A successful GameFi project needs clear NFTs and token mechanisms
What is GameFi?
“GameFi is simply a fusion of the words “game” and “finance.””, according to Binance. It is, in fact, a hybrid of classic gaming settings and principles combined with earning potential on blockchain platforms, allowing any user to make money while playing games.
NFTs and Tokens in GameFi, what should we put our money into?
“In-game items are built as NFTs — non-fungible digital tokens and come in the form of avatars, land, costumes, weapons, gold, tokens, and pets. So, you have proof of full ownership of any of the in-game items you acquire. Game players claim these items as they play the games and can trade them on NFT marketplaces for profit or exchange them for popular cryptocurrencies.”, as mentioned on Binance.
Governance token is a token issued to users with a primary goal to distribute powers and responsibility to users, and in most cases governance token must have a max supply. It is a utility token that represents each person’s stake in a DAO (decentralized autonomous organization). By staking in a DAO, it shows that the user is serious in contributing to the betterment of the whole organization. A popular use case of this was when Luna token (issued by Terra network) holders voted to “burn” tens of millions tokens in 2021 and mint millions of new TerraUSD stablecoins.
Reward token is a token obtained by users after they contribute to some activities in a project or complete missions in game, and currently in almost all GameFi projects, reward token will be supplied unlimited. So that the stable economy in the game must contribute to their value to maintain the profit of their players.
NFTs and tokens are the two fundamental components of GameFi projects, which players can earn via playing the game. Both components can be sold for actual money: NFTs can be resold or traded for higher values, and the token can be sold as its value appreciates. This begs the question of where players or investors should put their money, and the answer is that it relies entirely on the project whitepaper.
Taking Axie Infinity as an example, at the end of 2021, you would need an investment of three NFT characters at an average price of $140 per NFT, for a total of $420 to get started in the game. This is an expensive entry point for late adopters, but it could be profitable for early adopters if they sell the characters later. At the same time, investing in a project’s tokens can result in profits if the project’s value rises. However, if the token economy is well-balanced, this appreciation may not be as significant as profits from NFT selling. As a result, it is worthwhile to read the whitepaper to gain a better understanding of how each project balances tokenomics and NFTs distribution.
Ftribe Fighters — NFTs distribution and Tokens mechanism
For such a reason, Ftribe would like to assist players and investors in learning more about our NFTs (Boxes, Weapons, Items, Lands,…), governance token (F2C) and reward token (FMC).
Ftribe Fighters just sell Box containing only level 1 items, which must be combined to upgrade to higher level items. Therefore, there is a demand for level 1 items (from Box) because players will most likely need to improve their weapons in order to win. The ability to upgrade will be added in the near future. Moreover, since we don’t sell higher level items, market demands will decide the price of higher level items with regards to their needs.
For our F2C token, total supply limits to 1,000,000,000. It can be used to buy Boxes, upgrade NFTs items, vote for new features and game parameters, or for the previously mentioned DeFi mechanism in our FUD or not !?! aired on March 05th. With the demands of using F2C within our ecosystem, the price of F2C will be impacted too.
For our FMC token, its supply will be unlimited. However, we will control its supply to the market regarding the quantity of players participating in playing the game. Of course, the players can use FMC to upgrade their items, trade for other materials or swap for stablecoin as profit. We will share more details about its function in the near future while Official release.
Our NFTs are upgradeable, which means that your items such as guns and armors can be upgraded to be more powerful. Those powerful items will give you more advantage in the battles, and later one you can deposit those items in our Village mode, which will give you rewards in return. And your enemy with more powerful gears can steal the reward from your own village, so it’s good to always upgrade your gears when you can.
Our goal is to help players understand the benefits of owning either the Ftribe Box or the F2C token, rather than simply purchasing it out of fear of missing out.
Source:
1. Binance — GameFi Explained: How To Earn Money Through Blockchain Gaming (https://www.binance.com/en-NG/blog/all/gamefi-explained-how-to-earn-money-through-blockchain-gaming-421499824684903406)2. Newsbtc — GameFi and NFT: What Projects Will Blow up the Industry in 2022 (https://www.newsbtc.com/news/company/gamefi-and-nft-what-projects-will-blow-up-the-industry-in-2022/)
— — About Ftribe Figthers — —
Ftribe Fighters is one of the first 3D Free-To-Play MOBA blockchain games, offering players with a variety of battle modes. We build a virtual world where players can customize their avatars, view, purchase equipment and socialize with other Fighters. The ultimate goal of our team is to build a game ecosystem within our metaverse, which FTribe Fighters is our first game.
Our ecosystem comprises Ftribe Fighters, the Multiplayer Online Battle Arena (MOBA) game, NFT Marketplace, DeFi platforms, Box Store.
Our mission is to build a free, transparent, decentralized world where players have the right to play the game their way freely.
Our vision is to be one of the pioneers in building up Metaverse development in the near future.
Stay tuned for more updates 👇
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