The rise of Web3 gaming has opened new opportunities for players to not only enjoy their favorite games but also earn from them through play-to-earn (P2E) mechanics. However, while many of these games show initial success, sustaining these economies over the long term remains a significant challenge. Social gaming platform Tribally addresses these concerns by introducing innovative features like Challenges and Wagers that ensure sustainable tokenomics. 

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What is Tribally?

Tribally is a social gaming platform designed to connect gamers, offer them new games, and provide exciting ways to compete. It has grown a massive community of over 120,000 active gamers, with more than 1,000 games available to wager on each day. The platform’s activity is booming, with over 1 million wagers placed weekly. 

It goes beyond typical gaming platforms by providing features such as unified gaming profiles, reputation scores, and rewards for both gameplay and community involvement. Tribally also has onboarding programs for incoming Web3 players and catered websites for their partnered games that give additional strategies. Furthermore, Tribally allows players to challenge each other in Player vs. Player (PvP) battles and place wagers on match outcomes. 

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The Unsustainability of Other Web3 Game Platforms 

Despite the initial excitement around Web3 and P2E gaming, many games have struggled with long-term economic sustainability. Several factors contribute to these issues:

• Excessive Minting of Reward Tokens: Many Web3 games flood the market by minting too many tokens as rewards for players. This can inflate the token supply and lead to a drop in value over time.
• Unclear Use Cases for Tokens: Reward tokens often have limited utility outside of in-game transactions. This can make them less valuable to hold long-term. As a result, players may be more incentivized to sell their game assets immediately which can tank the price. 
• Limited Burn Mechanisms: Some projects do not effectively remove tokens from circulation. Due to this, there may be a lack of relieving pressure from regular token minting resulting in inflation. 

Tribally’s solution to these problems lies in its Challenges and Wagers model, which creates a more sustainable and engaging gaming ecosystem.

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What Are Challenges and Wagers?

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Tribally introduces two core features that enhance the gaming experience and contribute to sustainable economics: Challenges and Wagers. Challenges are PvP battles where gamers compete head-to-head. Players can challenge each other on any of Tribally’s partnered games. Challenge winners earn challenge points, which accumulate and determine their position on the platform’s daily leaderboard. At the end of each day, the top-ranking players are rewarded with $TRIBAL tokens, the platform’s native cryptocurrency. Leaderboards also reset at the end of the day. This encourages constant participation and competition as players build their reputation scores. Continuous competition through challenges hopes to keep the platform dynamic and engaging.

Wagers add another layer of excitement by allowing players to bet on the outcomes of PvP matches. Players can place wagers on either their own matches or those of others, using $USDC or $TRIBAL tokens. These wagers are powered by smart contracts, ensuring that all transactions are secure and transparent. Players can earn a percentage of the commission on wager volumes placed on their activities. Game developers and platforms also benefit by receiving commissions on wagers made within their games, creating a mutually beneficial ecosystem for all parties involved.

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Sustainable Tokenomics through In-Game Betting

Tribally’s unique in-game betting model contributes significantly to the platform’s sustainable tokenomics, addressing key issues seen in other Web3 games. Here’s how Challenges and Wagers help create a sustainable economic model:

• Balanced Supply and Demand - Tribally avoids the pitfall of continuously having to mint new tokens to distribute as rewards. Instead, players wager existing tokens on the outcomes of matches. This ensures that the supply of $TRIBAL tokens remains controlled and is not inflated by excessive minting. 

• Incentives to Hold Tokens - Tribally provides multiple incentives for holding $TRIBAL tokens. Players are incentivized to use $TRIBAL for wagers because of the platform's lower commission rates and higher earning potential for using the native token. This helps drive demand for $TRIBAL and encourages players to hold onto it rather than immediately sell. Players can also participate in staking, which allows them to earn passive rewards. $TRIBAL can also be spent at the Blessings machine - a gacha rewards machine that gives unique prizes or the Tribally Battle Pass - a monthly subscription of $TRIBAL which unlocks a set of features and benefits in the Tribally ecosystem

• Token Burning - Tribally has the potential to introduce a burn mechanism through its wagering system. Tokens lost during wagers can be burnt, effectively removing them from circulation. This burning process helps to reduce inflation and maintain the token’s value by ensuring that the token supply is kept in check. 

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Through Challenges and Wagers, Tribally tackles the sustainability challenges faced by many Web3 games. Offering both utility and entertainment, Tribally’s features make gaming not just fun but also financially rewarding in the long run. It’s a win-win for everyone involved—players, developers, and the broader gaming community!

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