Token price fluctuation risk / Countermeasures against fraudulent NFT transactions, etc.
Setting Various Restrictions
The price of tokens, including $GEEK, is subject to fluctuations due to market forces. Unlike the Japanese stock market, which has daily price fluctuation limits, there are no such limits in place for token prices, meaning volatility can be high. Additionally, pure investment-based trading may cause price changes unrelated to the in-game supply and demand.
While this project is designed so that token price fluctuations do not directly impact the in-game economy, extreme price movements are still undesirable for maintaining a healthy ecosystem. It is also necessary to prevent fraudulent activities, such as using stolen credit cards for NFT purchases through the marketplace. To address these concerns, we have implemented several trading restrictions.
Although these restrictions may seem strict, they are designed to be progressively relaxed as players engage with the game. The goal is to prevent bots focused solely on profiteering and to protect genuine players. As a result, it may seem more challenging to "earn" immediately. Instead of rushing to earn, we encourage players to enjoy the game first, which will allow them to experience a sustainable P2E (Play to Earn) environment in the long run.
xGEEK to $GEEK Exchange Limits (Overall/Daily)
We’ve implemented a daily exchange limit for the service as a whole to prevent a sudden influx of tokens into the market, which could cause a rapid price drop. The limit for each day is based on the amount of GEEK brought in from outside the game the previous day. This helps stabilize the price by matching the previous day’s buying pressure with the next day’s selling limit.
The total exchange limit will be divided into three segments, with 1/3 of the limit released every eight hours. This method may be adjusted based on market conditions. If the previous day’s inflow is below a certain threshold, a minimum guaranteed limit will be set and applied.
The total exchange limit will be divided into three segments, with 1/3 of the limit being released every eight hours. This method of segmentation and replenishment may be adjusted as necessary based on the situation. Additionally, if the amount of GEEK brought into the system falls below a certain threshold, a minimum guaranteed limit will be established and applied. (Updated on 2024/9/24)
xGEEK to $GEEK Exchange Limits (Individual/Daily)
In addition to the overall limit, there will be a daily individual exchange limit. This is to prevent a few players from exchanging large amounts of tokens and reducing the number of players who can exchange within the overall limit.
The limit is based on the amount of xGEEK being exchanged, starting from zero when you first begin playing. The limit increases as you meet specific in-game conditions, with early conditions set to be achievable on the first day of play.
If you do not use your daily exchange limit, it can be carried over for up to 30 days. Any unused portion will roll over, but after 30 days, any remaining balance will expire. (Note: if you do not log in on a given day, that day's limit will not be carried over.) (Updated 2024/9/24)
xGEEK to $GEEK Exchange Processing Time → Abolished (2024/6/19)
A 24-hour processing time is implemented from the time of exchange request to actual transfer into the wallet. This delay helps mitigate the risk of exploiting price differences due to timing discrepancies, ensuring fair exchange rates.
Land Reward Payment Method → Abolished (2024/6/19)
Token rewards from land ownership are distributed through staking rewards and revenue sharing from land dungeons. Unlike other reward systems, these rewards are more consistent and not directly tied to the landowner's daily play volume. To address potential surplus funds and associated selling pressure risks, land rewards are accumulated in a reward pool specific to each land and paid out monthly. We apologize for any inconvenience this may cause landowners but ask for your understanding as it contributes to the overall health of the economy.
List of Conditions for Exchange Limit Relaxation (Updated 2024/9/24)
The conditions for relaxing the exchange limit are as follows.
Each individual's exchange limit will be the sum of the relaxation amounts (in xGEEK) associated with the conditions they have met.
Unlock Conditions for Exchange Limit Relaxation
*The success of equipment enhancement must be achieved personally. Purchasing already-enhanced equipment from the marketplace does not count as completion. *All relaxation amounts are cumulative. (Example: If you hold 10,000 ADP, the 5,000 ADP condition is also considered achieved.)
Special Measures for Landowners
Land NFTs tend to have higher values, and accordingly, the rewards are also larger. From the perspective of a landowner, two issues arise with the existing exchange limits:
The individual exchange limit is too small in comparison to the reward scale.
Depending on the scale of the rewards, the impact on the overall exchange limit can become too significant.
As a countermeasure to these issues, an additional daily exchange limit has been introduced specifically for landowners, separate from the standard limits. This relaxation has been designed so that it does not affect players who do not own land, ensuring it is separate from the overall exchange limit.
The additional limit is set based on the rank of the land plot. Furthermore, if you own multiple land plots, you will receive the additional limit for each plot you own.
Additional Exchange Limits by Land Rank
Checking Exchange Limit and Mission Image for Achieving Relaxation Conditions
The relaxation conditions will be provided in the form of "xGEEK Exchange Missions."
Restrictions on NFT Listings and Transfers (ver. 1.6~) (Updated/Modified on 2024/9/24)
NFTs purchased in the in-game NFT market or brought into the game from a wallet will have restrictions on being listed on the in-game marketplace or transferred back to the wallet for 14 days after purchase or transfer (changed from 90 days as of 2024/6/19). This measure is aimed at curbing activities such as the use of fraudulent credit cards in NFT markets or taking advantage of wallet transfers for illicit gains, which have become more prevalent recently.
However, NFTs purchased during pre-sale are exempt from this listing restriction (removed as of 2024/9/24).
Additionally, until players meet specific in-game conditions, such as reaching a certain player level, NFTs will also be restricted from being listed on the in-game marketplace or transferred out to wallets. This is to prevent the exploitation of in-game bugs to obtain and sell NFTs on external markets.
NFT Buyback Restriction (ver. 1.8~) (Added on 2024/9/24)
NFTs that have been bought and sold on the in-game marketplace cannot be repurchased for 90 days. This is a measure to prevent fraud involving the transfer of NFTs or xGEEK between accounts, whether using a single or multiple accounts. This restriction also applies if the player is using different characters in separate worlds on the same device.
Daily Cap on xGEEK Earned from GEEK BOX Drops
A daily limit will be imposed on the amount of xGEEK that can be earned from GEEK BOX drops in Build Mode and Guild Dungeons.
The total cap is determined based on an emission plan, calculated to ensure a balanced daily earning potential. At the start of the service, the limit will be set higher to accommodate a larger number of players, and it will gradually decrease over time. However, this limit may be adjusted according to the operational circumstances.
If the daily quota is fully exhausted, GEEK BOXes will stop dropping. To extend the duration before the quota is reached, the drop rate will gradually decrease as the remaining daily quota diminishes.
The cap is replenished in 25% increments every 6 hours, dividing the day into four parts. This replenishment format may be adjusted based on the monitored output to ensure optimal distribution. (Updated on 2024/9/24)
Daily Limit on the Number of Engraving BOX Drops
To stabilize the price of NFTs, it's necessary to control the overall circulation of NFTs to some extent.
In this project, the daily increase in NFT circulation mainly occurs through drops from Engraving BOXes. Therefore, similar to the drop rate of GEEK BOXes, we have implemented a system where the probability of Engraving BOX drops diminishes as the limit is approached, and the daily cap is replenished in four segments throughout the day. (Revised and updated on 2024/9/24)**
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