Metaverse Game Studios

Metaverse Gaming Studios is a gaming studio which is led by industry veterans. The team created sector pioneers such as League of Legends, Crytek, Farcry, and Halo3. They have exit experience in the acquisition by Ubisoft, Microsoft, Mail.Ru, and Peak Games. They brought their expertise in the field and created Angelic which is a gamer-first blockchain game that can both be played single and multiplayer. They differentiated themselves with immersive gaming experience, play-to-earn mechanics, and such mesmerizing lore.

Challenge

Angelic attracted lots of attention from investors all around the world. They were going to raise $10 M from 43 investors including Pantera, Animoca, Every Realm, Solana Ventures. Angelic owned several companies in the world. Building the best structure in terms of compliance, risk mitigation, and taxation, creating a Simple Agreement for Future Token (SAFT) that can be accepted by industry giants from different jurisdictions in a short period of time was the challenge.

Solution

We joined the team as their of counsel. Together with the team, we created, and implemented their token distribution strategy evaluating compliance, legal and tax issues. We prepared several versions of SAFTs for the possible needs of investors. We negotiated 108 agreements in less than 20 days.

Impact

Metaverse team focused on investor relationships while Vircon Legal was handling the legal negotiations. Metaverse Game Studios raised USD 10 M with future token sales in a short period of time from the industry giants which was an unprecedent success since it is a new legal field and SAFTs are new instruments. We can confidentially say 40+ investors in less than a month is our personal record!

Loop Games & Pethereum

Loop Games is a gaming company which produced games that reached millions of players worldwide. Their games were downloaded more than 100 million over Google Play & App Store. They exited their games Match 3D and Match Tile 3D to the American technology giant Applovin. They brought their expertise in the field and created Pethereum which is a Free-to-Play and Play-to-Earn metaverse. Players can collect NFT pets by playing mobile games and utility tokens to enhance their in-game experience. The decisions about Pethereum will be made by a DAO governed by Pethereans.

Challenge

Finding the legal balance and navigating in the grey blockchain space is crucial. Play-to-earn models are eager to end up in Ponzi schemes. Pethereum has the potential to become one of the biggest play-to-earn metaverses which means they will have Pethereans from different parts of the world. As they are growing exponentially, they wanted to ensure their tokenomics is compliant with several jurisdictions around the world. In order to create a safe gaming environment with a stable economy, find a legal team who can just not evaluate the case from different angles but also joined the team to craft the details.

Solution

We joined the team as one of the advisors. We deep-dived into play-to-earn models including but not limited to approaches and insights of regulators, compliance issues faced in gaming and blockchain ecosystems in different jurisdictions, and case law which are accessible. We crafted the tokenomics, in-game economy, and gaming mechanics to comply with several securities laws all around the world. We analyzed and mitigated several risks to reflect their free-to-play and play-to-earn nature.

Impact

Pethereum team focused on scaling the community and building the metaverse while we are handling the legal aspects. They differentiated themselves from the Ponzi schemes and their tokens may not face security labels. Their $PETH tokens will freely circulate in the secondary market. Happy Pethereans, happy Pethereum, happy Vircon Legal!

tiplay studio

tiplay studio is the fastest-growing game development ecosystem incorporated in Turkey, which became one of the best hubs for mobile game development all around the world. They have released seven popular games which were downloaded more than 50 million times. The team is now focused on creating a sustainable game development ecosystem worldwide.

At the very beginning of 2020, tiplay studio launched oFON, the very first global game studio accelerator program, and the program has become the biggest hypercasual accelerator program, having recruited 12 teams.

Recently, they became a Snap Game Partner and launched their first Snap game at the very end of 2021. Following the recent round concluded with Re-Pie, one of the top VCs in Turkey, tiplay studio got into YellowLA, Snapchat’s world-renowned accelerator program.

Challenge

As the fastest-growing game development company in Turkey, ensuring legal compliance plays a crucial role in uninterrupted success. While receiving investments and growing so fast, tiplay studio wanted to ensure their legal compliance at a local and global level. They needed continuous legal support both for handling investment tours and keeping all game development operations based on legal grounds.

Solution

From the very beginning of their journey, we have been the legal advisors of tiplay studio. As technology-native lawyers, we assist Tiplay with establishing the legal structure of the company and the oFON program, while ensuring legal compliance of the upcoming games in all aspects.

At the very end of 2021, we closed tiplay studio’s first main investment tour and continue to negotiate the terms of successive investments to be concluded through alternative investment tools such as convertible notes!

Impact