FTX's latest IE0: Can "C2X" reshape the GameFi ecosystem?

Original title: "Reshaping the GameFi Ecosystem? An article explaining FTX IE0 in detail: the game platform "C2X" co-operated by Korean game listed company Com2uS and Terra blockchain developer"

FTX will launch the C2X IE0 project pre-sale at 21:00 this Friday. C2X is a blockchain game platform that provides game developers with blockchain game solutions such as token economy design and NFT secondary market. This article will introduce the detailed rules of the IE0 auction and the C2X ecosystem - including business models, token economy, governance models, etc.

IE0 Bidding Rules

According to the FTX purchase page, this IE0 will be released in March It will start at 21:00 on the evening of the 18th, and you need to pledge 150 FTT 24 hours before the start, and pass the KYC of level 2.

The total number of subscription coupons is 2,000, and each coupon is 6,700 Token CTX, a total of 13.4 million CTX tokens. The minimum subscription price for each subscription ticket is 480 USD(T), and the maximum is 502.5 USD(T) + 5 FTT. Calculated at 502.5 USD(T) + 5 FTT, the price of CTX is about 0.075 USD (plus 5 FTT price)

Participating users need to create a "CTX-IE0" sub-account and transfer the subscription funds to the sub-account. If the subscription is successful, the funds in the account for subscribing IE0 will be converted into CTX tokens in a few hours. If the subscription fails, all funds will be refunded, and all FTTs that have successfully subscribed this time will be destroyed.

Rule finishing:

January 17 Before 9:00 p.m., pledge more than 150 FTT (150 FTT) and pass the KYC of FTX level 2 

2. Create a sub-account "CTX-IE0", transfer in subscription funds 

3. The minimum subscription price for each subscription coupon is 480 USD(T), and the maximum is 502.5 USD( T) + 5 FTT (the latter is recommended)  

4. More FTT can be pledged to get more subscription tickets to bid

Combining "games" and "finance" is still a long way to go

GameFi's P2E (Play to Earn) model is flourishing as NFT applications become more and more complete. According to DappRadar's September 2021 industry report, the NFT market size in August 2021 increased by 1,103% compared with the same period in 2020. Among them, the game NFT market in Q3 2021 reached 2.23 billion, accounting for about 21.7% of the NFT market .

By the end of 2021, the market size of the global game industry has exceeded 300 billion US dollars, and most of the output value comes from subscriptions, micropayments, etc.

Although blockchain games are quite attractive, it is still quite difficult for traditional game developers to combine "game" and "finance" and integrate them into the blockchain.

On the other hand, the increase in the number and market value of blockchain games is not all positive. According to the C2X white paper, 25% of the total 3,800 Dapps have not been updated for more than six months.

In order to solve the above pain points, Com2uS, a Korean listed game company, and Terraform Labs, a Terra blockchain development company, jointly developed the C2X platform to provide traditional game developers with blockchain game solutions such as token economic design and NFT secondary market.

In addition, C2X has also established an ecology. In C2X, the assets and items of iterated or eliminated games may be transferred to other games to continue to create value.

Source: DappRadar Report

C2X Introduction

C2X is a blockchain game platform, which is jointly developed by South Korean game company Com2uS and Terraform Labs, the development company of Terra blockchain, to provide solutions for blockchain games. The goal of C2X is to establish an independent global blockchain game ecology. The first stage is to launch 10 blockchain games this year, and the ultimate goal is to become an inclusive game platform to create greater value for CTX holders, gamers, and players. The game ecology, enhance the value of C2X platform.

Com2uS is a Korean listed company that has developed a variety of popular games, including Summoner, Magic World, Mini Farm, MLB: 9 Innings, Dozens of hit games like Storypick, Com2uS Pro Baseball Manager, and more.

Terraform Labs is the development company of the competing public chain Terra blockchain.

 Source: qoo-app

C2X is an open game platform that aims to provide solutions for blockchain games, including the design of token economy, NFT secondary trading market, wallet and other technical solutions, allowing games to Developers can integrate games into the blockchain.

It uses a highly modular software development tool (SDK) to allow game development Merchants can easily integrate blockchain technology into games. Through C2X, game developers can update game design and create NFT in real time; users can also easily manage their own digital assets on the C2X platform, and the holders of the governance token CTX can decide product launch and platform policies through voting, and dominate the platform direction of development.

C2X governance mechanism

As an open game platform, C2X needs to clearly stipulate/regulate the rights of game developers and users, and establish an ecosystem with positive circulation. Developers or users put forward proposals and votes by holding CTX tokens to jointly govern and optimize the C2X platform.

Different from the general governance mechanism, the governance composition of C2X is divided into two parts: 1) C2X committee; 2) CTX holders.

The C2X committee will initially be held by game creators, new committee applications will be submitted to Reviewed by the current committee whose function is to review agendas or proposals regarding the ecosystem. On the other hand, the C2X committee can also put forward new proposals to ensure the continuous optimization of the C2X ecology. The reason why the committee is established is that we do not want a small number of token holders to monopolize the ecology.   

CTX holders have proposal rights and Voting rights, the proposals that can be resolved include whether to accept a game to join the ecosystem.   

C2X governance rights and assets are completely separate and independent. Game users have absolute power over digital assets, while the operation of a single game is completely controlled by the developer. The initial developers will assist in the release of early games, ensure the stability of the software development tool module (SDK), and gradually improve the ecosystem.   

Source: C2X White Paper

C2X Ecology and Token Economic Model

There will be two tokens in the C2X ecosystem. One is the governance token CTX, and the other is the token of each game on the platform.

Game tokens are defined by developers themselves for the number, price and circulation of tokens, which are used to purchase assets, commodities and resources in the game.

CTX tokens are the highest-level tokens in the ecosystem, with a total of 2 billion tokens. There are two main functions: holders have the right to propose and vote on the C2X platform, including deciding to launch games on the C2X platform. In addition, the CTX token is also the exchange medium of the platform, and you can freely purchase NFT or game tokens on the platform.

The following figure shows the distribution and usage of tokens:  

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The C2X platform will establish a "financial treasury", also known as a treasury pool. When users trade, they will generate part of the handling fee, and these funds will be accumulated in this fund pool. C2X officials will use these funds to build an early ecosystem. In addition, this treasury will also serve as the "initial liquidity" for transactions with various game tokens.

In order to facilitate asset management and transactions in the ecosystem, the official design of a complete open source wallet C2X Station. Users can trade and send various tokens and game assets in the system through the C2X Station.

Source: C2X White Paper

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Summary: C2X wants to build a Web3 game platform

P2E and Not a new concept. In the early online games Paradise, Ragnarok, and World of Warcraft, players made profits by selling items through offline transactions. The blockchain game combines elements such as cryptocurrency, NFT, and token economy to strengthen the P2E model.

As of the end of 2021, nearly 2.4 million players around the world have joined the game economy of earning while playing, which has created an economic output value of more than 9.2 billion US dollars, and the NFT market has also increased by 176 times, coupled with the concept of Metaverse , GameFi has the opportunity to experience explosive growth in the future.

The demand for high-quality P2E games in the market is increasing, but many traditional game developers cannot enter the P2E market due to technical problems, so the market needs a Web3 game platform like C2X.

Through C2X's software development tool module (SDK), more high-quality P2E games can be continuously brought into the ecosystem, and then gradually expand the ecosystem through the transaction system and governance system. Developers optimize their own games, and the C2X committee brings more high-quality games into the C2X ecosystem, reviews proposals, and optimizes the economic model through governance voting to increase C2X and game users, and more users mean more developers and more P2E Economic Opportunity.

The goal of C2X is to establish an independent global blockchain game ecosystem, the first stage It is to launch 10 blockchain games this year. The ultimate goal is to become an inclusive game platform, create a larger game ecology for CTX holders, game developers, and players, and enhance the value of the C2X platform.    

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