in this program. First, they can redeem their existing “Milo” NFTs for free for the new collection of Meelier NFTs, but note that this operation does not include the accompanying equity offerings. Another option is to fuse the newly purchased Meelier’s new collection NFTs with existing “Milo” NFTs. After the fusion is completed, the original “Milo” NFT and the new NFT will all be destroyed, and the holder will receive a special NFT for that specific new series, again excluding the accompanying equity products.

! [China Mobile’s involvement in NFT: Migu’s first exploration, potential and challenges coexist] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-083e6467c2-dd1a6f-69ad2a.webp)

This move provides NFT holders with some flexibility and the opportunity to participate in future NFT collections. However, the specific release time has not yet been determined, and the time span is long, and it may take a long time to implement this “NFT trade-in” plan. We will continue to pay attention.

Summary

Overall, Meelier Milo’s NFT sale project has brought certain exposure and opportunities for Migu to enter the Web3 market. By integrating with Migu’s Web2 product, they tried to attract new users into this emerging space.

However, in the face of the highly competitive NFT market, Meelier Milo still has a lot of room for improvement in its launch strategy, social interaction, and eco-planning. Migu will have to gain a deeper understanding of the needs and preferences of Web3 users to better meet their expectations.

In addition, as NFTs continue to evolve, Meelier Milo may launch more collections in the future to appeal to a wider audience. For NFT holders, this could be an interesting new adventure, and for Migu, it’s part of their continued exploration in the digital entertainment space. Regardless, we look forward to seeing the development and evolution of this emerging market and how NFTs become part of the digital entertainment space.