回首不到一年的时间，市场正在逐渐意识到我当时的判断。

我们已经看到了很多有用和有效的尝试。之前我可能只是有一个方向感，但是现在市场给出了一个比较明确的方法。

将游戏中的消费者行为转化为投资行为有多重要？很多人认为这只是一场金融和数字的游戏。但让我详细说明可能的影响：

① Players will be more invested because of holding assets. Investment behavior is not willful. It is often necessary to carefully study before investing, and still need to pay attention from time to time after investing. It can be considered that players who hold assets in the game can truly achieve daily activities. And the daily activity is exactly the indicator that the top game companies are really concerned about. Recalling old users and importing new users has always been the most painful thing in the game industry. It requires the full cooperation of planning, development, and operation. The last event today and the output adjustment tomorrow are exhausting. Why not let users log in spontaneously because they have to receive food every day? Wouldn't the sense of making gains and losses drive the user's spontaneous behavior?

② Game developers can pre-position the monetization process of game products to reduce the development risk of game projects. Characters and props can be sold first, which can not only spend more time cultivating IP and community, increase user stickiness, but also continuously obtain development funds, making long-term continuous development possible.

③ The business model of the game can be closer to the platform business model. All content companies ultimately hope to become platforms: Aesthetics iterates year by year, and technology is changing with each passing day. Every generation of content companies hopes that they will not be left behind by innovations in aesthetics, technology, and business models, and become tomorrow's slaughter, and game companies are no exception. But very few content creators realize that if they just keep delivering content to their audiences with creativity and storytelling, they will one day run out of ideas—and all content creators will be too confident until that day comes. It is the content platform that really stands forever, and each generation of new content takes root and sprouts on the basis of the content platform. The reason is that the business model of the platform is pumping: as long as there are transactions, the ecology is still active, and the collaboration still exists, pumping is always possible. Therefore, the ultimate goal of the game industry is to establish "platform-level games", or even "eco-type games", allowing developers and players to build on it, and the platform can tax it. Transaction tax, stamp duty, personal income tax, as long as the player needs to spend time and energy doing anything here, all actions that have an impact on the game world must pay. Transforming game products into "platform-level games" and "game-level ecology" through NFT technology, establishing an NFT trading market, and taking commissions as the core business model is the end game.

The King of GameFi in the last quarter is undoubtedly STEPN. In my opinion, STEPN is a typical "platform game" according to what I mentioned above. Many advantages and various articles have been studied, and I will only talk about some of the details that are different from others:

① The dual-token model has been proven to be effective, and Governance Token and Utility Token perfectly realize the integration of in-game economic cycles and in-game/out-of-game economic cycles GMT and GST can create a true eco-economic cycle

GST is the core output and consumption, which can be considered as the currency in circulation in the game. The tokens in the game should theoretically be stable in price but gradually expand the supply as the user base expands. However, due to the rapid expansion of the user base, excessive consumption and deflation caused by insufficient supply of GST have led to price increases; GMT currently seems to incorporate a part of the combustion mechanism (mint process). In theory, GMT should keep rising: GMT is similar to a company stock. If GMT can realize the general dividend of BNB, or put quarterly profits into DAO like BIT, GMT is actually a real STEPN stock. At present, profit distribution has already begun; ② Transaction of a single core NFT In STEPN's system, the core NFT is shoes, which can be synthesized between shoes. The shoe slot is limited, and the single shoe gem is limited. Therefore, in order not to waste every exercise (exercise is mining), users will continue to improve the number of shoes, shoe grades (parameters) and shoe gem quality grades when they have spare energy. Therefore, all NFT consumption has a final core direction, which is shoes, rather than being scattered into multiple NFTs to cause user confusion.

③ Establish NFT market pumping This can be seen from the revenue in the first quarter. The revenue of the pumping model in the NFT market is considerable. All of the $26 million from the pump was used to repurchase GMT. If the prospects are bright and the operation continues this year, STEPN's full-year revenue should be between $100 million and $150 million, or even higher. Compared with BAYC, the annual revenue of 2021 is 137 million US dollars, and the net profit margin is 94%. It is hoped that STEPN can take it to the next level. BAYC's new round of financing will take place in March 2022, with an equity valuation of $4 billion. APE Coin today (20220504), the price is 15 billion US dollars.

Why does STEPN provide GameFi's standard model? For investors, the value of Governance Token was very small, and it seemed that there was no other use except for hype and Vote. At the hype level, the core value cannot be well related to the Governance Token. In short, the value of the governance currency is in the air. This is because many Protocol/DApps have not designed tokenomics from the beginning, and the token model is often single-currency. So if you want to use Governance Token as a Utility Token to drive the App, you will always feel awkward.

The model of dual currency and NFT to make trading market pumping solves this problem well: ① Any cryptocurrency can buy base NFT ②In-game token (Utility Token) is used to drive and upgrade NFT; at the same time, NFT produces in-game token (Utility Token). This solves the problem of the circular design of the internal economic system of the game very well. If the external currency price fluctuations of Utility Token must be considered, the traditional game economic system design cannot be easily migrated (because the utility of Utility Token to players is constantly changing), which brings difficulties in planning and development. ③ NFT is tradable and transferable, and it is the core means of production for users. But in-game trading of NFTs requires pumping. ④Repurchase Governance Token with a portion of the profit from the pumping every month, or directly distribute Governance Token (here can refer to many practices in the stock market, sharing of shares and dividends can be used, and repurchase is only one of many methods). Such a combination of punches solves many tedious problems in the GameFi development process, such as user asset preservation, game economic system planning, player input-output ratio experience, and investor returns.

In fact, in the above model, the NFT in the game plays the role of "mining machine", any kind of player behavior becomes the proof of work, and it is very simple to record on the blockchain. By analogy, for games or Metaverse products derived from NFTs, the selection of core NFTs is very important. I will mention this later.

There are many games that I think cannot be core NFTs, such as ILV. The differentiation between ILV's NFTs cannot be made very large, because it is contrary to the core gameplay of the game of auto chess. There are many games that do not welcome external investment, such as MOBA, such as eating chicken. There is very little difference in the experience that users spend their money on. It can even be said that none of the game types with the largest DAU scale we have seen so far can become GameFi. Because the endogenous mechanism of this kind of game emphasizes the fairness of initial resources, and after multiple starts, players’ accumulated feelings are reflected in skills and records. The competition between players is more about technology and a small amount of luck.

GameFi game mechanism prefers games that can achieve accumulation in terms of time and energy investment, capital investment, organizational coordination, etc. So the most suitable games are definitely business simulation and simulation strategy games. As early as Farmville, Travian, as recently as Clash of Clans and the Three Kingdoms strategy version. These games are relatively easy to carry out GameFi transformation development.

Another point is very important. In order to maintain the stability of the Utility Token price, the ratio of demand and supply must be controlled within a reasonable range. Maybe you will say, the dual currency + NFT model has already existed, why STEPN can stand out from the crowd The answer, you have to find it in the player community, you can ask them two questions: ①Have you ever encountered a problem that your friends around you are interested but can't get in? Why? ②After entering the game, what is the trend of the cost of owning a pair of shoes? Think about why, compare and contrast a batch of dual currency + NFT GameFi at the end of last year, what is the difference (^_^)

Why YugaLabs is so great I completely missed Otherdeed's whitelist, and I was a little hesitant until a friend mentioned it. Relying on my own E, I think about how much it can cost to scan the secondary market. Facts have proved that if you don't buy white this time, even if you buy monkeys and take airdrops, you will lose on average. Because BAYC and MAYC basically fell by 1/3 after the monkey land application, BAYC is the most exaggerated single, the decline of 50E. In the future, you will know that you have to choose the cheap one. If you can't even buy the white one, then you are really too far from the community.

Let me deduce the future development of land and APE coin: ①According to the first part, in theory, all NFTs issued by Yuga Labs should be "miners" as long as they are used in games What this "miner" mines is a new Utility Token: a kind of "soft currency", as detailed on page 65 of the pitch deck

yuga labs pitchdeck p65

These Utility Tokens are game coins. In theory, they are stable currency prices. As long as users actively use NFTs in the game, they should continue to be produced, which is in line with local characteristics. So in the BAYC ecosystem, we currently have 10,000 BAYC, 20,000 MAYC, 10,000 BAKC, and 100,000 land (for the time being, I put meebits and punks outside, because they are not directly related). Yes, these are all miners. Miners are limited and scarce. The more core NFT is in the ecology, the more important it is. In the process of ecological growth, core NFT is the most interest-bearing asset, no matter what the airdrop is, and the price will not drop. This part of the core NFT is more special than STEPN's shoes, the shoes will increase as the number of users increases, but the core NFT in the BAYC ecosystem is clearly limited.

② An NFT trading market will be provided, in which resources other than lands (because lands can already be traded), in-game items, characters, resources, etc., can be traded here, and the project will be pumped.

③ Part of the pumped water is fed back to APE coin, so APE should have continuous income distribution in the future, and it will be bullish in the long run. Behind APECoin is a DAO, which can be found here https://apecoin.com/governance. This composition is very similar to that of BitDAO.

④Otherdeed is actually a loot with many real-sense attributes, but it will be stronger. Thinking that I also bought loot at 20E, but the helpless dom was not strong, and there was no leading project to continue to develop and directly go on a wedding trip. In addition, at the ecological level, the gameplay of loot is purely community-driven. Since the assets are not valuable, there are very few developers. Each community member will measure their own input-output ratio, and it is difficult for a project without much ROI to require people to continuously invest with enthusiasm. Therefore, the development process of NFT ecology and NFT platform-based projects is actually very similar to that of public chains: the continuous increase in the token value of public chains can bring more nodes (to achieve better decentralization), developers (more content and applications) and users (currency prices and total assets). The higher the TVL and the higher the FDV, the better the public chain will naturally be. In other words, the public chain must have high FDV, and the public chain with low FDV has no future. You can think that the consensus of low FDV is too poor, no matter where this consensus comes from. The same is true for NFTs. The larger the transaction volume, the higher the floor price, and the higher the total market value, the larger the economy. The consensus is better, and there will be greater possibilities. Narratives and Ponzi are productive, and few people understand that.

However, our YugaLabs understands this, look at the opening second page of their official website:

yuga homepage p2

Which thing comes first? StoryTelling, storytelling. Again, few people understand that StoryTelling is productivity and Ponzi + narrative is a necessary factor to drive innovative change. It used to be the case with stocks, and VC equity investment was like this. Each generation of emerging assets appears to the previous generation to be a Ponzi scheme. Back in the 1990s, how could a losing company be an investment target? When the Shanghai Stock Exchange started, where did the listed companies have fundamentals, and what assets were they speculating on? Understanding the past can help you better understand the future. We always feel that thirty years is a long time and should be the norm and the truth; five years is short and probably a hoax. But I never thought that the beginning of 30 years of "normality and truth" is often a five-year "scam".

可以看出，露天剧场，我们这里的某处不是大陆地图，这应该是一个预告，一个宇宙，每一个目标都是一个小目标。一个实际游戏和游戏的游戏类型：Rich Games & Mini Games。你可以理解它为复杂的复杂游戏。

NWay PvP 替换上的一些性事件。目前正在与中开发。更重要的是，当时是开放 SDK 的时候，是 Facebook 的社交网络世界都正在赢得的就是————其他的开放性事件，欢迎开发有整个大市场的和你的公司重新给你的工程，你可以考虑创新的应用，而不是链接，奖励项目有很大不同，

YugaLabs 的创新能力和执行能力，以及 NFT 头部公司积累的资源，我在很多社区都讲过 YugaLabs 的伟大之处，你永远可以相信。这里总结一下：①团队不断创新，新玩法全由Yuga构思和制作。跟进的第二梯队非常缓慢。按照运营节奏，Yuga几乎每个月都有动作，也率先尝试跨界联名、新空投系列、线下Party、Tokenize等。更难得的是，他们几乎都成功了。了解项目运营的朋友应该明白，这是整个行业的认知差异，而不仅仅是运气。也就是说，YugaLabs 作为 NFT 行业的标杆，已经具备了投资的确定性。也很遗憾，这个行业的龙头明明开了先河，但10E以上的蓝筹都没有跟风。CloneX和Azuki都算不错，空投会回归本源；其他人几乎没有什么动作。更不用说哪个项目敢代币化了。NFT 领域需要跟上最新的玩法和趋势。如果不表现得像朋克，价格会不断下降，最终被遗忘，失去品牌价值和知名度，最重要的是，用户（即持有人）。②第一个做收购的公司，这不能只理解为傻人多钱。加密圈最大的特点就是资本化效率极高，而能善用资金杠杆的团队最终的结果与不能用的最终结果相差甚远。谈谈并购。Yuga做了最大的一个。③第一件底价超过100E 一年前原价仅为0.08E，1250倍，短短1年。这不仅仅是价格问题，整个项目的运作与所有其他项目都存在数量级差异。

④最后一亿美元是，它的项目也超过了100美元。这是一个币种来运行的。这也很Web3。

关于 NFT 领域的另外两个思考 NFT 领域最大的问题是商品少，用户少；另一个问题是流动性不好。现在已经对上一个问题的答案进行了探索，也就是空投+合成。无论是直接空投新系列，还是空投新系列药水和鞋盒薄荷，都可以在不损害原持有者利益的情况下，不断扩大用户群。BAYC 和 CloneX 已经做到了这一点。流动性差的问题最近也解决了，不是碎片化，而是 NFT 质押借贷。但 NFT 质押贷款仅适用于蓝筹 NFT。这很容易理解——只有蓝筹 NFT 是工作量证明，区块链上普遍接受的有资格抵押的资产。所以，NFT质押贷款只会让蓝筹NFT越来越蓝筹，价格会越来越高。同时，顶级质押平台选择什么样的蓝筹NFT进入抵押池，将直接影响到这个NFT的价格——某种程度上，顶级质押平台已经成为“行业评级机构”。因此，您也应该同时看好 BendDAO。蓝筹 NFT 市场和 BendDAO 可以产生正反馈效应，互惠互利。同时你也应该看好 BendDAO。蓝筹 NFT 市场和 BendDAO 可以产生正反馈效应，互惠互利。同时你也应该看好 BendDAO。蓝筹 NFT 市场和 BendDAO 可以产生正反馈效应，互惠互利。

关于蓝筹 NFT 的结论是：团队要继续努力，折腾，紧跟新玩法，不偷懒，不被打断，2-3 个月有大热点，空投一定可以支付回本成本，底价一定很高。高底价项目的底价会越来越高，实现数量级的差异。同时，不能或不愿代币化的 NFT 项目实际上可以免去。因为就像有人说我们将拥有一个无币区块链。如果没有激励，谁来申请，生态如何形成？从短期来看，我们如何才能在长期内竞争？这里已经有太强的对手了，人头效应很明显。

第三点，我在想，曾经cryptopunks定义了NFT，然后opensea定义了NFT行业，然后呢？Yuga 能否用他们的 BAYC+APE 重新定义这个行业？