Economy - Our Tokens
The $GOLD and $SILVER tokens in the Meta Lordz metaverse are primarily to serve as economic incentives which encourage players to participate in ecosystem activities. There are two main goals:
- To reward players for interacting with Meta Lordz while incentivizing them to utilize tokens for transactions, so as to create an internal circulating economy.
- To decentralize the ownership and governance of Meta Lordz.
$GOLD is an ERC-20 token native to the NEAR blockchain.
The permanent maximum number of $GOLD tokens to be issued is 200 million.
$GOLD serves as a governance token (see DAO below) with a variety of other game-related utility attached. Players can obtain $GOLD tokens through battling, liquidity mining and purchasing from centralized or decentralized exchanges.
The main uses of the $GOLD token are:
- To stake, in order to earn rewards from the Community Treasury
- To vote in key gameplay-related decisions
- To upgrade and craft certain weapons
- To purchase legendary Treasure Chests on the marketplace
- To purchase land, which can be customised and provide further utility based on player roles
Like $GOLD, $SILVER is also an ERC-20 token native to the NEAR blockchain.
The total supply of $SILVER tokens will adjust to the requirements of the economy as the number of players grows.
$SILVER is an EVM-compatible token on the NEAR blockchain and serves primarily as the in-game currency in Meta Lordz. Players can obtain $SILVER tokens through completing daily quests, winning matches, receipts from trading with other players, from treasure chest, and of course buying from the secondary market.
The main uses of the $SILVER token are:
- To buy or rent NFTs in the marketplace
- To buy consumables
- To upgrade and repair weapons
- To participate in many other ways in the in-game economy, such as with third parties through the SDK, or for customisations from ecosystem creators
Having two separate Meta Lordz tokens, $GOLD and $SILVER, allows each to serve specific uses, by separating the Meta Lordz internal economy from a token more exposed to the growth of the game.
The utility token, $SILVER, offers players a basic payment unit for in-game transactions. The governance token, $GOLD, provides a mechanism to direct revenues to backers of the game, as well as facilitating decision-making on certain gameplay elements.
The two-token design is critical in preventing the in-game economy from being negatively affected by external factors such as speculation and price fluctuations, and to ensure that rapid growth of the ecosystem doesn’t make smaller in-game transactions less viable.
Further, using a proprietary token rather than a stablecoin for in-game transactions reduces the financial risks to the business - as in the early days the economy will not need to directly fund the purchase and subsequent distribution of stablecoins.
Two staking models exist in Meta Lordz: Token Staking and Item Staking.
Both can be accessed via the Bank in Glasmire, and Token Staking can also be accessed via our website.
In token staking, players can receive rewards by staking their $GOLD tokens.
Staking rewards are linked directly to the revenues of the game (more specifically, the Community Treasury) - so investing at an early stage could prove very lucrative as the game grows in popularity and revenue grows alongside.
We believe that promises of high, fixed staking rewards are extremely risky for both stakers and web3 businesses. They create a damaging inflationary effect on the tokens, and also result in fixed token pools being depleted over time - placing an artificial limit on the game's lifespan.
Our innovative model solves both of these challenges. Inflationary risks are lower as rewards are only tied to revenue growth - meaning that the player base has grown to support larger rewards. Additionally, variable staking means we are not depleting a fixed token pool, but rather paying out an amount which can be sustainably afforded over time.
Item Staking (Legendary Gear Museum)
Item staking is an important innovation from Meta Lordz, directly rewarding an active community of players with enhanced staking returns. The more you play, the higher your potential rewards.
In item staking, players must first acquire & upgrade NFT gear, such as weapons or armor, to a specific level. This involves significant time spent on gameplay, gathering resources, and engaging with other players in the metaverse.
When an item earns Legendary status, the player earns the right to lend the item to the Legendary Gear Museum. The museum will place the item on display, for a fixed period, for all players to see. The name of the player is visible along with any customisations.
When a Legendary item is staked, the player cannot use it in battle - but enhanced staking rewards are then available to that player when they stake their $GOLD tokens.
This innovation means that the best staking returns are available only to engaged players who work hard to level their characters, enhance their gear, and add value to the community.
Over time, staking $GOLD governance tokens will give players the ability to participate in community governance for certain gameplay-related decisions.
Decisions important to gamers may be put to the community for a vote. Potential decisions from the DAO may include, for example:
- Item & skill balancing
- Battle configurations - such as time limits & rules
- New character classes
- New or modified skills
- Special metaverse events & tournaments
- New aspects of metaverse utility & functionality