The first batch of Knights will be auctioned using the monet.market Multi-NFT Auctioning system. The floor price of those Knights will be determined based on free market price action. We call them Genesis Knights, and the auction campaign Initial Knight Offering (IKO).
We plan to offer 10,000 Knights in the Initial Knight Offering.
In the Initial Knight Offering, high level Genesis Knights equipped with strong items are available for sale. We anticipate these Knights to be auctioned out with a substantial price, while lower level Knights with a more modest price.
We decide to price Knights in USD stablecoins because:
The game sees Knights as the consumers of RUBY. It would be degrading to price Knights themselves in RUBY.
We don't want Knight prices to be a subject to the extreme volatility of game tokens.
The lowest winning bid from the IKO will set the initial Floor Price of Genesis Knights. This will affect:
The SeaLevel of the Genesis Royalty Pool
The basis price for minting new Knights
Players use Knights to play the game. All players will be given a free, basic Knight when they create an account, but those Knights are not NFTs yet.
Knights which are NFTs, either won in a Knight Auction, bought from the marketplace, rented from other holders, or newly minted, can earn RUBY rewards when they win a Ranked Game. The higher Level a Knight, the more RUBY they earn.
A player can own multiple Knights, all with different Levels and using different items. Tournaments will have multiple classes so that all Knights can fight with someone their own size.
The Genesis Royalty Pool is the Royalty Pool for Genesis Knights. It:
Collects Royalties from secondary sales and rental fees
Buys Genesis Knights from the marketplace if its sell price is below the SeaLevel
Lists the Genesis Knights it holds on monet.market for sale or for rent
The Genesis Royalty Pool is a DAO, and its governance token is called the Genesis Knight RP token. They are ERC20 tokens and can be traded and put into DeFi instruments.
Since more and more players will join the game, the 10,000 Genesis Knights will not be enough to meet the demand. Therefore the players can mint new Knights as NFTs.
To mint a new Knight, the player must consume a Off-Chain Knight in their game account and pay the minting fees.
The fee for minting a new Knight will be higher than the lowest winning price from the Initial Knight Offering. We currently target it to be 30% percent higher. Therefore if the lowest winning price in the IKO is $50 USD, the minting fee for a new Knight will be $65 USD.
By this way, all participants in the IKO have a reasonable advantage of getting in early.
Since Knights do not have a fixed amount, the cost of minting a new Knight is designed to go up with time in order to prevent the new Knights from diluting the value of older Knights.
Every time 100 new Knights are minted, the minting price goes up by $1 USD.
By this way, if IKO Floor Price is $50 USD, the 100,000th Knight would cost $965 USD to mint.
We believe with this minting mechanism, early adopters are incentivized while new players can still get their own Knight without having to pay an absurd amount of money upfront.