One way to understand the latest Bitget Launchpad project: Typing to earn, Type!t.

On June 28th, Bitget launched its latest Launchpad project Typelt (TYPE). The investment mode this time will be based on the average BGB holdings during the statistical stage. It is understood that TYPE will start gradually unlocking from July 5th.

In a nutshell, Type!t is a privacy-enabled keyboard application built on BNB Chain, focusing on Type to earn, which means earning money while typing. Users can purchase Type!t keyboard skins (NFT) and earn tokens by completing daily typing goals.

Type!t was founded in June 2022 and currently has teams collaborating and operating in Singapore and North America. Its current valuation is $50 million, with investment institutions including Bitmart, MEXC Ventures, and LBank Labs. The specific investment amount has not been disclosed.

Type!t is essentially an app similar to Sougou Input Method that can be downloaded on mobile phones. The keyboard skins are sold in the form of NFT, and by using this input method on mobile phones, users can mine during the computing power allocation periods of different rarity NFTs (N, R, SR, SSR). Simply put, the mobile phone typing keyboard functions as a mining machine. Users earn mining returns during the designated mining time.

If you want to participate in this project, users need to first purchase NFTs and then link them to the app. Currently, there are three major series of NFTs:

1. Red series: The basic NFTs initially released by the project, all 41,000 of which have been sold out. They need to be purchased on the secondary market;

2. Blue series, produced by hatching from Level 5 Red series NFTs;

3. Freemint, official event series (specific event needs to consult the official), free trial version, but the computing power is very low, need to spend money to upgrade to the official NFT.

Here, Odaily will also provide a brief introduction to its APP operation interface:

The left picture is the NFT working interface, where various indicators of NFT will be displayed to calculate mining output. According to the official description, the approximate mining output time for each level 1 time NFT in the early stage is 3 minutes, which means that it takes 3 minutes to mine one NFT per day, and the surplus time of mining does not generate tokens.

The right picture is the C2C trading market. Since the project is currently in the relatively early stage and has not built liquidity pools on the chain, the official has developed a trading interface in the early stage to enrich the players' gameplay. After confirming with the project team, Odaily learned that this interface will be canceled after the liquidity pools are built in the later stage to ensure the decentralization of the project.

Type!t Token Model and Type to earn Process

Type!t gameplay logic is relatively simple and can be divided into 5 steps:

1. Purchase blind boxes (different rarity NFTs in the red series) or red series NFTs;

2. Type to earn $WORD;

3. Upgrade the red NFT to level 5;

4. Hatch the blue series NFT;

5. Earn $TYPE through the blue series NFT.

Further explaining the image above, Type!t uses the classic dual-token model of X to earn:

1. $WORD:

$WORD is the utility token of the Type!t ecosystem. It is earned as a reward when typing with the red series NFTs and is used to enhance and repair the blue series NFTs. The total supply of $WORD is 1 billion, with a monthly supply decrease of 5%.

2. $TYPE:

$TYPE is the governance token of Type!t. Users can earn $TYPE rewards by typing with blue series NFTs. The total supply of $TYPE is 1 billion. In the first year, there will be a monthly supply reduction of 10%, and further reductions will be determined by community voting. The token distribution scheme of $TYPE is shown in the following diagram:

So, what is the actual return on investment of Type!t in the current price range?

Let's take an example: currently, buying a blind box from the secondary market is about 80 USDT, and it can produce 21 $WORD per day. Each $WORD is currently valued at 0.11 USDT. Repairing an NFT requires 1.25 $TYPE, and each $TYPE is currently valued at 0.85 USDT. The actual daily income is about 1 USDT, and the payback period is around 70 days. Of course, if the price rises, the payback period can be further shortened.

In summary, that's the basic introduction of Type!t. In my personal opinion, the experience of using this product, from the perspective of an input method, is not as perfect as a Web2 input method. This may be an aspect that the project team will focus on strengthening in the future. From the perspective of "Type to earn," Type is a novel concept with a strong demand, which will attract people to participate. However, the current income is not high (the advantage is that the investment is relatively low), and users need to participate in bulk or upgrade to the blue series. Since the gameplay is currently relatively simple, each NFT can mine for a maximum of 3 minutes per day, so there is no need for complex anti-cheating mechanisms for now.

For friends who are interested in the latest developments of Type!t, you can get more information from the official link.

The "New Project" section of Odaily aims to help early-stage Web3 projects gain market exposure. If you are a Web3 entrepreneur, welcome to follow the official Twitter @OdailyChina and send a direct message with the note "Seeking coverage" along with your project introduction and contact information. We will communicate with you as soon as possible.