BitGuild PLAT Revised Tokenomics
The new role of PLAT in the BitGuild ecosystem
Happy weekend, Guildmates!
It’s been a while since I published my last post, but that’s because we’ve been working around the clock here BUIDLing at BitGuild HQ. I assume everyone has been busy snatching up coin drops on GuildChat, playing our new games, Blockchain Cuties and Axie Infinity on the portal, or getting your tackle box prepared for the fishing minigame that will soon be available for Bitizens!
In this post, I want to briefly go over some changes we’re making to PLAT and its role in the BitGuild ecosystem.
From the day we set out on this journey back in January, our core mission at BitGuild has remained the same:
- We believe in the power of blockchain and cryptocurrencies to change the world, and we want to introduce them to as wide of an audience as possible—we want to bring new people into crypto.
- We believe that games will be one of the primary ways to introduce new users to cryptocurrencies, and game designers are naturally suited to build products with a great user experience (in our opinion, the current crypto market feels a bit engineering-heavy.)
- We aim to enable developers—both blockchain-native and traditional alike—to build games that empower players, giving them full ownership over their digital assets (game currencies, items, etc.)
Of course, behind all of this, we have the PLAT token, the lifeblood of our ecosystem.
PLAT is a utility token, so naturally, we want it to be used. Our initial tokenomics design for PLAT was to be:
- The sole currency usable to play games on BitGuild.com
- The sole currency usable to make trades on the BitGuild Auction House
- The sole currency usable to participate in IGOs (Initial Game Offerings) on our portal
While, in theory, this design pushed PLAT usage (which we hoped would increase the value), in reality, it added an incredible amount of friction to the BitGuild game experience. This took the form of:
- A cumbersome process for new users to purchase ETH, exchange it for PLAT, send the PLAT to MetaMask, and use it in our games.
- Time-consuming integrations for third-party game development partners.
Considering that, while we focus on growing BitGuild’s user base, we give a majority of revenue share to partners for their games, which is not very advantageous for other PLAT holders.
There are many great blockchains and tokens out there, and with us only accepting PLAT as a currency, we are potentially losing out on a large number of players and future community members, which is exactly what we need at this point in time.
That being said, after a great deal of thinking, we have decided to make this important change to the BitGuild platform, its games, and our ecosystem in general:
- The BitGuild.com gaming platform will now accept ETH for a majority of games. The auction house and IGOs will also accept ETH.
- In the near future, we will change the BitGuild portal to be able to accept multiple tokens from multiple blockchains. All in-game prices will be designed in USD or a stable-coin equivalent, and be converted by oracle at the time of sale. Of course, we will be accepting PLAT, but may also accept TRX, EOS, BNB, BTC, and other top 100 tokens. If it is liquid, we will accept it.
- All non-PLAT tokens that generate revenue for BitGuild will be immediately sold, with the proceeds going to buy back PLAT on the open market.
- A portion (and in most cases the majority) of PLAT we buy back will be burned, decreasing the overall supply of PLAT.
- We will be transparent about our proceeds, and announce token burns as they happen.
Aside from being used to play games on the BitGuild portal, you can expect to see PLAT integrated into other parts of our ecosystem, including in GuildChat, our blockchain-based social networking application.
We’d like to introduce as many new users as possible to BitGuild and blockchain games, while at the same time creating value to be shared by all of you who have believed in us by purchasing or holding PLAT. We think this will be a good first step in that direction as we continue to improve our user experience as we go.
BitGuild aims to bring blockchain and cryptocurrency adoption to the masses by providing compelling experiences that are easily accessible. Between the official BitGuild portal, our discovery platform for great crypto games, and GuildChat, our decentralized wallet mobile app with an integrated social suite, we’re firing on all cylinders to usher in a new age, changing the way people interact with their digital goods.