We held a live AMA with Product Lead, Kevin Sequeira and Head community and marketing initiatives, Abhishek Menon on 11 April 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Before the ama begins, please introduce yourselves and your CropBytes team.
Kevin Sequeira | Cropbytes: Hello everyone,
I am Kevin, I have been a part of CropBytes since early days, and look after product and growth.
I got into crypto through token mining back in 2017. During those days also used to research and write about the development and great products in the crypto space.
Abhishek Menon | Cropbytes: Hi, I’m Abhishek, at CropBytes I head community and marketing initiatives.
I have over 2 Years of experience in Web3 Gaming and over 5 Years in traditional marketing. I have worked for FMCG, Tech, and other consumer brands driving brand awareness and growth.
Serene | Shin Chan: Do you have any recent or updated CropBytes news you’d like to share with our community? 😀 Can tell us more details about your project.
Abhishek Menon | Cropbytes: Sure, second thing first, would like to introduce CropBytes to those who have not head about it:
CropBytes is one of the first web3 games out there, and was launched in 2018 on Appstore and Playstore.
It’s a game of farming and business built on a real world economy, with game assets and an in-game marketplace. Imagine Farmville, but with the real economy.
The game has a sustainable economy which is meant to get stronger with time. The game has an open market that’s owned by the community and prices of every asset is determined by the community sentiments, and demand and supply of the asset.
Explore the game assets market: https://www.cropbytes.com/exchange
CropBytes is built like a country, but an ideal country in the metaverse. All game developments are crafted to make the economy stronger. Your strategy to grow in this economy is completely yours and will vary from others.
As of latest updates:
We recentely launched the first ever sustainable free p2e model in a web3 game. We call it “Get Paid to Play”.
It is based on the concept of service economy. Which means players can hire other players and provide jobs in the metaverse thus providing sustainable earnings. This is only possible because of the contribution of the audience that is playing the game for the last 5 years. So we are not just FreeToPlay but you can also now GetPaidToPlay on CropBytes
Know more about service economy: https://blog.cropbytes.com/cropbytes-get-paid-to-play/
We also recentely launched our assets on Polygon as ERC 1155 tokens.
There is an exciting roadmap planned for Q2 2023 which was announced in the community yesterday.
Yeap thats just jist of whats been up at CropBytes.
Serene | Shin Chan: Very interesting concept. 🔥
Twitter Section Begins:
How #CropBytes guarantees a sustainable economy in the long term? This is one of the great challenges for the GameFi ecosystem. So What strategies have you implemented within the game so that everything works regardless of the crypto market conditions and the value of $CBX token?
Kevin Sequeira | Cropbytes: You need the following to ensure this.
Free to Play: We have introduced a revolutionary new game model in Web3 which is called ‘Get Paid To Play’. It is based on the concept of service economy. Which means players can hire other players and provide jobs in the metaverse thus providing sustainable earnings. This is only possible because of the contribution of the audience that is playing the game for the last 5 years. So we are not just FreeToPlay but you can also now GetPaidToPlay on CropBytes
This feature is based on the Service economy model which CropBytes has popularised.
High Liquidity Marketplace: CropBytes uses ERC 1155 SFTs which are easy to own, trade, and store. The CropBytes exchange sees over avg 1 Million trades in the in-game exchange.
Utility for Assets: The game assets have intrinsic value in the economy. Each asset has in input vs output logic which ties the economy together like a fabric. Eg: The demand for Power in the market drives the value for Solar Panels and Wind Turbines. In turn, change in demand for Solar Panels and Wind Turbines affects the price of Power.
Fun and Engaging Gameplay: Players love their animals and other assets like in real life. They take good care of their animals and the other assets they own. 💖 We hold our gamers community of hardworking farmers very close and we are dedicated to them as they are to their farms.
I understand that the payback period is approximately one year, as it is a long term game, do you have plans to accelerate this process in the future?, or make more economical plans for players who do not want to risk too much?, how much time a day should I dedicate to my farm?
Abhishek Menon | Cropbytes: Sure il take this one.
To start off with there is not just one fixed income from the game. It all depends on your business and portfolio management skills.
Here are some ways you can earn in CropBytes.
1. Converting extracts: You can convest your farm’s out to CBX
2. Selling excess produce in the market: If you’re producing more than you consume, you can sell the excess in the market.
3. Trading: Buy Low! Sell High! CropBytes features a highly liquid marketplace where you can strategize to grow your portfolio.
4. Gap Trading: This is where strategy comes into play, you can try your hands at Gap Trading after gaining some experience in the market.
Check this farmer’s video on it: https://www.youtube.com/watch?v=_zSJL3bpAgY&list=PLRf0u2jIYTXDUv2pyEqMP3B6cTHm0dpit&index=42
5. Investing: The value of CropBytes assets since its launch has steadily improved over the years. This is mainly due to the deflationary supply algorithms in the game. An Eagger which was trading at less than $2 in 2020 is now at 12$. This is the case with every asset.
6. CB Army: The CB Army is a dedicated micro-community within the CropBytes ecosystem. You can make new friends and earn rewards by completing missions.
7. Community Giveaways: We just love events and campaigns where farmers can win rewards. Make sure to be an active member on our socials and participate in 100s of giveaways that involve social and in-game activities.
About the second part of the question:
You need to feed your animals daily as they get hungry and grow crops. This process for a small farm takes only a couple of minutes. But as you grow and learn more about the economy, you can dedicate more time to strategy to maximise your profits.
product like Carrot, Banana, Apple we can get by farming. So how do we turn these crops we produce into income? Will there be a vegetable or fruit market where we can sell it?
Kevin Sequeira | Cropbytes: Yes, every consumable like Feed, Water, Power, Milk, Cow, Etc are tradable in the game exchange.
You can buy and sell your produce and assets with other players to get returns
Check out the game exchange: https://www.cropbytes.com/exchange/cafcbx
It costs a lot of money to get a lake in the cropbytes space. Does someone who has a lake and is raising crops still need to purchase water, or do the crops get their water needs met by the lake’s water supply? Can a player who owns a lake sell water to other players in smaller?
Kevin Sequeira | Cropbytes: Yes, a Lake will be enough for all your water needs. You can also sell the excess Water in the market.
However, you need to keep in mind that every asset has a fixed input vs output. So if you buy a lot of assets that require Water then you will have to balance the production of Water.
Check out tis video on the how to get started in CropBytes: https://www.youtube.com/watch?v=N8z9lJlMK_Y
How does the social aspect of CropBytes contribute to the overall gaming experience, and what mechanisms are in place to encourage community building, knowledge sharing, and collaboration among players as they navigate the challenges and opportunities within the crypto farming?
Abhishek Menon | Cropbytes: CropBytes game has a strong social aspect that enhances the gaming experience. The game provides mechanisms to promote community building, knowledge sharing, and collaboration among players as they engage with the challenges and opportunities within the world of crypto farming.
There are community chat rooms where players can communicate and share their experiences. Additionally, players can join CB Army groups to collaborate and grow along with others and win rewards.
There are also community events where players can participate, showcase their skills and win rewards. Overall, CropBytes game fosters a community that supports and encourages players to grow and succeed in the game.
Telegram Live AMA Begins:
Why do we need to Breed the Superheros? If we Start Breeding these,
What will be the main Impact?
Kevin Sequeira | Cropbytes: Superheros hold intrinsic value in the game. The first generation of Superheroes provides utility on the farm. Some of them boost the farm’s output, whereas others automate the farm. This is why they are held in high regard by the farmers. Those who own these superheroes are also breeding the next generation of Superheroes which will have their unique abilities and will also be used for PVP battles which we can see by early 2022.
We have a nice balance of FTs and NFTs in the game economy. While most of the NFT games out there are facing liquidity problems, trades on the CropBytes in-game exchange are always high.
How has CropBytes positioned itself as a leader in the crypto gaming space, and what specific elements of its game economy set it apart from competitors?
Abhishek Menon | Cropbytes:
- Super easy onboaring
- App on iOS, Android & web
- Great game play
- Sustainable Game economy
- Easy to start with minimal investment
- Amazing community
If Farmers Grow🪴 the Crops & They want to sell the Products,
Then Who have the Authority to set the Prices of the Products?
Kevin Sequeira | Cropbytes: CropBytes exchange is an open marketplace where users can trade by themselves. It is very similar to a crypto exchange.
Players trade and the last traded price determines the value of the asset for that time period.
We have a great in game market, check it out:
Abhishek Menon | Cropbytes: The Price of an asset is determined by the players. It is based on demand and supply.
Check out the game exchage where you can see price determination in action: https://www.cropbytes.com/exchange/cafcbx
While reviewing your project, I noticed that Game Assets in CropBytes are a mix of FTs.
Could you elaborate on the Utilities of FTs and NFTs in CROPBYTES and the benefits it provides to their owners?
Abhishek Menon | Cropbytes: Choosing an economic model is always hard to get right the first time. When CropBytes was starting out, the team had to decide between going the NFT way or the FT way. We made the right choice by going for FTs. This decision has allowed players to freely trade their assets in an order book exchange that in-turn is resistant to global bear markets.
We can see many Web3 games shutting down or struggling during current bear markets, but CropBytes’ in-game economy holds strong and stands independent due to the liquidity of these FTs.
Because NFTs are unique, they are meant to be used to store limited collections of digital assets, for example, a piece of digital art. They are not meant to store large quantities of the same asset, for instance, cows in a farming simulator.
Imagine having 30 cows on a players’ farm, all stored as NFTs. Developers will now need to store the ID of each individual NFT to map to the player.
Further, this makes it hard to enable high frequency trading on the asset, since each cow would have to be individually listed on a marketplace. Players or traders wishing to purchase cows would have to make individual purchases.
These are some of the problems fungible tokens solve.
Since all units of a fungible token are the same, the only metric that requires it to be measured is the count of the token per owner.
Taking the above example of cows in a market, a player can quickly list some or all of their 30 cows in a single listing, while users looking to purchase cows no longer have to buy them individually.
I am Pro Players, So I Want to Understand More About this Platform, So Do you
have any YOU TUBE VIDEO regarding GAMEPLAY, Trailer and Tutorial So the we Can Watch it And Understand Easily ?
Kevin Sequeira | Cropbytes: Yes, you can find tutorials on Youtube as well
What do people need to start playing CropBytes? How does CropBytes ensure that new players are onboarded smoothly and are able to navigate the complexities of the game’s economy?
Abhishek Menon | Cropbytes: Getting started in CropBytes is super easy:
- Sign up using this link to get 7 days of free trial assets:https://cropbytes.com/invite/BA215C
- You do not need to connect a wallet. The CropBytes team takes care of your wallet for you.
- This is a game of strategy, so understanding the gameplay is very important. Check these playlist to know about it:
Most importantly, pls join the CropBytes community, they are the ones who will be doing business with. So it’s important to understand the people there: https://t.me/cropbytes
You are Working from More than 4 Years with Cropbytes,
How many Total Regular users are Playing on Your Platform?
What Other Experiences You want to share?
Abhishek Menon | Cropbytes:
We have over 750K Sign ups
Over $19 Million Assets Marketcap
Over 1 Million Avg Monthly trade volume In-Game
Over 15K Daily Active users
Over 200K tradable asset holders.
Can you explain what is OTC PACK and how is it useful to users in the platform?
Kevin Sequeira | Cropbytes: It consists of assorted animals, assets & supplies so the user has all he needs.
OTC pack is aimed at users who would like to start off big.
These are also discounted and are very limited.
Check out the blog for more: https://blog.cropbytes.com/limited-time-otc-packs/
Can you list 1–3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Abhishek Menon | Cropbytes: The game’s balanced real-life economy is what sets it apart from all the crypto games in the market.
CropBytes has a perfect mix of fungible and nonfungible tokens (NFTs) while most other games today are focused only on NFTs. This solves multiple issues around liquidity, ultimately contributing to the game’s growth and development.
CropBytes market has gone through multiple market cycles refining the economics and bringing stability.
What are the benefits of integration in Polygon blockchain? Why did you decide to integrate polygon chain?
Kevin Sequeira | Cropbytes: CropBytes assets being on Polygon benefits both platfiorms
Users on Polygon will have access to CropBytes assets!
CropBytes assets will have wider reach by being part of Polygon ecosystem
Holders of the assests will be able to use any compatible protocol with their asset bring further functionality.
Polygon does this while keeping transaction fees lower comparde to other chains