External and internal factors in tokenomics
It is important to understand that tokenomics are not omnipotent and cannot create economic systems in isolation from the product. That is, they work in conjunction with the product, marketer, financier and CTO, or with those who perform their functions. The tokenomics expert influences conversions, but is not responsible for attracting users, does not define the product, but only complements it, and finally, does not determine the choice of blockchain on which to build the project.
This brings us to external factors, that is, those factors that the tokenomics expert does not control: the motives of the parties, market data, data from marketers, products and market makers. If the BTC rate collapses, it will affect the token rate regardless of the economic incentives in the project.
Internal factors are what tokenomics experts directly influence. How to get NFT in the game: $500 or $100, or maybe for 5000 native tokens and 5 governance tokens.
The story is similar with the demand model. The flow scheme is a kind of "financial backend" of the project - how money (fiat, stablecoins, native tokens) gets into the treasury, where it is distributed further, etc. Then, based on these and a number of other parameters, we answer the question of how sustainable or unsustainable the system is.
Basic stability criteria: the state of the treasury, the ratio of supply and demand for tokens, and the behavior of the token price.