Economic sustainability is fundamental to the longevity of any GameFi project.
The economy of the platform will be maintained by:
- Attracting a wide audience of users: The integration of blockchain technologies into social media is currently the biggest trend being embraced by the most prominent social media companies: Instagram, Twitter, and Reddit have added native NFT support to their platforms. IguVerse will be the first blockchain game to be able to use this functionality as a core game mechanic. Socialize to Earn is the main mechanic in the IguVerse app that incentivizes users to share content on social media with Pet ID attached. As discussed here, Socialize to Earn is a viral mechanic that creates a natural engagement pipeline, attracting more users to the app without any additional marketing efforts. The increase in the user base is a valuable criterion for advertisers to look into our app, generating essential revenue for the project.
- Wide variety of game mechanics and items to increase the demand To create additional demand for in-game currency (tokens), users will be given an opportunity to improve their assets, participate in competitions, or customize their pet NFTs with different accessories and items. Moreover, users will be able to utilize their digital assets in various applications on the platform. This mechanic will enable economic sustainability through demand from existing users and reduced dependence on new entrants to the ecosystem.
- Incentivization of real accounts: We will introduce a lot of security and verification mechanisms. Our system will punish users who are trying to exploit the system, not completing social tasks correctly, or using fake social media accounts. Conversely, we will boost users who are using their real social media accounts with a big audience — these players will bring us more users, and therefore they will earn more.
- Zero-sum model: In later stages, we will introduce the Zero-sum game model. Every user will pay for a ticket in tokens to compete for the rewards. Not everyone will win, and we will charge a fee for every ticket. The prize from the pool will be distributed to a certain number of users. This model is 100% sustainable and will give users high rewards, but it requires us to have a large existing user base.
- Revenue stream: In the short term, we plan to create an ad network which will provide revenue to the project. More on that in the next section.