Economy considerations in a pet site

[Digital]

What are the considerations do you think are important in a pet site. Do you feel a user ran economy is more important, should it be like flight rising with a auction like system that is global, or more like neopets with user shops?

[Syntax]

As always my mantra is start small. Each of the economies you mention are different flavors and have different purposes but maybe all that's needed to start is a simple player to player trading system that can be turned off by the owner? 

[Sparren]

On 4/6/2017 at 8:32 PM, Digital said:

What are the considerations do you think are important in a pet site. Do you feel a user ran economy is more important, should it be like flight rising with a auction like system that is global, or more like neopets with user shops?

Both systems have their place (some sites even have both).

In addition to allowing the sale of items an auction system often acts as a way for the owners to help manage the economy by removing small amounts of currency from circulation with each transaction (by demanding a small listing fee paid to the game for every auction posted).

User shops can do this to a lesser extent by requiring players to pay a startup fee and offering item space upgrades (but the auction system will still always remove more currency from circulation in the long run). Their real strength is that they allow room for more player customization, market specialization/brand building, don't require as much tedious upkeep (reposting expired auctions gets old fast), and are easier to browse for players who want to shop but don't have a particular item in mind from the outset.

The most important consideration economy-wise in my opinion is how you will manage all of the currency being generated. Most games 'poof' tons of new currency into existence daily so the most important thing from a management perspective is being able to track and react to inflation.

Ideally I'd want to be able to track how much total currency is in circulation, how much new currency is being generated on a daily, weekly, and monthly basis, how much is being removed from circulation, the average wealth of active players, and if possible the average wealth of new but active accounts less than one or two months old. The more information the better. Being able to view metrics on each of the games faucets (sources of new currency) and sinks (features that remove currency from circulation) would also be very helpful.

Edited April 9, 2017 by Sparren

[Boltgreywing]

On 4/9/2017 at 6:54 AM, Sparren said:

Both systems have their place (some sites even have both).

In addition to allowing the sale of items an auction system often acts as a way for the owners to help manage the economy by removing small amounts of currency from circulation with each transaction (by demanding a small listing fee paid to the game for every auction posted).

User shops can do this to a lesser extent by requiring players to pay a startup fee and offering item space upgrades (but the auction system will still always remove more currency from circulation in the long run). Their real strength is that they allow room for more player customization, market specialization/brand building, don't require as much tedious upkeep (reposting expired auctions gets old fast), and are easier to browse for players who want to shop but don't have a particular item in mind from the outset.

The most important consideration economy-wise in my opinion is how you will manage all of the currency being generated. Most games 'poof' tons of new currency into existence daily so the most important thing from a management perspective is being able to track and react to inflation.

Ideally I'd want to be able to track how much total currency is in circulation, how much new currency is being generated on a daily, weekly, and monthly basis, how much is being removed from circulation, the average wealth of active players, and if possible the average wealth of new but active accounts less than one or two months old. The more information the better. Being able to view metrics on each of the games faucets (sources of new currency) and sinks (features that remove currency from circulation) would also be very helpful.

Say what happens if you have too many sinks and not enough revenue resources?

[Sparren]

1 hour ago, Boltgreywing said:

Say what happens if you have too many sinks and not enough revenue resources?

With too many sinks and not enough faucets currency will become scarce and average players will not have much purchasing power. It might become difficult to afford even 'cheap' items from game/npc run shops (which usually have fixed pricing) leading to frustration and a lack of progression. Player-run shops and trades will probably see prices drop because as less currency is available each unit of that currency will likely be considered more valuable (ex: An apple usually costs 5 coins, but during a coin shortage they are more valuable (everyone wants coins but can't easily earn them) so that same apple might be sold for only 1).

[Boltgreywing]

On 4/12/2017 at 11:11 PM, Sparren said:

With too many sinks and not enough faucets currency will become scarce and average players will not have much purchasing power. It might become difficult to afford even 'cheap' items from game/npc run shops (which usually have fixed pricing) leading to frustration and a lack of progression. Player-run shops and trades will probably see prices drop because as less currency is available each unit of that currency will likely be considered more valuable (ex: An apple usually costs 5 coins, but during a coin shortage they are more valuable (everyone wants coins but can't easily earn them) so that same apple might be sold for only 1).

I see I could use some help balancing my sources and things I don't really have any sinks. I only have sources and source/sinks no full blown sinks.