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The token economy has been designed with Hatu (Hassan) Sheikh, co-founder of Daomaker.
Metaisland token economy includes staking, locks, liquidity incentives, buy backs, and burns. These are driven by demand drawn by both gameplay perks and value drawn from the game economy.
1.1. Micro-transaction: non-power enhancing purchases such as avatars, character skins, weapon skins, etc. Purchase in cash/credit cards from the shop.
1.2. Staked Play: Leaderboard rankings are only available for gameplay in which players stake game tokens. Rankings are based on players who are gaining the most participation points in a daily. The game takes a 2.5% fee on the stake.
1.3. Tournament Gaming: Tournament wins unlock unique skins and get a dedicated leaderboard. Participation in the tournament requires a ticket, purchases of which feed a prize pool, with the gaming taking 5% of all accrued ticket fees. We can have a whole ranking by rank, Island, locations in island (different location = different maps) by Island and global. Like an Hi-score system. And reward the best players with unique skins for example. Players could not win more than once a year for example.
2.1. Metaverse Marketing: All maps carry adslots, which will not look like advertising but rather natural, for example if you can buy beers or snacks then we may have real world brands in the game.
2.2. Franchising: Third party admins can build manage their own franchises of the islands. The protocol takes a 50% fee earned on franchising play.
- 1.Buy-backs: 50% of play and protocol income is used to buy tokens on the market.
- 2.Burns: governance can vote to burn up to 25% of bought back tokens.
- 3.Staking Rewards: up to 75% of market bought tokens are distributed to stakers.
- 4.Locks: Staked tokens require a 10-day cooldown for exiting, and bypassing this cooldown carries a 12% fee on the principal stake. Half of the cooldown fees are placed into a lottery pool, divided among 2 stakers every week.
- 5.Liquidity Incentives: LP tokens get a 50% higher weight in staking rewards. What means?
- 1.Staking: staking tokens and LP tokens unlocks certain skins. Staking how much?
- 2.Discounts: 5% royalty fee is charged on the trades of game NFTs, i.e. skins. This fee is discounted to 3.5% if the player is staking a minimum amount of game tokens. (How do you calculate that technically? I don’t know how to do it programmatically!!!)
- 3.Buy-backs: 35% of NFT trading fees are bought back on the market, which the DAO may vote to burn.
- 4.Staking Yield: Up to 35% of NFT trading fees are available as staking rewards.
- 5.NFT Minting: Web2 skins in the game can be upgraded to NFTs by burning an amount of game tokens.
To accommodate the stability web2 gamers are used to, the game will have a point system as-well. All non-NFT game items, maps, skins, and other features can be purchased with “WOK” These should be somehow inferior in quality.
WOK can be purchased with credit cards and is the in-game point currency: (with packages not as a flexible purchase. These points are available to players on App Store and Google Play, meaning their purchase will cost the developer 30% transaction fee. (no Apple store or Google play, but credit cards, so it costs 1%)
Web3 players will have access to NFT-version of all game assets. Additionally, web2 player who choose to move from web2 to web3 will need to “mint” NFTs, turning their web2 asset to web3 assets. This process will require game tokens, not WOK. WOK purchases will also apply to Play and Protocol income staking yields of the token.
This expands the game’s scope. Some assets will be sole available as web2 purchases, to accommodate that market. The same assets, and potentially more assets, will be available as web3 purchases, as these are more monetizable. So 2 webshops, or 1 webshop with 2 ways to purchase? Maybe an upgrade price, that is 50% of the real price so that the upgrade is not like buying 2x the same thing)
Web2 revenues can outperform web3 revenues only at mass scale. True but mass scale is what we want right?
To bootstrap adoption from web3 users, the game may have a play-to-earn function in its early stage. The play-to-earn token will have an infinite supply, and will be called “BETAWOK”
- 1.Free to Play Access: A small amount of play-to-earn rewards may be available to players who have no NFTs. This will be solely to bootstrap player base. If the game is addictive/exciting enough, these will convert into a regular player base.
- 2.NFT Access: The vast portion of play-to-earn rewards will be available to players using designated p2e cards which will be NFTs. These would be purchasable only with BETAWOK. This way, the play-to-earn system self-sustains its initiation, till it eventually dies/deprecates.
- 3.Later on when the franchising is launch, the franchises admins will have to buy ISL from an exchange and sent them to us to be converted in WOK. The system therefore will self sustain itself and will be scalable at infinity.
WOK-OS website is a bridge between the WOK internal currency and the crypto world. From the WOK-OS that is a website available through terminals inside the game and also on the web at https://wok-os.com, the player can change his WOK into another currency like for instance ISL token or BSC, or NEO at the current value of these currencies defined by their quotation in crypto exchanges.
We will maintain these liquidity pools to avoid the player to pay double fees. Instead, player who is withdrawing his pay to earn, stacked benefits and other earned values, will pay only the destination blockchain fees.
This is the way the MetaIsland game is allowing people to earn money from playing the gameThe better they are playing the more WOK currency they get. They need WOK currencies to pay for in game food and in game rent, but the best player may generate a benefit that they want to redeem as fiat currency to spend in the real life.
WOK currency has a stable value, but when using the bridge, the WOK value is converted in ISL, BSC, ETH etc... and send to their wallet or to an exchange.
Here is a beta screenshot of the WOK-OS swapping page.
This is a preliminary screen. It will change in the course of th