e Vee , Kane Falco; Hein ich, Timo
A icle — Published Ve sion
Communica ing okenomics and mone a y policy: A
compa a i e analysis o eal and i ual economies
In e na ional Jou nal o Finance & Economics
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Sugges ed Ci a ion: e Vee , Kane Falco; Hein ich, Timo (2024) : Communica ing okenomics and
mone a y policy: A compa a i e analysis o eal and i ual economies, In e na ional Jou nal o
Finance & Economics, ISSN 1099-1158, John Wiley & Sons, L d., Chiches e , UK, Vol. 30, Iss. 3, pp.
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RESEARCH ARTICLE
Communica ing okenomics and mone a y policy:
A compa a i e analysis o eal and i ual economies
Kane Falco e Vee | Timo Hein ich
Ins i u e o Digi al Economics, Hambu g
Uni e si y o Technology, Hambu g,
Ge many
Co espondence
Timo Hein ich, Ins i u e o Digi al
Economics, Hambu g Uni e si y o
Technology, Hambu g, Ge many.
Email: [email p o ec ed]
Abs ac
This a icle in es iga es he economic go e nance o blockchain-based i ual
economies in he con ex o mone a y policy. Focusing on okenomics commu-
nica ion, we employ deduc i e and induc i e app oaches, applying eal-wo ld
mone a y policy me ics and ex mining amewo ks. Ou compa a i e analy-
sis e eals ha he okenomics communica ion in blockchain-based i ual
economies p ima ily unc ions as a und aising ool, lacking policy discussions,
wi h di e gences om eal-wo ld economies in policy goals and nume ical a -
ge s. Fu he mo e, ou esea ch highligh s simila i ies be ween blockchain-
based i ual economies and ea ly-s age low-income de eloping coun ies in
communica ion dynamics.
KEYWORDS
blockchain, mone a y policy communica ion, mone a y policy amewo ks, ex mining,
okenomics, i ual economies
1|INTRODUCTION
O e he las 5 yea s, wo apidly g owing echnological
landscapes— i ual wo lds and blockchain echnology—
ha e inc easingly con e ged, c ea ing blockchain-based
i ual economies (BBVEs). On he one side, i ual
wo lds p o ide in e ne use s he oppo uni y o spend
hei ime online wi hin a compu e simula ed en i on-
men h ough an a a a , shown h ough he apid g ow h
o Second Li e in he 2000s (Nazi & Lui, 2016). On he
o he side, he ecen echnology o blockchain as a dis-
ibu ed ledge sys em enables de elope s o powe he
unde lying economic s uc u es o i ual wo lds, seen
o ins ance in he ise o play- o-ea n gaming o me a-
e ses (Vidal-Tom
as, 2022). E en hough ela i ely low
engagemen s ill nu u es scep icism ega ding he p os-
pec s o BBVEs, hei economies ha e been o signi ican
in e es o public and ins i u ional in es o s, wi h he
me a e ses Sandbox and Decen aland bo h boas ing
ma ke capi aliza ions o o e a billion US$ in i ual
okens in 2022 (Mogaji e al., 2023). Nume ous incen i es
exis o i ual wo ld de elope s o le e age blockchain
in he unde lying economy: inc eased accessibili y o un-
d aising ehicles (Conley, 2017; Malino a & Pa k, 2023)
and a ple ho a o blockchain enabled ools h ough he
u iliza ion o sma con ac s (Zheng e al., 2020) a e
he mos p ominen ones. A he in e sec ion o bo h
landscapes, we wi ness how BBVEs eme ge as new
app oach o economic s uc u es wi hin i ual wo lds.
In his ega d, a commonly ound na a i e amongs
BBVE de elope s s ems om compa ing hese o eal-
wo ld economic sys ems. Policymake s o he game Axie
In ini y claim ‘You can hink o Axie as a na ion wi h a
eal economy’(Axie In ini y, 2021b, p. 1). Simila ly,
Sandbox de elope s s a e ‘We a e aiming a eplica ing
eal-wo ld economy sys ems…’(Sandbox, 2020, p. 30).
Recei ed: 22 Ma ch 2024 Re ised: 26 Augus 2024 Accep ed: 29 Augus 2024
DOI: 10.1002/ij e.3046
This is an open access a icle unde he e ms o he C ea i e Commons A ibu ion License, which pe mi s use, dis ibu ion and ep oduc ion in any medium, p o ided
he o iginal wo k is p ope ly ci ed.
© 2024 The Au ho (s). In e na ional Jou nal o Finance & Economics published by John Wiley & Sons L d.
In J Fin Econ. 2025;30:2849–2866. wileyonlinelib a y.com/jou nal/ij e 2849
The S a A las whi epape claims ha i s economy p o-
ides he ‘…oppo uni y o playe s o ex ac in-game i -
ual ea nings in o eal-wo ld income’(S a A las, 2021b,
p. 19). Such s a emen s pain BBVEs wi h a clea ambi-
ion o unc ion jus as hei eal-wo ld coun e pa s, a
imes allowing o in e ac ion and ade be ween bo h
economies. In a simila ein, academic li e a u e analys-
ing i ual economies o he p e-blockchain e a e-
quen ly d aws on pa allels be ween eal-wo ld economics
and ha o i ual wo lds (Cas ono a, 2005; Nazi &
Lui, 2016; Zhang & Sh es ha, 2010).
In a comp ehensi e su ey, Lee e al. (2021) al eady
iden i y economic go e nance as a c ucial issue o he
de elopmen o he me a e se. While se e al dimensions
o economic go e nance exis , he design o mone a y
policy is o c ucial impo ance o mac oeconomic de el-
opmen s ela ed o ou pu and in la ion as well as o he
unc ioning and s abili y o inancial ma ke s. Key ea-
u es a e he deg ee o mone a y policy independence
which o en displays a nega i e ela ionship wi h in la-
ion (Cukie man e al., 1992), and as well as he mone-
a y policy s a egy and mone a y policy communica ion
(Cobham, 2021). An in la ion a ge ing s a egy has been
success ully adop ed by se e al cen al banks and mone-
a y policy communica ion is necessa y o communica e
mone a y policy aims and a ec expec a ions abou in la-
ion and he u u e pa h o mone a y policy (Coibion
e al., 2022).
Agains his backg ound, ou a icle analyses he eco-
nomic go e nance o BBVEs by answe ing he ollowing
ques ion: How a e he s uc u es, mechanisms, and poli-
cies o blockchain-based economies communica ed? I
hus in es iga es he ways de elope s communica e he
so-called okenomics (F eni e al., 2022; Mougaya , 2017).
By ocusing on he communica ion o mone a y policy,
we align ou esea ch wi h a ma u e ield o economic li -
e a u e, p o iding an es ablished benchma k o ou
esea ch. Hence, we can alida e he claim ha BBVEs
esemble eal-wo ld economies, shedding ligh on hei
c edibili y and po en ial impac . Las ly, he way BBVEs
communica e hei mone a y policies wi hin a compe i-
i e en i onmen may o e insigh s applicable o newly
es ablished eal-wo ld en i ies such as cha e ci ies and
special economic zones.
We combine bo h a deduc i e and an induc i e
app oach by applying, i s , he eal-wo ld mone a y pol-
icy amewo k me ic in oduced by Unsal e al. (2022) o
he BBVEs, and, secondly, he ex mining amewo ks
in oduced by Benchimol e al. (2022) and Benoi e al.
(2018). To ou knowledge, his a icle p esen s he i s
applica ion o hese amewo ks o he communica ion o
okenomics. Fu he mo e, we p esen he i s compa i-
son o he okenomics communica ion o BBVEs o ha
o eal-wo ld economies wi h di e en s ages o de elop-
men , including ad anced economies, eme ging ma ke s,
and low-income de eloping coun ies.
Ou compa a i e analysis e eals ha he okenomics
communica ion in BBVEs p ima ily unc ions as a un-
d aising ool, lacking policy discussions, wi h no able
di e gences om eal-wo ld economies in policy goals
and nume ical a ge s. Fu he mo e, ou esea ch
highligh s simila i ies be ween BBVEs and ea ly-s age
low-income de eloping coun ies in communica ion
dynamics. Ou s udy is complemen a y o ecen wo k by
Vidal-Tom
as (2023). He analyses 196 me a e se ungible
okens and a gues—based on comp ehensi e econome -
ic analyses— ha hese okens ail o unc ion as uni o
accoun and medium o exchange o s o e o alue due in
pa o explosi e dynamics and nega i e ma ke pe o -
mance. Based on ou indings, we a gue ha de iciencies
in economic go e nance, in pa icula wi h espec o
okenomics communica ion, could be one po en ial ea-
son o why hese okens a e ailing o se e as eliable
cu encies.
The emainde o his a icle is s uc u ed as ollows:
The heo y sec ion p o ides he concep ual backg ound
o analyse mone a y policy in BBVEs. The me hods
sec ion e lec s on he empi ical design o ou s udy. The
esul s sec ion displays he main indings. Finally, a dis-
cussion o he main esul s is ollowed by a conclusion
ha ou lines a enues o u he esea ch.
2|THEORY
2.1 |Mone a y policy in eal-wo ld
economies
Ou main poin o e e ence o analysing okenomics in a
sys ema ic manne a e amewo ks o mone a y policy
ha s em om academic s udies analysing eal-wo ld
economies. A mone a y policy amewo k should de ine
all he s uc u es needed o he de elopmen , communi-
ca ion, and execu ion o mone a y policy (Cobham, 2021),
p o iding cla i y and a e e ence poin o policy-make s
and anspa ency o s akeholde s (Unsal e al., 2022).
Mone a y policy amewo ks a y g ea ly be ween coun-
ies o economic zones, depending on legal amewo ks,
egula ions, and go e nmen al policy (Cobham, 2021).
This pape builds on he mone a y policy amewo k
o he In e na ional Mone a y Fund (IMF) (Unsal
e al., 2022) ha cha ac e izes mone a y policy mul idi-
mensionally by h ee main pilla s: ‘Independence and
Accoun abili y’,‘Policy and Ope a ional S a egy’,and
‘Communica ions’(IAPOC). ‘Independence and Accoun -
abili y’la gely e e s o he legal ounda ions egula ing
2850 TER VEER and HEINRICH
policy-making ins i u ions, usually cen al banks, and
de ines hei legal capaci y o pu sue policy goals, such as
nume ical a ge s. Also, i encompasses he deg ee o hei
ope a ional independence and accoun abili y (Be ge
e al., 2001; F iedman, 1990; Good iend, 2007). The pilla
‘Policy and Ope a ional S a egy’de ines s a egies o pol-
icy implemen a ion and also anspa ency equi emen s
ega ding policy ools and ins umen s, such as in e es
a es (Unsal e al., 2022). ‘Communica ions,’ inally,
encompasses how in o ma ion ega ding policy ac ions,
cu en mone a y s ance, and a ionale ega ding policy
decisions is communica ed o he public.
As displayed in Figu e 1, he pilla s o he IAPOC
amewo k a e u he di ided in o sub-pilla s. Howe e ,
some ea u es a e inhe en ly connec ed ac oss sub-pilla s.
Policy o ma ion, o example, alls wi hin he scope o
‘Policy and Ope a ional S a egy,’ye he ‘Communica-
ions ‘sub-pilla de ines how hese policies a e wo ded,
jus i ied, and p esen ed. This in e connec ion unde lines
he holis ic app oach needed when looking a he IAPOC
index as a comple e desc ip ion o mone a y policy
amewo ks. Fo his eason, ou empi ical design com-
p ises a compa a i e assessmen o he ex en o which
he okenomics o BBVEs exhibi he main p emises o
mone a y policies ha unde lie all h ee pilla s.
Theimpo anceo communica ionisnowwidely ecog-
nized by cen al banks and schola s (Blinde e al., 2008).
Since he beginning o he 1990s—especially ollowing he
2008 inancial c isis (Hayo & Neuenki ch, 2015)—cen al
banks ha e inc eased he equency and anspa ency o
hei communica ion (Ge aa s, 2006), acknowledging he
inc ease in mone a y policy e ec i eness i en ails
(Benchimol e al., 2020;Blinde e al.,2008). In line wi h
his de elopmen , in e es in academia has u ned owa ds
empi ical measu es o cen al bank communica ion. Quan-
i a i e measu es build on ex da a mining (Benchimol
e al., 2022) o in es iga e he ela ionship o communica-
ion on high- equency inancial ma ke da a (Ge le &
Ho a h, 2018). Unsal e al. (2022)useamo emanual
me hodology o apply he IAPOC amewo k. They de ine
hei me ic by a se o c i e ia, in which coun ies o eco-
nomic zones a e subjec ed o 225 ques ions ac oss he h ee
pilla s, and use in o ma ion based on go e ning laws as
well as websi e-based ma e ial and publica ions.
1
Wi h
espec o he communica ion pilla , he assessmen applies
a p inciple-based and axioma ic app oach, whe e a se ies o
FIGURE 1 The pilla s and sub-pilla s o he IMFs mone a y policy amewo k (Unsal e al., 2022).
TER VEER and HEINRICH 2851
ques ions h ough he axioms anspa ency (T), cohe ence
(CH), o consis ency (CS) a e que ied o each sub-pilla
(see Figu e 2).
2.2 |Vi ual economies
One may expec ha he applica ion o blockchain ech-
nology has undamen ally changed he dynamics o mone-
a y policy in i ual wo lds. In o de o subs an ia e his
assump ion, we pu sue h ee s eps: Fi s , we o e a b ie
in oduc ion o blockchain echnology, and, secondly, we
ske ch he main ea u es o okenomics and he co e-
sponding academic e o s made o concep ualize i .
2.2.1 | Blockchain-based i ual economies
BBVEs a e i ual economies whe e—ins ead o using
adi ional da abases—digi al asse s a e s o ed and ans-
e ed on a blockchain-based ne wo k. A blockchain is
essen ially a chain o digi al blocks, wi h each block
ep esen ing a da a s uc u e con aining a summa y o all
he ansac ions wi hin i . The echnology can be hough
o as a massi e dis ibu ed ledge , whe e each new en y
o he ledge is ag eed upon h ough he consensus o a
global ne wo k o alida o s. Each block w i en o he
ledge is hen immu able, wi h he block and all be o e i
linked and sa ed ac oss all alida o s. Typically, his
eco d o ansac ions is hen publicly iewable, c ea ing
an audi ail (Ca alini & Gans, 2020).
The concep o blockchain was i s popula ized wi h
he elease o he bi coin whi epape in 2008 (Nakamo o,
2008). The a icle desc ibes bi coin as a ‘…pee - o-pee
elec onic cash sys em’(p. 1), powe ed by a decen alized
pee - o-pee ne wo k, using c yp og aphy and a p oo -
o -wo k mechanism o ensu e he ne wo k's in eg i y and
secu i y. Nakamo o's in oduc ion o bi coin has been
hailed by many as a adical and dis up i e inno a ion o
cu ency and s o e o alue, de eloped and main ained
wi hou cen alized issuance o con ol (Bu e in, 2014;
Ca alini & Gans, 2020). I is howe e , a guably he unde -
lying blockchain echnology as a ool o decen alized con-
sensus ha has been o g ea e impo ance (Bu e in, 2014)
and is o cen al impo ance o ou a icle.
In he 15 yea s ollowing i s incep ion, he e has been
immense g ow h and inno a ion wi hin he blockchain
sphe e as well as inc eased in e es om bo h indus y
and academia. New echnologies and capabili ies ha e
equen ly widened he scope o use. In his ega d, he
addi ion o sma con ac s in he unde lying p o ocol o
a blockchain is pe haps he mos impo an de elopmen .
A sma con ac is a se o ules w i en in code and
deployed on a blockchain, which is p og ammed o sel -
execu e when a ansac ion con aining ins uc ions is
sen o he con ac s add ess. As such, logic can be w i -
en o c ea e sophis ica ed applica ions ha a e able o
un au onomously h ough blockchain ansac ions
(Zheng e al., 2020).
Fou main use cases o sma con ac s a e commonly
le e aged in he de elopmen and unc ionali y o BBVEs.
Fi s , sma con ac s enable he c ea ion o new okens
upon an exis ing blockchain. This can be ungible okens—
commonly used o ep esen a BBVEs paymen oken o
cu ency—o non- ungible okens (NFTs) ha a e uniquely
dis inguishable om one ano he , able o ep esen a wide
landscape o digi al asse s (e.g., digi al images, i ual eal
es a e o asse s, i ual cha ac e s, ading ca ds o digi al
claims o eal-wo ld asse s) (Vidal-Tom
as, 2022). Second,
sma con ac s can be used o c ea e blockchain na i e
applica ions, such as decen alized applica ions o inancial
ools (Zheng e al., 2020). Thi d, by s aking, de elope s may
incen i ize use s o lock up digi al asse s in a sma con ac
in e u n o some o m o ewa d—gene ally in he o m
o addi ional cu ency o okens. The mechanisms su -
ounding s aking a y, o example linked h ough he pa -
icipa ion in a liquidi y pool, o go e nance pa icipa ion
(Sha ma e al., 2023), o simply h ough a mechanism o
ewa d use s o empo a ily emo ing okens om ci cula-
ion (Vidal-Tom
as, 2022). Finally, sma con ac s can be
Is he e a
s a emen o
mone a y
policy
decisions? (T)
Is he e a
s a emen
explaining
policy
decisions? (T)
Is he e a
discussion o
he ou look o
he objec i es
and nume ical
a ge s? (CH)
A e he
objec i es and
nume ical
a ge s in his
explana ion
consis en wi h
Policy and
Ope a ional
S a egy? (CS)
Yes=1
No=0
……
Yes=1
No=0
Yes=1
No=0
Yes=1
No=0
FIGURE 2 Abb e ia ed c i e ia o he IAPOC me ic o communica ions (Unsal e al., 2022).
2852 TER VEER and HEINRICH
used o acili a e o ing igh s o s akeholde s o g oups o
(pseudo anonymous) en i ies, hus c ea ing decen alized
au onomous o ganiza ions (DAOs) (Sha ma e al., 2023).
Taken oge he , sma con ac s enable nume ous inno-
a ions in how okens a e used and implemen ed (Oli ei a
e al., 2018). In u n, his equi es cons an upda ing o
knowledge as o wha , in ac , okens ep esen in he block-
chain landscape and how hey connec o hei unde lying
business model. The ield o okenomics (Mougaya , 2017)
eme ged om his need and has since e ol ed apidly
wi hin online media and academia (F eni e al., 2022;Lo&
Medda, 2020; Malino a & Pa k, 2023; Oli ei a e al., 2018).
2.3 |Tokenomics
The ield o okenomics p o ides a ious amewo ks ha
classi y blockchain okens, wi h Oli ei a e al. (2018) and
F eni e al. (2022) being he mos p ominen ones.
2
Oli ei a e al. (2018) base hei oken classi ica ion on a
li e a u e e iew and empi ical da a. They conside ou
main pa ame e se s: Pu pose pa ame e s desc ibe he
high-le el pu pose o he oken's design. Go e nance
pa ame e s e e o he unde lying ep esen a ion o he
oken, i s supply s a egy and incen i es p o ided o he
use o okens. Technical pa ame e s de ine he unde ly-
ing echnical laye (i.e., blockchain). Finally, unc ional
pa ame e s cap u e how he oken beha es on a unc-
ional le el, go e ned by ules se wi hin he blockchain
code, p o ocol, o oken s anda d.
F eni e al. (2022) p opose a mo phological oken
classi ica ion amewo k based on a ho ough analysis o
cu en oken classi ica ions. Thei amewo k is based
on h ee domains: ‘ echnology’,‘beha iou ’, and ‘coo di-
na ion’(see Figu e 3). Whe eas ‘ echnology’and ‘beha -
iou ’build on he espec i e echnical and unc ional
pa ame e se s sugges ed by Oli ei a e al. (2018), he
‘coo dina ion’domain combines aspec s o oken pu pose
FIGURE 3 Token classi ica ion amewo k wi h ocus on coo dina ion, om F eni e al. (2021). [Colou igu e can be iewed a
wileyonlinelib a y.com]
TER VEER and HEINRICH 2853
and go e nance whils adding bo h incen i e enable s and
d i e s. The ‘incen i e enable ’dimension desc ibes wha
an ecosys em's s akeholde is po en ially able o do wi h a
oken. The ‘incen i e d i e ’dimension de ines why s ake-
holde s may be mo i a ed o engage in elemen s o he
oken's ecosys em. The ‘coo dina ion’domain hus co e s
hose pa s o he okenomics s uc u es ha a e closely
linked o s akeholde incen i es and emphasizes he i al
ole o communica ion. Fu he mo e, h ough he ‘supply
s a egy’sub-domain i has a s ong link o mone a y policy
in adi ional economies. I hus se es ou aim o analyse
he communica ion o okenomics bes .
3|METHODS
Ou me hodological app oach is designed o answe he
esea ch ques ion ‘How a e he s uc u es, mechanisms,
and policies o BBVEs communica ed?’. I pu sues wo
main s eps. Fi s , we selec cases om he landscape o
BBVEs h ough ou employed s a egies o da a collec-
ion. Second, gi en i s explo a i e na u e, ou empi ical
design combines bo h a deduc i e and an induc i e
app oach in o de o comp ehensi ely compa e he com-
munica ion in eal-wo ld and i ual economies.
3
3.1 |Case selec ion and da a collec ion
In July 2023, we collec ed all BBVEs wi h he help o
online blockchain agg ega o s,
4
using he pla o m de ined
ca ego ies ‘play- o-ea n’,‘gaming’and ‘me a e se’.
Twen y- h ee indi idual BBVEs esul ed om his p o-
cess. Subsequen ly, we sc u inized hei le el o quali y
by applying he i e c i e ia displayed in Figu e 4and
dis ega ded any BBVE ha did no mee all i e equi e-
men s. The selec ion o c i e ia 1.1–1.4 was guided by
he ollowing conside a ions: anspa ency; exis ence o
a legal in e ace paymen s uc u e be ween he BBVE
and eal-wo ldeconomies;accoun abili y;and heexis-
ence o a playable e sion.
The i h c i e ion—o e sigh —is di ec ly connec ed
o he amewo k o mone a y policy p o ided by Unsal
e al. (2022). I il e s he sample o include only BBVEs
in which an applica ion o he IAPOC communica ions
c i e ia can be conside ed meaning ul. The espec i e
ques ion (1.5 in Figu e 4) indica es whe he BBVEs a e
openly subjec o di ec o e sigh by decision make s
a e he ini ial communica ions o hei okenomics. To
pu his in he con ex o eal-wo ld economies, his p o-
cess de e mines whe he a cen al bank ype en i y exis s
o he BBVE ha is able o enac some ex en o mone-
a y policy o a ge economic goals wi hin he BBVE.
This case selec ion s a egy yielded six BBVEs (Axie
In ini y, Decen aland, Illu ium, My Neighbo Alice, Sand-
box, and S a A las) which we use o ou deduc i e and
induc i e app oaches. Ou induc i e analysis sys ema ically
compa es hese BBVEs o six eal-wo ld economies: wo
ad anced economies (USA and he Eu o A ea), wo eme g-
ing ma ke s (A gen ina and Indonesia), and wo low-
income de eloping coun ies (Nige ia and Ghana). In ou
selec ion, we aimed o balance da a a ailabili y wi h
FIGURE 4 Flow cha o he il e ing o blockchain-based i ual economies o u he esea ch. *By majo exchange, okens mus be
exchangeable o ia cu ency which is subsequen ly wi hd awable h ough SEPA o in e na ional wi e ans e . [Colou igu e can be
iewed a wileyonlinelib a y.com]
2854 TER VEER and HEINRICH
geog aphic di e si y o cap u e a wide ange o economic
condi ions, cul u al con ex s and ins i u ional amewo ks.
Thus, o he ad anced economies, we selec ed he USA
and he Eu o A ea as he la ges and hi d la ges econo-
mies wo ldwide p o iding cen al bank anspa ency and a
s able ins i u ional en i onmen . Fo he eme ging ma ke s
we selec ed A gen ina, ep esen ing Sou h Ame ica and an
en i onmen wi h high exchange a e ola ili y and in la-
ion, and Indonesia, ep esen ing Asia and ela i ely s able
economic condi ions. As mos low-income de eloping
coun ies a e loca ed in A ica, we selec Nige ia as he mos
populous A ican s a e and Ghana as one o he mos s able
economic en i onmen s in A ican. A he same ime, bo h
coun ies p o ide su icien da a and anspa ency in
cen al bank communica ions o analyses. The esul -
ing sample o bo h economy g oups can be ound in
Appendix Table A.1.
Ou da a collec ion wi h ega d o he BBVEs oke-
nomics and hei communica ion builds on h ee main
sou ce g oups: P ojec publica ions and in e ne docu-
men s, mos impo an ly he mos cu en a ailable
documen o he p ojec s' whi epape s, online blog
a icles, pe iodic newsle e s, Medium
5
a icles, and
pe iodic economic epo s. Blockchain da a agg ega-
o s (E he scan
6
and Coingecko
7
), ha gi e insigh s
in o he supply, dis ibu ion, and mo emen o a
BBVE's oken(s). Finally, online social discou se pla -
o ms (Disco d
8
and X
9
) ha allow us o e alua e how
i ual wo ld de elope s o policymake s discuss wi h
he public and s akeholde s and o access social
me ic da a.
As o he eal-wo ld economies in ou induc i e
app oach, we selec ed communica ions only i hey
desc ibed he cu ency and o e all mone a y policy s a -
egy o amewo k. Pe iodic documen s such as mone a y
policy epo s o s a emen s explaining and jus i ying
decisions we e no used. Finally, o ou deduc i e
app oach in he IAPOC me ic analysis he e was no
need o collec empi ical da a as he esul s o eal-wo ld
economies a e eadily a ailable om he IMF (Unsal
e al., 2022).
3.2 |Empi ical design
Gi en hei cha ac e as newly and cons an ly eme ging
echnologies, anyone analysing okenomics communica-
ion in BBVEs is sailing in uncha e ed seas. Ne e he-
less, communica ions pu o h by de elope s claim hei
i ual economies should unc ion in pa allel o
hei eal-wo ld coun e pa s, indica ing ha es ablished
amewo ks o mone a y policy a e o scien i ic alue
when i comes o analysing BBVEs and hei okenomics.
In ecogni ion o his somewha ambi alen cha ac e o
ou esea ch subjec , ou empi ical design encompasses
wo s eps.
In he i s s ep, we ake he claims o de elope s o
g an ed and apply he me ic analysis o he IAPOC
amewo k o okenomics. This analysis s a s ou wi h a
compa a i e desc ip ion o ou sample ha uses he
IAPOC amewo k as a concep ual amewo k. The com-
munica ed ex s a e analysed mo e sys ema ically by me -
ic analysis as p oposed by Unsal e al.'s (2022) app oach.
In doing so, we analyse he s uc u es, unde lying mean-
ing, and accessibili y o communica ions and also ollow
he axioma ic app oach ha conside s i s anspa ency,
cohe ence, and consis ency.
In he second s ep, we disca d es ablished amewo ks
and apply an ex mining analysis o he BBVEs whi epa-
pe s. To ou bes knowledge, using ex mining o ana-
lysing okenomics communica ions is a new app oach
wi hin he li e a u e. Benchimol e al. (2022) in oduced
a se o ex mining me hodologies h ough he use o
open sou ce so wa e R (Ihaka & Gen leman, 1996),
using he ex da a mining packages ‘ m’(Feine e
e al., 2008). We build on Benchimol e al. (2022)asa
guiding me hodology o da a collec ion, cleaning, and
compiling. The esul s om his ex mining analysis a e
isualized as wo d-clouds, whe e key e ms wi hin he
ex co pus a e plo ed wi h on sizes p opo ional o
he o e all wo d equency in he documen - ex ma ix.
Addi ionally, we use he R package ‘quan eda’(Benoi
e al., 2018) ha enables he isualiza ion o con ex ual
placemen and he co-occu ence o keywo ds.
4|RESULTS
Six BBVEs esul ed om he selec ion p ocess de ined in
Figu e 2. Each o hese ope a es wi hin a compu e -
gene a ed i ual wo ld, a imes desc ibed as a ‘me a-
e se’(Sandbox, 2020,p.6)o ‘uni e se’(Axie In ini y,
2021a). Th ee BBVEs ocus on social in e ac ions
(Decen aland, 2017b; My Neighbo Alice, 2021; Sandbox,
2020), he o he s blu bounda ies as a collec ion o in e -
connec ed games (e.g., a ming, ba ling, explo ing, and
acing) (Axie In ini y, 2021a;Illu ium,2023b; S a
A las, 2021b). All BBVEs had mo e han 100 k use s as
pa o he social me ic, calcula ed as an unweigh ed a e -
age o Twi e and Disco d ollowe s. Addi ionally, all
BBVEs had combined ma ke capi aliza ions o a leas
$20 million USD o hei ungible oken(s) as o July 2023
(see Figu e 5).
A summa y o each o he p ojec s, hei unde lying
BBVEs, and policymaking ools ha is based on he p o-
jec s' whi epape s is gi en in Table A.2 o he Appendix.
TER VEER and HEINRICH 2855
4.1 |Applica ion o he IAPOC
amewo k
4.1.1 | Compa a i e assessmen o
okenomics
Ou ini ial compa a i e assessmen o okenomics yield ha
h ee aspec s a e c ucial o analysing BBVEs, namely in la-
ion, und aising and supply s a egy, as well as go e nance
pa icipa ion. Shedding ligh on o hese concep s wi hin he
BBVE con ex and con as ing hem wi h eal-wo ld econo-
mies is impo an as hey impac he meaning o mone a y
policy wi hin BBVEs ac oss all h ee pilla s o he IAPOC
amewo k (Unsal e al., 2022). The ollowing a he holis ic
assessmen o mone a y policy in BBVEs hus p ecedes he
me ic analysis o okenomics communica ions.
Fi s ly, i is impo an o discuss wha exac ly mone-
a y policy and i s implemen ing oolki may ep esen in
BBVEs. The o e a ching objec i e o mone a y policy
in eal-wo ld economies is well ag eed on by cen al
banks as p ice s abili y (Good iend, 2007). Main aining a
s able in la ion a e—unde s ood as he inc ease in he
cos o li ing h ough he ela i e inc ease in p ice o a
se o goods and se ices o e a gi en ime pe iod
(Öne , 2017)—is hus a he hea o eal-wo ld mone a y
policy (Be nanke & Mishkin, 1997). Bu wha a e p ice
s abili y and in la ion in he con ex o a BBVE? Ou
analysis sugges s ha he concep o in la ion is agmen-
ed and somewha mis ep esen ed in BBVEs. Wi hou a
peg o a eal-wo ld cu ency and a subjec i e cos o li -
ing, we miss a e e ence poin o in la ion. Indeed, he
concep ‘cos o li ing’is pe haps no easily ansla able
o BBVEs, especially i okens a e based on a decen a-
lized blockchain and can be ans e ed o sold ou side o
he ju isdic ion o he i ual wo ld.
10
Ne e heless, he
e m in la ion is used in he communica ions o a leas
wo BBVEs in a po en ially misleading way. Bo h S a
A las and Decen aland use he e m o de ine hei
supply s a egies, e e ing o ‘…a s anda d in la ion a e
o 4% pe annum’(S a A las, 2021b, p. 21) and a con in-
uous oken gene a ion model wi h dec easing supply
‘in la ion a ge s’(Decen aland, 2017a), espec i ely.
Used in his sense, ‘in la ion’and ‘in la ion a ge ing’
ep esen i ial concep s as hey conside only a
de elope -con olled oken supply inc ease. Thus, pa ic-
ula cau ion is equi ed when e e ing o in la ion in
BBVEs.
Ins ead o he goal o p ice s abili y h ough in la ion
a ge s, he a ge ing o a ixed o s able exchange a e
band as a mone a y policy objec i e could also be an
in e es ing poin o e e ence o BBVEs. Such policies
ha e been implemen ed in many o ms h oughou
eal-wo ld economies (Good iend, 2007). Also, he p e-
blockchain i ual economy o Second Li e has main-
ained a deg ee o cu ency pa i y o he US$ (ECB, 2012;
E ns be ge , 2009). Howe e , none o he BBVEs in ou
sample implemen s o communica es any o m o
exchange a e band objec i e.
The bo om line is, wi hou a cohe en p ice s abili y
objec i e h ough in la ion a ge s o exchange a e egimes,
BBVEs a e seen o lack cla i y and cohe ency wi h mone-
a y policy. The economic objec i es gi en a e a he ague:
‘economic sus ainabili y’(Axie In ini y, 2021b,p.1)o he
c ea ion o a ‘ci cula ’(Sandbox, 2020,p.8),‘ ully decen a-
lised and sus ainable’(S a A las, 2021a,p.34),o ‘playe -
owned’(Axie In ini y, 2021b, p. 1) economy. Illu ium sim-
ply wishes o ‘balance supply and demand while p o iding
playe s wi h an engaging and ewa ding expe ience’
(Illu ium, 2023d, p. 1). None o he p ojec s de ines i s
objec i es nume ically, lea ing he success o such goals
open o in e p e a ion.
Wi h such a undamen al di e ence in he p emise o
mone a y policy, he discussion is, secondly, shi ed o
he who and how o okenomics. Tha is, in cases whe e
ools a e a ailable o decisionmake s: Who can use hem
wi hin he okenomics landscape o BBVEs? And how do
FIGURE 5 Social and ma ke
capi alisa ion me ics o he six
sho lis ed i ual wo lds as o
July 2023.
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2864 TER VEER and HEINRICH
APPENDIX A
TABLE A.1 Di e en economic g oups o eal economies and o he sample o blockchain-based i ual economies.
Ad anced economies (AEs) Eme ging ma ke economies (EMs) Low-income de eloping
coun ies (LIDCs)
Blockchain based i ual
economies (BBVEs)
Aus alia A gen ina Mau i ius Ghana Axie in ini y
Canada A menia Mexico Kenya Decen aland
Czech Republic B azil Pakis an Ky gyz Republic Illu ium
Eu o A ea Chile Pe u Malawi My Neighbo Alice
Iceland China Philippines Moldo a Sandbox
Is ael Colombia Poland Mozambique S a A las
Japan Geo gia Russia Nige ia
Ko ea Hunga y Se bia Rwanda
New Zealand India Sou h A ica Tanzania
No way Indonesia Thailand Uganda
Sweden Jamaica Tu key Zambia
Uni ed Kingdom Kazakhs an Uk aine
Uni ed S a es Malaysia U uguay
TABLE A.2 P ojec summa ies based on whi epape s.
Axie In ini y is a ‘…uni e se illed wi h ie ce, collec ible c ea u es called Axies’(Axie In ini y, 2021a, p. 1) whe e playe s can ba le,
b eed, and ade NFT Axies as pa o an ‘…open-ended digi al pe uni e se’(Axie In ini y, 2021e, p. 1). I s BBVE is buil using a wo
ungible oken sys em. The i s oken, $AXS, has h ee main u ili ies: Go e nance, s aking, and paymen (Axie In ini y, 2021c) and was
used as a majo und aising ehicle (Binance, 2020). The second oken, $SLP, ep esen s ewa d emissions o in-game ba les and is
equi ed o b eeding new Axies. The de eloping company Sky Ma is also ac s as a policymake o he BBVE, hough i communica es
an openness o implemen a DAO go e nance s uc u e (Axie In ini y, 2021d).
Decen aland is a ‘…decen alized i ual eali y pla o m powe ed by he E he eum blockchain’(Decen aland, 2017b, p. 1), whe e use s
can ‘…c ea e, expe ience, and mone ise con en and applica ions’(ibid.). I s ungible oken $MANA unc ions as a go e nance oken and
as a de ac o cu ency o pu chase i ual land, goods, and se ices (Decen aland, 2017b). 40% o he ini ial oken supply was dis ibu ed
h ough a c owd unding sale (Decen aland, 2017a). Policymaking is implemen ed by a DAO sys em, in which cu en p oposals and
o ing mechanisms a e communica ed h ough he DAOs websi e dashboa d (Decen aland DAO, 2023).
Illu ium is a ‘…se ies o ully decen alized RPG [ ole-playing games] and collec ion games se in a agmen ed wo ld o beau y and
wonde ’(Illu ium, 2023c, p. 1), whe e use s can ‘…explo e he as landscape, hun dange ous c ea u es, and cap u e hem o ba les in
he A enas o ade on he exchange’(ibid.). I s ungible oken, $ILV, is incen i ized h ough go e nance pa icipa ion, s aking, and
e enue sha ing (Illu ium, 2022a). Illu ium und aised h ough p i a e and public sales (Illu ium, 2023d) o aling 30% o he o al
supply, wi h inc easing p ices in each ound. Policy can be p oposed and o ed on by he Illu ium main council, whe e council membe s
a e elec ed by s ake s o $ILV h ough a DAO s uc u e (Illu ium, 2023a).
The i ual wo ld o My Neighbo Alice is a complex o la ge islands whe e playe s ‘…can buy and own i ual islands, collec and build
exci ing i ems and mee new iends’(My Neighbo Alice, 2021, p. 5) and a e ‘able o design and deco a e hei p ope y o make i as
unique and special as hey wan ’(My Neighbo Alice, 2021, p. 6). The $ALICE ungible oken has he incen i es o s aking,
decen alized go e nance, and use as an in-game de ac o cu ency. Also, i was used as a und aising ehicle h ough p i a e and public
oken sales (My Neighbo Alice, 2021). The game de elope s a e also in e p e ed as policymake s o he oken. Howe e , My Neighbo
Alice also plans o implemen a DAO s uc u e o oken holde s (ibid.).
Sandbox is a ‘… i ual wo ld whe e playe s can build, own, and mone ise hei gaming expe iences’(Sandbox, 2020, p. 1). Playe s may
own i ual land, wea ables, and o he asse s in he o m o NFTs, which may be aded o u ilized. I s ungible oken is $SAND, wi h
incen i es desc ibed h ough go e nance, s aking, and as an exchangeable means o paymen . A hi d o he o al supply was sold bo h
p i a ely and publicly as an ini ial und aising mechanism. Al hough he whi epape s a es an in en ion o shi go e nance elemen s o
a DAO, policy decisions o he BBVE a e essen ially a he disc e ion o he Sandbox o ganiza ion (ibid.).
(Con inues)
TER VEER and HEINRICH 2865
TABLE A.2 (Con inued)
S a A las is a ‘… i ual gaming me a e se’(S a A las, 2021b, p. 4) se wi hin an ‘…in e galac ic con lic ’(ibid.) whe e playe s can
in luence an ‘…ongoing s uggle o esou ces, e i o ial conques , and poli ical domina ion’(ibid.). S a A las has wo ungible okens:
$POLIS, which is used wi h he p ima y incen i e o go e nance, and $ATLAS, which is a de ac o cu ency o goods and se ices (S a
A las, 2021a). Bo h cu encies ha e s aking incen i es, and we e used in und aising, in which 26% o he o al supply o bo h okens
was sold bo h p i a ely and publicly (S a A las, 2021a). Decision making o S a A las akes place in h ee p og essi e phases (S a
A las, 2021a). In he i s , he de elopmen eam di ec ly adjus s he oken emission a es. In he second, DAO o e s may p opose and
decide changes in mone a y policy. In he hi d, mone a y policy ools a e con olled by an au oma ed algo i hm, al hough DAO
membe s may o e o adjus algo i hm pa ame e s.
TABLE A.3 Sample o eal-wo ld and i ual economies and he documen a ibu es o he ex mining analysis.
Economy Ca ego y Tex o igin and ci a ion Documen ype
Wo d coun o
analysed ex
Axie in ini y Vi ual Whi epape okenomics (Axie
In ini y, 2021b)
Gi book 1615
Decen aland Vi ual Tokenomics (Decen aland, 2017a,2017b) PDF download 856
Sandbox Vi ual Whi epape okenomics (Sandbox, 2020) PDF download 1092
S a A las Vi ual Whi epape okenomics (S a A las, 2021a,
2021b)
PDF download 1681
My Neighbou Alice Vi ual Whi epape okenomics (My Neighbo
Alice, 2021)
PDF download 1574
Illu ium Vi ual Whi epape okenomics (Illu ium, 2023c) Gi book 1197
The Uni ed S a es o
Ame ica
Real-wo ld AE Conduc o mone a y policy s a emen
(FOMC, 2012)
PDF download 1091
Eu o a ea Real-wo ld AE Mone a y policy s a egy s a emen (ECB,
2021)
Websi e 1490
A gen ina Real-wo ld EM Mone a y policy Guidelines (BCRA, 2022) Websi e 1120
Indonesia Real-wo ld EM Mone a y policy unc ionali y
(Bank Indonesia, 2023)
Websi e 2573
Ghana Real-wo ld LIDC Mone a y policy amewo k
(Bank o Ghana, 2023)
Websi e 1811
Nige ia Real-wo ld LIDC Mone a y policy measu es (CBN, 2023) Websi e 1010
2866 TER VEER and HEINRICH
