Introducing the Metablox Tokenomics
Above is the proud picture of when my wife and I bought our first home in Irvine, CA.
Like many of you, we had two primary reasons for buying a home instead of renting:
- The utility of living in the home
- Asset appreciation
At Metablox, it is important that we build value in the Metaverse that parallels the value for owning real estate in the real world.
These parallels are captured in our two mission statements:
- To preserve humanity’s most important memories.
- To create long-lasting value and asset appreciation for our users.
Preserving memories is the utility of our NFT. Just how living in the home you bought is the utility, owning an NFT on Metablox enables you to preserve your memories forever on the Blockchain.
Today, my goal is to demonstrate how our meticulously designed game mechanics and Tokenomics (designed by world-renowned Gamification designer Yu-kai Chou), will achieve asset appreciation for our users.
Metablox is not a game
While games such as Axie Infinity are described as play-to-earn, Metablox is more about live-to-earn (or more accurately, remember-to-earn).
We want you to spend more time making real life memories
Games such as Axie Infinity and Decentraland create mechanics and hooks that draw their users deeper and deeper into their game on a daily basis. The more time that a user plays and grinds in the game, the more that they level up and the more money that they can make.
In contrast, we want you to spend more time making real life memories (which means more time living in the real world and less time in Metablox). I know, it seems counterintuitive, but we’re fully committed to this as one of our core values.
In order to appreciate the value of your NFT in Metablox, you need to add your most meaningful Memories.
NFT appreciation — Blox
The first asset that you can own in Metablox that appreciates in value is the NFT (which we will call a Blox moving forward in this blog post).
There are several ways that a Blox can appreciate in value:
- Scarcity: San Francisco (the first launch city) will have about 5,000 Blox. As users Mint Blox, they become more and more rare. In addition, the price to Mint a Blox increases by 50% for every 10% interval that San Francisco is sold out.
- Adding memories: The more meaningful your memories, the more valuable the Blox.
- Leveling up: Users level up their Blox when other users indicate that the Memories are Inspiring, Heartwarming, Surprising, or Solemn.
Why does leveling up appreciate the value?
The higher the level of your Blox, the more MetaRent that you can earn. MetaRent is the in-game currency of MetaBlox that can be used for a myriad of actions, the most valuable of which is to bid for Landmarks.
A Blox can be leveled up 25 times. Once a Blox is successfully leveled up 25 times, it becomes a Perfect Blox (it can no longer be leveled up). If you collect 5 Perfect Blox, then you can fuse them together to create a MechaBlox (more on this below).
Because our mission is to create generational value through meaningful memories (for our grandchildren and beyond), the leveling up system is designed to take years of carefully curated, meaningful memories to achieve a Perfect Blox.
Token appreciation — Metablox Coin
Ok, here is where we get to the meat-and-potatoes of this blog post.
We are announcing the Metablox ERC-20 Token — Metablox Coin.
Why a Token?
We are creating 3 asset-classes in Metablox, each with its own value and purpose:
- The Blox (utility): The NFTs that the user owns, which anchor the utility of adding Memories to the Blockchain.
- MetaRent (in-game currency): The in-game-only currency that is stored on the Metablox database.
- Metablox Coin (governance and dividends): The ERC-20 Token that users Mine for governance voting power and dividends (more on this below).
The purpose of Metablox Coin is to return incredible value to our users.
How to Mine Metablox Coin
There are three main ways to Mine Metablox Coin:
- Leveling up a Blox: When you level up a Blox, you Mine Metablox Coin. Important: a Perfect Blox can no longer Mine Metablox Coin as it can no longer level up, meaning a city can Mine a limited number of Metablox Coin.
- Owning a Landmark: Landmarks cost MetaRent to maintain, but Mines Metablox Coin on a regular basis. San Francisco has fewer than 40 Landmarks.
- Creating a MechaBlox: Fusing 5 Perfect Blox together creates a MechaBlox. A MechaBlox behaves similarly to a Landmark and Mines Metablox Coin on a regular basis.
Owning Metablox Coin gives you governance power. Owners will be able to vote for the following:
- Which new regions and cities to expand to
- Product features such as capping Blox to 25 levels
- How to use the Metablox Coin treasury
- And more…
When a Blox is transacted (a user sells their Blox to another user), Metablox takes a small commission.
A % of this commission will be returned back to Metablox Coin holders as dividends. This gives users added value for HODLing Metablox Coin.
We are actively working on updating our White Paper with more detailed Patch Notes about Metablox Coin and our Tokenomics.
If you have any questions, the best place to reach out to us is on our Discord.