i've been thinking about exits.
not the game.
the money.
when crypto games say you can earn.
they mean you earn tokens.
but earning tokens isn't the same as earning money.
it's only money when you can sell.
and you can only sell if there's someone buying.
@Pixels has distributed 200 million rewards.
that's $PIXEL flowing to players.
players want to convert that to money.
so they sell.
but who's buying.
some people buying to use in-game.
but most buying comes from new players.
if more players trying to exit than enter.
not enough buyers.
price drops.
the whole promise breaks down.
this isn't unique to pixels.
the math only works if demand grows as fast as people trying to exit.
@Pixels has $25 million in revenue.
that creates demand.
but as stacked expands.
more players earn $PIXEL.
more people trying to exit.
does revenue scale proportionally.
most play-to-earn dies here.
not because the game is bad.
because when everyone tries to cash out.
there aren't enough buyers.
the promise was "you can earn."
the reality is "you can earn if someone else wants to buy."
maybe it's not.
early people exit fine.
late people can't.
that's what i'm watching.
not whether people can earn tokens.
but whether they can actually exit at meaningful value.
