Every week new massive blockchain projects emerge that try to sneak into the current wide and managed virtual market, and it seems that everything has already been invented or executed and very few manage to have the sustenance, solidity, good economic execution and originality to sustain over time and overcome the death period of blockchain projects.
Given this, in this opportunity we will be analyzing the case of the project entitled “Gourmet Galaxy” from the economic point of view and the visions that we can have of the sustainability of this project over time.
Why is it important to analyze Gourmet Galaxy from an economic theory?
The reason why I have decided to analyze Gourmet from an economic perspective is because crypto projects have both a technological side and an economic side, and although cryptos come to destroy the traditional financial world, they are also based on market and economic theories that are necessary for them to work optimally. In my case, as a fourth year Economics student I feel that I should cover a financial focus since it is my knowledge and comfort zone.
Credibility
Credibility is fundamental for the development of any good or service, this is nothing more than the confidence that the consumer has in a product, company or project, reducing the fears and insecurities that could hinder the acquisition of a product.
How does Gourmet Galaxy respond to credibility?
The best answer to combat uncertainty is information, in this case we have a clear presentation of the team that generates confidence that there are experienced people willing to carry out a project as big as Gourmet Galaxy. For example, we have information about Thomas Johnson who is the CEO of this project, and counts as more than 6 years in the crypto world with works in Bitrix24 or Celsius, while Kunchok Tsomo is the CMO of Gourmet Galaxy with 4 years of experience, working in the already known Binance Labs and Microsof.
Another fundamental factor to develop trust in a product and thus increase its value is security, Gourmet Galaxy also responds to this by implementing the most stable network today: ETH, this network manages to be today the most known, mature and stable of the entire market, making Gourmet Galaxy not only attract the youngest with its dynamic system, but also attracts all those experienced crypto investors.
In addition, Gourmet Galaxy will be audited by Certik who will be in charge of the exhaustive evaluation of the possible technical risks that the code of this project could have. This involvement of Certik plays the role of an intermediary to provide and verify security in this project, and that we, the users, have confidence in investing in Gourmet Galaxy.
Let’s analyze the Gourmet Galaxy system and its economic impact.
Gourmet Galaxy is presented as a project that manages to combine NTFs, Yield Farming and Gamification. It is therefore important to note that an NTF is nothing more than a non-exchangeable token whose value is not determined in a fixed way in the market.
This concept is not new in the economic field and we have seen it several times in our reality with artistic products, for example suppose you have in your possession a work of art of a classic painter, then, do you think you are able to define exactly what is the market value of this work, the answer I am sure is no, because its value is not defined and on the contrary it is a totally unique product and there is nothing that is equal to it. The same happens with the NTFs, they are different from the FIAT coins because like a work of art, they are not interchangeable.
In addition, the GUM SWAP service was built, similar to UNISWAP but adapted to the entire Gourmet Galaxy ecosystem. A swap, like most blockchain tools, is based on the traditional financial system adapted to the modern reality of crypto, and is nothing more than a contract between both parties where fully decentralized exchanges are made, providing the platform to perform the exchange and guarantees the effectiveness and transparency of the exchange.
Planet ownership system
As already mentioned, Gourmet Galaxy has developed a whole system that mixes the game with the economy and property system. In this case making use of Foodmarket as a mechanism that drives the whole game system. This is important to highlight because it offers us a whole interactive and joyful ecosystem that attracts us to this project. At the end of the day, not only are the tokens an eye-catching product but so is the fun and many of us will be willing to buy planets and immerse ourselves in this dynamic while earning money.
The beautiful law of supply and demand
The law of supply and demand is used in every economic and financial field that exists, and although it seems very simple to understand, very few projects manage to effectively find the right amount of tokens to achieve a point of equilibrium so that their value does not plummet. In the case of Gourmet Galaxy they have a total supply of 20,000,000 tokens, where the supply for private sale is 5,000,000 tokens at a value of 0.10. In this case we can observe an intermediate amount of tokens and at a fairly fair price for a launch token.
Gourmet Galaxy’s community and its importance in economic development
I think it is also important to highlight the Gourmet Galaxy community, and like any product, it needs consumers or users willing to trust it. It is common to see the launch of a blockchain project that has no interest in generating a solid community, but this attitude does nothing but deny the power of users in a project, generating uncertainty and insecurity in this.
The case of Gourmet Galaxy in this aspect seems remarkable to me because when I enter their Telegram group I see that it is composed of a community that exceeds 6000 members, and their interactions are around 1500 just per day. This leads us to believe that there are many people not only interested in the future of Gourmet Galaxy but also actively participating in this community.
POSITIVE EXPECTATIONS FOR THE FUTURE
Gourmet Galaxy highlights on its website that the future will migrate to the Polkadot system, this decision seems certain taking into account that Ethereum is a secure network, but Polkadot is a fairly fast network and with better rates. It seems that the Gourmet Galaxy team is quite clear about the path of this project, taking a secure and reliable first steps with Ethereum and moving in the future to a more dynamic network like Polkadot.
About Gourmet: https://gourmetgalaxy.io/
