Closing the Tokenomics Loop: Steem Monsters

in steemmonsters •  2 months ago 

"Tokenomics" is a term I see thrown around to describe the unique emergent properties of economic systems built using cryptocurrency tokens. The magic trick is creating a token from nothing and then convincing people it has value. @steemmonsters has done exactly that, but they didn't stop there. They continually innovate with new incentives to close the economic loop to maintain a good economic story the players believe in.

For example, they have different classes of cards (alpha, beta, etc) along with rarities (gold cards, legendary cards, etc). This card, which I use in-game often, is one of only 27 that provably exist (provably in that anyone can evaluate the data on the Steem blockchain to confirm this). As you can see, the price today if you wanted one is $675. Not bad at all. :)

The reason I'm so impressed with Steem Monsters is not only did they create Guilds to encourage people to obtain and burn DEC tokens (Dark Energy Crystals), but they've created an in-game shop for buying potions and more using the DEC token. I've experimented with some of the uses cases for DEC, and it's fascinating to me because there are so many different ways the DEC token can be used and burned for in-game benefits or sold on the market to others who want those benefits.

It's also a multi-blockchain token. It can be expressed on Steem via Steem Engine Tokens or on Tron. When I withdrew them from their "in-game" status to my Steem Engine wallet, they showed up right away.

I recently lost an encounter because a level 5 Magi of the Forrest kicked my butt. I decided to upgrade my Alpha level 4 to level 5, but balked a bit at the cost to do so:

But I had already earned over 11,000 DEC tokens playing the game, so I decided to sell those on the Steem Engine market:

Which then gave me Pegged STEEM tokens within Steem Engine which I withdrew (minus a 1% fee) to real STEEM tokens:

Next up, I completed the sale within Steem Monsters using Steem Keychain, funded by @aggroed and @yabapmatt who also built Steem Monsters and Steem Engine.

I upgraded my card to level 5 by burning 8 cards (so now my one card represents 16 cards originally created):


I'm now ready to battle with a card which is more valuable because a reward was given in-game for participation (DEC tokens), the tools required to use that reward token were well developed and deployed (Steem Engine, Steem Keychain), and the game-play is engaging enough to want the card more than the $20 I could sell it for.

That's what I call closing the tokenomics loop! The systems are engaging, the incentives to participate are desirable, and the result is a thriving Steem Monsters community. I hope to see many more successful blockchain gaming examples like this!


Luke Stokes is a father, husband, programmer, STEEM witness, DAC launcher, consultant, and voluntaryist who wants to help create a world we all want to live in. Learn about cryptocurrency at UnderstandingBlockchainFreedom.com

I'm a Witness! Please vote for @lukestokes.mhth

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That whole process of transferring the DEC to Steem Engine, selling for STEEMP, withdrawing to STEEM, and then buying the card will be going away very soon so you'll just be able to buy the card on the market directly with DEC.

Then the seller will receive DEC and it's up to them if they want to sell it for STEEM, TRX, buy something with it in the game, or HODL!

BTW, I would love to get a DEC token set up on EOS at some point too...maybe you can help us out with that.

I'm happy to help! You can book some time here. Setting up an EOS token isn't that difficult, it just has some costs related to RAM, CPU, and Bandwidth.

You all have done an amazing job. Thank you for your efforts.

An interesting gem. Is there a timeline on this for a quick post on Steem?

/flex

In pretty stoked for new new sink allowing us to buy cards on the market with DEC, the game keeps getting more fluid and more use cases for the tokens!

I only wish more dapps would follow the blueprint laid out here! They’re clearly on to something

Posted using Partiko iOS

Yeah, I think they will be the example others can point to and say, "That. Right there. That's a blockchain success story."

I have only been playing this game for a few days but am already hooked. As expected I get my arse handed to me often in battle. Thats to be expected so I don't worry to much. I know once I build my self up and acquire newer/stronger cards I will stand a chance.

right now I am studying the how to's of the game, what all the symbols stand for, best monster placement for certain battles, ect....

Yeah, it takes a while to figure everything out, but eventually it starts to make sense. Certain patterns emerge. I watch all the games so I can learn from each one as to what works and what didn't.

Watching the games is fun. I need to pay attention more though, it's easy to get lost in just watching the battles.

Posted using Partiko Android

It is truly amazing what they have been able to do! What is encouraging is that Steem has been able to power it all so the potential is great as the protocol demonstrates its capabilities to other projects interested in developing on a blockchain.

There will be many more games like this developed on Steem in the coming years. The word needs to get out on what a great game Splinterlands is. This is ready to be marketed right away.

Posted using Partiko iOS

I agree. I think it's ready for primetime.

Very well written review with all the fun details that make Steemmonsters so awesome.
Unfortunately the crypto media is not really reporting about the success and innovations created by Steemmonsters. Its already trending since months on the top spots of every Dapp Explorer / Category Gaming. I just was reading this article on Coindesk about NFT and they analysed the most popular Blockchain Games. Guess what, Steemmonsters was not included...lol sometimes I think the crypto media is purposely not reporting about Steem and its Dapps.
Check it out.
https://www.coindesk.com/crypto-gamers-are-showing-little-interest-in-the-decentralized-nature-of-nfts

Odd. I just tweeted at the author.

Yep and here's what that process will look like later today:

image.png

The Steem Monsters guys just impress me at every turn!

Hi there! I agree it is a great game, the best crypto game I know!
062 - Phoenix (663px, 5fps).gif

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  ·  2 months ago Reveal Comment

Curious what you did to get on the permaflag list?

Gaming is a huge time suck, but it can be a nice disconnect from reality for a bit.

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