We’re absolutely loving the growth of NFTs as a new asset class. There’s so much potential here, and what they’ve already delivered is truly amazing. There has never been a way for artists and creators to monetize their content. If the only thing NFTs do is to provide a method for the large scale funding of new and unknown artists, NFTs have made an amazing contribution to society as a whole.
As a team, we’ve been part of the NFT scene from the beginning. Jen, our COO, is an original Crypto Kitties owner. Jason, our CEO, is active with land in every single metaverse. Steve, our co-owner, is one of the biggest NFT art collectors on the planet. And I’ve been in there since the start, including being part of the group advocating for and improving the ERC-721 standard.
For all the undeniable benefits of NFTs, they’re not enough to unlock the future we’re trying to create. Ownership and decentralized content creation is not enough. We have to have real utility for the whole digital ecosystem, and that means the Metaverse.
But really, “the Metaverse” is a lie. There will never be just one metaverse. If there’s only one metaverse it is, by definition, centralized – more a dystopia like the Matrix than the decentralized utopia we all imagine (if you want to be part of a centralized metaverse, you could try Facebook’s Metaverse of Work and Surveillance). Instead, there will be an ecosystem of metaverses, each catering to a portion of people, each more or less interconnected to the others. Sometimes these metaverses will cooperate, sometimes they will compete, but that’s really up to you, as participants and community members, and not us as builders.
Genesis Worlds is one of those metaverses, catering to creators who want to be a part of a revolution in gaming and content development, and to game players who can finally be free of centralized, “free to play” (but really “pay for everything”) games from profit-focused developers, publishers, and advertisers. For players, we have an end-to-end play-to-earn economy. For creators, we have a new concept – a “build-to-earn” economy, that enables you to both be a part of building and growing Genesis, and earn GENESIS while you do.
Genesis Worlds is a game at heart. While each of the Worlds will contain a different gameplay experience, there are some core game mechanics that are common to every World, and connect the different Worlds together. Everyone has an avatar, with level, stats, and an inventory of NFT items. Those stats and items will let players interact with different Worlds in different ways. Beyond your avatar, there are core gameplay systems that every World plugs into, most importantly the player-generated quest system. These quests will take you from World to World, and reward you with new NFTs, crafting materials, experience, and maybe even GENESIS tokens. And you can then level up the NFTs you’ve earned, and sell them on the marketplace to earn GENESIS – a true play-to-earn system.
When it comes to creators, the possibilities are endless – we know we can’t begin to imagine the creativity that the community will bring. What we do know is that creators and the community are all-important, and we’re focusing the entire Genesis economy here. 40% of all GENESIS tokens are earmaked specifically for content creation. We’re not pretending to know how best to distribute hundreds of millions of dollars to creators. What we’re going to do is set the vision, and then allow the community to govern itself (voting using GENESIS tokens) to decide on best practices for rewarding creators and community members.
The Worlds of Genesis provide interesting opportunities for existing fan communities or groups of creators. Maybe a group of Bored Ape Yacht Club members decides they’re going all in on Treasure Planet, and they want each parcel of land to be a yacht that can travel around the World. They buy enough World Mining Claims in Treasure Planet to ensure they can set the vision for the World. They put together a pitch for funding from the Genesis Foundation, and then work with the wider community to build the features they need. And that turns a crazy vision into reality. Something like mobile land parcels wouldn’t be possible in a traditional metaverse. It wouldn’t ever happen in a traditional game. And it’s too hard for any one fanbase to pull off on their own. But it really is possible within Genesis Worlds.
A lot of this is due to the similar-but-different nature of the Worlds. All the similarities mean that the Worlds can rely on shared infrastructure, and lots of basic features just work. But because each World doesn’t physically interact with others, small changes can make big differences between Worlds. Imagine a World with ultra-low gravity where players can fly between floating islands. Or one that’s set entirely underwater. If you ever wanted to be Q, and change the laws of physics, this is your chance. Some Worlds will grow in importance; maybe your World becomes the key marketplace hub for the whole metaverse, or maybe it’s party central with non-stop events and DJ sets from famous artists.
And this doesn’t even touch on all the DeFi components of Genesis Worlds – we’ll talk about those soon, as well as how Genesis DeFi and Genesis governance go hand in hand.
Thoughts from CIO Matt Quirk
I’m getting discord DM’s regularly on generative NFT projects. Projects are hoping to mimic at least in part the success of Crypto Punks or the meme-based projects like Bored Ape Yacht Club. In their passion for a successful project, founders have started realizing that they need to give value to their users. They have developed legitimate communities that are interested in their content and promised them further utility, using the funding earned in the minting and secondary sales of the NFT to help drive demand for owning project created NFT’s.
Typically, projects offer several benefits to owning and transacting their NFT’s. These use cases are both beneficial to the community and to the overall project. These projects are being creative within the existing limitations of the ecosystem and technology. To list a few:
Contests There are contests for unique NFT and physical prizes that qualify participation by verifying ownership of project NFT’s. Recently I saw an NFT that if burned gives you a new Yamaha motorcycle. There was one winner, but it was an exclusive reward making a real-world benefit very much available.
Access I’ve seen discord setup so that access to specific contest channels in the server require ownership of the NFT. The NFT becomes your pass to exclusive content.
Collect The goal is to buy and complete a set of NFT’s and then as a reward you earn a rare, unique NFT.
Burn and Mint New NFT This takes the collect use case to another level as it allows you to combine two common cards and burn them into a rarer NFT while increasing the scarcity of other instances of the burned NFT’s.
Comic Book Projects are looking to create digital comic series based on the content they have created, improving their brand, creating a backstory, and ideally this would drive NFT demand within their project.
Access to Live Events Projects have begun granting access to live events if you can verify ownership. This type of reward starts to feel like your part of an exclusive club. In some cases, projects will verify a collector score that qualifies you for these more exceptional rewards.
Creators deserve credit for attempting to add utility in such innovative ways. With all of this, it still feels something more is needed from and for these communities. There is still a sense of limitation of what you can do with the tokens. Some NFT’s will stand on their own as simply visual art. Others will make you feel part of an exclusive club. I don’t want to diminish these cases, but they tend towards exclusivity. While the sense of belonging to an exclusive club is super exciting, in many cases it is also unobtainable for the average NFT collector. Only the most savvy, lucky and early adopters have achieved this status. It all becomes more accessible when using NFT’s is fun, social and that enable massive interactions. Some projects have begun promising a game with the content that is created and investing in the development. I think this is one of the ultimate use cases. However, it is not a simple task. There is great opportunity for new gaming innovation in tandem with the great content being released. Dapper Labs with their licensed NBA Topshot product has promised such a product, and they certainly have the funding to deliver. Smaller projects will be more challenged, and we hope to meet this need through a customizable metaverse that is first a game, and second a 3D environment for NFT’s.
Metaverse
In one of our recent discussions internally developing Genesis, Jen Dalby, COO at GAME Credits, mentioned the use case of making our Genesis worlds available to these communities and offering them their own metaverse. We had always centered on a very democratized approach to this metaverse. We envisioned anyone or any project would be enabled to create a world of their own, and any individual could join one or more communities that had their own metaverses. But this time, when Jen mentioned it, the possibilities clicked for me even further, probably because I was dabbling in buying these generative NFTs while in the back of my mind evaluating what I get out of ownership. For each community, our intent and hope is that creating this metaverse will be as simple and streamlined as starting a new Discord server. It can be configured and setup the way you want it to support your gaming and social goals. Using quests, events, land ownership and having it scale to the size of your project. On top of that, the possibility of world-to-world interactions, partnerships and events is quite exciting. For example, maybe in the future we setup a world-spanning Olympics where community members from many different projects come and participate in fun party or sports games. The generative NFT’s in combination with a fully functional and customizable metaverse, creates endless possibilities of new social games, where these NFT’s maintain their current use cases, while adding another dimension enabling them to be in-game content.
In considering this, some questions might arise about the process, how do you get your Genesis world started. It’s early on, but we are setting up the economics for this very thing. We encourage you to get involved and be a part. Some of you might remember what it was like when Ethereum caught on and the number of new projects and ideas that erupted was staggering. We see Genesis as the Ethereum of metaverses in the sense that anyone can bring their content and community and begin to develop a social game that is tailored to the goals of their community. Our goal with the genesis token is to essentially fund and drive the development of individual worlds. World share sales will help fund global development of tools, the basic questing system, and 3D clients on multiple platforms. Land sales for an individual world will help drive specific world development and customization (similar to how Ethereum allowed you to mint a custom ERC20 token and start your own project, we are allowing communities to take advantage of land sales to help fund and develop their own metaverse).
An Origin Story by Jason Cassidy
Each person who spends any amount of appreciable time in the blockchain industry often has a unique story to tell. The path they have walked to lead them down the rabbit hole that is cryptocurrency is often filled with euphoric highs and cavernous lows – Such is the life of a cryptonaut.
My story is no exception at all and today I shall share some of it with you. The journey begins back in the year 2012 when I was working at BlackBerry HQ in Waterloo, Ontario, Canada. At the time, BlackBerry was still the king of the smartphone industry however they were quickly ceding ground to Apple’s consumer-friendly IPhone. Seeing the writing on the wall I decided it was time to make a career change.
By the summer of 2012 I had been given my severance package and was a ‘free agent’. I took the next six months to take stock of my life and the direction I wanted to take it in next. It was not too long after this that I was introduced to Bitcoin via a friend who had heard about it from yet another mutual friend. Within minutes of hearing the loose details of what Bitcoin represented I found myself enthralled in the concept and ran downstairs to my PC to do further research. Several months of investigation later I made the leap and purchased my first bitcoins at $50 CAD each.
Things accelerated from this point and by the time the summer of 2013 had rolled around I had formed my company Crypto Consultant, the 1st consultancy in Canada to exclusively focus on Bitcoin and blockchain. My good friend who initially introduced me to Bitcon, James Gonzalex, joined me on this new venture. It became instantly apparent that this was going to be a very big opportunity and we had to be ready to take on the mounting exposure and interest percolating around the fledgling currency and protocol.
Fast forward many years later and my journey has taken me to virtually every nook and cranny of the cryptocurrency industry. From helping setup exchanges, helping create currencies, advising world governments on laws and regulations, filming events and speaking on stage to today where I am part of the first gaming cryptocurrency in history at GAME Credits.
In the present day, it is fair to say that 2021 is the Year of the NFT. The non-fungible token revolution has taken the entire planet by storm and in many cases has greatly outshone the fungible space completely. Part of the path I have walked in the blockchain world lead me to understanding what NFT’s were back in 2014 when Bitcoin attempted to create them via the colored coin protocol. The World and the Bitcoin network were not quite ready for NFT’s going prime time so the concept was more or less shelved for the better part of five years.
It was in early 2018 that I heard the first rumblings of NFT’s again, this time in the form of a new standard that existed on the Ethereum network. When I began my career in cryptocurrency, Ethereum did not yet exist however by the time 2018 rolled around it had become the second most dominant crypto on the planet. Introducing the ERC-721 and ERC-1155 standards truly opened up a new dimension of possibilities for art, gaming assets, music, collectibles and virtually anything else that exists in our universe. It did not take long for me to identify that this was blockchain’s second attempt to create non-fungible tokens – and this time it was going to work. I quickly shifted my entire career’s focus in the industry from the fungible side directly over into the non-fungible realm, which was extremely young and nascent.
What a breath of fresh air it was – to have a new set of technology standards, new use cases, new possibilities and new faces to work with. We all had one thing in common – we loved NFT’s and the freedom it gave us to express ourselves in a way fungible tokens simply could never offer us.
Today I find myself in the middle of something truly special indeed. At GAME Credits we have fully embraced the NFT revolution and have built a platform that supports the creation, buying and selling as well as full monetization of any type of NFT. What is more, Game Credits is creating a virtual playground in the form of our own Metaverse called Genesis Worlds.
The Metaverse is the final destination for NFT’s of all types and serves as a utility layer, allowing the owners of the NFT’s to make use of them instead of simply looking at their collection in their digital wallet. Now, the NFT’s come to life and begin to truly show their potential. Metaverses are virtual worlds where one can engage in business, entertainment or leisure by experiencing the world as your virtual self via an avatar. If you have played Second Life in the past, think of a Metaverse as the next evolution of what Second Life introduced without the benefit of a blockchain multiplied by the factor of x 1000.
This is the next step in the evolution of blockchain and I am beyond excited to be a part of this story. And this is always where my story ends, for now. Each day I get up I add to this story and one can feel the accelerating speed the industry is now moving at. I encourage everyone to take a deeper look at both NFT’s and the Metaverse, including Genesis Worlds. What you will be experiencing is truly the next frontier of the digital age, so hold on tight.
Thoughts by GAME Credits & Genesis Worlds CTO Paul Barclay
We’re launching the GENESIS token and Genesis Worlds on the Polygon network. This is because Polygon provides fast block times, high transactions per second, and because it’s a proof of stake network, which means its transactions have a much lower environmental impact than proof of work networks.
Mostly, though, it comes down to the gas fees. A transaction on Polygon is over a thousand times cheaper than the equivalent transaction on Ethereum. Gas fees on Ethereum have made it an impractical network for NFT projects that aren’t just targeted towards rich whales. Part of the reason NFTs are so expensive on Ethereum is because it doesn’t make sense to buy a $10 NFT if the gas to buy it costs you $20.
At this point, Ethereum is really the playground of the rich – people who have no problem dropping tens of thousands of dollars in one transaction. Anyone trying to make a normal transaction ends up shaken down for a massive transaction fee. If you have to use it, you will, but you’d rather go for something cheaper.
This is a big issue with crypto in general – what started off as a grand egalitarian experiment has tended to devolve into a world where what you can do is directly linked to the amount of money you have. Lower-cost networks like Polygon break that issue, removing the artificial gate based on money, and allowing the rest of us to do things previously limited to whales.
Personally, I’ve been using Polygon for over a year now. And I’ve paid just under $1.00 (yes, the decimal point is in the right place) in transaction fees over 300+ transactions. I can make a trade on Quickswap that costs $0.01, when the same trade would cost me $15 on Uniswap. That’s an absolute game changer.
I think we’ll see two kinds of NFT projects in the future. The first NFT project is designed to extract money from whales. It charges $1000+ per NFT, relies on memes, and it has no ongoing utility. In two years, people will have moved on and those NFTs will be impossible to sell.
The second kind is designed to power a broader experience that’s open to everyone. It’s on a layer 2 network like Polygon, and it’s got utility baked in – economics, gameplay, governance, maybe even all three. It’s also priced so anyone can get into it; not just the province of whales and speculators. These are the NFT projects that will have a lasting impact, and be around in ten, fifty, a hundred years from now. That’s exactly what we’re building with Genesis Worlds – a project for everyone with economics, gameplay, and governance built right in.
Over time there will be more of these projects (though still far fewer than the cash grab meme NFTs). The layer 2 NFT projects will have more adoption, and more on-chain interactions for each user. The net effect of this? Gas fees on the level 2 networks will go up. This is just how chains are designed; more usage equals higher fees. But “more” is relative. When Ethereum went through its transaction fees explosion, fees went from 50 cents to $50. On Polygon, with the same explosion, fees go from 0.1 cent to… $0.10. A ten cent transaction fee is affordable for most of the world. It’s 1% of a $10 NFT; that’s 3x cheaper than a $10 credit card transaction.
With this in mind, I don’t think people will get priced out; scaling is keeping up with demand right now. And if demand increases further, there’s lots more capacity coming online with additional sidechains and other even cleverer tech. I think what will happen is something much cooler. We’ll start to see more intricate NFT contracts, where accessibility features are built in, or portions of gameplay appear on chain.
We’ve taken advantage of that with Genesis Worlds (our NFT’s and future Metaverse). Gas costs are low enough that we can add a Quickswap transaction onto the front of a World Stake purchase. This massively opens up purchase ability; you can buy in any major cryptocurrency, and it’ll be automatically converted to GAME to buy the World Stake. To start with, we’ll support purchases in ETH, MATIC, USDC, USDT, and QUICK, and gas costs should still only be a couple of cents. This simply wouldn’t be feasible on mainnet Ethereum, as the gas fees would cost more than the actual purchase.
And I think that’s just the tip of the iceberg. Over the next couple of years, we’ll really start to see what cheap gas can do for innovation in both the NFT and Metaverse spaces.
When we were designing the Genesis Worlds tokenomics, we looked at a lot of different ways to balance the supply of tokens against demand from the market. Most projects set a fixed amount of tokens (100M), and then award themselves 30% of those tokens right out of the gate, and another 20% to investors and advisors. That’s ludicrous on many levels. Firstly, do they really think that their contributions are worth 50% of the total value of a project? If we really take into account how much value the community itself creates, the real number is closer to 5% than 50%. Secondly, this is straight out of the Soviet centrally-planned economy playbook. We’ve got all these amazing free market tools. And we’re arrogant enough to think that we can design a token distribution better than the free market? No, that’s not our way.
But, we’re not your run-of-the-mill crypto-libertarians either (can we upset the far left and the far right in one blog post? We’ll try). Our philosophy couldn’t be further from libertarianism. Instead, we’re focused on group and collective effort, and ways to incentivize that. So you’ll see a lot of initiatives from us that reward community groups for getting involved in Genesis Worlds.
But, back to the token distribution. 100M (roughly 10%) of GENESIS tokens will be distributed to early adopters, through the launch pool, and liquidity mining. The other 90% (roughly) are mined via the World Stakes. We say “roughly” here because we don’t know, and cannot know ahead of time – the exact distribution depends on how many World Stakes the community decides to buy.
The reason we don’t know is because we’re using bonding curves to set World Stake pricing, rather than just assuming we know best and pulling some random fixed price out of our… you get the idea. In a bonding curve, the price of a token depends on the number of tokens that exist. So the 1000th token costs 4x the price of the first token. And, you can sell back the World Stake to the smart contract at any time, for the current price, ensuring a 100% liquid market for every World Stake. This is a fully decentralized approximation of a true supply and demand curve, where the more demand, the higher the price.
So, if demand for World Shares is high, more GENESIS will be emitted. But the increasing price per World Share creates a soft limit, where it’s not economically beneficial to buy a World Share. So even though there’s no hard limits anywhere in the system, there’s still a firm cap on the amount of GENESIS that can be created. We expect around 1Bn to be created via World Shares (over 20+ years – remember, we’re in this for the very, very long term), but that number could in theory be 500M or 2Bn.
Of that expected 1Bn, 40% is directly mined by World Stake owners, 20% is mined to GENESIS owners who participate in Genesis governance (we encourage you to double-dip here, to gain both the World Stake 40% and the governance 20%), and the remaining 40% is mined to the Genesis Foundation, and used to reward content creators, developers, and community members who help build and grow Genesis Worlds.
So in addition to earning GENESIS from your World Stake, you’re also directly supporting the Genesis Worlds development community, and the decentralized governance of Genesis Worlds. From our perspective, this is a great balance of DeFi technology with the needs of a truly decentralized community. For those who’ve read this far, the GENESIS ERC20 token will launch on October 28th, 2021. You can view more about the Genesis project at the Genesis Hub.
Interested in learning more? Want to speak with the team directly? Join us in our GAME Credits Labs Clubhouse club now to see our speaking schedule: GAME Credits Labs Clubhouse
Dear friends and community,
It’s hard to believe October is already here. 2021 has been full of surprises, and we aim to bring you some delightful ones by the end of the year. In September, the team made significant progress toward both the GENESIS ERC-20 token launch, and the World Stakes NFT drop. We continue to improve on our community-building, adding partnerships and social media engagement, and plan to keep experimenting as we grow.
The GENESIS token will launch before our next monthly update. We’ve found the token to be the most frequent topic of community conversations and questions to our team members. In case you missed it, here are some of the articles we published in September doing a deeper dive into the topic:
– Talking Tokenomics and the Genesis Metaverse Project with CEO Jason Cassidy
– The Genesis of GENESIS – DeFi and Liquidity Pools
We expect the Genesis community to swiftly and dramatically expand, with different levels of interest in each area of the project from a variety of groups and individuals. What makes it so great is that Genesis is a community of communities, with interesting ways to engage and inspire everyone – all while being inclusive. As the community grows, we plan to share content and resources to support various perspectives and levels of experience. Simplifying concepts for crypto newcomers is a high priority.
Our team is available to engage, support and answer questions, during scheduled events such as on Clubhouse or Twitter Spaces, and asynchronously through our Discord, Telegram, and other social channels. We love meeting you and learning more about your metaverse dreams. Here are some ways to connect with the GAME Credits team:
– Join us on Telegram for community discussions and contests where you can win $GAME
– Jump into our Tuesday Twitch streams @4pm EDT to watch the team play, get your questions answered and meet members of the community
– Thursday evenings @7pm EDT you’ll find us jumping in Clubhouse rooms with our friends and partners. Follow these accounts to get notified when our team is speaking live! (we will be expanding to Twitter Spaces soon!).
Chris – @crypto-chris
Josh – @jpmorton27
Jason – @karmashark
Steve – @bitbuzz
We are counting down the days until the GENESIS token launch. Expect the announcement soon on all channels. This month we will also begin sharing more content and resources to help the community understand and prepare for the launch of the Genesis World Stakes NFTs, and would appreciate you helping us share the news! As we get closer to Worlds launch we’ll be seeking community input on future Genesis Worlds themes and design elements.
The GAME Credits team is grateful for your feedback, support, suggestions, questions and participation. We believe in building a community where everyone belongs. With your continued support, we know we can create something exceptional together!
We’re launching the GENESIS erc20 token as the DeFi core of the Genesis Worlds metaverse. GENESIS allows you to buy Land in Genesis Worlds, as well as participate in governance of the whole Genesis ecosystem. It’s also the in-game currency of Genesis Worlds, where you can buy and sell in-game items from other players.
Genesis Worlds is designed as a true community-owned project and the GENESIS token is a true fair launch token – every token is earmarked for launch into the community. Importantly, we’re not selling any GENESIS tokens, and no tokens are earmarked for investors, team members, or anyone else. If we want tokens (and we do), we’ll have to buy them in the open market, just like everyone else.
There’s three main ways to get your hands on GENESIS when it launches. First, you can join the GENESIS launch pool, where you can stake GAME to earn GENESIS over time. The longer you stake your GAME, the more GENESIS you’ll earn. The rewards are a fixed pool of 50M GENESIS, with 25M distributed in the first 12 months, and halving every 12 months after that. The amount you’ll earn is relative to your stake, and the total amount staked.
Second, you can buy World Stakes in the World Sale. Holding a World Stake also earns you GENESIS over time. Like the launch pool, the rewards reduce slowly over time. Unlike the launch pool, there is a guaranteed maximum of 10,000 GENESIS earned from each World Share, so it doesn’t matter how many other people buy World Shares. Instead, the price of each World Share is controlled by a bonding curve, which puts a hard limit on the number of World Shares that can be bought. We expect around 1Bn GENESIS to be emitted from World Shares over the next 20 years.
The third way is to use an automated market maker exchange like Quickswap or Uniswap. On Quickswap, you’ll be able to buy and sell GENESIS for any other erc20 token. But you can also earn GENESIS by providing liquidity to one of the incentivized liquidity pools. There is 25M GENESIS set aside for liquidity pool incentives. Each pool will be different, so look for specifics on incentive durations and amounts closer to the launch of those pools.
That’s a lot of ways to get your hands on GENESIS. But you may have noticed that some “normal” methods aren’t on this list. There’s no presale, VIP sale, investor tokens, and no tokens for the Game Credits team, advisors, or partners. We believe in a true fair launch model, so that’s why we’ve declined outside investment, and why we’re not granting our team members and advisors any tokens – we want people who believe in the vision, not people who want to make a quick buck or three.
In the longer term, there’s one more way to get your hands on GENESIS, and it’s the most exciting fair launch plan of all. We call it “Build To Earn”. If you’re a content creator, developer, or community member who participates in the development of Genesis Worlds, you’ll be able to earn GENESIS. This puts the token directly in the hand of creators, rather than in the hands of speculators. We believe content creators and community members are the most important people in the world, and we’re showing that with the sheer size of the Build To Earn pool. Over time, just under half of all GENESIS tokens will be distributed to creators in this way.
Join the mailing list using the button at the bottom of this article. under “Stay up to date.” Now is the time to get in on the ground floor of a paradigm shift in game, technology, and defi development.
If you don’t know what DeFi, Launch Pools, or Liquidity Pools are, read on; we’ve got you covered. Here’s a quick overview of all three concepts:
DeFi:
DeFi, or Decentralized Finance, is the next evolution of financial technology. It replaces centralized middlemen such as banks, stockbrokers, and payment processors with fully decentralized systems, where no other entity can control your money. This has created many new and unique products, including automated matchmaking exchanges, where liquidity pools replace centralized order books, and launch pools, which allow democratic and decentralized delivery of new assets.
Liquidity Pool:
A liquidity pool on an exchange like Uniswap or Quickswap is a pool containing equal values of two erc20 tokens. Users can trade one token for another using the pool, by putting in their token, and receiving the other token.
Liquidity pools are 100% permissionless – anyone can create one, and the market determines the relative prices of the two tokens. They’re also the primary way that truly decentralized projects are traded, which makes them the perfect fit for a decentralized project such as Genesis.
Launch Pool:
A launch pool allows users to stake one erc20 token and receive an amount of a second erc20 token over time. When you’re done with your holding period, you withdraw all your staked tokens, and receive an amount of the launch token relative to your stake.
Some pools require a fixed holding period, others are more flexible. In the Genesis launch pool, users can stake GAME to receive GENESIS. It’s a flexible launch pool, with no fixed end date or limits on the amount of GAME you stake. Instead, the amount of GENESIS earned reduces slowly over time. Users can stake and unstake their GAME at any time, and earn more the longer they stay in the pool.
GENESIS Token Launch & Farming Explained
The first launch of the GENESIS token is a farming pool, where you stake GAME to earn GENESIS. The Game Credits Team chose this method over presales, initial token sales, or launchpads for a few key reasons;
– First, this is the most fair launch we can imagine, and is part of our core philosophy surrounding our community and equal access. Anyone can participate, and there’s little to no advantage of being faster or better connected than anyone else. And there’s no special treatment for anyone, so the price you get is the same price that Mark Cuban, Elon Musk, and Vitalik Buterin get.
– Second, it lets us release GENESIS to the community without selling it. We don’t want anyone to have to risk anything in order to own GENESIS, and the farming pool ensures that. You can join and leave the pool any time you want, with no lockup, and no risk to the GAME you staked.
– Thirdly, it allows people to get into the farming pool after the first few days and still participate in a meaningful way. Most token sales sell out in a few minutes; launchpads often require all the tokens locked ahead of time.
Could we make a ton of money by selling the tokens instead? Yes, of course. But this goes totally against the spirit of a fair token launch. Plus, making money isn’t our goal – distributing GENESIS fairly and building community is most important.
About GENESIS Farming
A farming pool allows you to stake one token (usually an ERC-20 token) for a period of time, and receive another token (also usually an ERC-20 token) when you stop staking. Like most farming pools, the GENESIS pool distributes tokens evenly among all farmers, according to their staked amount. But unlike many farming pools, the GENESIS pool gives you maximum flexibility. It allows you to stake any amount of GAME, and for any amount of time.
How to Farm GENESIS?
To farm a portion of the 50M GENESIS, you need to stake GAME on the farming portal at https://genesis.game/farm. The GENESIS farmed is split evenly between each farmer, according to the amount they stake. The more you stake, and the longer you stake for, the more GENESIS you’ll farm.
What is the Math Behind GENESIS?
Of the roughly 1Bn GENESIS tokens we expect to be mined, 50M are available in the farming pool. The rest are mined via World Stakes (we’ll talk more about that in the future – stay tuned!). Emission of the 50M is governed by a simple formula, where the total amount farmed reduces over time. The net effect is that 25 million GENESIS will be farmed in the first year; 8.3 million in the second year, and so on, according to this chart:
GENESIS Launch Details
GENESIS launch is coming soon! We’ll announce the launch date roughly a week beforehand. In the meantime, it’s time to get prepared by buying your GAME and bridging it over to the Polygon network.
The GENESIS farming pool is on the Polygon network. Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Using the Polygon network gives us ultra-fast block times, and impressively cheap transactions. If you’ve got used to spending $10 to transfer some ETH, or $50 to make a trade on Uniswap, transactions that cost less than $0.01 are going to be a breath of fresh air! If you’re not familiar, here’s a great guide to getting started with Polygon (LINK), and how to make your first $0.0001 transaction.
How to buy GAME in Preparation for the GENESIS Launch
You can buy GAME in a wide variety of currencies at Bittrex, BitBay, Uniswap, and Quickswap. You can buy and stake as much or as little as you want, just remember, the more GAME you stake, the more GENESIS you will earn.
Once you’ve bought your GAME, you can bridge over to Polygon by going to https://wallet.polygon.technology/bridge/ and following the simple instructions there.
Once you’ve done that, you’re ready to go. We’ll open the farming pool for deposits a couple of days before the farming launch date, so there won’t be a rush to get in for the start.
Join the Genesis Worlds mailing list below under “Stay Up To Date” to get the latest information on the launch of the GENESIS farming pool.
Bookmark https://genesis.game/farm & check back often for up-to-date information.
Launching a project at the intersection of gaming, metaverse and DeFi requires careful consideration of how best to simplify messaging and effectively communicate complex concepts with disparate audiences. For many members of the community, their level of engagement with and enthusiasm for a project is heavily influenced by the economics of the project’s token(s). Some of the most frequent questions we get about our Genesis metaverse project are related to the tokenomics. In this interview with CEO Jason Cassidy, we get to the heart of some of these questions.
Jason, we know DeFi is a major component of what we are doing with the metaverse, and part of that is earning GENESIS. What can we expect from this new token and how will the community benefit?
The GENESIS token powers the play-to-earn rewards and DeFi rewards of Genesis – it’s really the heart of the community. So we’ll be releasing the token in a number of ways. First, via a farming pool where community members can stake their GAME to earn GENESIS. Second, via the World Stakes, and Governance rewards, which reward community members who participate in governance and development of Genesis and its worlds. And third, via incentives and rewards for community members who help move the project forward, such as content creators, game developers, and artists. Unlike many projects, GENESIS is a truly fair launch: All tokens will be distributed to community members, with none set aside for presales, investors, or team members.
So what else? What other reasons are you releasing a new ERC20 token? What will we see through this relationship between GAME and GENESIS.
GAME is the key to unlocking the DeFi rewards of GENESIS. Being part of our community has always involved owning GAME, and World stakes and GENESIS farming are no different. Both require GAME ownership in order to receive GENESIS rewards. Besides the benefits to owners of GAME, we can experiment with DeFi innovation and take much bigger risks with a new token, without risking the utility of GAME. If we’re successful (we expect we will be), we get all the benefits, without the added risk. If something goes wrong with GENESIS, GAME is still fine.
Speaking of GAME, some token holders have questioned what’s in store for the future. What would you say to the GAME token holders?
GAME is central to the tokenomics of the entire project. In fact, you should start moving your GAME over onto the Polygon network, so you can be ready to stake your GAME in the GENESIS farming pool launch in early October. Beyond that, the main way to earn GENESIS over time will be to hold World Stakes, which you’ll soon be able to secure with our upcoming NFT launch. The only way to buy those World stakes is with GAME. This should have a massive impact on the demand for GAME, as we anticipate people will be locking up large amounts of GAME for decades. GAME is not going away or being deprioritized.
Can you give an example of how people can earn GENESIS?
Earning GENESIS in the farming pool is easy! When you deposit your GAME into the pool, you’ll start accumulating GENESIS tokens in your account. To collect them, just withdraw your GAME, and the pool will calculate your GENESIS rewards and send them to you too. To reward early adopters, reduce inflation, and ensure that rewards will continue for a long period, the farming pool rewards decrease slowly over time, with the rewards halving over the span of 12 months. The pool handles this calculation, and determines how much GENESIS you should earn.
Earning GENESIS through World Stakes is equally easy, though the math is more complex. Just like the farming pool, you’ll buy a World Stake NFT with GAME. These NFTs are bonded NFTs, so they have two important properties to remember. First, the price of the NFT increases as more people buy more copies of it. This controls the supply of each World Stake. Second, World Stakes are 100% liquid assets – you can sell them back to the contract at any time. When you sell it back, you’ll receive GAME equal to 90% of the current price for the NFT. This could be more (or less) what you paid for it.
Now you own a World Stake, earning GENESIS works much the same way as the farming pool. The longer you hold it, the more you’ll earn, and the rewards decrease over time (but more slowly than the pool rewards – the halving takes 24 months). You can, of course, buy more than one World Stake – you’ll earn the same amount of GENESIS from each one.
And is this something that will be set in stone at launch, or will the community have a say in future DeFi functionality?
Initial contracts will be set up to provide the foundational economics. By nature of smart contracts, they can’t be changed but if it makes sense, can be extended. We really hope community members will engage us with great suggestions and these can become part of what we do in the future. We see this entirely as our project, owned by the community and the team implementing the smart contracts. In addition, we’re holding a pool of GENESIS in reserve that can be used to provide the DeFi and play-to-earn rewards that the community most wants to see.
So people who want to buy the GENESIS token on its own or buy one of the World Stakes NFTs will need to be prepared to purchase them with GAME, correct? At this point, are you able to estimate how much GAME it will take to buy a World Stakes NFT? How does the bonding curve work?
That’s correct. You will need to hold GAME if you want to farm GENESIS or buy one of the World Stakes. (Here are the instructions for getting GAME, if you’re not already holding it.) And you’ll need to deposit your GAME to the Polygon network (you can do that at wallet.matic.network).
World Stakes are bonded NFTs, where the buy and sell prices are calculated using the number of World Stakes that currently exist for that World. Unlike previous bonded NFTs where the 100th token costs 10,000 times the price of the first token, the World Stake bonding curve is incredibly shallow. The price of a World Stake only increases 4x between the first token bought and the 1000th token bought. This shallow curve maintains the price discovery aspect of the bonding curve, and ensures that later adopters aren’t priced out of Worlds. The bonding curve also allows you to sell back your World Stake based on the number of NFTs that exist, giving you instant liquidity.
It really seems like you’ve thought carefully through the complexities. Does this model offer some major benefit to the project stability or sustainability? How can folks compare this with other projects they might be considering joining?
There are different scopes for projects and different means to get there. We care deeply about economics making sense and avoiding pitfalls of other projects. We definitely have a grand vision for a 100 year metaverse, where GENESIS powers an entire metaverse and gaming ecosystem. Where Worlds are like token launches and all the Worlds can benefit from gaming tech collectively while forging a unique vision on their own.
The biggest thing that all these economic decisions are driving towards is a metaverse that’s community-driven, and is around for the long haul. That’s why we aren’t taking VC funding, and why we’re setting up the whole project as not-for-profit. So if you want to really get involved with a project, with a seat at the table, making decisions, then GENESIS is the place for you.
We’re almost out of time, so one last question. GENESIS token will be available on exchanges prior to the World Stakes NFT launch. Why would someone choose to purchase the token Vs. an NFT? From the community perspective, what are the advantages of one over the other?
We want to provide more than one method for acquiring GENESIS, because we have a diverse community. Some people are die-hard NFT collectors, and will want to make sure they have a full set of World Stakes. Some people will want to focus on a specific world, and will buy up lots of World Stakes for that world. But other people prefer dealing with direct fungible tokens rather than NFT’s like our World Stakes, or don’t want to get involved with governance.
And not everyone has the same amount of money. The GENESIS farming pool allows you to stake a single GAME and still earn some GENESIS. But because the World Stakes are NFTs, if they’re in high demand, you may have to lock up thousands of GAME to own one. Even though you’ll get almost all of that back when you sell, the initial buy-in might be too high for some community members. We want to make the token accessible to everyone whether they want to own Worlds or not.
Thanks for taking the time to talk with us, Jason. Any last thoughts?
It was a pleasure. We covered a lot of ground, and this is just the tip of the iceberg. Let’s get back together soon and do some deeper dives into the details of GENESIS farming, World Stakes, and Governance Rewards.
Future parts:
Part 2: GENESIS Farming, plus a breakdown of where the tokens are going
Part 3: World Stakes, plus some hints on Land sales
Part 4: Governance, plus the community funding and DAO/Foundation pieces
Dear friends and community,
August was an important month at GAME Credits, where we continued to engage with and grow our community and made significant progress toward our upcoming Genesis releases. In case you missed it, we shared an insightful interview earlier this month with insider perspectives about the work we’re doing. We are currently on track for three big deliverables by the end of the year.
– Genesis ERC-20 token – This is the token that will power the metaverse economy and govern the entire game. We expect it to be available on decentralized exchanges in about a month.
– Genesis World Stakes NFT sale – We expect the Genesis World NFTs to drop about a month after the token launch. After the initial launch, we’ll be releasing additional world NFTs every few weeks.
– Prototype Genesis Metaverse World – We’re building a prototype metaverse world that will allow the community to explore the world and gather inspiration for future development.
In keeping with tradition and our commitment to transparency on these updates, here’s a look at some of the World Stakes NFT designs we’re polishing up for the drop in Q4.
Last month we collaborated with comic book industry pro Ross A. Campbell on Pokebabes, a new collectible NFT Series. This was an opportunity to experiment with new reward concepts, including personalized artistic rewards directly from the creator. While the first drop of starter Pokebabes is nearly sold out, you can look for more drops by Ross in the coming weeks. These will encompass the original 150 pocket monster inspired Pokebabes. You can see what’s currently available on his creator page and the collector reward structure at the official Pokebabes website.
Our team is working on Genesis branding and marketing and devoting significant brain power to the creative side. We are also interviewing candidates for the Senior Director of Marketing role. There are a number of exceptionally talented candidates in the mix and it’s been exciting to meet with so many professionals who share our enthusiasm for putting people first and strengthening relationships with our community.
Speaking of community, we’ve been expanding our community engagement in a number of ways, including hosting Clubhouse rooms, exploring Twitter Spaces and expanding our outreach to Arabic Twitter and Telegram. We are testing a variety of Telegram contests to distribute $GAME prizes, and we are doing more to promote our weekly streaming sessions. Here are some ways you can connect with our team and community:
– Join us on Telegram for community discussions and contests where you can win $GAME
– Jump into our Tuesday Twitch streams @4pm EDT to watch the team play, get your questions answered and meet members of the community.
– Later this month we’ll be attending the 9th Cutting Edge Games (CGC) conference. Join us on September 23, and 24th and find more details about attending the conference at cgc.one
– Thursday evenings @7pm EDT you’ll find us jumping in Clubhouse rooms with our friends and partners. Follow these accounts to get notified when our team is speaking live!
Chris – @crypto-chris
Josh – @jpmorton27
Jason – @karmashark
Steve – @bitbuzz
We truly appreciate each and every one of you and we are grateful for your support, feedback, and contributions to the growing community. We’ll be closing the year out with our strongest and most outward facing quarter since injecting new life into the GAME Credits brand. It’s a great time to get involved as a community member or creator and stake your claim in the Genesis metaverse helping shape the direction of growth over the next several years. Thanks for collaborating!
The Team @ GAME Credits
