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Been developing & studying Crypto gaming economies for over 3 years now. Lots of narratives come and go and yet the fundamentals are still being developed. Probably the industry lacks a common metric to use. Real economies use GDP. Maybe Crypto Gaming should do the same? But how?
GDP or Gross Domestic PRODUCT focuses its calculation on assets. Why? Because people spend their hard earned money to purchase assets to consume or invest.
You can't eat fiat. You use it to purchase food to get nutrients for your body. This is called Consumption. You can't start a business with just fiat. You need to purchase equipment to help you be productive and launch you business. This is called Investment.
Crypto Gaming right now is mostly focused on the latter-Investments. NFTs are designed to appreciate in value or to be used as a way to interact with an ecosystem. That is an essential, but volatile, part of the economy.
What's missing is the Consumption part of the economy, where the stability often comes from as this gives a baseline spending for the ecosystem. But because Crypto Gaming happens in a digital environment, the natural reason to consume is not present (i.e. digital avatars do not get hungry).
Devs ideally should be able to design these consumptive sinks in a way that it makes sense for users to spend as part of the gameplay. Law of equivalent exchange. You need to put something in for a chance at getting something more than just entertainment.
Some good examples that can be seen at @Ronin_Network:
A bit unfair because Ragnarok is already an existing game improved with Web3 systems, but @ROL_Genesis focuses on an asset ecosystem. Lots of consumptive sinks to improve your in-game assets are implemented where those that get lucky are able to acquire rare items that are useful in battle. Those with less fortune but a large wallet can just opt to buy those assets on the secondary market.
Another Ronin game is @SabongSaga. Chickens can die in battle, making it an automatic gameplay-related sink that burns NFT supply. Users are then encouraged to spend on items that would prevent such an outcome, but are not forced to do so if they think that Takipsilim won't come for their chicken that day. Spending also comes in the form of small asset purchases crafted by the community that help boost the stat of your chicken in battle.
One example over at @AbstractChain would be @YieldGuild's @LOLLandGame. A bit different from the earlier examples, consumption in this game comes in the form of purchasing additional rolls to continue playing the game. LoL Land has free rolls so anyone can get started, but those that want to ape in would need to spend. This model works for their audience as they recently reported $176K daily revenue earlier this month.
While there are more Crypto Games out there that also have cool consumptive economic loops (like Cambria and Fishing Frenzy), I chose to highlight these three because of the different ways these projects have designed consumptive spend in their games (and because of their ties to the 🇵🇭).
The key to creating an industry standard metric is to first understand each ingredient in the recipe. While most Crypto Gaming users already understand the investment angle of NFTs, the consumptive side is often overlooked.
Hopefully one day we look past just token price when we evaluate projects and look at their GDP instead.
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