However, an increasing number of crypto assets are fundamental, not speculative, in nature. Blockchain technology is being used to build real businesses - businesses that generate cash flow and can be valued on the basis of future cash flow. The rest of this post is dedicated to doing just that: valuing the Axie Infinity Universe, a... See more

The Universal Playbook

Here's what gachafication looks like across industries:

Core Mechanics:

• Earn through engagement (points/tokens from platform usage)


• Spend on uncertainty (currency for randomized rewards)


• Variable value delivery (common/rare/ultra-rare tiers)

Psychological Triggers:

• FOMO amplification through limited-time rewards


• Collection

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Crypto enables the financialization of almost everything, including things you didn’t think could be financialized. This includes a meme, a song, a person’s future net worth, or a community. This amplifies the “investing as entertainment” thesis even further.