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Blockchain games: The Metaverse portal

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Review the development history of blockchain games, explore the development characteristics of the meta-universe and the opportunities brought to the market

From crypto assets first appearing in games as incentives in 2011 to investments of over $1 billion in blockchain games from 2021 to the present, GameFi, a field restructured by new technologies, has begun to take shape in terms of market capitalization, transaction value and users. The market value and user growth of crypto assets, the improvement of infrastructure and model innovation lay the foundation for the development of GameFi. As a mature industry with more than 20 years of growth history, games will bring new growth points for the further expansion of the crypto market.

- GameFi is a new model generated in the long-term integration and collision between blockchain technology and the game field. It mainly meets three characteristics: the incentive layer that can be traded freely and openly based on the distributed network without permission, the combination of game functions and financial properties, and community governance.

-- The traditional gaming market is expected to surpass $200 billion in revenue by 2021, and the crypto market's GameFi concept projects are currently nearing $20 billion in market capitalization, with a peak of over 3 million active users per day, a hundredfold increase this year.

- However, compared to DeFi market with similar user size, the market value of chain games is only 11.9%, and there is still high room for growth in terms of number of projects and asset size.

- Compared to the variety of forms and content types of traditional games, on-chain games are still mainly turn-based strategy games and simulation games. Because these two types of games require a high degree of active participation and creation of virtual assets, they match the advantages of on-chain games. Real-time strategy or action games, which require a high level of experience and story, are still in the works.

- With the development of gaming applications and the improvement of their upstream and downstream, the development of the infrastructure for gaming applications and the development of professional player organizations will unlock greater potential for GameFi.

- Play-to-earn is currently the main motivation for players to participate in games. The main profit mode of game projects is selling assets and collecting transaction fees. And the opening of the game on the chain allows users to become not only the participants and consumers of the game, but also the creators and administrators of the game. Through the rational distribution of economic incentives and governance rights, users and games form a positive cycle.

1. Industry Overview & NBSP;

1.1 History

A review of the development history of blockchain games can be divided into the following stages:

Nascent (2011-2012) : Blockchain technology was first applied to gaming, and the crypto community began to conceive and design on-chain games based on distributed protocols, and the play-to-earn model emerged.

Back in 2011, there was talk of games on Bitcointalk, a popular Bitcoin forum, when some early members of the community used their bitcoins to support independent game development teams. In the second half of 2012, some game developers put components like bitcoin wallets into the popular sandbox game Minecraft. The first Bitcoin-enabled Minecraft server was MinecraftCC, where players were rewarded for their actions (killing in-game monsters, building houses, etc.) in the form of bitcoin once a week.

Source: Bitquest

Bubble Period (2013-2015)

Gambling games and card games based on the chain began to become popular.During this period, chain games of the gambling type emerged in a large scale, among which the most famous programs were Seals with Clubs, Gambit, BitVegas and BitQuest. In addition, non-gambling chain games began to appear, and there was an NFT attempt in Mp of Genesis, which was how to make single cards have independent and distinct features: The cards in the game were represented by non-homogeneous assets XCP (standards like ERC-20 were proposed after November 2015).

Source: WordPokerDeals

Mp: Spells of Genesis

Growth Period (2016-2019)

As the variety of blockchain-based games grows, a large number of game companies begin to focus on how to transform the experience of traditional games with the help of distributed networks, and the play-to-earn model becomes popular.

As Ethereum went live and matured, chain games began to become a regular track in the crypto world, with a massive explosion of projects, especially in 2017, when the crypto market was at its peak in the previous cycle, and there were several significant chain games: CryptoKitties have become representative of pet formation and synthesis, and pets can be used in other games, proving the possibility of a "multiverse" based on blockchain. Decentraland completed its Token issuance in August 2017, incorporating the Metaverse "concept into the blockchain; Axie Infinity also appeared in late 2017.

Source: CryptoKitties

Outbreak Period (2020-present)& NBSP;

After two cycles of exploration in the crypto market, the business model of chain games became clear, large companies increased relevant investment, chain game users and market value exploded, and chain game ecology gradually matured.

After DeFi Summer in 2020, the ecosystem of new public chains began to gain momentum, with Ethereum side chains, EVM public chains and Solana among others providing the ground for gaming applications. Games such as Axie Infinity and Cryptoblades have become phenomenon products, while unlaunched projects such as Star Altas, SpaceY2025 and Illuvium have also gained high market popularity. In addition to the classic card, pet cultivation and other modes, there are design, role-playing, real-time strategy and more diverse types of games.

In addition, the game ecological pattern was initially formed, the emergence of YGG, MAODAO and other gold producers to obtain chain game incentives as a source of income. The popularity of chain games has also attracted the attention of traditional Internet giants, such as Facebook and Tencent, which are investing in the metasverse and gaming.

Source: Facebook

1.2 GameFi market size

As of October 2021, the market value of standardized assets (Fungible tokens) related to GameFi reached $3.8 billion and related non-homogeneous assets (NFT) exceeded $420 million. But compared with the traditional game market, the scale of the chain tour market is still not expected. Global gaming revenue is expected to reach $175.8 billion in 2021, with 2.9 billion users worldwide, and $204.6 billion in 2023, according to Newzoo.

Source:Newzoo

The potential of GameFi is mainly reflected in its potential users and growth rate. According to DappRadar, in mid-July 2021, there were 3.31 million interactions between online games and wallets, surpassing Defi for the first time. GameFi has become a new growth point for blockchain applications. Axie Infinity, for example, has the largest market cap share (18.9%) with an estimated $520 million in annualized revenue, making it the highest-grossing app implementing protocols in the entire crypto market.

Source:DappRadar

Axie Infinity's revenue figures have improved marginally since May and entered a period of rapid growth since June. Combined with DappRadar's interactive data with the wallet, GameFi started to enter the explosive period in June. The eye-catching revenue data of Axie Infinity attracted investors to pay more attention to the track, driving the industry forward flywheel.

1.3 Industry Atlas

Source: 21DAO self-made

Infrastructure:

The male chain:Blockchain games rely on public chains, side chains, and Layer2. Currently, major chain games are deployed on public chains such as Ethereum, EOS, TRON and Solana. Some of the public links were created to better serve the game, such as FLOW and Ronin, which were developed specifically for the performance required by the game.

The upstream: Game production companies, independent game production teams, DAO: Game production companies include companies originally born in block chain, such as Gala Games, and some new business lines in traditional game industry, such as Tencent and The9; Indie game teams are often backed by some blockchain companies, such as Axiom Zen, which incubated CryptoKitties. Loot, which was born in 2021, created a new paradigm of chain games -- the development and setting of the world view, equipment and props of the game by the community.

In the middle:Game distribution platform, NFT trading platform, DEX/CEX: Game distribution channels are similar to traditional games, but different. Public links, Kols, and communities are often important channels for game distribution and publicity. The public chain foundation will provide financial support and publicity to promising chain tourism projects; After the game starts production, it will soon set up relevant communities for the incubation and promotion of early users. At the same time, based on airdrop rewards, the core user group will be used as the "tap water" for the promotion of new users. The NFT trading platform can also be considered an important part of game distribution as it supports airdrops and other NFT transactions. In addition, CEX/DEX will provide secondary market transactions of various types of chain game tokens, so it can also be regarded as providing publicity support.

Downstream:Individual player, Gold Union: The attributes of the player are similar to the traditional game industry, and the individual user is the focus of the game promotion. However, unlike the traditional "play-to-win" game, the game itself provides various types of token rewards, and these tokens can be sold directly to earn revenue. Therefore, the goal of the gold union is different from the traditional gold union, and the core purpose is to earn tokens in the chain game rewards.

What we can see is that the power of community or DAO cannot be ignored in the above links. During the game development process, THE DAO can provide suggestions on the development direction of the game and incubate the early core users. In the link of game promotion and transaction, DAO with strong cohesion can also become an important force on various social platforms. If the game can attract KOL with enough influence as a DAO member, the user growth of the game after its launch and the improvement plan of the subsequent game can get more attention and support. After the launch of the game, a large community not only provides a large number of active users, but also provides a more active market and liquidity for token trading in the secondary market of chain game.

Depending on the subject matter,Game applications can be divided into role-playing, simulation, strategy, action and adventure.

Role-playing games in which the player assumes the role of one or more characters;

- Simulation games that try to replicate the various forms of "real" life;

- Strategy games provide an environment where players can think more and deal with more complex things. They are the most popular form of game in traditional games;

Action games emphasize reflexes and hand-eye coordination;

The common denominator of adventure games is exploration, collectibles, puzzle solving, and simplified fighting and action.

Currently, blockchain games are mainly focused on strategy games and simulation games,The main strategy games are highly playable and profit from selling skin, potions and characters. SIMS can be creative and profitable by selling virtual real estate.

Source: 21DAO self-made

1.4 Development characteristics of GameFi

The main differences between chain games and traditional games are as follows: chain games have an open economic system and absolute ownership of game assets, Play to Earn is the main mode, and DAO determines the development direction of the game.

Open economies and absolute ownership of game assets: Traditional game, players in the server of the game assets stored in the factory, all depends on the survival of the company assets, and chain game assets in the form of NFT is stored in the block chain, realize the true ownership of game assets, players can not only trading within the game, NFT trading platform trading can also be used in a third party.

Play to Earn 为主要模式：相较于传统游戏的 Free to Play、Play to Enjoy/Win，GameFi 利用区块链 token 激励机制吸引流量，改变了游戏利润分配机制。玩家付费参与游戏的过程中，给游戏带来了价值，部分价值通过 token 奖励给玩家。传统游戏中，玩家在游戏上基本是净支出，而链游玩家在玩游戏过程中付出的时间和金钱，将有机会获得高回报。区块链游戏前几年一直不温不火，今年年中大规模爆发，主要系 Axie Infinity 将 Play to Earn 机制带入大众视野。目前链游在东南亚地区最为火热，为中低收入国家居民提供全新的赚钱机会。

Source: 21DAO self-made

Daos provide longevity for on-chain games:传统游戏中，公司决定游戏的发展，若团队能力有限，可能会导致好游戏坏经营。而链游使用 DAO 进行治理，团队持有 Token 本身就是 DAO 的一部分，同时忠实玩家也可持有 token 对游戏的发展提供建议，进一步提高玩家的游戏体验。发行 DAO Token 使得产业链上中下游利益高度一致，不再是一次性的交易，有动力共同维护项目良好发展。

2. Project Review & NBSP;

Axie Infinity: The most profitable on-chain app

Axie Infinity 是由越南公司 Sky Mavis 于 2018 年初开发，建立在以太坊侧链 Ronin 上的去中心化回合制策略类游戏。游戏中的 NFT 包括 Axie、Land、道具等，经济模型采用双 token 机制。团队为解决以太坊拥堵问题，开发了侧链 Ronin，据 LinkedIn 数据显示，公司目前共It has 137 employees.

Source: compiled by 21DAO

On October 4, 2021, Axie Infinity closed a $150 million financing at a valuation of $3 billion, bringing its cumulative funding to nearly $300 million.

Source:The Information,crunchbase,Binance Launchpad

Axie Infinity is a typical turn-based strategy game that requires players to purchase three Axie (WETH) to start the game. By winning PvP and PvE battles and completing daily quests, players can earn Smooth Love Potion (SLP), SLP can be sold in the secondary market or used as breeding feed. Two Axie are used for breeding, and each Axie can breed 7 times. The more times of breeding, the more SLP is needed.

Source:Axie Infinity Twitter

项目采用双 token 经济模型，AXS 作为治理 token 捕获项目价值，SLP 作为燃料 token 用于繁殖与奖励。

AXS 是发行在以太坊上的 ERC-20 token ，总量为 2.7 亿，29% 用于质押奖励、21% 分配给团队、20% 用于 Play to Earn、11% 用于公开销售、8% 用于生态基金、7% 用于奖励顾问、4% 用于私售。65 个月后全部释放完。

Source:Axie Infinity

AXS 作用包括：1）质押获取奖励；2）质押后的 token 拥有治理权；3）繁殖 Axie 需要支付一定的 Axie。

The income of Axie Infinity agreement is mainly divided into three parts: 1) NFTs sold in the primary market (including Axie, land, props, etc.); 2) For sales in the secondary market, Axie agreement will charge 4.25%; 3) And when players breed Axies to create new pets, they consume AXS.

SLP will be used for breeding Axie and game rewards, and will be distributed in unlimited quantities, and the resulting SLP will be destroyed. Every time a player wins an Axie match, they receive an SLP bonus. The number of SLPS a player earns depends on their rank, so players with the highest skill and best Axies earn the most money per day.

Source:Axie Infinity

Axie Infinity 作为 GameFi 领域的龙头，将 Play to Earn 的商业模式跑通，即使 AXS 除了治理权暂无捕获平台价值，但市场仍给予其治理 token AXS 一定的龙头溢价和创新溢价。目前进入 AXS 游戏的成本相对较高，并且越来越多的 GameFi 出现，导致新增用户数量减少，团队需要考虑如何降低入门门槛以抢占更多的用户。

Market Performance:

Axie Infinity 作为 GameFi 领域的龙头，其治理 token AXS，公开发行价位 0.1 美金，至今已实现千倍收益。SLP 作为繁殖所需的饲料和无限增发的奖励，市场表现不如 AXS。用户量 6 月初进入快速爆发期，目前为 75497。

Source:nonfungible.com

With $797.1mm in revenue in the last 90 days, it became the most profitable blockchain app after Ethereum.

Source:TokenTerminal

Gods UnChained: Two-story scheme "UnChained"

Gods Unchained is a turn-based card strategy game from Fuel Games released in 2018. The game runs off-chain, and cards are traded on Immutable, a two-layer scheme, as game assets. The team created Immutable X ethereum layer 2 expansion solution for the game, Immutable X allows NFT casting and transactions without gas.

Source: compiled by 21DAO

The cumulative project count exceeds us $20 million.

Source:coindesk,coinlist,Gods Unchained

Gods Unchained 是回合制卡牌策略类游戏。玩家最初可以免费进入游戏，系统会提供一套免费的卡牌供玩家使用。玩家每轮需要选择一个英雄与对手放进行决斗，胜利后可获得 token 奖励。

Source:Gods Unchained

Gods Unchained 的 token 为 GODS，是发行太以太坊上的 ERC-20 token，总量为 5 亿，分配方案如下：

- Play to Earn (34%) : Unlock for more than 6 years.

- Team (25%) : 48 months, full lock in year 1.

- community & amp; Ecological fund (20.5%) : unlock period is 6 years.

- Community Allocation (7%) : 3.5% immediate release, 3% unlock for 3 months, 0.5% buffer.

- token 基金（6.5%）：无锁仓期

- Public offering (7%) : public offering on CoinList on October 13, 2021 with a lock-up period of 12 months.

Source:Gods Unchained

tokenUSES:

1) Smelt GODS and game cards into NFT;

2) when buying NFT in the primary market, 20% will be paid with GODS;

3) Secondary market transaction commission, 20% will be paid by GODS;

4) Governance voting;

5) Staking is rewarded.

Revenue sources:

1) Issue new cards for sale from time to time;

2) Certain handling fees are charged for secondary market transactions

Value capture:

活跃的 Staker，以每个周期（7 天）钱包中最小 token 数作为权重，获得 Staking Pool 的全部 GODS 奖金

Active Staker condition:

1) Have voted in the last 30 days;

2) GODS are Immutable throughout the 7 day cycle

Staking Pool revenue sources:

1) Molten GODS paid by NFT;

2) The portion of primary market launch and secondary market transaction fees paid by GODS

Source:Gods Unchained

Splinterlanders: Connects traffic channels

Splinterlands (Steemmonsters) is a turn-based card strategy game deployed on the Hive blockchain. Created by an American team, players win matches and receive cards and Dark Energy Crystals (DEC) rewards. Cards can be played against, levelled, sold or lent to other players.

Source: compiled by 21DAO

Financing situation

Source:Crunchbase

Splinterlands is a round card strategy game. Players can enter the game for free, and the system will lend you a set of combat-ready entry cards to familiarize you with the gameplay. To get your own line of playable NFT cards, you need to pay $10 for the Summoner's spell book. DEC bonuses in combat will depend on your current level, your opponent's level, and your energy capture rate. All players will have an "energy capture rate (ECR)" meter, and the lower the ECR, the lower the DEC bonus. ECR decreases by about 1% per victory; However, with an increase of 1.04% per hour, the official recommendation is no more than 25 battles per day.

Source:Gods Unchained

Splinterlands 采用三种 ERC-20，SPS 作为治理 token 捕获项目价值，DEC 作为燃料 token 用于支付与奖励，Credits 是不可转让的系统稳定币（1000 Credits = $1），用于购买资产。

SPS 是发行在 BSC 上的 ERC-20 token ，总发行量为 30 亿枚， token 分配情况：

-Airdrop 13.33%, airdrop is carried out according to the weight of Airpoints (determined by the duration of the quantity and type of Asset holding) for a total of one year, i.e. 1100000SPS (400000000/365) for airdrop every day;

- Foundation/DAO 10%, distributed over 65 months, with DAO deciding the use of funds

- Private placement 6.67%, locked up for 10 months

- Team 9%, locked up for 65 months

- Partner/Advisor 1%, lock-up period 24 months

- Play to Earn 30%, distributed over 65 months

- Staking/LP/Oracle excimer 30%, distributed over 65 months

Source: Splinterlands

tokenUSES:

1) Staking incentives, taking profits;

2) LP liquidity mining to obtain rewards;

3) Get the right of governance after pledge

DEC 是发行在以太坊和 BSC 上的 ERC-20 token，根据运营情况无限量增发，主要用于游戏内购买各种卡包、土地、道具、提升个人排名等。在排名赛中对战，获胜后可获得 DEC 奖励。通过 DEC 买到更多卡牌，从而提高玩家对战的胜率，获得更多对战奖励以及稀缺卡牌。稀缺卡牌可以在 NFT 交易市场交易获利。

Release mechanics: The initial release of 1MM DEC per day as a bonus pool allocated to the game's players, when 1000DEC& LT; At $1, the DEX will be reduced when 1000DEC> At $1, the release DEC is increased.

Consumption burning mechanism:

1) DEC used to buy the smallest package will be burned;

2) Guilds need to contribute DEC to level up and get more combat rewards, and this part of DEC will be burned;

3) Skins can only be purchased with DEC, the platform will burn this part of DEC;

4) DEC used to purchase potions will now be burned.

Credits: Used to purchase assets within the platform and issue recommendations. Credits can be purchased within the platform using PayPal or other cryptocurrencies. 1000 Credits = $1, Credits are non-transferable and can only be used within the platform.

Splinterlands leads the chain games sector with 400,000 daily sales

Source: DappRadar

Source: CoinMarketCap

虽然 Splinterlands 日活数据亮眼，但是由于其治理 token SPS 捕获协议收入的能力弱，部分协议价值被 NFT 与 DEC 抢走，而 DEC 和 NFT 又是无限增发的，Credits 与 DEC 功能也类似。可用 PayPal 购买 Credits，且 Credits 不可转让，可用 Credits 购买的资产也是不可转让的，可避免合规问题。

Decentraland: Metaverse primitives

Decentraland is a virtual life game funded in 2017 and launched in 2020 with a team based in Europe. It's a fusion of blockchain, SIMS and virtual reality. Decentraland is one of the biggest blockchain-based game milestones, Decentraland has brought the "metaverse" to the blockchain industry and greatly expanded the imagination of the games industry. The game is deployed on Ethereum and the core asset in the game is land.

Decentraland as a virtual reality game, Decentraland basically recreates the real world business model. First, in the primary market, users can participate in bidding to buy land and build virtual real estate. Users can also resell their virtual land after acquiring it. In virtual real estate, users can also add more diversified entertainment facilities, such as exhibition, gambling and so on. NFTS created by users on Decentraland can also be traded directly.

Source:https://market.decentraland.org/browse?assetType=item& section=wearables

在 Decentraland 初期，项目方发行了两类资产：虚拟土地 NFT 和 ERC-20 token MANA。虚拟土地需要通过 MANA 购买，The initial price of the first issue in the primary market is 1000MANA=1 piece of land. As the ecosystem has matured, Decentraland now has a number of user-generated assets that are also paid for using MANA. In addition, a user can also use MANA to pay for some of their transactions, such as changing their name, building a house, etc.

下图分别是 MANA 首次发行时的 token 分配机制和通胀机制。

Distribution: 40% for initial offering; 20% to incentivize developers and content producers; 20% to the team, early contributors, and consultants; 20% as reserves. Part of the team locked up for 3 years. The initial launch raised about $25 million, with MANA's launch price set to be followed by a number of releases. MANA inflates after the initial offering and proceeds as follows. The entire secondary issue is carried out by smart contracts and the proceeds generated will continue to fund Decentraland.

Source:Decentraland Medium

Source:Decentraland Medium

There were two rounds of virtual land auctions,The first round starts at a fixed 1000MANAThe second round sold land in a Dutch auction. After the second round of auction, all the virtual plots were sold. All MANA gained is destroyed. Based on the amount of MANA in circulation at the time, the two auctions destroyed approximately 8.6% of MANA. Today the secondary market price of Decentraland's land has increased a hundredfold compared to the initial issue.

作为元宇宙概念的第一项目，Decentraland 的历史意义重大。越来越多的传统行业的公司、个人在其中开发土地、建设有特色的建筑，同时增加了更多能与用户互动的玩法，Decentraland 的未来值得关注。目前 Decentraland 的用户数据与需要参与度的回合制游戏相比仍有较大差距，项目在用户行为激励和 token 价值捕获的方向仍需探索。

Star Atlas: Traditional game "in the ring"

Star Altas 是一个部署在 Solana 上的科幻题材即时制策略链游，于 2021 年募资，计划 2022 年上线，玩家可免费进入游戏。游戏中的核心资产是土地、飞船等。玩家可在游戏内进行星际探索、开矿、建造飞船、战斗等活动。Star Atlas 已于 2021 年 9 月公开发行 ATLAS 和 POLIS 双 token 。

projectThe team is from the United States and currently has 56Some of the team members have worked on a number of high-profile games, including Call of Duty: Black Ops 3/4, Halo Remastered, The SIMS, Lord of the Rings, etc. Michael Wagner is the founder of Star Atlas,Prior to that, he was the founder of two blockchain investors, Multichain Ventures and Automata.

The cumulative financing of the project exceeds ten million DOLLARS.

Source:Star Altas Medium

The game is divided into three factions: humans, managing MUD areas; Alien race, rule ONI, robots control the USTUR region. Players can choose either side to play the game. After entering the game, players mainly engage in three types of activities:

(1) Production activities: mainly mineral exploitation, mineral extraction, scientific and technological improvement and product manufacturing;

(2) Voyages: to explore planets and discover unexplored planets; You can also use starships to fight for ATLAS rewards;

(3) Building: Players can develop various buildings based on the land.

In addition, players can participate, develop personas, participate in governance, and more.

Source: Star Atlas Economic Paper

In the game, land, ships, and characters are NFT assets. Land is an asset that needs to be purchased, and ships can be built by the user from synthetic materials, etc. To keep the game going, players need to mine minerals. It must be based on land and mining equipment. So virtual land is still a very important asset in the game.

Source: Star Atlas Economic Paper

Star Atlas 采用双 token 经济模型：ATLAS 和 POLIS。

(1) the ATLAS

ATLAS is used for the purchase of various assets in the game, mining activities, technology upgrades, production, combat, and deep space exploration. Players also earn ALTAS for winning battles, exploring deep space to discover unexplored planets, and selling various types of ships and equipment produced in the game.

ATLAS 总共发行 360 亿枚，其中：私售轮发行 22.5%，分 2 年解锁；公开预售轮发行 1.5%，分两年解锁；公开发行 2%；流动性池占比 4%；奖励占比 65%，分 8 年逐步解锁；团队保留 5%，分 2 年解锁完毕。

Source:Star Atlas Economic Paper

为了实现 ATLAS token 的良性循环，设计了如下机制：游戏中的各种税收和费用将被注入 ATLAS DAO Treasury 中，Treasury 的资金将被用来作为激励计划或直接分派给 ATLAS 的质押者。如果将 ATLAS 分派给 ATLAS 的质押者，Treasury 会将持有的 ATLAS 换成稳定币交付给质押者。DAO 在未来也会决定 ATLAS 是否会选择永久性通胀、销毁等政策。

(2) the POLIS

POLIS 是治理 token ，玩家在游戏的过程中，如果能拉入新玩家且新玩家在游戏中完成一定的任务或使用一定的市场就可以获得 POLIS 奖励。玩家将游戏用户拉入游戏公会也会获得 POLIS。持有 POLIS 还可以在游戏中管理某些区域，制定税收等。

POLIS 总计发行 3.6 亿枚。POLIS DAO 的主要职责是管理 ALTAS Treasury，并捕捉部分 ALTAS 价值。其中：私募轮发行 22.5%，分 2 年解锁；公开预售轮发行 1.5%，分两年解锁；公开发行 2%；流动性池占比 4%；奖励占比 65%，分 8 年逐步解锁；团队保留 5%，分 2 年解锁完毕。

公开发行阶段的 2%，其中 1% 在 FTX 出售，Raydium 和 AcceleRaytor 分别出售 0.5%。

Source:Star Atlas Economic Paper

From the background of both the project side and the capital side, Star Atlas can be called a Star team. If the project lives up to the hype and goes live as planned, it could be another milestone for the chain game. Given that Eve Online, a traditional gaming industry equivalent, took eight years to complete the project, Star Altas added a complex incentive mechanism that needed to be tracked.

SpaceY2025: Flagship of the Real-time Policy class

SpaceY2025 是一款宇宙移民题材的塔防游戏，该游戏部署将于年底面世，计划部署在 Ethereum 和 BSC 上。这款游戏的背景发生在人类移民火星之后。玩家在游戏中可使用 SPAY token 购买火星土地、建造房屋等，抵御外星生物入侵等。游戏的设定背景有趣，预览版画面设计精巧，游戏类型迎合了 Z 世代对于游戏「攻防」对战的偏好，获得了较高市场热度。而在受众较广的策略类游戏中，即时制塔防题材一直鲜有优秀作品上线，SpaceY 的上线处在该类型游戏爆发增长前的窗口期。

SpaceY2025 is developed by BlockFish, which is headquartered in Silicon Valley and has core team members from Well-known companies at home and abroad such as Tencent, EA, Zynga and MZ. They have more than 10 years of experience in game development, design and operation, but more than 4 years of experience in the blockchain industry. Rich experience in contract development and economic model design.

The project has completed a round of financing this year, with the participation of leading institutions and exchange VCS.

Source:SpaceY2025 Medium

Game mechanics

SPAY is used to buy land and upgrade buildings to defend against alien species. Each month a new season kicks off, with SpaceY2025 releasing a new map. The user's score ranking in the game will be used as the basis for the distribution of season awards. In addition, users only have the chance to receive ore rewards if they perform actions such as combat.

There are three main assets generated in the game:

(1) SPAY

SpaceY2025 will release a total of 25 million units, 2% of which have already been allocated to early adopters as airdrop rewards. SPAY can purchase various types of assets in the game.

Source:SpaceY2025 Medium

80% of the game's revenue will be used as a bonus pool to reward users, 10% as an incentive for the game team, and 10% will be added to the liquidity pool as a liquidity incentive to be distributed to LP.

(2) ore

10% of the daily reward is distributed to the user in the form of minerals, an NFT asset in the game. The number of dispatches is determined by the following formula:

Daily revenue *10%/ price of ore = total production of ore

(3) Other NFT assets

SpaceY2025 will sell NFT blind boxes, which can be purchased directly using SPAY. Participation in official events also offers opportunities to receive blind boxes. The blind box is filled with items, and the player has a chance to draw items with rare attributes. After acquiring these items, players can either sell them directly in the market or use them in-game to earn SPAY.

SpaceY2025 is the first real-time strategy title in the blockchain space, and real-time games are much more demanding to design and play than card games. The growth of the project will feed back the development of upstream and downstream ecology, and promote the generation of rich gameplay.

YGG: Tokenization of game revenue

YGG 是一个诞生于东南亚的游戏公会，该公会的主要目的是通过链游「play-to-earn」的模式赚取 NFT 或 token 收益，是目前链游领域最大的游戏公会，主要公会成员来自于菲律宾等东南亚国家。截止 2021 年 9 月，YGG 还持有包括 SAND、AXS、Zedrun 等在内的各类型资产总计超过 8.5 亿美元。

YGG's core team consists of 20 members, mainly designers, community operations and marketing functions. Gabby Dizon, founder of YGG, who serves as CEO, founded Game studio Altitude Game in 2014 and entered the blockchain industry in 2018. He is an active member of the Axie Infinity and Forever Finance communities.

YGG raised $1.325 million in A Seed round led by Delphi Digital6 in March and $4 million in A Series A round led by Bitkraft in June; In July, it raised $4.6 million, led by A16Z, followed by Kingsway Capital, Infinity Ventures Crypto, Atelier Ventures and gaming entrepreneur Gabriel Leydon.

YGG (Yield Guild Games) is a DAO that invests in virtual worlds and blockchain's NFT assets. YGG is mainly engaged in the following categories of activities:

(1) Build a global community of play-to-earn players to reap in-game rewards;

(2) Gain proceeds from leasing or selling NFT assets owned by YGG;

(3) Assist game players in THE DAO to conduct research and generate revenue by maintaining competitiveness in metaverse related games;

(4) Allow the community to participate in the GOVERNANCE of DAO through proposals and votes;

(5) Establish branch DAOs to participate in specific game assets or activities.

In order to realize the above economic activities, YGG team will carry out the following types of work:

(1) Attract new players, community managers, game masters, etc.;

(2) Through the incentive plan, set up a "level promotion mechanism", give different rewards to different community participants;

（3）分发 token 奖励；

(4) Add new trade union module;

(5) Increase revenue activities through technical means;

(6) Purchase virtual game assets.

The income sources of YGG are as follows:

(1) Directly or indirectly use THE NFT assets owned by YGG to earn income through leasing;

(2) Assets in the game (such as land) may be generated through economic activities carried out in the game by third parties (non-union members);

(3) Appreciation of NFT assets.

YGG's Treasury also carries out several types of economic activities:

（1）购买加密货币资产、元宇宙中的虚拟资产，游戏中的 token ，预发售 token （SAFT，Simple Agreement for Future Tokens），以及对于元宇宙的发展有助推作用的 NFT 资产；

(2) arbitrage activities to increase returns;

（3）管理各方锁定的、未归属、未分配的 token ；

(4) Provide guidance on activities such as interest and debt payments, mergers and acquisitions (including buybacks and future fundraising matters);

(5) Perform accounting, auditing, tax and other financial activities.

YGG Treasury held $850 million in digital assets at the end of September 2021.

Source: Yield Guild Games Asset & Treasury Report

YGG issued 1 billion coins, 45% of which were community incentives; 24.9% will be allocated to investors in the early stage, 20% will be released after the main network goes online, and the remaining 80% will be released linearly after 1 year. 15% belongs to the founding team and will be released linearly in the next 3 years; 1.85% belong to the consultant team and will be released linearly after 1 year of lock up; The remaining 13.3% is injected into YGG Treaury.

For community incentive, 7% will be used as reserve as incentive plan for future community activities, 22% as pledge reward, DAO contributors will get 18% of it, incentive for other games will take 14%, improving game experience will take 29%, and acquisition reward will take 8%. However, these plans are still in flux, and the community will vote on the specific implementation plan in the future.

Source: YGG White Paper

对于 YGG token 而言，其价值来自于下列经济活动：

(1) Obtain income from assets in Treasury;

(2) Income from the active management of assets in Treasury;

（3）从挖矿活动中获得对应的 token 奖励收益；

(4) Revenue generated by esports;

(5) Rewards generated by raids;

(6) Earnings from sponsorship by other companies;

(7) Fees from subscriptions;

(8) Revenue from sales of goods.

Since YGG's activities mainly rely on various types of chain games, the value of its YGG Token can be roughly described as the sum of its various assets.

Investors holding YGG have the following interests:

（1）质押 YGG 获得普通活动的 token 奖励；

（2）质押 YGG 参与特殊活动的 token 奖励；

(3) Pledge YGG to obtain exclusive content;

(4) Pledge YGG to participate in the voting governance of DAO;

(5) Pledge YGG's exclusive subscription products;

(6) Use YGG to pay for various services in DAO.

As of October 25, 2021, approximately 7% of YGG tokens were in circulation, with a total market value of approximately $6.43 billion and a market value of approximately $440 million. YGG Token holders are also growing rapidly.

Source: Coinmarketcap

Source: Dune Analytics

总的来看，YGG 作为区块链链游行业第一大游戏公会，在游戏筛选、融资能力、公会成员成本等方面占据优势。不仅于此，YGG 对于未发行 token 项目的支持，可能也会成为其孵化和培育新型链游的重要手段，YGG 在未来的发展方向非常值得关注。

3. Conclusions and Prospects

3.1 From the current market performance, the most eye-catching GameFi games are strategy games with clear revenue models. As the infrastructure of the meta-universe, virtual games have a strong head effect. The underlying network that features games has yet to emerge as a real head market, and the underlying protocols are still competing. Game union greatly reduces the learning cost of users to obtain game revenue and has a relatively broad audience for investment.

Source: Coinmarketcap, non-trumpet, Non-Fungible.com, DappRadar

3.2 Due to the decentralization of rule making, most chain games will naturally have the attributes of SIMS, and token holders are required to play the role of project manager by default and participate in the decision-making of project development and revenue distribution.

3.3 The logic of game acquisition will evolve from traffic competition, to profitability competition, and then to consensus competition. A good on-chain game is a complete, solid on-chain world.

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Useful Link: & have spent

Gamefi industrial report - OK

https://www.theblockbeats.com/en/news/27065

AxieInfinitys

https://kr-asia.com/what-does-axie-infinitys-meteoric-rise-tell-us-about-the-play-to-earn-game-industry

Guosheng: The rise of Gamfi

https://mp.weixin.qq.com/s/y8JEAI8PQryR6naKXk-C5Q

BGA Blockchain Game Report Q3 2021

https://dappradar.com/blog/bga-blockchain-game-report-q3-2021/

Blockchain User Behavior Report -- Games Perspective

https://dappradar.com/blog/blockchain-user-behavior-report-games-perspective-2

Global Gaming Industry Value Now Exceeds $300 Billion, New Accenture Report Finds

https://newsroom.accenture.com/news/global-gaming-industry-value-now-exceeds-300-billion-new-accenture-report-finds.htm

Blockchain Gaming Part II: Successes and Failures of First-Generation Games

https://www.theblockcrypto.com/post/35251/blockchain-gaming-part-ii-successes-and-failures-of-first-generation-games

Where are the blockchain attributes of Let's Hunt monsters?

https://cloud.tencent.com/developer/news/208333

Building the Metaverse Responsibly

https://about.fb.com/news/2021/09/building-the-metaverse-responsibly/

Yield Guild Games: Creating a New era in the NFT Sharing Economy

https://www.theblockbeats.com/news/24997

Interview with GameGene CEO Jinming Pu: The transition from traditional games to blockchain games

https://gameinstitute.qq.com/community/detail/126180

Game industry market size

https://newzoo.com/insights/articles/global-games-market-to-generate-175-8-billion-in-2021-despite-a-slight-decline-the- market-is-on-track-to-surpass-200-billion-in-2023/