Closing the Tokenomics Loop: Steem Monsters
"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!
/flex
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.
An interesting gem. Is there a timeline on this for a quick post on Steem?
https://steemit.com/steemmonsters/@steemmonsters/5uydhv-splinterlands-development-update
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.
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.
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I agree. I think it's ready for primetime.
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
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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.
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Hi there! I agree it is a great game, the best crypto game I know!
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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.
Really nice breakdown Luke. I've long been interested in @steemmonsters/Splinterland and believe it could be the dapp that boosts the Steem token up way more than Steemit ever can.
It's just such a shame that I just can't stand gaming myself. I think I've trained myself not to like it because I know how much time it can suck from my life.
Is there a way to set and forget the game, so I'm at least progressing a little?
Cg
https://steempeak.com/splinterlands/@herons-unlimited/tutorial-herons-unlimited-setup-for-card-owners
Thanks Matt.
Cg
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.
Basically that auto message that came up with the abusereports flags started to really get to me. You know the one?
"This person is trash, and I'll flag anyone who talks to this account" Or words to that effect.
I just thought, you know what? That's the kind of schoolyard bullying behaviour that really gets on my nerves. Who the hell is he to dictate who I can and can't talk to? Sure, some of the people on that list probably deserve to be on it, but let me make up my own mind as to whether to talk to them.
Anyway, I did a post called Steem Debates: Do Bullies Prosper On Steemit? Obviously he worked out it was about him, and rather than try and reply and justify himself, he simply flagged the post, and that was that.
The thing is, I think he's taken off that message now. So he realises how nasty and petty trying to ostracise people by threatening anyone who talks to them is. However he still does it, he just doesn't advertise it any more. He flags people for talking to me or anyone else who has crossed him.
Anyway, the more he bullies, the more I'll continue to call him out, I've had enough, he's just the sort of guy at school I used to have to fight all the time. I didn't back down then, and I won't now.
I've tagged it the #butthurtwars, because I traced back his douchebaggery back to the war he lost with Haejin. He was so saddened by the fact he couldn't "crush" him, he decided to target various minnows to satisfy his ego.
Lastly I'll say, there are plenty people on that list who are spammers and abusers, however there are plenty people like me who simply disagree with his point of view and for that he flags.
Sorry to go on, but you did ask! :-)
Back to the subject: I'm going to dip back into Steemmonsters one of these days! I've still got a free card stuck to my fridge all the way back from Steemfest 3...
EDIT: If you want to help in the #butthurtwars, I'd appreciate if you could spread a percentage of your SP onto some or all of my comments to help combat the flags. If not, no drama. I'm having fun visiting the barons asking them for help in the #butthurtwars
You may enjoy this:
Butthurt Bernie: How To Be A Dictator
and possibly this :-)
Butthurt Bernie: Join The Shoes-For-A-Dictator Appeal And Save An Ego!
Cg
Yep and here's what that process will look like later today:
The Steem Monsters guys just impress me at every turn!
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.