A horseback ride through different markets

Pegaxy launched into the bull market and is now riding the bear with new features, economic balances, and improved gameplay.

keep the campfire warm

Pegaxy, a blockchain horse racing simulation game built on the Polygon network, has seen its ups and downs in different markets since its launch in November 2021.

BSC News spoke with Corey Wilton, co-founder of Pegaxy, during the Philippine Web3 Festival on November 15, and he shared that the team had a pretty decent strategy at the start of their “keep the campfire warm” journey. The Pegaxy team had an IDO, NFT sale, and game release one week after the other. This turned out to be beneficial for Pegaxy during the bull market, as it gained a lot of attention for its project.

“At our peak in February 2022, we had around 220,000 daily active users and 350,000 monthly active users on around a million registered users,” Wilton shared with BSCNews during the interview. “Right now, we have around 20,000 monthly active users, but the game is not over and we haven’t done any user acquisition. We do not expect users to stick around and we are not yet onboarding new users through marketing.”

Initially, the team based its economy on the old Axie Infinity dual token economy model as it worked during that time. However, history will tell us that the initial model was unsustainable and that Pegaxy’s economy suffered a similar fate to Axie Infinity’s, but at a much faster rate. With all of that behind them, Wilton and the team are looking to implement their own mechanic to balance the economy.

The Meta Web3 and Web2

“When we released, we believed in the Web3 meta, but we missed the Web2 meta, which was the game [aspect of what we’re building]Wilton explained. “We focused on Web3 users and what they wanted, so we missed the Web2 part. However, in hindsight, we couldn’t have had the Web2 part at launch because it takes a long time to build the game. If we had expected that, we would have missed [being the first] to launch Web3 [innovations] we did.”

Profit-sharing deals, called scholarships, were popularized by Axie Infinity, but these were informal deals that happened outside of the game. Pegaxy innovated by having this scholarship feature built within the project ecosystem through asset leases and automated payments. Pegaxy has also released analytics dashboards and other tools for Web3 users. Basically, the team looked at pain points in other projects from a Web3 perspective and tried to solve them even if the game itself wasn’t necessarily finished.

Now that these Web3 tools have been built in place, the team has the resources to refocus on game development as it looks to complement its existing infrastructure with a better gaming experience.

“We have no regrets in that regard, but our strategy going forward, especially for our other titles, will have two different ‘go-to-market’ strategies. One for Web2 and one for Web3 ”, reflected the CEO of Mirai Labs on what he learned. “For Pegaxy, we need to make changes on the fly, so a lot of experimentation is needed.”

One such experiment was to cut off the issuance of its utility token, which inflated as many users joined the ecosystem. Another is the introduction of skill-based gameplay via mobile, which is scheduled to roll out sometime around Christmas. The team is also looking to alleviate some friction from Web3 moving to mobile by deciding what aspects of the game should be on-chain or off-chain.

“I would consider us blessed [during this bear market] as our treasure is healthy. We have about a two year old track at this point. We had a big burnout over the past year, but we are not looking to raise any more funds at this time. We are moving quickly and ramping up production so that when attention returns, we are ready to go to market with a strong product,” Wilton commented on his bear market strategy.

What is Pegasy:

Pegaxy is a PvP-style horse racing game where players compete for the top 3 places against 11 other racers. Each race has random elemental variables, including wind, water, fire, speed, and more.

Where to find Pegaxy:

Website | Twitter | Discord | Telegram | Medium |

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