ICYMI: League of Ancients Marketplace Economy AMA — Recap & Winners
On Wednesday (20th April 2022), LOA’s Product Development Lead, Sir Ken, joined us in an AMA session about our NFT Marketplace. With the launch approaching, many were curious about the utilities, long-term economic strategy, and what to expect in the near future.
In case you guys missed it, here’s a recap of the AMA session. We will also be uploading the video recording of the session on YouTube later, so please stay tuned if you prefer listening to the answers verbatim instead of reading a summarised version.
Without further ado, let’s dive in!
Date: 20th April 2022 (Wednesday)
Time: 1pm UTC / 9pm UTC +8
Platform: League of Ancients’ Official Discord
Host: Alejandra (LOA Community Lead)
Guest: Sir Ken (LOA Product Development Lead)
Would it be possible to link the Listing Fees to calculate the values in USD and total amount of LOA to be paid during transactions? So there wouldn’t be a need to calculate the fees manually.
Yes, we plan to pull an API for $LOA’s token pricing from another platform. Not only for listing, but also for the entire marketplace, as this will provide convenience for all users to get an estimate on the values in USD.
How will the new fee structure work long term? E.g. listing fees, transaction fees, staking fees etc. Please elaborate.
All marketplace fees will be automatically sent to the Treasury Pool, where 80% of the funds can be used for important utilities based on a decentralised ecosystem.
Some of these utilities including funding community projects, tournament prize pools, increasing yield farming rewards, P2E rewards, or even burning it permanently. We want to provide an ecosystem where all stakeholders can make decisions based on the current market’s wants and needs, thus improving LOA on a long-term basis.
Can we still participate in the beta test once we mint the capsules into skins?
Yes, but you still need to have at least one (locked or unlocked) Beta Capsule in your wallet. Alternatively, you can purchase it from the marketplace prior the beta test registration and hold it to secure your beta access.
If you only have one Beta Capsule (locked or unlocked) and decide to mint it into an NFT Skin, you will not be granted beta access.
Just assume that the Beta Capsule is your access key to the beta test.
How is the team planning to stabilise LOA’s economy with only 1 token? Most games now have 2 tokens at least.
We plan to introduce an in-game currency called ASL (Ancient Souls), which will be our secondary token and can only be obtained through playing the game.
As we progress through development, we will be introducing utilities for ASL, including ASL conversion to $LOA. Other than introducing a secondary token, there are different strategies that the team will implement to stabilise the token price, such as increasing TVL through yield farming, more utilities for $LOA such as raffle events, treasury pool, trading, upgrades, and purchases using $LOA tokens only.
A common and critical problem most NFT games face today is the sustainability of the token’s economy. Some change the tokenomics in the midst of game implementation to the detriment of the game itself, more so that LOA has a free-to-play feature. If gamers are just here to play, earn, and cash out, how will the LOA team address this?
The crypto space is a fast-paced and ever-changing environment. Projects that adapt quickly enough or make the first move have proven to be successful.
Take LOA for example; we are one of the first projects to bring the idea of a 5v5 MOBA into blockchain. A fun, addictive, and high-quality game is still a rarity in the crypto space, but we believe when LOA is officially out, people will finally get the chance to enjoy gaming on the blockchain with the play-to-earn element.
That said, people who love games are willing to spend in order to become better and stronger, especially in competitive genres such as MOBAs.
By introducing in-game burning mechanisms, players are able to spend their earned rewards and funnel these back into the game itself. Most games you see out there do not have the “fun” element where players are willing to grind endlessly for hours. But with LOA, we are going to change that.
Will there be any APR% rewards for tokens staked during the 60-day period? Will there still be a 60-day staking period for locked capsules after the game launches? It will be discouraging for new players who just joined.
No, there will not be any rewards. The 60-day period reward will be obtaining the unlocked capsule itself through a proof-of-stake model. This will make each and every NFT more valuable on the market.
You don’t get rewarded for mining Bitcoin for hours or even days; you only get rewarded at the end. However, the 60-day staking period is not fixed and can be changed by DAO Governance in the future, which we tentatively plan to release before the official game launch.
However, people who stake their capsules early will be one step ahead to reap the benefits from many features such as NFT Staking. By the time new players join, majority of the capsules would’ve been minted already, hence they can only buy the NFT Skins in the marketplace at a higher price — after including the listing fees and proof-of-stake period. Alternatively, they can join our raffle events to obtain LOA Capsules, where the entry fee is low to encourage new players to participate as well.
For a crypto game to be sustainable, there must be a balance between the earning and burning. Will there be any additional ways of spending introduced, such as in-game emblems?
Yes for sure! We will be introducing in-game emblems with exponential upgrade costs for burning. Other in-game purchases will also be introduced, such as Axion’s Spheres, Tournament Tickets, Battle Passes or maybe even pets/familiars (hint hint).
In addition to that, simply introducing more ways to spend isn’t always the solution. Statistics have shown that people who love and enjoy the game are more willing to spend, hence we are also focusing on developing a high quality MOBA game with endless content to explore.
Will the game be implemented into mobile? It will be more accessible and user-friendly.
Yes, the official launch of the game will be on mobile devices first. Even our backend statistics show that more than 50% of our users access our content via mobile.
We want to make blockchain gaming accessible anywhere and anytime. Even if you’re waiting for your meal in the restaurant, you can probably play a game of LOA and earn rewards to pay for that meal. Our UI/UX is designed to give a user-friendly experience to increase our adoption rate for new users and investors.
Is there a limit to how many capsules you can mint at the same time?
There is no limit. You will be able to set how many capsules to mint at once for the user’s convenience.
Upon minting, there will be an animation pop-up for a couple of seconds, but we’ve already planned ahead for people who want to mint, let’s say, 1000 capsules. Surely, that person wouldn’t want to be watching the same video for 1000 times.
Marketplace fees are extremely high. Will there be enough tokens in the current supply for everyone to stake and mint their capsules?
Honestly no. If 1 million people were to list their NFTs, that would already be 800M tokens sent to the Treasury Pool. However, these fees can be changed in the future through DAO Governance based on the current marketplace situation. Through these fees, we strategised it to bring in the demand for $LOA tokens and NFT skins before the game officially launches.
As for staking, when there are fewer and fewer $LOA tokens in circulation, even a single $LOA token can be worth so much more. But staking doesn’t consider how many tokens are there in current supply, it is based on how many tokens you stake against everyone else who stakes. Hence, holding $LOA until yield farming is released or buying it now when it’s cheap will provide a huge advantage to holders.
This is the reason why we are planning to introduce more and more utilities — not all at once but at a gradual pace. Giving people purpose to hold and earn $LOA tokens will prevent dumping and continuously support the project in the long-run.
In terms of minting, we have strategically paced the launch of different features, so that people who mint their NFTs after the 60-day period are given the choice to be one of the first who stake their NFTs when we release our NFT staking feature.
By that time, we would be expecting to launch our beta test phase where people will see more utilities of their NFTs both in-game and in the marketplace. Players and holders will start to understand more about the true value of their NFT skins by holding and being able to fully utilise the available features to reap lucrative benefits.
Yay, you’ve made it all the way to the end! After this AMA session, we hope that you guys have obtained better insights on the upcoming plans and strategies that the LOA team has in place for the near future.
The team is super excited as well, and can’t wait to fully launch all these utilities for everyone to enjoy. While the team is still working on pushing out these features, we will be showing more exciting game development updates on our social media platforms in the meantime. Don’t forget to follow our Facebook, Twitter, and Instagram!
To see what goes on behind the scenes of making a high quality NFT 5v5 MOBA game on the blockchain, remember to #staytuned.
LOA Marketplace Economy AMA Contest Winners
Now, the moment everyone’s been waiting for. The 10 questions chosen to win 80 LOA Tokens each!
And the winners are *drumroll*:
- 0x3cF9A6eC402412d62638404BA03484d2d5d18B8a
- 0x5e4791Db804EEDEe7a6001F84ee35fe6369F4DEd
- 0xbc2DcDE7279839d39a00fDD357f75E60E2855923
- 0x4eAb38b056808F4DF74934685B320e7bBABe9364
- 0xA8976780207404b64eC263C4D11C84230819861D
- 0x2e174d01C659c2187d73F40Cd50E21cef6E3A3DF
- 0x0d414dA2eCAF694F2F8405F03d89cAC07b9FAC3D
- 0x4f5F2c57848Fb87E48C4e3E74Ed52C6C1fb28983
- 0x659D610478d59F8A370b3E4bD7Df6A57A9789AFb
- 0xefde1d706fa1a4e856fdbf8e9551d9f89fcbb088
Congratulations, and thank you all for submitting all these great questions to us! The LOA team is looking forward to the next session with you guys.
If you would like to find out more about League of Ancients, visit our website at www.leagueofancients.com, and join our Discord at https://discord.gg/loa
