The Road Ahead for Play-To-Earn Games – Thought Leaders

The Road Ahead for Play-To-Earn Games – Thought Leaders

The success of the pay-to-earn gaming sector, led by Axie Infinity, has taken a bit of a knock recently with the recent $600 million hack of their Ronin bridge. Up until this news play-to-earn games threatened to take a slice out of the multi-billion dollar video gaming market by allowing users to earn money for completing game objectives. Investments in such projects have surged drastically this year. Earlier this year we reported that Solana Ventures, FTX, and Lightspeed recently announced the formation of a $100 million joint GameFi fund, which FTX followed up with a $2bn fund of its own. Web3 venture capitalists BITKRAFT and Galaxy Interactive each announced over $400 million in investment funds aimed at the space. While tech giant Microsoft’s $69 billion takeover of Activision Blizzard, the publisher of Call of Duty and World of Warcraft, was the largest acquisition in gaming history. And according to one expert, over six out of every ten gamers want the chance to exchange their virtual assets for a currency that could be used across various platforms.

Source: ‘7 business models for web3 games,’ Sophia Weng, Medium

Does Axie Infinity’s market leading success (gross income of $781.6 million for the third quarter of 2021, and its token price all-time high of $155 by the end of 2021), now look under threat following the hack? In fact, its user engagement (measured as daily active users: DAUs) was already in decline 40% from its peak last November.  Taken together, does this mean the hype around this emerging sector is overblown? Consider some of the key adoption barriers acknowledged by BITKRAFT. These include the slow speed afforded by Ethereum, used by most crypto gaming platforms, the associated high costs of buying NFTs thanks to high gas costs on Ethereum, not to mention its environmental impact. But perhaps more tellingly from a growth perspective is the fact that few large game developers have ventured in the space. A key obstacle is the key play-to-earn nature of the innovative gaming model itself: “It is a difficult sell to switch from a model where 100% of in-game economy sales go to developers to one where a much larger percentage of transaction volume is earned by the player community.” In other words, this means developers have less control of in-game economies in a decentralized ecosystem, where community ownership is baked in.

Rasa Petuch, Head of Growth at Block Games, which is based at West Palm beach in Florida, in an interview with BigONE said she believed the basic obstacle right now in play-to-earn gaming, was remembering it was first and foremost about gaming. And that in order for the play-to-earn games industry to grow, there needed to be an influx of regular gamers, whereas at the moment users were engaging primarily to earn rather than to play, and with developers concentrating on small games focusing on the tokenomics rather than the game itself. “Traditional gamers are not here yet”, because for one thing, the games are not here “and many traditional gamers are skeptical and not really crypto native”, Petuch said.

She added that she thought that play-to-earn gaming would really change when there were really quality games in the sector that are fun to play with. “That was one point I was thinking about, the other is about console games. They are not ready for blockchain yet and they are a big part of the gaming industry overall. So that kind of limits that you know, potential audience as well as many players you know, love playing console games, too. And these, like big console companies, they seem pretty skeptical,” Petsch pointed out. Indeed, during an Electronic Arts’ recent earnings call, CEO Andrew Wilson suggested that while the market for NFTs and play-to-earn was still early, it did point to the future development of gaming. “The play-to-earn or the NFT conversation is still really, early..there’s at some level, a lot of hype about it. I do think it will be an important part of the future of our industry on a go-forward basis,” Wilson added.

Talking about Shatterpoint, Petuch said their new play-to-earn game, she said the issue wasn’t so much about getting the word out, but that the general level of trust and skepticism was proving difficult to overcome: “I think people are excited and they want to see new products coming out. What’s difficult, in my opinion, is if you’re trying to build a big quality game, it takes time, right? So, then the challenge is to keep people engaged for a long time, while you still have no game to show them. But I think it’s all doable.

“It’s all about community anyway. And yeah, allowing, you know, people who decide to be a part of your community to like really to be that part. And like, you know, share like in-game art and share decisions and like, talk to them and have some of the NFT sales in between and kind of keep it moving. I think you have to be open and honest with where things are. Because, yeah, there’s like a lot of scams out there,” Petuch added.

In an interview with BigONE Federico Gallucci, CEO & Founder at gaming studio Deep Monolith based in Turin, which specializes in play to earn games said gamers are still reluctant to understand the value of NFTs, as in game assets, because they see them as game producers trying monetize even more. As a gaming developer himself Gallucci said part of the problem was that blockchain gaming is “not sophisticated enough” for an experienced gamer who is used to high quality games. “But I think that it’s only a matter of time before gamers start to realize that it’s good for gaming and that this technology can bring awesome improvements,” he added.

A key area for growth in play to earn is around esports, suggested Gallucci: “This is a huge opportunity because you know, there are thousands of people who are gamers and fans that follow esports, but currently this is only restricted to the biggest development studios where they have a ton of cash and can afford to spend a bigger reward.” But the adoption of crypto technology could be a “disrupting point” allowing multiple developers to offer big prizes. “I think that’s the way it’s gonna break through, It’s through esports,” he concluded.

Chairman of BigONE Exchange, Anndy Lian, said despite the problems for users caused by the Axie Infinity hack the level of demand showed the play to earn sector was still growing, even as the general market for NFTs was slowing down compared to 2021, with Axie topping $4 billion in all-time NFT sales in February. “I believe that there is plenty of potential for the growth of play-to-earn games that has yet to be tapped into. For example, the election of a new President in South Korea may pave the way for legislation allowing in-game tokens to be converted into cash.” Lian said he agreed with the assessment of esports as a new avenue which would allow smaller studios to win a slice of the action. “It’s time the dominance of the large gaming studios and console makers had a shake-up. Play-to-earn isn’t just good for gamers but also for up-and-coming developers who want a new way to compete on a more level playing field.”

 

Original Source: https://www.securities.io/the-road-ahead-for-play-to-earn-games-thought-leaders/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Linfinity Making Waves Regionally – Engaging Industry Leaders across Sectors in Blockchain Technology Discussions

Linfinity Making Waves Regionally – Engaging Industry Leaders across Sectors in Blockchain Technology Discussions

Blockchain is much more than just hype over bitcoin and cryptocurrency – decision makers in various industries have a real interest in the topic. To delve deeper into the application and potential for distributed ledger technology, Linfinity has held multiple roundtable discussions where leaders from a diverse range of industries from finance and investments, to hospitality and real estate, came together to provide industry insights. Amid the discussion, it was clear that blockchain has potential to transform various industries. Below are the highlights of the roundtable discussions.

How Blockchain Will Disrupt Everything

The participants largely agreed that the adoption of blockchain was a question of not if, but when. As aptly put by roundtable attendee, Elaine Chia, Bank of Singapore’s Associate Director – “blockchain and cryptocurrency is a tsunami you cannot stop”. Participants brought up examples of how blockchain could potentially disrupt everyday scenarios: from search engines, to food security, to luxury goods. Had blockchain existed earlier, the milk powder scare of 2008 could have been largely avoided. By validating products on blockchain through adopting transparency and credibility, consumers can be more aware of the origins and expiry dates of pharmaceuticals and food products. In the luxury industry, fashion goods can also be authenticated on the blockchain system. Even fisheries can benefit from hosting information on blockchain to prove their sustainability measures, value adding to their consumers.

Blockchain: Boon or Bane?

The benefits of blockchain were agreed to go beyond encouraging transparency and traceability, as blockchain has the potential to boost efficiency. Participants in the banking and finance sectors stated during the roundtable discussions that blockchain technology should be adopted in its processes. It was mentioned that longstanding banks have strong views that technology can undoubtedly improve efficiency and there’s a massive amount of untapped potential to transform the way banks work.

Real estate consultant from Seed Global Investment, Edward Tan, shared with other roundtable participants that blockchain is a commonly discussed topic due to the nature of the industry where funds are frequently moved and a large amount of transactions happen on a daily basis. This creates an urgent need to implement blockchain technology.

Regardless of the background of participants, one thing was for certain: blockchain has the potential to improve systems everywhere. This is why Linfinity has embarked on the total supply chain wave, to provide businesses with a solution to improve transparency and efficiency. By implementing anti-counterfeit measures, traceability technology can strengthen processes.

ICOs: Are they Legitimate?

Despite the excitement and potential of blockchain, participants agreed that dubious ICOs are a possible explanation for the hesitancy and scepticism in blockchain adoption. Recently, ICO scams have been dominating headlines for scamming investors of millions. Often, these companies simply develop and market an attractive landing page or video in order to raise quick funds for their company.

In a recent Bloomberg Article, Lee Boon Ngiap, Assistant Managing Director of Capital Markets at the Monetary Authority of Singapore (MAS), said that the number of digital token exchanges and ICOs in Singapore has been on the rise. She continued that there is no need “to restrict them if they are bona fide businesses…but if any digital token exchange, issuer or intermediary breaches our securities laws, MAS will take firm action.” To avoid these scams, investors should study white papers with a discerning eye before committing to an investment. Due to the hot topic of ICOs often being a swindle, Linfinity is not heading towards the direction of an ICO. Instead it relies on the token model in order to incentivise businesses and end consumers.

Introducing Practical Applications of Blockchain Technology

Moving blockchain technology from a concept to reality, Linfinity has sought out strategic collaborations with companies to build a more trustworthy and traceable supple chain, based on their blockchain system.

To date, Linfinity has signed Memorandum of Understandings (MOUs) in Singapore and Taiwan, with more upcoming in the region. The Singapore MOUs marked the start of partnerships between Linfinity and six companies across various industries – Crossinvest, RHTLaw Taylor Wessing LLP, RHT Holdings, RONGDE Logistics, Scientific Tradition, and WealthBriefingAsia. These partnerships span different industries from finance and legal to logistics and FMCG, and will see Linfinity’s implementation of blockchain technology improving the efficiency and transparency of supply chains.

In Taiwan, Linfinity and the Alishan Group signed a strategic cooperation agreement. Under this agreement, Linfinity will create a counterfeit traceability system for all players within the Alishan Group from manufacturers to consumers, as well as prevent counterfeit goods from circulating on the supply chain by using the first-ever dynamic game mechanism.

Anticipating Government Challenges and Regulations

As blockchain remains relatively new and unprecedented, companies must anticipate government challenges and regulations moving forward. Participants pointed out that the decentralized nature of blockchain leaves it resistant to government intervention, in the sense that governments cannot simply ban the access to blockchain altogether unlike Facebook in China.

Even so, companies interested in blockchain are still preempting what governments might do when they start to regulate blockchain. While the Singaporean government is in the midst of fine-tuning its registration processes and taxation, companies can rest assured that Singapore would embrace technological advancement, rather than cut away from it. In TechINAsia’s recent article, Bobby Ong, co-founder of CoinGecko, one of the largest cryptocurrency data websites, recently shared that regulations set up by Singapore are steps in the right direction, as “clear laws and guidelines by regulators are always welcomed by blockchain startups to ensure that the work that they are doing complies with regulations. It also helps blockchain companies with getting bank accounts.”

Linfinity Talk in Seoul, Korea, on 9th June on overview of blockchain technology with 180 attendees

In a bid to raise awareness and educate the mass public on blockchain and how it can benefit industries, Linfinity has made large strides beyond Singapore. The firm is establishing Linfinity Talks, the company’s self-contained global roadshow platform that demonstrates blockchain projects, as well as connect with like-minded businesses to further explore blockchain technology. Hosted by CEO of Linfinity, Mr Anndy Lian, he will share about blockchain technology and the importance of building a trusted and traceable anti-counterfeiting supply chain.

Targeting a regional audience, Linfinity has made its first stop in Seoul, Korea, where they were joined by CodePress – an out-of-the-box decentralized digital content distribution solution, aimed at helping content producers to quickly build their own content distribution networks.

Following its first successful event in Korea, the next Linfinity Talk will be held in Japan on 1st July 2018, Sunday. Subsequently, Linfinity will be involved in the ‘Asia Digital Asset and Blockchain Congress’ also held in Tokyo, Japan on the 2nd July 2018. Mr Anndy Lian be a Keynote Speaker at the event.

He will then be travelling to Taipei to be a panellist at the 2018 Asia Blockchain Summit on 3rd July.

 

 

 

 

 

 

 

 

 

 

 

 

Aside from Japan and Taiwan, Linfinity has plans for more upcoming talks spread across the globe for the next three months – spanning from Singapore, London to Vietnam and Hong Kong. The possibilities of transforming supply chains across different industries is exciting – as the demand for trustworthy and reliable data increases. Mr Anndy Lian is open to discussions should there be interest in collaborations with Linfinity to apply their blockchain system to existing organisations and/or supply chains. You can reach him at [email protected].

For more information on Linfinity, please refer to: https://www.linfinity.io/

Facebook: https://www.faccebook.com/linfinity.io

Twitter: https://www.twitter.com/linfinitytoken

Linkedin: https://www.linkedin.com/company/linfinity

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j