Sources for 39: evidence for the lessons from other games

Evidence file for 39. For each source: the address, the access date and 1 to 3 excerpts copied from the fetched page text, untranslated and not paraphrased, that back what 39 claims. The bracketed number is the same as in the references of 39.

How the excerpts were checked. Each excerpt was searched again in the page's HTML (for Hive posts, in the post text through the public Hive API) and was kept only if it appeared there unchanged, apart from whitespace, curly quotes and dashes. Excerpts may be part of a sentence (the fetch tool cuts long sentences). On price pages (CoinMarketCap, CoinGecko) the excerpt is the page's table text on the access day; the number changes over time.

Sources fetched and dropped because the page blocked the fetch (no checked excerpt): PlayToEarn on the Splinterlands layoffs (the official post, [62], covers the fact) and Roblox's 2024 Form 10-K at the SEC.

[1] The Block: Axie Infinity's Ethereum sidechain Ronin hit by $600 million exploit

• URL: https://www.theblock.co/amp/post/139761/axie-infinitys-ethereum-sidechain-ronin-hit-by-600-million-exploit
• Accessed: 2026-11-03
• Published: 2022-03-29
• Excerpts:
  • "the exploit – which took place on March 23 but was discovered earlier Tuesday –"
  • "Specifically, five out of nine validators on the Ronin network were attacked and controlled during the incident."
  • "Five validator private keys were hacked; 4 Sky Mavis validators and 1 Axie DAO."

[2] BleepingComputer: FBI links largest crypto hack ever to North Korean hackers

• URL: https://www.bleepingcomputer.com/news/security/fbi-links-largest-crypto-hack-ever-to-north-korean-hackers
• Accessed: 2026-11-03
• Published: 2022-04-14
• Excerpts:
  • "Lazarus Group and APT38, cyber actors associated with the DPRK, are responsible for the theft of $620 million"
  • "OFAC added a new ETH address to Lazarus Group’s SDN entry as an identifier"
  • "two North Korean hacking groups, Lazarus and BlueNorOff (aka APT38), were behind last month's Ronin hack."

[3] The Block: The decline of Axie Infinity

• URL: https://www.theblock.co/post/146915/the-decline-of-axie-infinity
• Accessed: 2026-11-03
• Published: 2022-05-16
• Excerpts:
  • "the number of daily active users on Axie Infinity has fallen from 2.5 million in November 2021 to 1.2 million in April"
  • "the price of SLP began to decline in the late summer of 2021"
  • "rapid inflation of the SLP supply"

[4] Forkast (Lachlan Keller): (Axie Infinity play-to-earn model)

• URL: https://forkast.news/axie-infinity-play-to-earn-model/
• Accessed: 2026-11-03
• Published: 2021-11-01
• Excerpts:
  • "the number of new players joining each month is greater than the number of current players"
  • "an essential step of ensuring there are holders in the ecosystem for people to sell SLP to."

[5] Decrypt (Andrew Hayward): Axie Infinity Making Big Changes to Fix Its Ailing Play-to-Earn NFT Economy

• URL: https://decrypt.co/92190/axie-infinity-making-big-changes-to-fix-its-ailing-play-to-earn-nft-economy
• Accessed: 2026-11-03
• Published: 2022-02-05
• Excerpts:
  • "with four times the amount of SLP created each day as opposed to burned through the Axie breeding process."
  • "As of January 31, Axie Infinity had just under 2.2 million daily active users."
  • "removing it entirely from the single-player adventure mode and cutting out rewards for daily quests."

[6] Decrypt (Alys Key): Stepn 'Move-to-Earn' Cryptocurrencies Plummet After App Says It Will Block Users in China

• URL: https://decrypt.co/101510/stepn-move-earn-cryptocurrencies-plummet-gameplay-blocked-china
• Accessed: 2026-11-03
• Published: 2022-05-27
• Excerpts:
  • "If users in mainland China are found, STEPN will stop providing GPS to their accounts at 24:00 on July 15, 2022 (UTC+8)"
  • "GST fell from roughly $2.08 to $1.53, marking a drop of more than 26%."
  • "The GMT token fell sharply, too, dropping from $1.24 to $0.83."

[7] Naavik (Karan Gaikwad): (Stepn: rise, fall, future)

• URL: https://naavik.co/digest/stepn-rise-fall-future/
• Accessed: 2026-11-03
• Published: 2022-07-04
• Excerpts:
  • "The DAU for Stepn on Solana peaked at 104K in May but has been dropping ever since."
  • "the inflow of new players is required to fund the ROI of older players"
  • "the price of GST has plunged 95%+ to $0.13"

[8] AMBCrypto (Dune data): STEPN users take a step back from running after airdrop misery

• URL: https://ambcrypto.com/stepn-users-take-a-step-back-from-running-after-airdrop-misery/
• Accessed: 2026-11-03
• Published: 2023-03-07
• Excerpts:
  • "Since the number of STEPN's monthly active users peaked at 705,452 in May 2022, it has dropped by almost 95%."
  • "In fact, STEPN closed February with a monthly active user count of 42,965 – Its lowest since March 2022"

[9] The Block: DeFi Kingdoms to leave Harmony for metaverse-focused blockchain

• URL: https://www.theblock.co/news/web3/2022-08-23-defi-kingdoms-to-leave-harmony-for-metaverse-focused-blockchain-164497
• Accessed: 2026-11-03
• Published: 2022-08-23
• Excerpts:
  • "A spokesperson for DeFi Kingdoms confirmed to The Block on Monday that this means it will be leaving Harmony completely."
  • "The move comes two months after the Harmony blockchain network announced an attack on Horizon,"
  • "Hackers made off with nearly $100 million in ETH."

[10] The Block (Mike Truppa): FBI confirms Lazarus Group and APT38 were responsible for $100 million bridge hack

• URL: https://www.theblock.co/post/204928/fbi-confirms-lazarus-group-and-apt38-were-responsible-for-100-million-bridge-hack
• Accessed: 2026-11-03
• Published: 2023-01-23
• Excerpts:
  • "committed the theft of $100 million of virtual currency from Harmony’s Horizon bridge reported on June 24"

[11] CoinGecko: DeFi Kingdoms (JEWEL) price page

• URL: https://www.coingecko.com/en/coins/defi-kingdoms
• Accessed: 2026-11-03
• Published: live page
• Excerpts:
  • "DeFi Kingdoms (JEWEL) reached an all-time high of $22.52"
  • "The price of DeFi Kingdoms (JEWEL) is $0.004405 today"

[12] DeFi Kingdoms official docs: JEWEL Token

• URL: https://docs.defikingdoms.com/how-defi-kingdoms-works/power-tokens/jewel-token
• Accessed: 2026-11-03
• Published: undated
• Excerpts:
  • "Since JEWEL emissions ended early, approximately 386.5m JEWEL was emitted from the Gardens"
  • "approximately 283,644,055 JEWEL was locked."
  • "The JEWEL token has a maximum supply of 125,000,000 tokens."

[13] CoinDesk (Cam Thompson): It's Lonely in the Metaverse: Decentraland's 38 Daily Active Users in a $1.3B Ecosystem

• URL: https://www.coindesk.com/web3/2022/10/07/its-lonely-in-the-metaverse-decentralands-38-daily-active-users-in-a-13b-ecosystem
• Accessed: 2026-11-03
• Published: 2022-10-07
• Excerpts:
  • "According to data aggregator DappRadar, the Ethereum-based virtual world Decentraland had 38 "active users" in the past 24 hours, while competitor The Sandbox had 522 "active users" in that same time."
  • "according to DappRadar, is defined as a unique wallet address' interaction with the platform's smart contract."

[14] Hyperallergic (Rhea Nayyar): The Metaverse Is Empty, and Legs Won't Save It

• URL: https://hyperallergic.com/metaverse-decentraland-is-empty
• Accessed: 2026-11-03
• Published: 2022-10-13
• Excerpts:
  • "According to Decentraland, the average daily active user count hovers at around 8,000."

[15] Cointelegraph (Yashu Gola): Metaverse housing bubble bursting? Virtual land prices crash 85% amid waning interest

• URL: https://cointelegraph.com/markets/metaverse-housing-bubble-bursting-virtual-land-prices-crash-85-amid-waning-interest
• Accessed: 2026-11-03
• Published: 2022-08-08
• Excerpts:
  • "For instance, the average price of lands sold across Decentraland peaked at $37,238 in February 2022."
  • "But as of Aug. 1, their costs had dropped to an average of $5,163."
  • "Similarly, the Sandbox's average sale price dropped from circa $35,500 in January to around $2,800 in August."

[16] Decrypt (Kate Irwin): Yuga Labs Sees $561 Million in Otherside Ethereum NFT Sales Within 24 Hours

• URL: https://decrypt.co/99156/yuga-labs-sees-561-million-in-otherside-ethereum-nft-sales-within-24-hours
• Accessed: 2026-11-03
• Published: 2022-05-01
• Excerpts:
  • "Yuga Labs raked in over $318.7 million from this mint alone."
  • "Some 55,000 NFTs were minted at 305 APE each, which means each Otherdeed cost about $5,800"
  • "Otherside-related transactions have consumed over 64,000 ETH in gas fees at the time of this writing,"

[17] Decrypt (Tim Hakki): Yuga Labs Refunds Gas Fees For Failed Transactions During Bored Ape Otherdeed Mint

• URL: https://decrypt.co/99521/yuga-labs-refunds-gas-fees-for-failed-otherdeed-transactions
• Accessed: 2026-11-03
• Published: 2022-05-05
• Excerpts:
  • "More than $157 million in Ethereum was burned in gas during the Otherdeed NFT mint,"
  • "We have refunded gas fees to everyone who made a transaction that failed due to network conditions caused by the mint."

[18] Decrypt (Sander Lutz): Bored Apes and Other Yuga Ethereum NFTs Are Shedding Value—Why?

• URL: https://decrypt.co/221261/bored-apes-yuga-ethereum-nfts-shedding-value-why
• Accessed: 2026-11-03
• Published: 2024-03-11
• Excerpts:
  • "over the last year, reaching their all-time low floor price last week: 0.21 ETH."
  • "even taking ETH's recent, spectacular rise into account, Otherdeed's floor price of 0.23 ETH equals just $929."

[19] ForkLog: Alien Worlds: an in-depth look at a popular blockchain game

• URL: https://forklog.com/en/news/alien-worlds-an-in-depth-look-at-a-popular-blockchain-game
• Accessed: 2026-11-03
• Published: 2022-10-13
• Excerpts:
  • "Research suggests that a significant share of accounts were bots—programs automating TLM mining."
  • "Today, Alien Worlds bots sell for $200–800, and a mining bot's source code has been published on GitHub."
  • "Bot activity declined alongside TLM’s price in spring 2022."

[20] Decrypt (Kate Irwin): (Crypto gaming powers up, daily active wallets hit million)

• URL: https://decrypt.co/206392/crypto-gaming-powers-up-daily-active-wallets-hit-million
• Accessed: 2026-11-03
• Published: 2023-11-16
• Excerpts:
  • "Alien Worlds' official Twitter account reported that at least 1.6 million accounts using its game were bot accounts"
  • "We've also rebalanced many of our game aspects over time to reward humans more and bots less."

[21] BlockchainGamer.biz: Alien Worlds is first blockchain game with 100,000 players

• URL: https://www.blockchaingamer.biz/?p=15247
• Accessed: 2026-11-03
• Published: 2021-04-09
• Excerpts:
  • "This makes it both the most popular blockchain game and the first to break the 100,000 wallet barrier."
  • "Technically, however, what's being counted is individual blockchain accounts rather than individual users."

[22] App Developer Magazine: NFT game Alien Worlds records almost 760K users

• URL: https://appdevelopermagazine.com/nft-game-alien-worlds-records-almost-760k-users/
• Accessed: 2026-11-03
• Published: 2021-12-08
• Excerpts:
  • "Alien Worlds has an estimated player count of 759,600 users."
  • "settled for the second spot with 602,210 recorded users"

[23] CoinGecko: Alien Worlds (TLM) price page

• URL: https://www.coingecko.com/en/coins/alien-worlds
• Accessed: 2026-11-03
• Published: live page
• Excerpts:
  • "It's now trading -99.80% below that peak"

[24] Inven Global: MIR4 Comprehensive Review

• URL: https://www.invenglobal.com/articles/15013/mir4-comprehensive-review
• Accessed: 2026-11-03
• Published: 2021-09-01
• Excerpts:
  • "100,000 Darksteel can be smelted into one DRACO, which can then be moved to your IRL WeMix wallet."

[25] Forkast: Blockchain game MIR4 gains global popularity despite ban in South Korea

• URL: https://forkast.news/blockchain-game-mir4-gains-global-popularity-despite-ban-in-south-korea
• Accessed: 2026-11-03
• Published: 2021-09-01
• Excerpts:
  • "Korea’s Game Rating and Administration Committee does not allow blockchain-based games domestically."
  • "with a peak of 22,208 concurrent players as of Sept. 1."

[26] MIR4 Team (official post, devtrackers mirror): New measure for bot removal from Hidden Valleys

• URL: https://devtrackers.gg/mir4/p/e0190f2f-new-measure-for-bot-removal-from-hidden-valleys
• Accessed: 2026-11-03
• Published: 2021
• Excerpts:
  • "Acknowledging that the main purpose of bots currently revolves around Darksteel mining"
  • "Through our anti-cheat software, we have banned more than 1.1M accounts to this day"
  • "We have adopted a new measure which conducts context-embedded Turing tests"

[27] Korea Economic Daily (KED Global): Korea, game developers in tug of war over P2E genre

• URL: https://www.kedglobal.com/newsAmp/ked202207080018
• Accessed: 2026-11-03
• Published: 2022-07-08
• Excerpts:
  • "South Korea, however, continues to prohibit P2E games in the country due to their speculative nature."
  • "became a global hit with more than 1.4 million concurrent users."
  • "is in the process of canceling the rating classification of 32 P2E games"

[28] The Block: Korean exchanges to delist gaming company Wemade's native token

• URL: https://www.theblock.co/post/189787/korean-exchanges-delist-wemade-native-token-wemix
• Accessed: 2026-11-03
• Published: 2022-11-24
• Excerpts:
  • "will take wemix off their books on Dec. 8, a little over a month since they issued an investment warning against the token."
  • "DAXA is concerned the wemix team distributed far more tokens than it stated in a plan submitted to members."
  • "Its value has dropped almost 70% since the announcement to around $0.49."

[29] The Korea Times: Financial authorities examine Wemix delisting

• URL: https://www.koreatimes.co.kr/www/biz/2022/11/126_340633.html
• Accessed: 2026-11-03
• Published: 2022-11-27
• Excerpts:
  • "DAXA announced last Thursday to delist Wemix on Dec. 8 from their exchanges"
  • "circulating nearly 30 percent more from its disclosure information"

[30] The Korea Herald: Court denies injunction against delisting of cryptocurrency Wemix

• URL: https://www.koreaherald.com/article/3016048
• Accessed: 2026-11-03
• Published: 2022-12-07
• Excerpts:
  • "The Seoul Central District Court on Wednesday dismissed the injunction request."
  • "Wemade had provided false information on the planned number of the virtual token in circulation"

[31] Bae, Kim & Lee LLC (Korean law firm): BKL Legal Update (P2E games)

• URL: https://www.bkl.co.kr/en/law/insight/newsletter/5356
• Accessed: 2026-11-03
• Published: 2023-01-31
• Excerpts:
  • "GRAC has consistently refused to rate P2E games, thereby effectively banning P2E games for distribution in Korea."
  • "conversion of in-game rewards (i.e., game points, free rewards, in-game currency, etc.) into real currency."

[32] The Block: Wemade's Wemix token plunges 60% after South Korean exchanges announce delisting

• URL: https://www.theblock.co/amp/post/352911/wemades-wemix-token-plunges-after-south-korean-exchanges-announce-delisting
• Accessed: 2026-11-03
• Published: 2025-05-02
• Excerpts:
  • "This follows a February hack on Wemix's Play Bridge, which resulted in $6.2 million in Wemix token losses."
  • "Wemix token was previously delisted from DAXA member exchanges in December 2022."

[33] CoinDesk (Omkar Godbole), via Yahoo Finance: GameFi Token BIGTIME Rallies 250% in First Week; Analysts Raise Supply Concerns

• URL: https://it.finance.yahoo.com/news/gamefi-token-bigtime-rallies-250-111630155.html
• Accessed: 2026-11-03
• Published: 2023-10-16
• Excerpts:
  • "BIGTIME has surged 250% in just five days."
  • "The FDV is ridiculously high at around $1.2 billion, while the market cap is much lower at around $40 million,"
  • "players first need SPACE or Big Time's version of virtual land"

[34] Delphi Digital: Big Time Pumps

• URL: https://members.delphidigital.io/feed/big-time-pumps
• Accessed: 2026-11-03
• Published: 2023-10-12
• Excerpts:
  • "Roughly 24hrs ago, Big Time, a blockchain-powered MMO, launched its token on select CEXs."
  • "approximately 5% of the total supply has been airdropped to players"
  • "the game lacks a sizable active player base"

[35] Big Time official wiki: $BIGTIME Tokens

• URL: https://wiki.bigtime.gg/big-time-economy/economy-components/resources/usdtime-tokens
• Accessed: 2026-11-03
• Published: undated
• Excerpts:
  • "$BIGTIME is a fair launch token with no allocation to the team or investors."
  • "The maximum issuance of $BIGTIME Tokens is 5,000,000,000"
  • "Required to perform Refining, Crafting, and Upgrading at the Forge and Armory."

[36] Chainwire, sponsored press release on Decrypt: Big Time Generates Over $100M in Revenue Since Preseason

• URL: https://decrypt.co/223851/big-time-generates-over-100m-in-revenue-since-preseason
• Accessed: 2026-11-03
• Published: 2024-03-28
• Excerpts:
  • "players transacted a total volume of over $230M, without selling a single token."
  • "The only purchasable items are Time Crystals, the game's non-crypto premium currency."

[37] CoinMarketCap: Big Time price

• URL: https://coinmarketcap.com/currencies/big-time/
• Accessed: 2026-11-03
• Published: live page
• Excerpts:
  • "All-time high Dec 05, 2023 (3y ago) $0.9827 -99.32% All-time low Aug 12, 2026 (3m ago) $0.004751 + 39.76%"

[38] Decrypt: Ethereum NFT Game Illuvium Sells Over $72M in Digital Land Plots

• URL: https://decrypt.co/102139/ethereum-nft-game-illuvium-sells-over-72m-in-digital-land-plots
• Accessed: 2026-11-03
• Published: 2022-06-06
• Excerpts:
  • "Illuvium took in more than $72 million during the sale."
  • "239,388 of the game's sILV2 token (about $22 million worth) will be burned"
  • "Illuvium is set to launch on Windows and Mac computers later this year."

[39] eGamers.io: Open Beta of Illuvium Delayed in Lieu of Bigger Release

• URL: https://egamers.io/open-beta-of-illuvium-delayed-in-lieu-of-bigger-release/
• Accessed: 2026-11-03
• Published: 2021-08-31
• Excerpts:
  • "has been pushed in the backburner for further improvement and development"

[40] Delphi Digital: Mapping out Illuvium's Ecosystem

• URL: https://members.delphidigital.io/feed/mapping-out-illuviums-ecosystem
• Accessed: 2026-11-03
• Published: 2024-01-15
• Excerpts:
  • "100% of revenue generated w/ the ecosystem flows back to the vault and then is distributed back to those staking $ILV."
  • "The DAO uses Eth from the DAO vault to purchase $ILV to distribute to $ILV stakers."

[41] Decrypt: Long-Awaited 'Illuvium' Ethereum Games Launch on Epic Store

• URL: https://decrypt.co/241678/long-awaited-illuvium-ethereum-games-launch-epic-store
• Accessed: 2026-11-03
• Published: 2024-07-25
• Excerpts:
  • "Illuvium has been on the horizon for years."
  • "is trading at $67"
  • "hit a 2024 peak of nearly $150 back in March"

[42] BlockchainGamer.biz (Jon Jordan): Illuvium refocuses on MMOG lite Overworld for 2025

• URL: https://www.blockchaingamer.biz/?p=36322
• Accessed: 2026-11-03
• Published: 2024-12-20
• Excerpts:
  • "Its ILV token is down 98% from its all-time-high."
  • "However, Warwick also confesses that to-date the game has been too heavy on micro-transactions while lacking in terms of its basic gameplay."

[43] CoinMarketCap: Illuvium price

• URL: https://coinmarketcap.com/currencies/illuvium/
• Accessed: 2026-11-03
• Published: live page
• Excerpts:
  • "All-time high May 29, 2021 (5y ago) $2,868.95 -99.9% All-time low Jul 29, 2026 (3m ago) $2.70 + 9.11%"

[44] ForkLog: Star Atlas to conduct token sales on FTX, Apollo-X and Raydium

• URL: https://forklog.com/en/star-atlas-to-conduct-token-sales-on-ftx-apollo-x-and-raydium/amp
• Accessed: 2026-11-03
• Published: 2021-08-24
• Excerpts:
  • "Earlier, the project released its NFT posters, raising just under $7 million."
  • "The total supply of ATLAS is 36 billion, POLIS 360 million."

[45] CoinDesk (video description): Solana-Based Metaverse Gaming Platform Star Atlas Closes $2M in Public Token Sale

• URL: https://www.coindesk.com/video/solana-based-metaverse-gaming-platform-star-atlas-closes-2m-in-public-token-sale
• Accessed: 2026-11-03
• Published: 2021-09-21
• Excerpts:
  • "adding to the $41 million in sales it has already raised in NFTs"

[46] AiThority (press release): Star Atlas Receives Over $3 Million Investment From Animoca Brands

• URL: https://aithority.com/technology/blockchain/star-atlas-receives-over-3-million-investment-from-animoca-brands/
• Accessed: 2026-11-03
• Published: 2021-12-26
• Excerpts:
  • "announced Animoca Brands has committed to purchasing over $3 million worth of Star Atlas NFT spaceships."
  • "All revenue from asset sales during the GAO will be used to further the development of the Star Atlas metaverse."

[47] Decrypt: Solana NFT Game Star Atlas Launches Playable Demo on Epic Games Store

• URL: https://decrypt.co/110881/solana-nft-game-star-atlas-demo-epic-games-store
• Accessed: 2026-11-03
• Published: 2022-09-29
• Excerpts:
  • "Star Atlas: Showroom is a pre-alpha demo of the Unreal Engine 5 technology powering the game."
  • "the team plans to release a complete"
  • "of the game"

[48] CoinMarketCap: Star Atlas price

• URL: https://coinmarketcap.com/currencies/star-atlas/
• Accessed: 2026-11-03
• Published: live page
• Excerpts:
  • "All-time high Sep 04, 2021 (5y ago) $0.2773 -99.96% All-time low Jun 25, 2026 (4m ago) $0.000108 + 9.61%"

[49] OneKey (wallet vendor blog; weaker source): ATLAS Deep Research Report

• URL: https://onekey.so/blog/ecosystem/atlas-deep-research-report-token-roadmap-and-future-trajectory
• Accessed: 2026-11-03
• Published: updated 2025-11-18
• Excerpts:
  • "The Star Atlas team continues to iterate on SAGE"
  • "before the full Unreal Engine 5 client ships"

[50] BlockchainGamer.biz: Gods Unchained successfully raises $1.2 million including $300k esports prize pot

• URL: https://www.blockchaingamer.biz/news/5592/gods-unchained-successfully-raised-1-2-million-among-other-achievements/
• Accessed: 2026-11-03
• Published: 2018-08-21
• Excerpts:
  • "has managed to raise nearly $1.2 million (roughly 4,402 ETH)"
  • "it has so far managed to sell and place over 500,000 trading cards"

[51] Decrypt: Crypto gaming company behind Gods Unchained raises $15 million in Series A

• URL: https://decrypt.co/9524/crypto-gaming-company-gods-unchained-raises-15-million-series-a
• Accessed: 2026-11-03
• Published: 2019-09-23
• Excerpts:
  • "has raised $15 million in a Series A funding round led by Naspers Ventures."
  • "Each card is represented as a tokenized asset on the Ethereum blockchain."

[52] BlockchainGamer.biz: Immutable sells out of Gods Unchained genesis card packs

• URL: https://www.blockchaingamer.biz/?p=13162
• Accessed: 2026-11-03
• Published: 2019-10-30
• Excerpts:
  • "The accumulated total was 33,333 ETH, worth over $6 million at time of writing."

[53] CoinGecko Buzz (guide; weaker source): How to Play Gods Unchained: Beginner's Guide

• URL: https://www.coingecko.com/buzz/how-to-play-gods-unchained-beginners-guide
• Accessed: 2026-11-03
• Published: 2021-08-04, updated 2023-03-06
• Excerpts:
  • "Gods Unchained is free-to-play."
  • "You can get rewarded in Stars, Flux, and Packs (card packs) by leveling up and winning ranked battles."
  • "You can spend Flux to fuse two identical plain cards into a meteorite card at the Forge."

[54] Vulcan Post: (Immutable blockchain gaming interview)

• URL: https://vulcanpost.com/791750/immutable-blockchain-gaming
• Accessed: 2026-11-03
• Published: 2022-06-17
• Excerpts:
  • "The play-to-earn model that shaped the first iteration of blockchain gaming creates an unsustainable ecosystem,"
  • "Creating products where the only reason to play is purely to earn is flawed and misses the point of gaming."

[55] eGamers.io: Gods Unchained Goes Play2Earn With Daily $GODS Rewards

• URL: https://egamers.io/gods-unchained-goes-play2earn-with-daily-gods-rewards/
• Accessed: 2026-11-03
• Published: 2022-08-23
• Excerpts:
  • "$GODS rewards will be removed from Weekend Ranked and change into Pack Rewards."
  • "Each player can play up to 10 Ranked matches per day."

[56] eGamers.io: What Changes Are Coming to Gods Unchained With The New Daily Play & Earn Release?

• URL: https://egamers.io/what-changes-are-coming-to-gods-unchained-with-the-play-earn-release/
• Accessed: 2026-11-03
• Published: 2022-08-24
• Excerpts:
  • "Daily play & earn has a higher degree of rewards for decks with higher quality."
  • "This means cards need to be fused in the Forge using the token."
  • "The rewards will increase as the player population increases."

[57] Cointelegraph Magazine: The social benefits are huge: Web3 gaming to shift digital ownership

• URL: https://cointelegraph.com/magazine/the-social-benefits-are-huge-web3-gaming-to-shift-digital-ownership
• Accessed: 2026-11-03
• Published: 2022-10-19
• Excerpts:
  • "people trade cards to use in the game, not because the price of Ethereum is $1,200 or $4,000."

[58] CoinMarketCap: Gods Unchained price

• URL: https://coinmarketcap.com/currencies/gods-unchained/
• Accessed: 2026-11-03
• Published: live page
• Excerpts:
  • "All-time high Dec 10, 2021 (5y ago) $8.83 -99.76% All-time low Jul 29, 2026 (3m ago) $0.01904 + 9.76%"

[59] Gods Unchained official blog: August 2024 Dev Diary

• URL: https://portal.godsunchained.com/blog/august-2024-dev-diary
• Accessed: 2026-11-03
• Published: 2024-08
• Excerpts:
  • "now allowing the Gods Unchained Team to change how DPE rewards players periodically."
  • "We have identified and banned close to 4,000 suspected bot/multi-accounting users in 2024 alone"

[60] eGamers.io: Gods Unchained moves the Forge into the launcher with one-click fusing from November 4

• URL: https://egamers.io/gods-unchained-moves-the-forge-into-the-launcher-with-one-click-fusing-from-november-4/
• Accessed: 2026-11-03
• Published: 2026-10-28
• Excerpts:
  • "The card you forge is still an NFT in your wallet"

[61] Splinterlands (official Hive account): Ranked Rewards Updates Follow-Up

• URL: https://peakd.com/splinterlands/@splinterlands/ranked-rewards-updates-follow-up
• Accessed: 2026-11-03
• Published: 2022-07-11
• Excerpts:
  • "There is a fixed supply of 7.5M SPS tokens per month allocated to ranked battle rewards"
  • "planned to be released during the week of July 18th, 2022"
  • "exploits around renting cards for a single day"

[62] Splinterlands (official Hive account): To the Splinterlands Community

• URL: https://peakd.com/splinterlands/@splinterlands/to-the-splinterlands-community
• Accessed: 2026-11-03
• Published: 2022-11-17
• Excerpts:
  • "Today we have had to make the extremely difficult decision to reduce the size of the Splinterlands team by roughly 45%."
  • "There will be no new games or presales for the foreseeable future."
  • "this market weakness may be far worse and last for far longer than all of us had hoped"

[63] BlockchainGamer.biz (Jenny Jordan): Splinterlands launches phase 1.0 of land expansion

• URL: https://www.blockchaingamer.biz/news/23523/splinterlands-land-expansion/
• Accessed: 2026-11-03
• Published: updated 2023-04-10
• Excerpts:
  • "has released phase 1.0 of its anticipated land expansion The Secret of Praetoria."
  • "which includes card staking, DEC staking and some early resource production on player's land."

[64] Splinterlands (official Hive account): SPS Staking Multiplier for Ranked Battle Rewards

• URL: https://peakd.com/splinterlands/@splinterlands/sps-staking-multiplier-for-ranked-battle-rewards
• Accessed: 2026-11-03
• Published: 2023-07-04
• Excerpts:
  • "The more staked SPS you have, or have delegated to you, the higher your multiplier will be, up to a max of 13.3x."
  • "many have not, as there was no penalty or negative impact from selling."
  • "very easily circumvented and abused"

[65] BlockchainGamer.biz (Jenny Jordan): Splinterlands restructures, spinning out Genesis League Sports and Invennium

• URL: https://www.blockchaingamer.biz/?p=27448
• Accessed: 2026-11-03
• Published: updated 2023-10-02
• Excerpts:
  • "Splinterlands has seen a decline in DAUWs from over 150,000 to a level as low as 50,000"
  • "continues to hit all-time-low prices"

[66] BlockchainGamer.biz (Jenny Jordan): CEO reckons 40 percent of Pixels' players are bots

• URL: https://www.blockchaingamer.biz/?p=28816
• Accessed: 2026-11-03
• Published: 2023-11-22
• Excerpts:
  • "Out of its estimated 115,000 DAUWs he reckons about 40%, 70,000, are real unique players."
  • "First is a battle pass VIP, which costs around $35 upfront and serves as a barrier to withdrawals of Pixels' token BERRY."

[67] BlockchainGamer.biz (Jenny Jordan): Pixels phasing out BERRY token as PIXEL launches via Binance

• URL: https://www.blockchaingamer.biz/?p=30297
• Accessed: 2026-11-03
• Published: 2024-02-08
• Excerpts:
  • "the current BERRY token will be phased out and replaced by an off-chain currency called coin."
  • "an on-chain soft currency with a daily inflation rate of 2% such as BERRY."
  • "enabling farmers to grind harder and sell their earnings more easily."

[68] Decrypt (Andrew Hayward): 'Pixels' Token Launch Date Set as Binance Reveals PIXEL Staking Rewards

• URL: https://decrypt.co/216550
• Accessed: 2026-11-03
• Published: 2024-02-08
• Excerpts:
  • "Pixels will offer a swap for the token, exchanging them at a rate of 1,000 BERRY for 7.6175 PIXEL."
  • "This would be the official launch date for the PIXEL token, which will be available for trading on that date."

[69] Decrypt (Andrew Hayward): What Is Pixels? Inside the Ronin Farming Game and Ethereum Token Airdrop

• URL: https://decrypt.co/217486/pixels-ronin-farming-game-airdrop-ethereum
• Accessed: 2026-11-03
• Published: 2024-02-14, updated 2024-02-19
• Excerpts:
  • "BERRY is now considered fully obsolete in the game, though the price actually surged right after the PIXEL token dropped."
  • "There's also an optional VIP pass that unlocks additional in-game features."
  • "Launched on Binance on February 19, 2024."

[70] The Block (RT Watson): Crypto video game 'Pixels' says it hit 1 million daily active users

• URL: https://www.theblock.co/post/294058
• Accessed: 2026-11-03
• Published: 2024-05-13
• Excerpts:
  • "said the title has surpassed 1 million daily active users"
  • "the best metric for success in Web3 is the ratio between PIXEL spent to PIXEL distributed."
  • "In the last 30 days 4.4 million PIXEL have been spent."

[71] BlockchainGamer.biz (Jon Jordan): Pixels' chapter 2 release sees DAUWs drop 69% as bots get broken

• URL: https://www.blockchaingamer.biz/news/33087/pixels-chapter-2-release-see-dauws-drop-69-as-bots-get-broken/
• Accessed: 2026-11-03
• Published: 2024-07-03
• Excerpts:
  • "dropped from over 900,000 to 252,000"
  • "It's since rebounded somewhat to 428,000."
  • "the vast majority of the drop in audience comes from removing bot accounts."

[72] BlockchainGamer.biz (Jenny Jordan, interview): Pixels' CEO on what he's learnt from a year on Ronin and what's coming next

• URL: https://blockchaingamer.biz/features/interviews/35334/luke-barwikowski-pixels-one-year-on
• Accessed: 2026-11-03
• Published: 2024-11-11
• Excerpts:
  • "we've made significant progress in reducing in-game inflation – dropping daily coin inflation by nearly 84%."
  • "achieving net ecosystem spend, where users spend more PIXEL in-game than we distribute each month."
  • "giving tokens to players who are most likely to reinvest them back into the game."

[73] BlockchainGamer.biz (Jon Jordan): Pixels isn't profitable … yet

• URL: https://www.blockchaingamer.biz/?p=36640
• Accessed: 2026-11-03
• Published: 2025-01-16
• Excerpts:
  • "ending 2024 at 283,000 DAUWs"
  • "Pixels ended 2024 with a reward ratio of 0.5"
  • "Yet net revenue per month remains substantially negative, with December's total being -10 million tokens"

[74] CoinDesk via Yahoo Finance (Lyllah Ledesma): Thetan Arena Battles Axie Infinity in 'Play-to-Earn'

• URL: https://sg.finance.yahoo.com/news/thetan-arena-battles-axie-infinity-155128025.html
• Accessed: 2026-11-03
• Published: 2021-12-29
• Excerpts:
  • "According to the company, Thetan Arena has already racked up over 7 million users."
  • "Thetan Arena has 4,800 daily active users and 26,500 weekly active users"
  • "This on-chain data does not include users who play the game via an app off-chain."

[75] M3TA.CL (Substack): On-Chain Analysis: Thetan Arena Case

• URL: https://m3talab.substack.com/p/on-chain-analysis-thetan-arena-case
• Accessed: 2026-11-03
• Published: 2022-06-14
• Excerpts:
  • "Players earn increasing THC over time, however, the actual earning in the dollar term is falling."
  • "The main cause for this fall is the decrease in THC prices."
  • "According to the data from tradingview.com, the current price of THC is -99.3% of its ATH."

[76] egamers.io: Thetan Arena (game page)

• URL: https://egamers.io/games/thetan-arena/
• Accessed: 2026-11-03
• Published: undated
• Excerpts:
  • "THC (Thetan Coin), the original reward token, was discontinued"
  • "as of May 2, 2024, it ceased functioning in Thetan World"
  • "THC was discontinued in May 2024 and holders received a fixed-rate exchange for THG"

[77] Naavik (quoting Kydo's Research Log): April 4, 2022: Market Updates

• URL: https://naavik.co/digest/apr-4-2022/
• Accessed: 2026-11-03
• Published: 2022-04-04
• Excerpts:
  • "VIS (Pegaxy's token) entered into hyperinflation as more players joined, and the price bottomed again in two weeks."

[78] CoinGecko (Tanyo Gochev): How to Play Pegaxy and What Are Vigorus and Pegaxy Stones

• URL: https://coingecko.com/learn/how-to-play-pegaxy-and-how-to-get-a-pega-beginner-s-guide
• Accessed: 2026-11-03
• Published: 2022-03-10, updated 2023-02-16
• Excerpts:
  • "The top three winners of every race will earn Vigorus (VIS) tokens"
  • "100% of VIS spent is burnt when re-rolling Crowned Pega"
  • "For every rental agreement, Pegaxy will provide an escrow account."

[79] Play2Moon: Pegaxy: Low VIS Price Makes Game Community Demand Rebalancing

• URL: https://play2moon.com/pegaxy-low-vis-price-makes-game-community-demand-rebalancing/
• Accessed: 2026-11-03
• Published: 2022-07-11
• Excerpts:
  • "VIS has lost around 30% in the past few days, with no end in sight to its fallout."
  • "Pegaxy is one of the gaming ecosystems with hundreds of guilds, relying on rewards to be able to keep scholars."

[80] Cointelegraph (Brian Newar): Game on: Yield Guild Games scholarships on the rise through Q1

• URL: https://cointelegraph.com/news/game-on-yield-guild-games-scholarships-on-the-rise-through-q1
• Accessed: 2026-11-03
• Published: 2022-05-24
• Excerpts:
  • "By the end of March, the guild had 29,458 scholarships, mostly from Axie Infinity."
  • "total scholarships rose 39% overall"

[81] Naavik: Yield Guild Games (update)

• URL: https://naavik.co/digest/yield-guild-games-update/
• Accessed: 2026-11-03
• Published: 2022-07-11
• Excerpts:
  • "increases in scholars are not leading to increases in revenues"
  • "guilds around the industry will begin to more closely resemble venture investors than scholar platforms"

[82] CCP Games (press release): EVE Online Appoints In-World Economist

• URL: https://community.eveonline.com/news/news-channels/press-releases/eve-online-appoints-in-world-economist-1
• Accessed: 2026-11-03
• Published: 2007-06-27
• Excerpts:
  • "today announced the appointment of a in-world lead economist for EVE Online."
  • "Dr. Guðmundsson will publish quarterly reports on the state of the EVE Online economy as well as ongoing analysis of other economic indicators, such as inflation, economic growth and price trends."

[83] CCP (CCP Spitfire): The ETC is dead, long live the PLEX activation code

• URL: https://www.eveonline.com/fr/news/view/the-etc-is-dead-long-live-the-plex-activation-code
• Accessed: 2026-11-03
• Published: 2014-05-20
• Excerpts:
  • "introduced back in 2008"
  • "A Pilot License Extension (PLEX) is an item that adds 30 days of game time"

[84] CCP: PLEX in my space? It's more likely than you think

• URL: https://www.eveonline.com/news/view/plex-in-my-space-its-more-likely-than-you-think.
• Accessed: 2026-11-03
• Published: 2010-07-09
• Excerpts:
  • "Their value should be determined by the player demand (isk bid price) at any time."

[85] Engadget/Massively (Brendan Drain): EVE Evolved: ISK sinks and faucets

• URL: https://www.engadget.com/2010-10-24-eve-evolved-isk-sinks-and-faucets.html
• Accessed: 2026-11-03
• Published: 2010-10-24
• Excerpts:
  • "To be an ISK faucet, a mechanic must generate the ISK out of thin air and not just transfer it from another player."
  • "the balance between ISK sinks and faucets sets the rate of inflation for the game"
  • "Dr Eyjo and his team publish the EVE Quarterly Economic Newsletter."

[86] CCP (EVE Ecosystem): The EVE Online Ecosystem Outlook

• URL: https://www.eveonline.com/news/view/the-eve-online-ecosystem-outlook
• Accessed: 2026-11-03
• Published: 2020-03-30
• Excerpts:
  • "the economy of EVE is in an unsustainable state"
  • "ISK generated by botting has been reduced by 80%"
  • "The main goal of the Shortage Phase is to get the economy to the left side"

[87] CCP (EVE Economic Council): Q1 2020 Economy Review

• URL: https://www.eveonline.com/news/view/Q1%20Economy%20Review
• Accessed: 2026-11-03
• Published: 2020-06-26
• Excerpts:
  • "So in a year, PLEX prices have dropped 43.5%."
  • "Anti-Botting efforts are removing massive amounts of ill-gotten ISK from the economy and making it harder to bot."
  • "At the same time money supply (the amount of active ISK per character in the game) has been increasing."

[88] CCP (EVE Online Economic Council): Monthly Economic Report - November 2024

• URL: https://www.eveonline.com/ja/news/view/monthly-economic-report-november-2024
• Accessed: 2026-11-03
• Published: 2024-12-12
• Excerpts:
  • "The Monthly Economic Report for November 2024 is now available!"
  • "The Total Calculation on the ISK Sinks and Faucets was erroneous and has been corrected."

[89] Roblox Newsroom: RDC 2025

• URL: https://about.roblox.com/newsroom/2025/09/roblox-rdc-2025
• Accessed: 2026-11-03
• Published: 2025-09-05
• Excerpts:
  • "Starting today, we're increasing the DevEx rate for all creators."
  • "Creators will now earn 8.5% more when turning Earned Robux into cash"

[90] Roblox DevForum (official): RDC25: What we announced

• URL: https://devforum.roblox.com/t/rdc25-what-we-announced/3920245
• Accessed: 2026-11-03
• Published: 2025-09-05
• Excerpts:
  • "increasing the DevEx rate from $.0035/R$ to $0.0038/R$"

[91] Roblox Creator Hub docs: Earn on Roblox

• URL: https://create.roblox.com/docs/production/earn-on-roblox
• Accessed: 2026-11-03
• Published: current page
• Excerpts:
  • "Creators who are 13 or older and have earned at least 30,000 Earned Robux"
  • "Earned Robux can be exchanged for your local currency at a fixed rate provided you meet the program's requirements."

[92] Roblox Newsroom: Roblox Fuels Next Wave of High-Fidelity Games for Over 18 Players, Increases Qualifying DevEx Rate by 42%

• URL: https://about.roblox.com/newsroom/2026/04/roblox-fuels-high-fidelity-games-over-18-players-increases-qualifying-devex-rate-42
• Accessed: 2026-11-03
• Published: 2026-04-30
• Excerpts:
  • "In 2025, Roblox creators earned over $1.5 billion through DevEx."
  • "increasing the DevEx rate by 42% for spend from age-checked 18 and older U.S. players in eligible games"
  • "This increased DevEx rate will apply to games utilizing R15 avatars."

[93] BlockchainGamer.biz (Jenny Jordan): Bright Star closes down MMORPG Ember Sword due to insufficient funding

• URL: https://www.blockchaingamer.biz/news/38830/bright-star-ember-sword-closed-down/
• Accessed: 2026-11-03
• Published: 2025-05-23
• Excerpts:
  • "Bright Star also raised over $11 million through its initial NFT land sale."
  • "despite strong early support and a passionate player base, we couldn't secure the funding needed to keep building."
  • "The current web3 and gaming market made it impossible."

[94] Decrypt (Ryan S. Gladwin): Ethereum's 'Ember Sword' Is the Latest in a Growing Wave of Crypto Game Shutdowns

• URL: https://decrypt.co/321686/ethereum-mmo-ember-sword-latest-crypto-game-shutdown
• Accessed: 2026-11-03
• Published: 2025-05-22, updated 2025-05-24
• Excerpts:
  • "Ember Sword has shut down, with developer Bright Star Studios citing a lack of funding required to continue its operations."
  • "The EMBER token has meanwhile plunged to near-worthlessness."
  • "appears to be much lower than the amount initially pledged"