Applicant name: Cocone Corporation
Applicant type: Private Company
Headquarter City: Tokyo
Headquarter Country: Japan
Innovation Name: MOOI Network
Innovation Type: Service
Category: Top Service Provider
Status of Innovation: In-market
Innovation Active Since: 06/30/2022
Innovation Description: The internet most of us use today is considerably centralized in nature and contents. So-called Web2 services do not offer users a true ownership of assets and opportunities to trade them. In addition, those services do not allow any control of in-game identities and items. Therefore, it is quite clear that users cannot control or monetize the content they create with Web2.
With more people and more time spent in the digital world, the perception of digital activities as ‘natural’ and digital items as property becomes increasingly common. However, the current structure of the digital space does set limitations to user ownership and digital asset transferability.
Therefore, Cocone decided to tackle this pain-point by building a fair profit-sharing blockchain ecosystem called MOOI Network, which was launched in 2022, and tokenizing the in-game assets to create opportunities for user ownership of digital assets and enable their free transfer between the users. Cocone goal is to provide an opportunity for users to be true owners of the content, exercise their ownership rights and monetize them.
What is your competitive advantage? Cocone like no one knew about the limitations of Web2 environment. The company has been operating some of the most-loved avatar-based styling apps and services for over a decade. Founded in 2008, Cocone has built a user base of over 130 million people and gained over 13+ years of avatar service experience with a goal to create a world where daily living becomes more enjoyable by enabling people to express themselves and live truly through their digital selves. Over the past 14 years, Cocone’s flagship projects, Pokecolo and Livily Island, have attracted over 130 million users across 74 countries.
Its extensive expertise in virtual world ecosystems, avatar services, item creation, marketplace operations, and community building has been honed through years of experience in Web2 gaming. All of these laid the foundation for the birth of MOOI Network.
Why is your solution best in class? MOOI network boasts technical features such as fast finality and multisig contract support. These make it an exceptional platform for building a digital ecosystem with faster and more stable services, higher capacity, and reduced transaction fees for users.
Thanks to these technical advantages, MOOI Network quickly became a top choice for developers seeking a more efficient platform for their Web3 projects aiming to enable user ownership of digital assets.
With its technical advantages and strong roots in gaming, MOOI Network rapidly emerged as the preferred platform for developers. Its vibrant and diverse ecosystem already gains recognition as a top destination for gaming, digital art projects, and various other exciting use cases.
Name one advantage of your solution versus competitors. Technical advantages of MOOI Network are fast finality, cross-chain transfer, automatic data anchoring, and multi-sig contract support for security requirements. In other words, comparing to the users of competitor solutions, users of MOOI Network can enjoy lower transaction fees, and fast transaction speed.
Hence, MOOI Network increases user convenience and encourages active participation of various contributors in the ecosystem.
Explain your market presence globally and in your strongest market. Cocone operates in 7 countries and employees over 1,000 people in its 8 offices across the globe. Cocone mobile services have been launched across 170 countries and regions around the world starting, and the number of cumulative donwloads exceeded 130 million in 2023.
The strongest market for Cocone is Japan, where it recorded the largest userbase. By the number of donwloads, Cocone is already a top-10 publisher in the country, while some of its services top the avatar app rankings in Japan, Korea and other Asian markets.
What was the inspiration for this innovation? While many companies see the metaverse as the future and seek inspiration in the pioneer projects, for Cocone, the source of inspiration has been its experience. Over the past 13 years, Cocone has developed a portfolio of over 20 award-winning Avatar & Styling apps and web services and has always looking for new innovative ways to give people more freedom over their avatars and digital world assets. This it Cocone team came up with the idea of MOOI Network and leveraged its capability in connecting virtual world assets with the real economy.
Who can benefit from your innovation most? The main beneficiary of the MOOI Network benefits is a user. With MOOI Network, users are given an unparalleled freedom to create their digital selves. Users can enjoy a wide variety of digital assets based on their individual preferences, facial and body characteristics, moods, and lifestyles and take full posession of them.
What are you most proud of about your innovation? Since its launch, MOOI Network has witnessed rapid growth in activity. In a little over six months, the platform has recorded over 16.3 million transactions. MOOI Network’s main gateway, MOOI wallet has showcased an easy-to-use, accessible interface by recording a DAU of 100k.
Also, only less than a year after a launch, MOOI Network successfully onboarded more than 4 unique gaming titles and projects including MetaLivly, PKCL twins, Clawkiss, and JANKEN, heading in the trajectory of becoming one of the most significant content-rich ecosystems for metaverse users and gamers leading the Web3 transformation.
The above performance clearly indicates the MOOI Network competencies and ability the tackle the pain-points of Web2 and its strong value proposition to enable digital asset ownership and transferability.
Why do you think you should win this category? The MOOI Network aims to be a community and ecosystem for users to introduce interoperability and add a layer of accessibility for digital service users. This ecosystem is reinventing how blockchain is seamlessly integrated into gaming, branching out to other services to expand the network. Cocone believes that MOOI Network shows a perfect example of how to enable the ownership in the digital world and revolutionize the idea of how digital assets can be transferred between the users.
Full Name: Oleg Smagin
Role: Head of Web3 Business Development
Full Name: Jason Kim
Role: CEO (Singapore Office)
Full Name: Hongki Lee
Full Name: Hunje Cho
Role: CEO (Japan Office)