Tokenomics
Last updated
Last updated
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Faketown's native currency is an ERC20 token called "Fake Coin" or FAKE
The goal of our token is not to be a financial instrument. Faketown is a playful environment that simulates real world economics and governance. While some blockchain games focus on 3D graphics we emphasize the dynamic relationship between players and the micro-economics of their town.
Fake Coins are used for the following:
Buying lots within towns
Minting functional NFT assets via minting machines
Rewards for elected town mayors
Rewards for town residents
Rewards to town owners
Rewards to residents
Residents are awarded governance tokens for minting and belonging to a town.
Towns are created with a grid of 14 x 14 lots. Each town can contain up to 196 lots and support up to 196 citizens. Each town is a unique ERC721 token that contains a collection of lots, which are also ERC721 tokens.
Towns have the following attributes:
Max Population
The maximum number of lots/residents a town can support. More residents means more contributors to your town's economy.
Lots Available
Lots available to buy on secondary markets.
Terrain
The type of terrain associated with your town. May affect minting capabilities.
Building Blocks
The block style used for constructing a property. Different towns mint different styles.
Landscape
The background scene behind the building on the property.
Each town will maintain its own treasury that is governed by its citizens and elected mayor.
Residents are able to mint building blocks that correspond to their town style. When a resident purchases a plot they will be granted a minting machine by default. Players can stake Fake Coins in the minting machine to produce random blocks that can be used to create a building on their property. Some blocks are common whereas other blocks are rare.
Clicking on a lot zooms into a "ground level" view.
Mayors are elected by the residents each month. Citizens of the town vote with governance tokens that are earned alongside XP within the game.
The following town parameters can be adjusted by the Mayor during their term:
Divert treasury funds to increase the output probability of the minting machines
Set the cost to use the minting machines
Set the weekly reward amount for residents
Set the weekly salary or reward for the mayor (within limits!)
Town residents earn Fake Coin rewards based on the size of their town treasury and the rules defined by the Mayor.
Residents can also do the following on their property.
Mint functional NFT's via the minting machines
Curate their property and use NFT blocks to create a building
Resident's earn XP for every item that they mint. Every once in a while the machines will short circuit and award the player Fake Coins instead of a Faketown item (ie. a block, art, electronics, furniture etc).
Town properties are equipped with a Block Minter by default. By spending Fake Coins residents can yield Building Blocks specific to their town. The fee for minting is determined by the town's Mayor. A percentage of the minting fee goes to the Faketown development team to redistribute while the rest goes to the town treasury.
Minting machines require energy to mint. Towns may increase the output/efficiency of their electrical grid by adding power back to the town grid.
Minting machines are rate limited by the amount of CO2 in your town. The more rapid your town mints, the higher your towns CO2 footprint. In order to counter balance this effect your town can plant trees to reduce C02 levels and subsequently increase mint capacity.
The town treasury is used to pay the town resident's rewards and the Mayor's salary.
Activities that contribute to a towns treasury include:
Minting assets
Selling new town lots within a town
Used to pay for competitive event rewards, recycled blocks and the occasional Fake Coin bonus payout from the minting machines.
FakeCoin rewards are paid out weekly and are paid from the town treasury.
