Asset inflation is a horrible thing when there isn’t the demand to match. If this were a business, it’d be suicide. Imagine a business which doesn’t have enough sales to cover its stock thinking it’s a brilliant idea to order more supply?
What is a horrible thing is the mentality of appealing to ever diminishing bag sizes. One large investor can soak up a huge chunk of assets. For instance, a mall price godlike wearable is 10k GHST. One common wearable is 5. That means you need 2000 commons to match the price of one godlike. Big investors should be our friends. After all, everyone here (I hope) wants to become one (or an even bigger one)
Dilutive events erode investor confidence more than product delays. Product delays are expected. Dilution, especially unwarranted, does not serve anyone.
You say a 30 GHST humble isn’t a bad thing? Tell that to the investors who bought at 120GHST and are now 75% underwater. What this statement basically says is “let’s screw over the people who have invested the most time, money, and energy in favour of the new kids who showed up yesterday with a few GHST to kick around.”
Do you really believe this behaviour creates a loyal fan base? Or does it simply create a whole new generation of low-level investors simply looking for easy money?
I get we want more player base. The solution however is not product dilution. We even have a case study from within our very ecosystem!!! Just look at H2. The 2.5x dilution event did not magically spawn that many new faces.
The solution is quite simple: create a product people want to play. At the end of the day, without this, we are all destined for zero. We have to have a reason for people to WANT to spend money to play the game.
Based on this, I am in full agreement to halt any more dilutive events and spillovers until we get things under wraps.
100% agree with HARDKOR. Way, way too late to turn back now.
Focus on the positives - you can get moar land!
We have a significant scholar base now who can get involved, inspired, and support the floor.
And, we get to play GBM again - the most fun I’ve had in crypto!
Do we try degen/high/med/low rewards again to spice things up??
I don’t want to screw over anyone, and like I said I have skin in the game. And yea I think it’s pretty obvious that next land sale is going to have a negative affect on price.
But it’s been in the works for months and people have been planning for it. Maybe allot of the current price action on land is because people are prepping for the auction.
And regards investor confidence, it’s works both ways. Saying your going to have a land sale, and getting everyone to prep for it only to delay it can destroy investor confidence too.
We’re all high risk appetite investors here by the very nature of the market…. This is a totally new asset class in a very volatile market, I would argue that we can deal with a drawdown on land parcels without destroying anyones confidence in the project. After all we’re here for the duration are we not?
An idea has sprung forth which could be used to whet the appetites of those looking to get cheap lands.
It’s sustainable, fun, and allows us to gauge community interest in how much buying pressure is really out there. All for a rather low investment from the DTF.
I posted this on discord but wanted to share it here also.
There is 2 things that annoy me at the moment. Delays and dilution of assets. I think we need to find ways to limit those the best way we can in the future. Have a good roadmap that is realistic showing all the features coming out in the future. This gives investors confidence that their NFT will actually get use and around what time they can expect it.
We should not plan any dilution events anymore going into the future. They should be voted on as time passes and demand shows there is room for asset growth.
I think primarily we should focus on expanding the gotchiverse and make that the real eye catcher that people come to. We should offer really good and engaging gameplay. We should not focus on dilution to attract people. Dilution and cheap assets is not what attracts investors. It is value, having a good strong project, fun, a good community or something to be a part of.
I was worried when people wanted to start this land auction because of dilution and not having enough time for marketing. I wanted the auction to be after the gotchiverse launch since I expected it to really showcase fun gameplay elements so we could use that to attract new users. Currently all we have to showcase is still just the playdrop, since the spillover is just an extension from that. Is that what people want to invest in?
At the time I got the answer that many people are on the sideline waiting to buy into the third auction that was already delayed for several months. Well if that demand is there, I do not mind we have this last auction. So is it there? Or is it not? We already planned it now so it is kinda late to delay it. These things should be considered before we actually plan to do an auction.
For this reason I am kinda torn between delaying it or not. I want to know what the actual demand is.
IDK where you made the assumption that all of these things would be released together being they it was already announced that it would be in stages because we would be in an Alpha launch. Granted at that time harvesters were expected to have been released a lot sooner than they are currently planned but what was actually written never directly linked the two. As I have previously stated, I am not against delaying the land auction. I just would like to know how long the delay will be and what concrete metrics or checkpoints passed is needed before its “reasonably” possible/sensible to have one.
What about the people who bought ghst or sold assets to get the liquidity for the auction? Should they be punished because they followed the schedule and considered the core proposal approval to be binding? The lands value is not only determined by the quantity, but also and above all by the utility, a step in the right direction can be the launch of land rarity farming and giving value to the decorations that currently have no use.
You can also have 10 lands in total, but if they have no use the price will be low … you have to give more use to these. if you don’t want land dilution then you have to rethink the whole project because we don’t even have half a citadel. now there should have been the land auction and instead we have a vote to cancel it again(end date 20 Jun!!!)… not good
Exactly this, we had several delays allready. All is lined up…I made financial decisions because of this core prop, and waiting to buy more land. Not cool…we dont have connected Citaadel. What are we going to play whole bear market on half a citadel? We are game, the metaverse, we should just ignore bear…
Can we just delay it indefinitely so were not stringing potential investors along… getting them to buy drop tickets and then cancelling at the last moment. Its not really a good look, especially when the further it gets put off the more drop tickets get diluted. I myself spent thousands on drop tickets for this event, and sold assets to free up GHST. Its a bitter pill to swallow having it delayed again.
If your waiting for better market conditions then your going to be waiting a long time… Just delay indefinitely and stop this bull shit.
I’m open minded but notice that the coreprop launching Land Distribution #3 (auction followed by raffle) was overwhelming supported. While the macro landscape is different than a month ago, I’m not sure a new sigprop to delay land movement would have wide enough support. The poll above suggests possibly.
In any case, I’m here to share the latest from PC side. It may be useful for this discussion.
Over the past month Pixelcraft has begun scheduling dev resources to launch a land auction by end of June. But the dates to choose are problematic. We like our 3 day auctions to end on Sundays so we could say June 30 is realistic, but that leads right into a long weekend for the US. peak summer vacation.
That’s why we have been considering July 7-10 as superior dates. This frontloads July with an epic GBM auction only to be followed shortly after by a major Gotchiverse release. We have been readying announcements to be sent shortly but i’m hesitant based on this thread.
All for the slight delay at the very least. It makes sense to host a GBM auction post-vacation peak period rather than lining it up right beforehand. This just seems logical to me.
I would prefer a delayed-solution that you propose as a compromise between both parties who are against a delay and those that are for. I really don’t think a few weeks difference will change anyone’s mindset that they are getting ‘rugged’, and with the delay in spillover collection, it will take borrower, non-asset owner types much more time to prepare for this $GHST GBM auction then they could’ve otherwise w/ spillover available. Part of our goal in rentals was to shoot for this player conversion type anyways…
Thanks for the reply Jesse. So from my perspective all of the points in the OP still stand which is why I’d still vote to delay. The issue is unmatched demand during these market conditions compared to the supply shock on another land release.
Based on early indication in the sigprop the DAO overwhelmingly agrees so far:
Ahah do you think that shortly we will have demand and land prices will rise? (bear market) I dont think so fren
It is not a correct behavior to communicate a cancellation few days before the event because people have prepared and invested money to participate, if we need to postpone it a few days or weeks it is fine … in any case in the future we need to stick to the schedule as much as possible
GBM is a cool mechanic, but it seems obvious to me that no one is interested in the auction except to make money bidding with no intention of buying. If someone wants higher prices, GBM is a terrible idea in current conditions. If someone wants lower prices, congrats, you can buy cheaper than ever before direct from the bazaar, and it looks like it will get even cheaper over the next couple weeks/months.
Then we have ticketholders (I hold a lot, for me, btw. Been saving since the last auction, and moved a lot of assets to increase FRENS stake). Is it a win for them to crash the price of the asset they will be winning? I think we can come up with a better win than to destroy the value of the prize.
We also shouldn’t let this chance pass us by to improve DAO function. The desire to follow through and make coreprops as close to 100% binding as possible is a good thing! Reliability is one of the most important things for any entity, person or collective, to succeed. This experience should affect how we write propositions, making extremely clear what we are passing and the logic behind it. In this case, there is ambiguity between sticking to dates vs sticking to sequence. We must take stock of the damage of our decisions (and revisions), and do better in the future.
It does seem that way, but like I say if we’re waiting for better market conditions to proceed then we could be waiting a long while.
We’re six months into a bear market, i think the bottom is months away still. Doesn’t mean we won’t have upside volatility but trying to time a land sale to coincide with a bit of bullish momentum is pointless.
Personally I’m disappointed but I respect the DAO’s decision. I do think though that measures should be put in place to stop this from happening again. Drop tickets are going to be selling for peanuts whilst getting constantly diluted the longer the delay. They are basically a write off……
IDK where you made the assumption that all of these things would be released together being they it was already announced that it would be in stages because we would be in an Alpha launch. Granted at that time harvesters were expected to have been released a lot sooner than they are currently planned but what was actually written never directly linked the two. As I have previously stated, I am not against delaying the land auction. I just would like to know how long the delay will be and what concrete metrics or checkpoints passed is needed before its “reasonably” possible/sensible to have one.