Mirai Labs has emerged as a significant player in the web3 gaming ecosystem, marked by a journey characterized by innovation, strategic pivots, and significant growth. The company’s trajectory from inception to prominence showcases its adaptability and commitment to creating high-quality gaming experiences. We had the pleasure of sitting down with Corey Wilton CEO of Mirai Labs to discuss exclusive insights into Mirai's rapid growth and success. 

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Early Days and Rapid Growth

Mirai Labs began its journey by bootstrapping its first game, a process that took six months. Once the foundation was established, the company moved quickly to build momentum, culminating in an impressive 30-day period during which they raised $2 million, sold out an NFT collection, conducted an Initial DEX Offering (IDO), and launched their flagship game, Pegaxy.

This game achieved remarkable success, becoming the largest game in the history of the Polygon blockchain, attracting 27 million users and facilitating $200 million in peer-to-peer in-game item trading.  Following this success, Mirai Labs recognized the potential for expansion and developed a diverse catalog of products, including five games and several consumer applications and infrastructure solutions such as a decentralized exchange (DEX), yield aggregator, and bridge.

"Once we pulled the trigger, within 30 days we raised $2M, sold out an NFT collection, conducted an IDO, and launched the game, Pegaxy. It then went on to be the largest game in Polygon chains history, where we had 27 million users and $200M in P2P in-game item trading," Corey added.

Race for Rewards in Pegaxy

Factors Behind Pegaxy's Success

The popularity of Pegaxy can be attributed to several key factors. Mirai Labs distinguished itself by recognizing emerging trends in the gaming space, particularly the concepts of "scholars" and "rentals," which were gaining traction. By identifying the risks associated with existing solutions, they developed the first on-chain escrow system in gaming, providing players with a trustless environment that fostered confidence in financial transactions.

This innovation contributed significantly to the game's momentum, particularly in targeted markets like the Philippines, where the company strategically established channels for exposure. "The Philippines was an intentionally targeted market based on the early users - we knew how to get exposure there and built our channels to kickstart that momentum," Corey shared.

Earn Amazing Rewards in Pegaxy

Challenges and Resilience

Like many companies in the gaming and cryptocurrency sectors, Mirai Labs faced challenges, including criticism and skepticism from the community. The company’s leadership, having previously navigated a successful startup, drew on past experiences to remain focused on product development during challenging times. This resilience allowed Mirai Labs to prepare for future opportunities, particularly as market conditions shifted. 

"With great success comes great amounts of hate and FUD. This is natural and was expected. I am personally blessed to have had a previously successful startup, and in that company, I was the face of the brand and encountered extreme personal criticism as well. This experience allowed us to remain focused on what mattered, which was building products through the bear so that we were ready to capture the value of the bull market when it arrived."

Strategic Growth and User Experience

Mirai Labs has experienced notable growth in both user base and trading volume, with over 500,000 users worldwide. This growth is closely linked to the company’s strategic decision to focus on user locations and preferences. To maintain a high-quality user experience and scalability, Mirai Labs relies on a dedicated team of 120 employees aligned with the company’s core mission.

This collaboration ensures that the products developed meet the expectations of their user base. "I’d say that the growth is actually a result of shifting our strategic priorities. We made a very simple decision which was to go to where the users are. That decision alone has yielded incredible results for the group," Corey highlighted.

Team up in Guilds in Pegaxy

Innovation in Game Development

The company’s approach to innovation balances cutting-edge technology with user accessibility. For example, the ability to deploy mini-apps through Telegram without the constraints of traditional app stores has opened new avenues for game development. This approach led to the creation of Pocket Waifu, which garnered 100,000 organic users during its early access phase.

"Look for opportunities to stand out, let me give a very simple example. Telegram allows developers to deploy mini-apps without the app store reviewing them. To us, it’s a VERY clear opportunity to produce games that are typically not allowed in the app stores. This is where the idea for Pocket Waifu (100,000 organic users in early access) came from."

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Future Priorities and Culture

Looking ahead, Corey has identified revenue, profit, and optimization as the primary priorities for the next two to three years. With a strong market position and a diverse product offering, the focus will be on business fundamentals to ensure sustainable growth. The collaborative culture within Mirai Labs is fostered by a team united by a common mission, motivating each other and achieving shared goals.

This teamwork is crucial for the company’s ongoing success in the competitive web3 gaming landscape. "A team aligned on a singular mission is not hard to manage. They want to be there, they motivate each other, they show up every day, they volunteer overtime, they hit targets and everyone reaps the rewards. That’s how a real team wins - Mirai has the same philosophy."

Mirai Labs’ journey reflects the dynamic nature of the web3 gaming ecosystem. Through innovative strategies, a focus on user experience, and a resilient company culture, Mirai Labs has positioned itself as a leader in the industry, poised for continued growth and success.