Getting in on early stage projects with good narratives = making money in crypto.
$UEFN hits both nails on the head: It's definitely an early stage project (currently $1.5M mcap) and is right in the middle of the web3 user-generated content (UGC) narrative that is sure to heat up the bull market in 2024. $UEFN says it wants to be the "Y-Combinator of UGC," and IMHO, they may just have the right mix to do it.
If you decide to go in, remember, you heard it here first. Follow on Twitter for more.
What is $UEFN?
$UEFN the project plays off the Unreal Editor for Fortnite (UEFN) concept started by Epic Games to draw indie devs into their Fortnite metaverse as builders. In a program likely cultivated to compete directly against the web3 community franchising meta, Epic began offering 40% of revenues to mapmakers who built inside of Fortnite. The result was a hit, with some map creators netting millions of dollars for a single map.
As the Y-Combinator of UGC, $UEFN uses web3 infrastructure to fund map creators in web2 metaverses like Fortnite and Roblox. The web3 layer also offers speculators ownership in the collective effort, allowing for potential scaling at an exponentially greater level than a first-party team could achieve on its own.
There are competitors attempting to bridge web2 and web3 gaming within the UGC meta, but none of them have the backing, leadership, partnerships and revenue that $UEFN has already cultivated. As of this writing, these guys are the undisputed market leader in web2-web3 UGC bridging, a positioning that is sure to pay off bigly in a bull market.
$UEFN says it wants to be the "Y-Combinator of UGC," and IMHO, they may just have the right mix to do it.
The Backing
$UEFN is backed by the former PathDAO (currently rebranded to $VIRTUAL), the last of the great 2021 gaming DAOs. Following the example of YGG and the former Merit Circle (now Beam), PathDAO raised a treasury of more than $17 million USD that they were able to keep during the bear market. As such, $UEFN has more than sufficient resources to expand operations along with the sizeable audience — around 400,000 gamers in SEA — PathDAO has collected over the past 18 months.
The Leadership
$UEFN recently tapped the impressive Zad Ngor as their CEO. Zad is just off an exit from Championfy, a gaming startup he founded that was quickly acquired by powerhouse distributor Ampverse. Not only does Zad already have the connections and the skill to scale, but the $UEFN concept could fit nicely into the Ampverse portfolio as well. When you think about what a quick acquisition or capital injection from major partners could do to a token price, you begin to see how a sub-$2M mcap looks greatly undervalued.
The Partnerships
Even at sub-$2M, $UEFN is already operating with S-tier Fortnite UGC creators on revenue generating maps, and their partner studio Aeon UGC built a map with Pudgy Penguins, the new #1 PFP/IP project in web3.
The Revenue
$UEFN is already making money, which they publicly track on their Treasury page.
Staking is already live and the team has committed to revenue buybacks, having already bought back more than $100,000 USD in $UEFN in their short time in business.
The Narrative
This project hits just about every 2024 gaming buzzword: UEFN, UGC, web3, crypto, Fortnite, SEA. This is where gaming is going. It's honestly $UEFN's game to lose.
I have a feeling this one won't be undervalued for very long. If you decide to go in, remember, you heard it here first. Follow on Twitter or Diamond for more.
Make sure you're in position to profit from web3 gaming in 2024.
