I don’t even want to give examples here because they’re all so scammy….We’re still in the 2017 phase of NFT games, and there’s definitely a lot of traps out there. Key learning: History doesn’t repeat, but it rhymes. If they can get a big enough community, they might even turn it into a game - but 99% of them are going to fail, because they’re focused on tokenemics before economics and game mechanics, their advisors are all fake, and they have little incentive to deliver to their 500k discord members who were only in it for speculation anyway.
They’ve got a homepage, a telegram, a discord, and importantly, a roadmap and a token. We’re seeing a huge amount of ICO like activity as we close out the year at the absolute top of the hype cycle. Key learning: Play to earn economy management isn’t as simple as you think, and we’ve already seen our first big credit defaults. In the NFT gaming world you can also get rugged by your friends. There’s a subtle difference between ponzi games and ponzi schemes, but when you’re part of a badly designed economic bubble in freefall, then it can be hard to tell as people race for the exits. Well, when it goes wrong, it goes very wrong - and we’ve seen crazy moves both on the way up, and on the way down. What happens when a studio jumps on a trend like “Play to Earn” with no idea what they’re doing? They create a quick but clunky interface, develop a utility token and issuance curve and start creating artificial digital scarcity and crazy inflation every time somebody presses a button. Key learning: Most things aren’t actually Play To Earn, and even fewer of them are sustainable for more than a few months. In reality this requires some very hard trade-offs that most projects aren’t equipped or willing to make - including giving a lot of control of the economy and the rate of player growth back to the community - and in a space where mistakes can’t be reversed, and a successful project can rapidly grow to have a GDP the size of a small country before blowing up, we’re still experimenting with what’s even possible and how this is going to work in the long run. True P2E asks a simple question… How can we move from maximising value extraction from daily players to a creation of shared value as the network grows. The ideal is somewhat utopian what if we could be rewarded for our investment of time into games? But the actual execution is much more difficult. Almost every new “Game ICO” is splashing it liberally across their promo emails. In no particular order, but i’ll start here since Play To Earn is officially the most mis-used term in NFT gaming. For better or worse, they’re just the first few projects that were top of mind as I was writing and I’m not explicitly endorsing or even recommending them. *Note: I’ve provided a few examples for each category. As an explosion of activity happens, trying to categorise all the different experiments coming out of left field into coherent themes is an impossible task - but i’m going to try it anyway. As we close out what has been a breakout year for NFTs and NFT gaming, I wanted to give a little bit of a summary of the lay of the land, let you know what’s emerging across the ecosystem, and provide a framework to help you navigate it.
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