#Remove Crypto as a method of transaction from the marketplace and replace it with FUEL only.

1 messages · Page 1 of 1 (latest)

dry hedge
#

This basically commits the player to a one way transaction as there would not be a way to pull that money back out directly, ensuring that whatever is paid-for stays in the economy.

That means it's so much more important to enhance the UX and gameplay as that becomes the main product/service and not the "earn money via crypto" model which we have now (it just seems more like a pyramid scheme to me at this point).

I've seen in-game markets that function very well like this and players trade with just their in-game currency for farmable items (Warframe and their currency "platinum"). It's a much cleaner and controlled way to manage a game economy.

#

Having said that, I don't want to completely stray away from crypto marketplaces as it's still an interesting concept. But I think for now, we need to focus on something like what's suggested until we are in a better financial position to take bigger risks experimenting with a pure "crypto marketplace".

thorn crater
#

I believe this is better than the alternative. Fuel currently being a non-NFT intermediary levered in-game voucher with 19:1 conversion to ETH with no liquidity pool causes chaotic market structure that basic “gamer logic” does not comprehend nor even appreciate. ~90 days in I think the verdict is clear what exists now is not and has no feasible path to working inside any reasonable “burn rate assumptions” to sustainability.

raw ridge
#

If you trade anything on the market with ilv.
That transaction will have a reduced market fee, from 5% to 3%.
This will make more people hold ilv because it is more useful.
ilv will benefit from its ecosystem, instead of other coins.

winter mirage
# dry hedge This basically commits the player to a one way transaction as there would not be...

I do believe that owning your own assets is the biggest selling point and that would need to be preserved at all costs. This also includes having the ability to sell them and cash out if you so choose.

As an example, if I purchase an illuvial for 10,000 FUEL, the seller of the illuvial would have the ability to sell FUEL back to the DAO for ETH, USD etc, minus a 5% fee. Therefore in effect the DAO would receive 5% revenue on all marketplace transactions and people would still be free to enter and exit as they please.
The 5% of FUEL revenue that would due to landowners would have to be minus withdrawals.
This could be calculated weekly, monthly, quarterly, whatever people see appropriate.

With this the DAOs focus should be on providing as many quality/desirable DAO owned products/services as possible as they get to keep 95% of that revenue (excluding 5% to landowners), Beyond D1sks being one example of this type of product, whilst also making the marketplace as attractive and feature rich as possible as people will need to be more reliant on that.
In essense making the ecosystem as sticky as possible with the intent of having as much liquidity enter the ecosystem as possible and not so much exiting.

winter mirage
# raw ridge If you trade anything on the market with ilv. That transaction will have a reduc...

The purpose of this proposal is to completely remove crypto as a method of payment.
If the DAO wanted to offer a discount on FUEL purchases for ILV transactions, that woud be a possibility.
To incentivise which currency people use to withdraw funds, discounts in fees coud aso be provided. 5% for USD, 4% for ILV as an example.
Not saying they should do this, just that it is a possibility.

raw ridge
winter mirage
raw ridge
#

instead, quickly launch the mobile version. pay rewards directly similar to axi. encourage trading with ilv tokens.
(many people hold to benefit during trading, ilv tokens increase in price, people will gradually fomo)
Or do this so that ilv tokens do not fall in price like now.

#

increase the benefit to the landowner by: only land can produce 1 thing, can help the illuvial fuse

winter mirage
elder bobcat
#

Top 3 prio imo. This + improved filter for stats/XP in the marketplace + ow combat + finished arena modes = complete game.

brazen linden
#

This could work if fuel was an actual erc20 token. Fuel can't be sold unless it comes from landplots, so the whole idea of being able to re-sell fuel is flawed.

Besides that, I see merit in the idea but I'm not really a fan of it, the price of fuel is not stable at all so pricing things in fuel could mean big price swings in short periods of time.

Every other web3 game prices things in crypto/dollar I don't think we need to reinvent the wheel. What we need is to give fuel more utility cases.

ornate elbow
#

Surely accepting card transactions is already planned. And your passport wallet being generated by the game means you don't need to know ahead of joining what crypto means.
As long as when new non-crypto players are buying and selling, they can specify the amount in USD that they want to use, it should be doable in the background. As part of the EULA (we all remember signing one right?) there will be mention of running on crypto but no user interaction required, and the marketplace should be able to do the currency conversion for the users, which makes it simple for those who don't want/care to know about crypto.
But don't remove eth as a purchase option for those already in, or who want to use it.

shadow sentinel
zenith jewel
#

  • I believe the marketplace is more appealing when assets are listed in real money terms, as it gives players a clearer sense of value and potential resale opportunities. Switching to fuel for transactions could obscure this, making it harder for users to gauge asset worth due to fuel volatility but also because they have to calculate the dollar value all the time (could potentially be solved with showing $value).

  • Once everyone can sell fuel, the market becomes prone to manipulation and price swings, potentially leading to an unstable economy and discouraging players who prefer transparency and predictability.

dry hedge
winter mirage
#

Remove Crypto as a method of transaction from the marketplace and replace it with FUEL only.

mystic condor
#

We use moonpay for transaction management right?

Doesn’t moo pay require ID to transact?

That would still be a major showstopper for most gamers

thorn crater
# winter mirage I personally believe that the token price should not be a concern. Generating pl...

Agreed that ILV should never be used as a final settlement token, and I would vote for USDC. Land was sold under the premise that fuel would be fungible, supplying fuel with commodities like attributes. This did not happen due to compromises of using IMX's based L2 NFT store as the "DEX." Fuel's basic attributes as a commodity are distorted as it is now similar in nature to EPIC V-Bucks. What is worse is the derivative 19:1 mechanism combined with the bonus rounding and then being forced into final settlement into ETH (weak performing L1 this cycle) with a 5% haircut per transaction.

brazen linden
silver cloud
#

Owning and trading NFTs with low fees, without your transaction volume being subject to taxation by authorities, while also benefiting from Ethereum’s security (which doesn’t fully apply on Layer 2), can only be done with crypto. The problem isn’t crypto, but rather those who don’t use it. If the game achieves profitability without needing to change its crypto model, crypto has already won the battle. In fact, the game itself is a bet that blockchain will prevail. Otherwise, let me ask you: why invest a thousand dollars in ETH if it could drop to zero in a few months? It’s because we trust ETH more, even more than USDT

viscid flame
#

I like that people are sharing ideas and this one sounds like it could be good, but the more I think about it the less appealing it becomes.

Eth chain is used because it’s very secure. What security do we get with transactions in fuel?

Can imx even do this?

One point I agree with is changing everything, except maybe zero, to one fuel type. Having three fuels in ow is a bad experience and everyone knows it at this point. So, maybe we can start by pushing for a one fuel OW?

winter mirage
#

Hey all! Really appreciate everyones input.
After much thought after reading the feedback, unfortunately I think the idea is fundamentally flawed, therefore I have no choice but to close the thread/discussion.

A lot of food for thought though, I think there is something here so maybe I will be back with a revised plan 😅 .

Thanks again! Atlas_Love

zenith jewel
brazen linden
#

💯 👆
keep it up Atlas_Love

primal ermine
#

I would add one thing.

For example if you have Illuvial worth 100k, you lose 5% when selling it to someone and then you lose another 5% when selling fuel you got from selling the Illuvial. So you basicallly lose 10% all the time.

winter mirage