💎$GEMS
$GEMS is a secondary currency within the Plays Ecosystem pegged to the US Dollar. In addition to $PLAYS, players will be able to use $GEMS to make purchases in our games, and websites or make trades on the Plays Marketplace.
$GEMS is an easy-to-understand concept for Web2 players. It can be purchased with Credit and Debit cards and is always accepted 1:1 to the US Dollar.
Game developers might not want to use a volatile token as either the purchaser currency of in-game assets or as play-to-earn rewards as it can make it difficult to accurately price products. The creation of $GEMS within the Plays Ecosystem is to mitigate the risks associated with this volatility, which is a common concern for game developers and players alike. Let's explore why this approach is beneficial and how it functions within the Plays Gaming Ecosystem.
Stability in an Unpredictable Market
Cryptocurrencies are known for their rapid price fluctuations, which can be a double-edged sword. On one hand, the potential for high returns on investment is attractive; on the other, the unpredictability makes financial planning challenging. For game developers, especially, those who need to budget for ongoing projects, salaries, and other expenses, volatility can pose a significant risk. Using a volatile token for transactions or as rewards in play-to-earn models can complicate revenue forecasts and financial stability. It can also be challenging for Web2 Players to purchase microtransactions, NFTs, and in-game assets with a fluctuating cryptocurrency as they need to continuously monitor price changes.
GEMS: A Stable Solution
$GEMS addresses these challenges by offering a stablecoin solution pegged to the US Dollar. This pegging means that 1 GEM is always equivalent to 1 USD, providing a predictable and stable value. For developers within the Plays Ecosystem, this stability offers several advantages:
Predictable Revenue Streams: Developers can better forecast their earnings from in-game purchases, as the value of $GEMS does not fluctuate wildly like other cryptocurrencies.
Attracting a Wider Audience: Players who might be hesitant to engage with volatile cryptocurrencies are more likely to participate in a gaming economy powered by a stablecoin. This inclusivity can lead to a larger player base and, consequently, higher revenues.
Reduced Risk: Both players and developers are shielded from the market volatility that affects other cryptocurrencies. This reduces the financial risk associated with participating in the Plays Ecosystem.
No added complexity: Traditional Web2 players don't have to interact with the blockchain themselves in the games to use $GEMS.
Implementation in the Plays Ecosystem
Implementing $GEMS within the Plays Ecosystem involves integrating it into our various products.
In-Game Transactions: Players can use $GEMS to purchase in-game assets, such as skins, weapons, or any digital goods offered by the game. This provides a straightforward transaction process without the need for constant price adjustments due to fluctuating market values.
Play-to-Earn Rewards: Rewards granted in $GEMS offer real-world value that is easy to understand and use, making the play-to-earn model more appealing and accessible.
Cross-Game Economy: $GEMS can facilitate a cross-game economy within the Plays Ecosystem, where assets and currencies can be traded or used across different games.
Stable Value: $GEMS is always accepted 1:1 to the USD for all products and services within the ecosystem.
$GEMS is an ERC20 token: Despite all of the above $GEMS is still a cryptocurrency that can be integrated into Web3 games.
$GEMS Supply Dynamics
$GEMS can only be created through buying lootboxes and locking $PLAYS in the $GEMS emission staking contract. This effectively keeps emissions stable and puts $GEMS directly into the hands of the community. There is no other way for $GEMS to enter the market.
On the other hand, $GEMS collected through our products, services, and $GEM fees collected through our marketplace are burned. This circular mechanism will always keep the circulating $GEMS at the ideal amount, that meets user demand without oversaturating the market and thus depegging it from the USD Dollar.
There are several ways you can get $GEMS:
Stake $PLAYS in the $GEMS emission staking contract. For more information about staking head to the staking page.
Buy lootboxes as one of the rewards are $GEMS.
Buy $GEMS directly in Plays Ecosystem games and websites via Debit/Credit card.
Buy $GEMS on the open market through a DEX such as Uniswap. (In the future!)
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