Original Title: "MIRAI Coin Raises Over $10 Million in 7 Days! When AI Skin is Wrapped in Blockchain Framework, Do We Still Need Real-Life Stars?"
Original Author: Lawrence, Mars Finance
In May 2025, a capital experiment spanning virtual idols, artificial intelligence, and blockchain quietly launched in Tokyo. The MIRAI project, jointly launched by Japan's leading virtual human company Aww Inc. and the Solana ecosystem AI platform Holoworld, raised over $12.9 million in just one week, breaking Japan's Web3 fundraising record, thanks to the appeal of the top-tier IP "imma." This project, which attempts to deeply bind ACG (Anime, Comic, and Games) culture with decentralized finance, raises the question: is it a "new paradigm" of the metaverse narrative, or yet another footnote to the bubble frenzy?
I. Project Background: From Virtual Idols on the Streets of Shibuya to Blockchain "New Species"
1. Aww Inc.: The Creator of the Virtual Human Empire
As one of the earliest companies to enter the virtual human space in Japan, Aww Inc. has built a matrix of over 20 virtual IPs, including Ria and Plusticboy, since launching the first-generation virtual idol imma in 2018. Its core business model is "Virtual as a Service" (VaaS), monetizing through brand endorsements, trendy collaborations, and film placements.
The breakout effect of imma is phenomenal: she appeared alongside real models in SK-II's global skincare advertisement; her holographic projection served as the "digital store manager" during the opening of BMW's Harajuku experience store; and daily commuters on Japan's JR Yamanote Line can see her dynamic image in the train car advertisements. This "virtual-real boundary" immersive marketing has made Aww Inc. a strategic partner of traditional giants like Mitsubishi UFJ and Shiseido.
2. Holoworld: The AI Infrastructure Wizard of the Solana Ecosystem
Holoworld is positioned as the "virtual human on-chain infrastructure," with its core product, the AVA AI engine, capable of real-time mapping real human actions to virtual images through 3D scanning and deep learning.
The previously issued governance token $AVA (which peaked at a market cap of $300 million, currently valued at $90 million) has been integrated into over 50 metaverse platforms and provides on-chain identity verification services for the South Korean girl group aespa and the Western virtual influencer Lil Miquela. The collaboration with Aww Inc. essentially represents a vertical integration of "IP resources + technical infrastructure": Aww contributes the IP assets and fan traffic of imma, while Holoworld provides AI generation tools and on-chain interaction protocols to jointly build a virtual human economic ecosystem.
II. Token Economics: The Design Logic Behind the Overfunding of $12.9 Million
On May 10, less than two days after the on-chain virtual human MIRAI began fundraising, the official announcement stated that the Mirai token presale had ended early, with the amount raised far exceeding our initial target. The team plans to refund the excess funds. On-chain data shows that the presale address has received 76,423.42 SOL, approximately $12.95 million.
1. Token Distribution: Centralized Governance and Liquidity Game
According to the white paper, the total supply of MIRAI tokens is 1 billion, with a distribution structure showing a clear "resource-oriented" characteristic:
This design implies two major controversies:
· Centralization Risk: The team and partners collectively hold 25% of the tokens, and the presale shares are highly concentrated (the top 100 addresses account for over 60%), which may reduce community governance to a "rubber stamp";
· Liquidity Trap: 25% of the liquidity pool is released in phases, which may lead to severe price fluctuations in the early stages. Historical data shows that similar model projects (like SkyAI) generally experience over 300% volatility in the first week after launch.
2. Overfunding and Refund Mechanism: The "Double-Edged Sword" of Market Sentiment
The original fundraising target of 50,000 SOL was ultimately closed early at 76,831 SOL (approximately $12.9 million), with an overfunding ratio of 153.6%. The project team promised to proportionally refund the excess funds, but on-chain data shows that the top 10 addresses contributed 42% of the total funding, indicating a significant "whale control" characteristic. While the refund mechanism may boost confidence in the short term (referencing the significant rebound after the SLERF incident), it may also trigger a "prisoner's dilemma": some investors may choose to sell in the secondary market to avoid refund losses, leading to a downward price spiral.
III. Price Prediction: Trend Derivation Under Multi-Dimensional Factor Games
1. Short Term (1-3 Months): Market Maker Operations and Liquidity Game
Wintermute's deep involvement (on-chain tags show its test address participated in the presale, with the largest single transaction related to Wintermute transferring nearly 15,881 SOL to the presale address) injects strong confidence into the project. Referring to the performance of $AVA upon launch:
· First Day Performance: When launched in Q4 2024, $AVA opened at $0.12, surged to $0.87 within 24 hours (an increase of 625%), and then fell back to $0.35;
· Market Making Strategy: Wintermute completed initial control through "pulse-style surges + tiered selling," achieving a turnover rate of 580% in the first week.
If MIRAI replicates this path, it may present the following stages:
· Opening Surge: Leveraging imma's social media popularity (over 860,000 Twitter followers), the price may quickly break $0.5, corresponding to a market cap of $50 million;
· Profit Taking: About 30% of presale investors are "new studio investors," who may withdraw in bulk after 2-3 times returns;
· Liquidity Siphoning: If 25% of the initial liquidity pool is concentrated on Raydium, it may trigger MEV bot attacks, exacerbating volatility.
2. Mid Term (3-6 Months): Ecosystem Landing and Narrative Validation
The project roadmap indicates that the Q3 will see the launch of the Mirai Terminal beta, supporting three major functions:
· Virtual Human Minting: Users can generate exclusive images through AVA AI and mint them as NFTs;
· Reward Economy: Fans can purchase virtual gifts with MIRAI tokens, and IPs like imma can receive a share;
· Brand Collaboration Pool: Partners (like Uniqlo, Loft) can initiate crowdfunding for limited digital products.
During this phase, two key indicators need attention:
· MAU (Monthly Active Users): If it fails to break the 100,000 threshold, the token may fall into a "valuable but unmarketable" situation;
· IP Revenue Share Ratio: Whether transactions related to imma account for over 70% of the ecosystem, reflecting a lack of diversity in the ecosystem.
3. Long Term (1 Year or More): The "Death Cross" of the Virtual Human Track
The lifecycle law of virtual idols shows that the peak popularity of top IPs usually lasts 18-24 months (like Hatsune Miku, Luo Tianyi). Since imma debuted in 2018, she has entered her seventh year. Although the team has extended her lifecycle through "cross-dimensional marketing," the risk of aesthetic fatigue among Gen Z users is increasing. If the team fails to incubate new IPs or expand application scenarios (like VR concerts, AIGC content platforms), the token may become a "MEME asset," relying on community speculation to maintain its valuation.
Conclusion: Can the "Dimensional Wall" Between Virtual and Reality Be Broken by Tokens?
The ambition of MIRAI is not just to issue a token but to attempt to build a trinity economic system of "virtual human - fans - brands." Its success depends on whether it can convert imma's traffic potential into on-chain activity and break through the "toolization" bottleneck to create a true digital identity paradigm.
However, when the capital frenzy subsides, we need to answer an essential question: does blockchain truly endow virtual idols with new value, or is it merely draped in a decentralized "new clothes"? Perhaps only time will tell, but until then, investors must fasten their seatbelts—this journey across the dimensional wall is bound to be bumpy.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
