What is tokenomics?
The success of any game project is its strong economic/tokenomic systems. In-game economics is a list of rules that control the in-game economic processes to make the gameplay competitive and transparent. Tokenomics is economics that operates with tokens – fungible and non-fungible (NFT). Tokenomics is not only a supply (mint) of tokens. Mainly, gameFi products also have in-game economics and tokenomics because tokenomics can not manage all the operations with game data. Web3 is not only tokens and their flow. While developing the game, we must remember also about the game mechanics, right balance, and play2fun mood.
Many game developers are trying to shift to a new technology without deep understanding what its value is for their product, which role it will play in the overall functioning of their product, and how it can help the product to succeed. That is why there are so many fails of web3 products creating a vague reputation for the entire technology.
Our experience in tokenomics models at Galaxy4Games
We have not only spoken experience of creating our own web3 product: metaverse RPG with the user driven economy system and have been providing the tokenomics model development and consulting for our client for years. We also have the module system developed through many years of our work that allows easily re-use modules and ready-made solutions and save our clients’ time and budget. This module system is constantly being improved and fulfilled. With this experience and our module system in hands we also can offer other companies and brands to move to web3 smoothly and use its benefits wisely. It’s obvious that web3 is in the sphere of interests not only of the game developers but also of all strong brands (fashion, retail, others) and this trend will be gaining popularity.
How to create the best tokenomics model?
The best tokenomics models are those which can help your product generate revenue on a long term run and provide good and competitive retention. However, development of the tokenomics model is not a one-time thing, and many developers make the mistake of not adjusting it to the users behavior, analytics and overall trends. It is highly important to always be aware of the token’s performance in the market and adjust the model according to it which may include adjusting of the tokens supply, re-balancing the distribution, or adjusting the economy in general.
Whether you are looking just for tokenomics consulting or the development and full production cycle of your web3 project our team can deal with this and help you to build a successful and competitive product.
Feel free to contact us regarding your product or even idea. Our tokenomics consultant will provide you with free consultation and prepare the next steps based on your product specifications. After clarifying some details we will be able to send you the quote just within a few days.
