Space Misfits Whitepaper
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Economy
Player Owned and Operated - 2 Token Economy with NFT/FT Assets
The Space Misfits Economy
A Sustainable "play AND earn" economy driven by proof of work, closed-loop, mint to burn mechanics fueled by player to player (p2p) transactions.
The Space Misfits economy will be run on two currencies, BITS and CROWN (formally Space Misfits Crowns or $SMCW) both of which will be launched on-chain. BITS will act as the first utility token in the game earned through the various proof of work gameplay modes, representing a player's time spent grinding making it the base in-game currency of Space Misfits.
Players will burn BITS through activities such as refueling, storing and repairing ships in the hanger. Given this, the amount of BITS a player can ultimately earn will depend not only on the time spent grinding but also in how well they perform as a pilot and manage expenses. Currently, BITS earned in-game are centralized and off-chain but soon will be able to be minted on-chain through a web app on the Space Misfits website and potentially within the game itself in the future.
CROWN tokens will act as both the governance token for the Space Misfits DAO as well as the premium in-game currency. Players will be able to deposit their CROWN tokens into the game by interacting with a smart contract in the web app and then utilize them in the p2p marketplace. Players can interact with the same web app to take their in-game CROWN on chain into their web3 wallet.
In the p2p Marketplace all ships, turrets, and modules will sell for CROWN tokens and a 5% marketplace fee will be assessed as part of the sales transaction and will be deposited in the Space Misfits DAO Treasury. More information will be released on the future of the DAO and how it will operate. In order to craft these items, players will need to hold the NFT blueprint in their ENJIN wallet and use the forge to take the requisite BITS and minerals to create new in-game assets. BITS will be BURNED as part of the crafting process and the ratio of minting to burning tightly controlled. In order for the crafters to create enough item supply for the demand of a player base much larger than the blueprint supply, they will be forced to purchase BITS on the open market.
Minerals can either be mined or purchased from other players via the game marketplace and in-game crafted items exist on the game servers and can be destroyed in battle. Recycling options will also be available to scrap unwanted ships that haven’t been destroyed.
The concept behind this Tokenomics plan is to create a system where new players can freely jump in without investment, crafters can bring their NFT and FT assets to bear with everyone standing to benefit from this circular economy. BITS are the proof-of-work and will be able to be converted to CROWN and other currencies on decentralized exchanges.
Structuring the economy this way creates demand for two tokens on the open markets without the constant need for growth that many play to earn Tokenomics models are based on. Value will be set through the open markets and initial gameplay modes and additional utility will come through expanded use cases for BITS and CROWN tokens in future gameplay.
Space Misfits will offer cross-chain support allowing users to participate in the economy using multiple EVM compatible chains, including Harmony and BSC, delivering a user experience with minimal gas fees to maximize commerce and marketplace activity. Mint to burn ratios for BITS will be tightly controlled and dynamic crafting models may be employed to ensure stability in all markets. This economic model will drive players to exchanges in order to acquire the necessary tokens to continue the progression of their role in the economy, which will create an environment where BITS and CROWN tokens are highly liquid on the open market.
Last modified 3d ago
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