I had in mind today to write a post about the movie that I have just watched, but I will keep that for tomorrow, or the day after tomorrow, or just skip it... lol... Anyways, in a talk with a friend, I have decided to keep my channel "on the topic" and talk about a kind of investing, but still, gaming, or better said about #play2earn idea in general and one specific example that I found very clever...
Now, every time I write some content I have some fears that it will backslash on me... That usually happens when people give their honest opinions about things that can hurt others... But, for the sake of the truth and better living, we have to hear bad news sometimes and as sooner we accept them, we can find a solution and move on...
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Anyways, the topic for today is #play2earn, or if you like it more blockchain gaming, or earning crypto while you are having fun playing games... Before the "crypto era", I was playing some #play2earn games, where you would be paid in some digital currencies... Usually, you had to pay a certain amount of money to be able to play them, and then you were building up assets in the game that would eventually lead to taking some profits... If I go even more back to the past, I do remember other "investing programs" where I spent some USD that I'm not proud of, like PTS (paid-to-surf) or HYIP (high yield investment programs)... Unfortunately, some of those stuff reminds me about some of the current games (and DeFi platforms)...
The main idea was always based on a Ponzi scheme... The idea of getting rich quickly is always the easiest one to sell and that's why those things are spreading like mushrooms after the rain... So, promising high profits for the early investors to raise a lot of "volume" where earnings are great, in the mid-term APR falls a bit down, and in the long-term, the platform usually dies... I remember that I saw HYIP websites closing after just a couple of hours of existence... It was crazy to see... But, I can't deny that there is a similar image today with Defi, especially when I saw a website like https://rugdoc.io/calendar/ where you can see just a glimpse of how many projects are out there... I'm not saying that that website is bad, just saying that it reminded me of some old stuff...
To be honest, in a couple of months, most of those websites will be unavailable and closed... Only those who have the best, unique ideas will survive a long time... How long? Who knows? Bitcoin is only 12 years old! So, let's try to focus on the good stuff... I like blockchain gaming, I know that there are many games outside, but I don't have time to play them all... My favorites are Splinterlands and Rising Star, but I do check many others, and I like to inspect their main ideas and their tokenomics... That's probably my addiction... Checking tokenomics, trying to "predict" how long will the game "hold the water" before tokens sink and people lose interest... Well, these two games are a bit different from the rest regarding tokenomics...
Splinterlands is a giant... After 4 years (or is it more?) of existence, it is so complicated to understand tokenomics, especially with more than one game token and a lot of different assets that bring more value to gamers... So, I will skip SL today and focus on Rising Star... There was big news today about the latest addition to the game and I would like to "examine" why I found it very interesting from the "tokenomics aspect"... the First step would be to check the post about it and you can find it here
So, it looks like a small update, but it's a great idea for solving the problem that I was describing in the first couple of paragraphs... When you are running the game, after some time people find different ways/tricks to raise their earnings, or that happens as it should happen with high-ranked players... They should earn more... That's the point of climbing in rankings... I know that Jux (@risingstargame) would say that it's just a fun game, but why not earn some crypto if it's possible?
Back on topic... If you want to have a successful #play2earn game, you have to keep in mind two important things... The first is that people should be incentivized with "potential" earnings (that's why it's #play2earn game), and secondly, the game should be interesting and to keep it interesting, you have to innovate and tweak your game... But, let's go back to the first thing, earning from gaming is possible, but after some time and many new players jumping on board, the (game) token value usually goes down... Now, the word usually means that it is in almost 99% of cases like that... To cope with that, developers try to tweak current tokenomics by adding another token to the game, but with a different use case...
Splinterlands have DEC tokens, after that added SPS tokens, VOUCHERs, and I have probably forgotten about some from the past and present... :) The Rising Star game had STARBITS, and last year they have added STARPRO tokens, but with very limited use case... By adding this new Promote Fan Club option, the STARPRO tokens get a lot more visibility... The real beauty of successful tokenomics lies in the connection between different internal tokens, but also, different markets OUTSIDE the system... That's why you can trade STARBITS on Hive-Engine, provide liquidity in diesel pools, etc...
The game itself is heavily focused on NFTs accumulation... That means if you want to be high in rankings, you will have to have a LOT OF CARDS in your possession... And not just that, you need a lot of different cards, too as they count the most... Every month, new NFTs are printed with a limited supply, we have new missions where you can get some special cards, etc... Now, with the FAN CLUB, you will have to use a small (variable) amount of STARPRO tokens to do the special mission where you will be rewarded with NFTs... To get STARPRO tokens, you have to invest STARBITS tokens in Music Promoter, which BURNS those tokens! I suppose that you getting the point slowly...
If we go behind that, the Music Promoter itself is an awesome tool where players compete with each other for a limited amount of STARPRO tokens per day... So, in some way, players "decide" about the future value of STARPRO tokens! Burning more STARBITS tokens will help with fewer tokens in circulation and eventually more stable (or higher) token price... On the other side, having STARPRO tokens will give you a chance of having new cards that will help you with rankings and earnings in the game...
I know, I know... It looks like a huge Perpetuum mobile machine, but I like this last addition very much! It's not something that will revolutionary change the world (and the game), but it will give us more time to enjoy this game until the "next big thing"!
This post is not financial advice of any kind... It's just my view on the current #play2earn market and I hope that the future will bring us more and more quality games with unique ideas and different tokenomics!
If you are not playing these games, check them out at Splinterlands and Rising Star! Firstly, have fun, and if you earn something down the line, be grateful! I am!
Thank you for your valuable time,
~ph~
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I learned the hard way that most defi games are ponzi schemes, a costly and painful lesson that makes me appreciate Hive even more.
You are completely right on how token economics should work on a healthy way.
Which other games are you playing beside RisingStar and SL?
!1UP
Unfortunately, I have no free time to play more games, so I keep my focus on these two... Sometimes I do click in Cryptobrewmaster, but that doesn't count as playing...
!PIZZA
Totally understandable and relatable. Thank you for answering!
I neglected both games for a long time. I started playing both a few months ago. It feels like I need to invest a lot of my time to get started. Rising star is easy but needs time. Splinterlands requires investment of resources and time.
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You have described both exactly as they are... But, I have to say that I have built a lot more in RS for a bit more than a year that I'm playing, than in SL for 3 years... But, I suppose that that happened as competition in RS isn't that fierce as in SL...
And also, in the beginning, RS wasn't that complicated to play and understand... Lately, they have added a lot of stuff, but that brought a lot of value to the game, too... I liked Rising Star from the beginning, but I didn't expect that it will have such growth, and there is a lot more potential in the future...
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Thanks for the write up. I do love a bit of Rising Star
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Rising Star rocks! Thanks for the support!
!PIZZA
great article and thanks for the info for Rising Star I noticed something new in game but have been busy as of late didnt see the post of update.
Im loving the hive ecosystem, check out my post from last week, 6 hive play to earn games, I have referral codes there for 3 hive games you might not be playing yet, dcrops, exode, cryptobrewmaster, and another hive game dcity with no referral. Let me know if you sign up under me ill try to help you out.
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!LOLZ
You are welcome... it's impossible to catch up with all things happening in the HIVE ecosystem... It's growing day by day and we have to filter information somehow... Speaking of filtering, I had to do the same regarding blockchain games and I actively play only SL and RS... I did try all that you have named, but seriously, all of them... lol... Unfortunately, I had to drop some of them as there was no way I can follow all and do my personal work too
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!PIZZA
Thanks, Trenton!
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When looking at most successful games (the ones that last somewhat longer), it seems always be a combination of several tokens with a NFT's thrown in the middle that seems to be working. I think that games need to be able to provide sinks for their tokens otherwise the growing supply will end up in falling value. Both SL and RS require a constant influx of NFT's to keep growing in the game and I think the NFT's are great sinks for the tokenomics of the games.
You are completely right about that... The things that we are witnessing in these moments are different approaches to that problem... Combinations between NFTs and 2-3 different tokens in different correlations... These small steps, or better said tweaks, are making these games better and more sustainable in the long run... Reaching that level slowly, more traditional games will come into the crypto space as they will have nothing to lose... On contrary, they will win a new audience and more profits! ;)
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It is great to see some of the games on Hive getting some love. Like you said, Splinterlands is a giant but there is a lot more offered here for those who like games.
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It's interesting to follow all these ideas regarding tokenomics, not just in blockchain games, but also in DeFi... And it's awesome to see that Rising Star is coming out with their own idea that looks small at the moment, but can make a big difference maybe in some completely different game!
!PIZZA
I think Rising Star is keeping up the value quite well with the STARPRO. They added a new special mission that eats into it as well. I think most of the starbits earned through it is burned so I think it's quite sustainable.
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Yup! That was the topic of this post, but I went too much wide... lol... Anyways, the STARPRO-STARBITS combo could work nicely for the future... It works well at the moment, but it will be much better after these changes...
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e-gold times :)
You are fully right, most will vanish as they've appeared.
I'm trying also to get the best ones out, but sometimes, I fail. The two examples splinterlands and rising star are good projects, which are here to stay. I've done my investment in those and now reinvest a part and on the other I take the profits out, as I'm break even on both.
Some !PIZZA for this good example.
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It's harder and harder to filter out the good games... I have probably missed some good one, but I'm happy to have SL and RS on my playlist :)
That's the right way to do it... I'm trying to do the same, but in the end, I'm always re-invest like 80-90%, and cash out maybe 10% 😂
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Thank you very much for the love! We will continue to innovate and make sure that Rising Star has many new features going forward to keep people interested in the game. In fact the next feature will be our biggest yet but will take some time to complete.
Wooohoo!
Happy to hear that there are more great things cooking in the RS kitchen!
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I think I've heard about #play2earn in several hive blogs and I believe that these games has good potential. You’ve discussed absolutely right about these token economy though I'm not enough knowledgeable.
I don't have too much free time to play a lot of these games, but Rising Star and Splinterlands are easy ones where you have to click a couple of times per day... That's possible to do in breaks between job tasks...
!LUV
Same here and honestly I don't have interest to play games as I prefer writing more.
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I don't even know what I am doing on #Raisingstart, but I just play because it is kinda fun to collect cards LOL!
🥦 !LOL 🥦
Exactly! It's fun! And then, one day you just notice how many cards you have accumulated and how much they are worth! :) That's happened to me... lol...
!WINE
LOLOL!! That's cool! I will keep playing the game then even though I feel like I am a robot playing it just clicking the "PLAY" LOLOL! I love the concept that the game promotes new musicians and their songs in the game tho. 😉 Go #Raisingstar 🌟🌟
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The first part was good.
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Ya que soy novato,en lo juegos y en los tokens ,me ha gustado mucho tu soltura y la forma de explicar los juegos,un saludo y muchas gracias
Muchas gracias! Espero que estas publicaciones te ayuden.
!PIZZA
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Thank you for the support!
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Thank you for your advice! I'm doing my best to eat as much healthily as I can and do daily walks in nature...
Wish you a great Sunday and send you !LUV
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