3 - Game Economy Concept
Last updated
Last updated
Over the last 50 years, several gaming industry trends have existed. In the graph below, we see how it all started with arcade games, which disappeared in the meantime. Then came the console and PC games, which still exist today; handheld games, which lasted 20 years and then faded away. And finally, mobile games exploded in the last 10-15 years.
A VR trend has appeared for some years, an innovation that most communities have heard of but never seen.
In the last three years, a new trend has emerged: blockchain games that boomed around 2021, but also due to the huge drops in the market between the end of 2021 and the beginning of 2023, they experienced a decline, having resumed growth since the end of 2023.
Let's quickly look at its origins and main characteristics.
Blockchain games are based on Web3, the next-generation concept that emerged after Web2.
Among other Web3-based blockchain solutions, the gaming environment mainly uses digital payments with trusted data ownership, different Web3 platforms, and community governance capabilities.
These solutions allow you to create various in-game economies using real cryptocurrencies and NFT-based assets, such as exclusive equipment, characters, weapons, land, and other items specific to each game.
Decentralized web infrastructure offers security that is not centered on one company creating the game but on the entire community.
Play2Earn games were born in 2020 and are based on inflationary token
savings. Most failed; let's understand why.
The Play2Earn trend exploded into hype in 2021. However, the first half of 2022 arrived, resulting in the economic collapse of all Play2Earn games based on inflationary tokens.
One of the issues with projects that only use their tokens to guarantee success is that they are extremely exposed to economic waves, as they have no other forms of income other than token appreciation, unlike the iGuess project, as it's been demonstrated.
During 2022 and 2023, several situations caused significant devaluations in the markets in general and the cryptocurrency markets in particular; of the various events, we highlight four:
February 2022 - Ukraine War Begins
May 2022 - LUNA and UST Crash
November 2022 - FTX Crash
Mid-2021 - Mid-2023 - Escalation of inflation rates and rise in interest rates by central banks to control inflation
These events led to all cryptocurrencies falling between 60% and 90% between the end of 2021 and mid-2023, dragging most blockchain gaming projects into the abyss, especially as most were still developing.
With the tokens devaluing in value, they were unable to develop the game, and those who developed it could not even pay the running costs of the platforms, as the value of their tokens was almost zero.
Now, let us focus on the iGuess economy concept.
Compared to most blockchain gaming projects that base their profits on tokens and NFT sales, the iGuess project offers an economy that does not depend on these factors for success and funds.
As previously explained, the game's economy is similar in some ways to Online Poker, where a group of players fight to win a cash prize.
In a poker tournament, the value of the prizes is the sum of the cost of entries to that tournament. The house takes a percentage of the total value of the prizes, distributing the remaining value among several players according to their classification in the tournament.
For anyone who knows how an online poker house operates, there is no doubt that it is a very profitable activity that has lasted for more than 20 years, with the best ones showing astronomical profits, year after year.
The iGuess project uses a similar economic format, which means that you will always make a profit in each tournament. The value of the tournament is the sum invested by the players, with a percentage going back to the house.
Like in poker, the larger the player community, the more tournaments, the more prizes, the more profits for the players, and the more profits for the house.
Of course, only the economic format has similarities; the game itself, the cards, the rules, the strategy, and everything else are different, which makes the iGuess game a brand new game and different from anything else on the market.
The token will have a fixed total supply and be deflationary, so scarcity will tend to increase its value. This will help the game attract investors and partners while increasing its international recognition.
The token will have several uses:
a) Purchase of access to tournaments and games on the platform
b) Payment of game prizes
c) Buying and selling game NFTs
d) Staking
Token holders will have access to several advantages besides staking (private tournaments, exclusive airdrops, voting power via DAO, etc.).
The game will have several types of NFTs that will be needed for the game to work:
a) Avatars:
All players need to have an Avatar. You can choose a free one, but the premium ones will have exclusive benefits, so most players who want to earn money from the game will use the premium avatars for those extra advantages.
b) Game Board:
Games are played on a board with multiple players (like a poker table). Unlike in Poker, where the tables are all owned by the house and the house earns all the money from the percentage it charges in each game, in iGuess, the game boards will be sold to anyone who wants to make money by renting their board for the game. We usually will not have any game boards as they will all be private, so there are no conflicts of interest.
Thus, the winnings in each tournament or game will be divided among three parties (players, board owners, and the house).
For the monthly profits from each board to be attractive, the number of Game Board NFTs sold in the 1st stage will be minimal.
Once the community of players increases, more could be minted.
c) Card games:
As already explained, iGuess is a card game, so playing cards is one of the types of NFTs that will exist. The cards will be sold in packs, divided by collections, and can then be traded on secondary markets individually.
d) Power Cards:
Power Cards are NFTs of cards with special powers to be played by the player during a game, increasing the game's and the player's strategy. Each card can be used once and will be burned. The player will have to repurchase a new Power Card if he wants to use that power again.
The game platform will have advertising that will allow, among other things:
a) Obtain gains for monthly management of costs associated with operation.
b) Allow free tournaments with cash prizes, which will explode the gaming community.
c) Use a percentage of advertising earnings to continue burning tokens monthly.
In the future, it plans to create an actual board game that can be commercialized, such as Monopoly, Trivial, or Pictionary.
