It should be noted that we’re not blameless on the use of FOMO ourselves! At this very moment our website says that you will get a “secret limited item” if you sign up for the Pre-Alpha, so I don’t want to come off as moralizing or holier-than-thou. You’ve got to be very careful because FOMO is driven by a cascade of fear, rather than fun and it’s been my general understanding that games are supposed to be fun. Designing your game around cryptocurrency, because of its direct connection to real money, is a bit like using gasoline to get that fire started. Designing your game around FOMO as a core component is a bit like playing with fire. However, these examples are fun because they are just one small element of a much greater and more complex game. These mechanics can be exciting for some players and to be fair a little bit of excitement is entertaining and fun. Consider collectible card games like Pokemon and Magic: The Gathering or game mechanics like randomized loot drops or rare single-run item events like party hats in Old School Runescape. So why does everyone seem to think that NFTs and cryptocurrencies are related to games? I think the reason is that many games have always had a small element of FOMO. The higher the stakes, the more to be missed out on, the more terrible the feeling.
-1000x1000.jpg "bitcraft price")
Warren Buffett has a great quote on the power of FOMO: “People start being interested in something because it’s going up, not because they understand it or anything else. This phenomenon has been documented for quite a while. The most interesting thing about this process to me is how reliably it works.
There’s a stampede to get on the spreadsheet.People panic thinking that unless they buy space right now, they’re going to miss out on a chance to make a lot of money.Some people make a lot of money selling their space on the spreadsheet.People start offering money to buy other people’s space on the spreadsheet.Space starts running out on the spreadsheet.At first, maybe no one cares, but if enough people become aware of the spreadsheet, something very interesting happens:
#Bitcraft price drivers
It’s a very very powerful force, and I think it’s one of the most powerful drivers of human behavior.Īlmost all cryptocurrency or NFT projects design the rules of their spreadsheet so that there are only so many numbers to give out and the earlier you get your name on it, the more you can write down next to your name. FOMO has more to do with how people work, than with how cryptocurrency works. The answer, I think, is pretty simple: fear of missing out (aka FOMO). So a reasonable question to ask is why do so many people care? Okay, so we’ve established that cryptocurrencies are just spreadsheets, and spreadsheets are perhaps the most boring thing to have ever been invented. We’ve managed to successfully avoid it so far, but my cofounder and I are distributed systems engineers who understand very deeply what this technology can and can’t do, so it could be interesting for us to shed some light. There’s been a huge amount of confusion, speculation, discussion, and hand wringing in the industry over the past year or so on this topic. That being said, I’d like to let the community know our opinion on cryptocurrencies/NFTs and their relationship to games and game design. Ultimately, I am of the philosophy that what matters is creating a good game, not what it’s called. No one ever came up with a particularly satisfying replacement, so it just stuck!Īt times we’ve considered changing the name, since it predates the lore we’ve developed, and we may eventually decide to do that, but at the end of the day it *is* pretty memorable. The idea was that “Bit” is a computer science word and “Craft” is in there because, well, I knew there would be crafting.
#Bitcraft price code
I just needed to be able to name the folder where the code would live.
I chose the name BitCraft as a working name that never ended up getting replaced. Note: I’m going to try to keep this as brief as possible.Ī lot of players have recently joined our community who are interested in cryptocurrencies, so I thought I would write this blog post as a reference for new players who would like to know what our thoughts are on cryptocurrencies and games.įirst I’d like to talk briefly about the game’s name since I think the “bit” in BitCraft causes people to assume it’s a cryptocurrency or NFT project.
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