YouSaid · the spoken record

Gabby Dizon

lines on the record

49

first

2021-09-02

most recent

2021-09-02

sittings or episodes

1

sources

podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

1. “So, I think the kindest thing that anyone has ever done for me was when I was three or four years old, my dad went home from a trip to the US and gave us siblings, a Commodore VIC-20. So that was the very first computer that I've had. And I wouldn't be doing what I was doing today if my dad didn't do that.”

   2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

2. “So, the way that we think about value and work, I think, will change a lot as we kind of see how value is earned inside these games and virtual worlds. And honestly, as someone who grew up as a lifelong gamer myself, I'm excited to be part of the building blocks of this world that we're building in the metaverse.”

   2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

3. “See what's happening with play to earn and the metaverse as fundamentally changing the way of how we think about work. A lot of people still think about work as I go to an office, I work with a team, we're very serious, we may find a way on the spreadsheet and then somebody pays me at the end of the day. I think a lot of the work will not be in regular employment, but you have honing a set of skills that you can go in into a lot of these virtual worlds and basically perform these skills inside these games that can earn you something in a way it's coming back to the tradesmanship I may be a blacksmith creating swords in a role-playing game that people are paying me because they have to go kill the dragons over in the other world. I may be an innkeeper inside a game that I have to buy the land and then build the inn and then find a way to source the food that I'm serving to the adventurers who are coming in.”

   2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

4. “So, the problem with assets that have, I would say, overpowered utilities that they tend to break the balance of a game. And if you break the balance of the game, then people will quit and leave your economy if someone can't pay a million dollars for an overpower sword and just start whacking everyone and no one else can have access to it. So this is why you don't see a lot of like pay-to-win aspects in a lot of Western games. And that's why there's a lot of focus on cosmetics instead of utility, because you want the game balanced enough where there's no one party that can overpower other parties just because they have a set of items that is so much better than what anyone else can get. So that's kind of the delicate balance. And that's why a lot of the highest value items are based around scarcity and social signaling rather than on utility itself.”

   2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

5. “Axis similar to, I would say, like a cryptopunk, which will never be recreated because they have that kind of scarcity level. They're considered like some of the top collectibles in the game. And yeah, some of them are worth from hundreds of thousands to millions of dollars.”

   2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

6. “Axi itself is doing somewhere between 30 to 40 million dollars or marketplace volume every day. And most of these really have been since May. So just in the last three to four months, it's just crossed $1.5 billion of GMV lifetime. And again, like 4.25% of that goes to the token holders of AXS, the governance token. It's a pretty large amount now. And of course, it's the biggest game, but it's not the only game. There's a lot of other games that have come in. And the most expensive axi is in the order of several millions of dollars. It's not because of its utility or how good it is in battle because people actually have pretty good access to axes that are good in battle via breeding. It's because of the collectible layer where there are these mystic axes that were created when the game started that can't be bred like their special collective.”

   2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

7. “I do think that plate to earn and the metaverse is going to be eventually a trillion dollar opportunity. I think this will happen if the core economic layer remains open, which means it's not ultimately owned by a Facebook, for example, or a Google or an Apple, like one of the big companies. It may be such a large garden that you don't see the borders, but it's still a walled garden and you have to play inside it. They have the ability to dictate what the take rate is, for example. So what needs to happen is for these economies to remain open, remain on, I guess, public blockchains that are decentralized enough where value can flow freely and no one entity can dictate where the value flows towards.”

   2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

8. “The biggest risk to a platoron economy from taking off is if you cut off the rails where the value on chain is being transferred into the real world, which means the on and off ramps from US dollars or pesos to the crypto economy. So now this is facilitated pretty easily by exchanges such as Coinbase or Binance where I can take my tokens and I can basically turn them to dollars pretty much anytime I want. If you cut off that exchange of value between the virtual world and the real world, then everything breaks down.”

   2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

9. “A red flag is when we see that a developer is just subsidizing the token that is being rewarded to players. That means there's no input coming to game. And maybe that the developer is subsidizing that with some of their cash flow or balance sheet. So that is unsustainable. We'd like to see that there is kind of an input where the players themselves would want to put value in. And some players can take value out the game economy. The developers themselves may take a form of tax like take rate on that. So for example, the axes take rate is 4.25%, which if you think about it, is a lot lower than what they're getting from free to play where you're basically taking money directly from players. But now that the economy can grow so large because players are always trading with one another and you're going from a direct sales model to a marketplace model and just taking a fee on that, we need to see that kind of economy.”

   2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

10. “Economy that had so much value can also be very quickly because people can kind of just take their money and then go to another game, for example. So having a really well-designed community and then having a really good community support that and often it's because you're giving away most of that value to that community and supporting that community as developer, those are the most important things that we look at”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

11. “There has to be a lot of thought put into a game economy. So pretty much every blockchain game tends to be like an MMO over time. And what I mean by that is that it must have an economy that will endure, must have sufficient inputs and outputs for people to take value in, invest in, and then take value out. So that means there's a complex economy that goes in pretty much every blockchain game. Apart from that, the next most important thing is seeing the community that's formed around the game. So a lot of these crypto communities are very reflexive in the sense that once a game or NFT project starts getting popular, then a community starts to pile around it, buys up the assets, a lot of times even bids up the prices and grows the economy around that game. But the reverse is also true. Like if people don't like it, they may leave en masse and then something that an asset or a game.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

12. “Yeah, absolutely. So we go where the games are. And if a game will make an Ethereum wallet, put our assets there. If the game is on Solana, like Star Atlas, we'll go there to Solana and put our assets there. If it's on Flow, it's an NBA top shot, for example. We'll do the same thing. So we're agnostic. As long as we can store our assets there and preferably find a way to trustlessly lend them out to our player base, we're happy to go wherever the games are.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

13. “I would say the more they sit on a layer like an Ethereum. But if you're opting for performance, as a lot of these games, though, then you might be going to a polygon or a Solana or a flow. And of course, that slider goes from one end to the other, and each chain makes its different trade-offs. So you will also see, I would say, different kinds of games that are built for the unique aspects of each chain.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

14. “About it in that each chain serves a different purpose, and if you think of decentralization as a slider, wherein, for example, Bitcoin is the most decentralized, it's hard money, and it's very conservative in that the protocol is resistant to changes being made to it. Ethereum is still very decentralized. It's programmable. But it's also, I would say, it trades off decentralization for performance. So it's not very fast, but it's still very sound money, for example. And then there are certain chains. Maybe, for example, a flow that is built for performance, your trading of some of that decentralization, wherein there might be a time when the FBI can say, hey, I have to freeze those assets because I'm afraid it might be used for something. And they have the ability to freeze your assets and do that. So think of decentralization as a slider and your assets, the more decentralized they are.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

15. “Decentraland is a virtual world. It was one of the first ones that came out in 2017 and it's basically a virtual world where people own the land underneath it and then you can build structures on top of that land. So I actually own an estate of land in decentraland and I put up an art gallery there. And when you go inside that art gallery and I share it with a friend of mine, you can see that the NFT artwork that we bought is on display on that 3D art gallery.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

16. “Yeah, we're actually seeing it now. There are NFT studios, for example, that you can contract to create your building in a virtual world such as decentraland or cryptovox. There are teams that you can go to that can create unique NFTs for you. For example, if you're a marketing company, for example, that wants NFTs done in the metaverse. And there are companies or DAOs that also do intersection virtual in physical fashion, wherein you can buy, for example, a shirt or a hoodie and there's a matching version of that shirt or hoodie in a virtual world that you can own as an NFT.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

17. “Think about what are the creative things I can do that people are willing to pay money for when I go into these virtual worlds.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

18. “So, I think it would be different. Of course, there are some things that are the same. So, for example, a buddy of mine is the best real estate broker in Axi Infinity. Like he's the guy that everyone goes to when someone wants to buy or sell an estate. So I think a lot of the repetitive jobs actually will be abstracted away by code. And that's the thing with virtual worlds. You don't have to maintain them. There's not a lot of manual keep that you do. They never degrade any of the repetitive action that you have to do in these virtual worlds. They can basically be replaced by code. I think that's one of the key differences in that humans have to bring what makes them special and their creativity into these virtual worlds so you can be the best real estate broker in the metaverse. I can be a YouTuber, a content creator. I may be a fashion designer creating these clothes for avatars and different virtual worlds. So it frees the humans to”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

19. “So, I actually started building a game with my team. We created a game called Battle Racers, which was an arcade racing game where the car parts were NFTs. And shortly after, I also joined Axie Infinity as a kind of part of the community, as a player and breeder. I joined Axi in late 2018, so almost three years ago. And since then, I was really curious on the different applications of NFTs and how they meet with DeFi trying different things like, for example, NFT fractionalization or putting an NFT and then creating some shares out of it where you have like fractional share of that NFT.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

20. “Network and popularize the notion of the non fungible token, which as opposed to a currency which are fungible, they could store like unique assets on chain, which were these caps, for example, that had their own unique attributes. So that was kind of the aha moment for me. It was like, wow, now I can store unique game items and assets on chain. And those assets lived outside of the game itself. So that was what really got me into NFTs.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

21. “I actually got into crypto because of Ethereum, and I've heard about Bitcoin, and some of my friends were dabbling with it with their startups, but the main use case of Bitcoin back then for the Philippines was remittances. And I just wasn't interested in remittances. Like I was a game developer. But when we heard about Ethereum and the concept of smart contracts, and back then we thought of it as programmable money, money that he could send to someone with maybe an if-then statement, like certain clauses that would trigger the value being sent from one party to another. I thought it was just really amazing and something that could change the game industry. So that was how I started going down the rabbit hole in blockchain. We just started taking a look at Ethereum and trying to see how it could possibly fit inside games. And while we were doing that experimentation, CryptoKitties came out in late 2017. It brought down the Ethereum.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

22. “There's dozens or probably hundreds of guilds right now. What differentiates yield guild is that we are a meta guild or a guild of guilds. We are actually incubating dozens of different communities within yield guilds. So for example, we have 19 scholarship managers around the world. A lot of them in the Philippines, in India, in Indonesia, in Venezuela, in Brazil. So a local guild may be competing with kind of a subunit of yield guild. But for us, we're actually a collection of these different communities that are united with the technology that we have, the balance sheet that we have, the token that we can give out as a reward. So we think about it very differently from, for example, a group of five guys that want to play Axie Infinity together. We think about it as providing a platform for people around the world to create their own little communities and have it under YGG, use our assets and then take it.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

23. “Community layer of people doing things together that will keep them in the guild even if they technically can afford to play with their own assets.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

24. “First of all, we do have this concept of graduation where people earn enough money where they don't need our taxi teams anymore, and then they buy their own and keep 100% instead of 70%. We actively encourage that. And what happens is that they stay within the structure of the guild because they're part of a community that help them become financially sustainable on their own. And the community itself is helping one another. And then they're helping the next batch of players who don't, who can't afford it, come in. So that's where the community aspect is very strong. And we're strengthened in some ways. For example, we think of YGG as like a gaming brand, as a lifestyle brand event. We're actually coming up with an esports team where you can start as a scholar coming in. I have skills, but I don't have money. I come in as a scholar, but eventually I can end up as a world champion representing YGG and Axi Infinity. So this very strong”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

25. “Generally, it's still pretty early on, where actually last year, if we had an AC team, we bought, invest in the Axi team and led it out to a scholar, we're probably earning it back within like a month. Now that the economy is bigger and of course costs have gone up as well, the average payback time is maybe three to six months and that kind of average cost of an axe has gone up as well. So if you think about it as a game item, I'm paying $800, $1,000 for a game item. That sounds incredibly expensive. If you think about it as I have a franchise business that costs me $1,000 that's paid back in four to six months, it's actually still a pretty good business.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

26. “So it unlocks his governance. So these tokens are called governance tokens, and it means that there is a process in which token holders can create proposals on things that can affect the direction of any protocol like our guild. And then there can be voting that may be weighted, for example, on how many tokens. So, this governance that the more of a token you own, for example, the more you can kind of shape the direction of the protocol itself.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

27. “So far, some of the tokens are for the founders and the PM. A lot of it was sold to private investors because we had to have starting capital in which we invest in the assets. I guess what's different in a DAO is that you're actually starting by having a fixed set of tokens in equity whenever you do. You basically create more shares and then you dilute the existing participants. With a DAO, you start with a fixed supply of tokens and you have to decide how that pie is apportioned from day one. So we have to think about the tokenomics very carefully and ensure that we have network effects of people who can actually grow the network and earn the token. So the percentages that, for example, these investors or the founders own is a lot smaller than they would in a typical equity corporation because a big part of the tokens are reserved for the player community.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

28. “That's critical. So, YGG is not a company where a DAO, and that means that the entire value of the guild is in the token and what the investors like Andre Sen have come into is for a portion of that token.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

29. “All of the assets that are in the balance sheet plus the fees that are being produced. One of the things we've done is that 45% of the supply of YGG token is not for sale. It is actually there to be earned by our player base. So we're setting up what we call a community mining program where if you play the games that we are partnered with, we're overlaying like a quest system in these games so that if you do these quest actions and complete them, you actually earn a bit of the YGT tokens for yourself. So think about it, the analogy that we have is that what if an Uber driver, for example, completes a ride and then they got a couple of shares of the company when they were starting out, then a lot of them would have had upside way past the time that they were driving.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

30. “A lot of, I would say, web2 businesses. I would say that capital takes precedence over labor. So that means that if I'm an investor or if I'm the founder, I have an outsized share of the upside of whatever I'm building. And if I am quote-unquote labor, so for example, an Uber driver, it means that I may be paid for the work that I do, but I don't get to capture any upside of the value that I'm creating. So a lot of Web3, and it's definitely through with what we're doing at Yield Guild, is that we want the people, the humans that are creating value for the network to also capture some of that upside value in themselves and basically reflected in the YGG token. So the YGG token, think of it as like a share of the ownership of the entire guild. If you own a portion, a YGT token, that means you, I guess, have a proportional claim token.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

31. “Here's the mental model that we use. We think of ourselves as a combination of the Berkshire Hathaway and the Uber of the metaverse. So let's unpack that a bit. We think ourselves similar to Berkshire Hathaway in that we invest in the best yield producing assets in these games and virtual worlds, but we don't just invest in them. We actively manage them. We have a very active player base that uses these assets, derives these value out of them, earns some rewards, and then we take a small part of that. So over time as more games come up and we invest in more of these assets, you can see that our balance sheet of assets in different games is just growing. And then our player base will also grow and they will have a kind of variety and choice of which world I can go into, which game to play, what kind of roles I can play in the metaverse. We kind of become the gateway of people into.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

32. “There are different reasons why people like to spend money or even a lot of money inside the game. And cosmetics has a lot to do with, I would say, status and being cool, especially in a multiplayer environment. And you see this actually with crypto collectibles like Cryptopunks.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

33. “So we're actually big fans of virtual land. So there are a lot of games that have a land system wherein there's a finite set of real estate that people can buy and then people can build things that can earn. So it's very similar basically to real estate investing in the real world except these games where perhaps before playing a game like a clash of clans and there is this kind of concept of land but there's no concept of scarcity with a lot of these new games that are coming out there's actual scarcity so you can buy into land knowing that only a certain amount of them will ever be produced and that the game developers are putting in some form of functionality that you can build on top of that land maybe build a factory, build assets that produce some form of token rewards or cash flow in our analogy. So that exists a lot in a lot of these metaverse games actually Infinity has its land which we own a lot of we also own land in games like League of Kingdoms.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

34. “Very new. A lot of new experiments in virtual world economies are being made. And yeah, a lot of people will make the right bets and invest in these digital assets that will endure over time. And also a lot of people will lose money playing these games that may turn out to nothing over time.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

35. “First of all, I guess play to earn is still very new, so a lot of this is still, I would say, being invented as we speak. That said, when we invest into a game, we try very hard to look into the tokenomics of the game. So we have pretty much like early stage investors as well, but we look into how the game economy works, how people are thinking about what the play to earn rewards are, how is it generated, and definitely where the money is coming from. And these are part of the things that we consider when we are investing in assets in the platoon game. And if you think about the analogy of kind of settling these digital nations, when America's being settled, there was none of the stability that America has now. It was very much the Wild West, but at the time that was when a lot of fortunes were made, a lot of people fortunes were lost as well, and then some people became kind of the oligarchs of the country. So I think the same thing is happening where people are discovering the metaverse.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

36. “Earn a higher living wage and then take that money back home. Except I'm going to these different video game worlds instead.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

37. “Two years, five years, the new user growth will slow down, and there needs to be spending by current users inside the game or external parties such as maybe brands, for example, who would want to advertise or give prizes to the population of the people in that game. So in a way, I even think of each game economy as having its own GDP. So that's why we talk about kind of settling the metaverse or settling these digital nations in a way these people are, I may be in the Philippines and then I go to this online game to start working and I'm not in my local economy anymore. I'm now in the economy of this game or virtual world and I perform actions there that I earn value and then I take that money home be it SLP or whatever kind of game currency and then I take it out back as Philippine pesos so it's actually not that different from a migrant worker from the Philippines that has to go to America or to Europe to”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

38. “The way to think of each play to earn game is that in a way it's its own self-contained economy. We even call them like digital nations, which means that people go there to play, to work. There must be people who are investing something inside the game economy for people to do some kind of work unit and take something out. So in Atsi, it's breeding that creates these because you need these axis to come in and create SLP. But long term, there needs to be many different reasons why people would put money in the game. For example, are there sponsorships? Are brands willing to put money in the game and maybe sponsor prizes for people to do tournaments? Right now, the economy of Axie Infinity is based on new user growth because every new user that comes in has to buy three axes, which means that the breeders are making money, selling axes to these users coming in, of course at some point we don't know whether it's one year.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

39. “In Venezuela, I think it's like $50, and people are earning maybe somewhere between $500 to $1,000 a month playing Axi Infinity. And that's just really change a lot of lives wherein people have had this skill that they didn't think was worth any money, this gaming skill. I mean, a lot of us have gaming skill, and we've become pretty good at it growing up. We never really thought it was a skill that could be monetized. And now they're finding out that the scale that they've honed in their teenage years that their moms have yelled at them for is actually a skill that can be monetized by playing these play-to-earned games. And the result is astounding now.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

40. “Right now, there are over 1 million daily active users in Axe Infinity, probably somewhere between 40 to 50 percent of this is in the Philippines. So that represents hundreds of thousands of people who are now basically working in the metaverse. They're working in Axie Infinity. And the interesting thing about this is that Axie doesn't care whether you live in the Philippines or in America or in Venezuela. It basically pays you a flat wage depending on how much SLP you can produce. Now you're earning based on how good you are in the crypto economy of Axi Infinity, not based on what location you're in, what's happened with the in-game economy so far is that it has produced, I would say, like revenue or income opportunity for these players that are multiples of what a typical minimum wage job is in the Philippines. So for example, here in the Philippines, a minimum wage job might be $200. It's actually a lot lower.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

41. “They can start playing the game and earning SLP, and then we do a revenue share for the SLP that produced. So 70% of the SLP that is produced goes to the scholar or the player. 20% to the community managers. The community manager is someone who is leading a local community that is trooting people, training them how to play the game, and kind of acting as like, I would say, the local community manager of YGG on the ground. And 10% goes back to the guild's treasury balance sheet.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

42. “Way to think about it is the Guild is investing in assets that are producing cash flow, so the assets in this case an Axie are the axes themselves and the cash flow that's being produced is physically SLP. So it's no different from investing in a business that somehow produces cash flow. And what the guild does is we're the largest breeder of access. We probably have close to 25,000 axes at this point. And then we provide these axes out to what we call scholars, people who are coming in who want to play the game but cannot afford the cost. So the cost is market driven. The cost is however much the breeders want to sell the axes for plus their profit margin. And right now a team of three axes may cost somewhere between $500 to $1,000. A lot of people who want to play this game and earn money, they can't afford the upfront cost to these axes. So the guild comes in and basically lends them the axi accounts that contain the axes”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

43. “I'm selling this SLP. The breathers are buying them because they're using them as an ingredient to breed new axes. And they have a stable of axes that they're selling to new players who are coming in, who want to buy axes because they want to play the game and start earning SLP as well. So there's this crypto economic loop that is working as an in-game economy, but it also touches the real world because people are buying and selling in crypto or in ether via the marketplace.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

44. “The game economy of Axi Infinity is player owned, which means the developer themselves, the SkyMavis, the developer of Axi, they don't own any of the assets themselves. This game economy is owned by the player base. If I have to come in and play Axie Infinity, I need to have three axes in my wallet. So I have to go to the marketplace and buy three axes. And the people who are selling them are the breeders in the game. So there are different classes. players called breeders who are breeding axes basically and selling them to players coming in, usually selling them for Terrium. And for these breeders to create and breathe the axes, they actually have to use the SLP token as an ingredient. So you're seeing this crypto economic model where I'm a player who has three axes, I'm winning the games and creating”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

45. “Roughly, that's it. You have a team of three Pokemon that have different skills and abilities, and there is a turn-based game. I would say somewhat similar to a Hearthstone.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

46. “NFTs can be generally unique assets that are inside the games that you're playing, so they can be skins, they can be items, for example, like armor or swords, they can be unique characters inside the game. In the case of Axie, they're like unique digital pets similar to a Pokemon. So the idea is the game generates unique kinds of assets that can then own by the player as NFTs on a blockchain, which they can then own and trade with one another for value in the real world.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

47. “Spend that money. So, in effect, I am using these games to play and then earn money that I can then cash out in the real world.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

48. “Guess we have to start with blockchain games. With blockchain games, these games where some of the assets are NFTs. And because these are NFTs that are in a blockchain such as Ethereum, then the players own these assets. It's not owned by the game anymore. And when you play these blockchain games, it breeds your wallet to see what NFTs you own and then represents them in a game. So that's kind of the basic layer. And then play to earn is kind of a step beyond that where you are using these assets that you own to earn some kind of token rewards. So for example, in Axie, if I have three axes in my wallet, I play a match inside a game and I win. I earn an SOP token. And this SLP token is something that I can sync into my wallet as a token and then I can interact with the DeFi world, turn it into Ether, for example, or turn it into fiat money, into dollars or Philippine Tesos, and I can go get...”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source

49. “Gil Gil Games is what we call a play to earn gaming guild. In a way, I call it similar to a world of Warcraft Guild with a balance sheet. So we're a group of gamers who are set up as a DAO or decentralized autonomous organization, and we invest in assets in different blockchain games. So Axi Infinity is the main one that we are playing in. We buy these axes. These NFTs are used inside the games to earn some form of yield. So in this case, it's SLP tokens. These are used by players to earn an income.”

    2021-09-02 · Invest Like the Best · Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49] · IDENTIFIED FROM THE TRANSCRIPT · source