UNDERSTANDING WHAT MAKES VIRTUAL CURRENCIES VALUABLE
With the lack of a shop or ways for users to redeem consumables (for MVP) using our XPT currency, our problem then evolved into how we could derive value in XPT - why should users care about this "fake" money?
I looked into famous examples of virtual currencies and also researched the psychology behind why they have worked in the past and continue to in the present.
INSIGHTFUL EXCERPTS FROM ACADEMIC PAPERS
"Why do people buy virtual goods? Attitude toward virtual good purchases versus game enjoyment"
Juho Hamari, 2015
"Virtual item sales as a revenue model: identifying
attributes that drive purchase decisions"
Vili Lehdonvirta, 2009
SCREEN CAPS OF MY PRESENTATION TO THE TEAM
DESIGNING THE TOKEN
I utilised the 3D editing software Vectary, Adobe Photoshop as well as Figma to visualise the token, while also encouraging constant feedback from the team to ensure the design embodied our brand and was fitting for what we wanted to achieve with XPT.
While not a graphic designer by trade, I am someone who enjoys the process of seeking references and inspirations to create completely unique art and designs.
I've learned that part of working in product means that you have to be able to wear different hats. I started off my career wanting to be a UX Designer, but I enjoy influencing the broader scope of a project where possible and that can lead you to really fun "side-quests" like this one.
Icon for the token taken from our graveyard of company logo designs
Bringing the icon to life via Vectary
One of many XPT variants
CONCLUDING THOUGHTS
Finalising the design and implementation of the currency came with as many hurdles as it did triumphs.
Respecting the knowledge of our users
We are designing for gamers who have likely had a lot of experience with virtual currencies which allowed us to be confident in sticking to common use cases.
Fairness in it's use cases
Scarcity is one way to achieve value for a currency, however trying to balance that with allowing users to be able to earn it in a way that keeps them engaged and invested was the biggest hurdle in the process.
Future of XPT coin
One interesting thing to come out of the research was how common it is for systems to utilise a layered currency system - a currency that's relatively high in value accompanied with a less valuable, easier to earn currency.
This has opened up the possibilities of XPT being more than a short-term fix, but instead a permanent feature of our platform's economy.