Did you know that the global horseracing industry is worth over $300 Billion? Imagine this money being carried forward into the blockchain gaming sector — more popularly known as play-to-earn (P2E). Apart from the huge financial influx into blockchain gaming, we could also witness a niche, but lucrative, industry like horseracing growing by multifold.
Sounds like a win-win situation, right? Yes. And this is exactly what the Pegaxy team is building. It is a fairly new P2E game revolving around a horse racing metaverse.Let’s dive into the Pegaxy (PGX) ecosystem and understand their project in detail.
What Is the Pegaxy (PGX) P2E Game?
Founded in February 2021 by a team of three, Pegaxy is a player-vs-player (PvP), mechanical horse racing peer-to-peer (P2P) game. Quite a mouthful, but you basically get to race horses against other players. It is built on top of the Polygon (MATIC) blockchain — an Ethereumlayer-2scaling solution. Players of Pegaxy, Pegaxians compete against eleven other players to try and secure the top three positions in a bid to earn Vigorus (VIS) tokens — Pegaxy’s utility token.
There are various randomized elements to each race, such as water, wind, fire and speed. Throughout the game, a mythology-inspired theme can be observed which adds to the uniqueness of the idea. Even the name ‘Pegaxy’ ought to be derived from the term ‘Pegasus’ — a mythical winged divine horse, according to Greek mythology.Racehorses, known as ‘Pega(s)’, are non-fungible tokens (NFTs) that players can own or rent in order to participate in the races. Players can leverage strategic upgrades, food and skills to enhance their Pega’s performance. Not only can players race their Pega, but they can also rent, breed and sell them. This makes it an ideal platform for avid gamers, laidback horse racing enthusiasts, and everyone in between.From cyberpunk to mech, the game has undergone several design iterations and has ultimately led to what players see today. In October 2021, 5000 “founding” Pega were sold in conjunction with the initial dex offering (IDO) launch of the PGX platform. Almost every Pega in the game after #5,000 has been minted through breeding and possesses four different levels of rarity: Zan, Klin, Campona, and Hoz — which is the rarest.
What Makes Pegaxy Stand Out in the Blockchain Gaming Ecosystem?
With its unique idea of integrating a less-explored horse racing industry, Pegaxy is providing a platform for the niche population to grow, have fun and monetize their passion. Alongside, it appeals to the gaming masses with its economic model, tech features and more.
Here are some of the unique features of the game:
Trustless Rental System
The Pegaxy rental system is the first-of-a-kind trustless rental system with an automated rental and payout process. Pegaxy offers three different rental options within the game. They are ‘fixed rent,’ ‘profit share’ and ‘direct rental,’ each with its own rules between the ‘scholar’ (renter) and ‘manager’ (Pega owner) to assure both benefits.For each rental agreement, Pegaxy maintains an escrow account to receive all rewards and distribute them based on the rental profit share (e.g., 70% Scholars, 30% Managers). Rental agreements can be created by the manager while Pegaxy acts as an escrow. This acts as a great source of passive income for hard-working scholars willing to monetize their game time.
Dual Token Model
Taking its inspiration from Axie Infinity, Pegaxy takes the premise of a player-driven economy to another level with its dual-token model. It has a governance token, $PGX (Pegaxy Stone) and a utility token $VIS (Vigorus).
$PGX lets players have more control, improves upon buying and selling features on the native marketplace and aids in-game Pega breeding fees. $VIS finds its use in purchasing in-game NFTs, rewarding top 3 placements, and as in-game Pega breeding fees.
Guild Model of Growth
Pegaxy encourages the formation of gaming guilds with a blend of investors, gamers and lenders. Guilds breed inclusiveness and collaboration amongst their members which furthers into cooperative efforts like lending in-game assets, sharing liquidity of assets, etc.
Scholars (members of the guild) are the fulcrum around which the guilds revolve. With guilds, new gamers have easier access to certain games that ask for a huge capital upfront. Also, the involvement of guilds and their pooled assets open up several economic opportunities for all.
From cross-chain lending to having a native NFT marketplace, the possibilities are endless.
Founders of Pegaxy Play-to-Earn Game
Ken Pham is the CEO of Pegaxy. He has a master’s degree in International Business and is an experienced team builder. He has tons of experience working with MNCs based out of China.Steve Nguyen is the CTO, leading all technical and engineering efforts at Pegaxy. He has extensive experience in blockchain programming and the gaming industry. His current position is Chief Technology Officer at Appota. Appota, along with its sister company Gamota, has a user base of over 55 million in Vietnam.Corey Wilton is the CMO at Pegaxy, leading the worldwide expansion and development of the Pegaxy community and user base. Based in Australia, Corey has over seven years of experience in the digital marketing and customer service realm. Besides managing the marketing and customer support teams, he also handles brand design.
Roadmap of Pegaxy
To date, the Pegaxy team has delivered on the roadmap consistently. Moving deeper into 2022, let’s have a look at a few promising upgrades that need to be kept an eye on.
First of all, the ‘Crowned Pega’ release and the first ‘Stadium Sale’ event are the two mega-events that are being awaited by the whole community. Alongside, a community hackathon is being planned to incentivize developers with rewards to improve the Pegaxy ecosystem.
Later in the year, we can expect the introduction of Community Treasury with in-built $PGX staking. Also, more uses of NFTs and more importantly interoperable or cross-chain NFTs is something the Pegaxy team is gearing up for.
Bottom Line
The Pegaxy game development team will eventually move to a skill-based game rather than an auto-racer. While racing, players will need to manually control their Pega, giving skilled players an advantage.
Their mobile-gaming first approach keeps them in good stead as ease of access continues to be the number 1 priority for the majority of the population. This can be seen in their game and its seamlessness across both iOS and Android.
The updates are soon to be available in the following releases with 3D racing, in-game Pega equipment, and player-controlled racing in the pipeline. With its innovation in trustless rental systems, on-chain technology, and balanced economic models, Pegaxy stands to grow more in the P2E gaming community.
