Innoblock 2024: Key Success Factors for Web3 Gaming Projects in a Competitive Landscape

Innoblock 2024: Key Success Factors for Web3 Gaming Projects in a Competitive Landscape

 

The Innoblock Summit 2024 hosted a panel discussion titled “From Concept to Reality: Key Success Factors for Web3 Gaming Projects in a Competitive Landscape.” Moderated by Anndy Lian, a blockchain advisor and author, the panel featured industry leaders: Aaron Goolsbey (COO, Mythical Games), Florence Li (CCO, METAY), Ricky Wong (Co-Founder, Catizen), JT (Marketing Lead, Seraph), and Alex S (Head of Eco Growth, GGI).

The discussion centered around the critical elements that contribute to a thriving Web3 gaming project. While acknowledging the importance of blockchain technology and tokenomics, panelists emphasized the need to prioritize engaging gameplay and compelling narratives.

Redefining Success Metrics in Web3 Gaming

Challenging the traditional focus on high conversion rates, Ricky Wong highlighted the importance of organic user engagement. Citing Catizen’s success, he suggested a conversion rate between 5% to 10% as a healthy benchmark for Web3 games, emphasizing the need to educate and onboard users from the traditional gaming sphere.

JT echoed this sentiment, emphasizing the importance of attracting and retaining real users, not just incentivized participants. He stressed the need for seamless onboarding experiences, allowing players to enjoy the game before delving into the complexities of Web3 elements.

Beyond Tokenomics: The Power of Narrative and User Experience

Florence Li emphasized the often-overlooked aspect of storytelling in Web3 gaming. She argued that compelling narratives, captivating art, and well-developed game mechanics are crucial for attracting and retaining players, ultimately driving the value of in-game assets.

Aaron Goolsbey challenged the industry to move beyond the Web2 versus Web3 dichotomy, advocating for a focus on enhancing the gaming experience as a whole. He argued that Web3 technology should be seamlessly integrated to enhance existing gaming paradigms, citing Mythical Games’ NFL Rivals as a prime example. The game, with its integrated NFT marketplace, saw a significant increase in player engagement and retention, demonstrating the power of Web3 in adding value for players.

Monetization and Sustainability: Lessons from Web2 and Beyond

Addressing the question of profitability, Aaron Goolsbey acknowledged the inherent challenges of the gaming industry, where only a small percentage of games achieve significant financial success. He stressed the importance of applying proven game development and business practices, regardless of the underlying technology.

JT provided insights into Seraph’s dual revenue stream model, combining traditional in-app purchases with Web3 elements like NFT marketplaces and asset upgrades. This approach caters to a wider audience, allowing players to engage with the game on their own terms.

The Rise of Telegram Mini-Games: A Gateway to Mass Adoption?

The panel explored the burgeoning trend of Telegram mini-games and their potential impact on the Web3 gaming landscape. Aaron Goolsbey expressed excitement about the opportunity for user acquisition and overcoming the hurdle of wallet creation. He envisioned Telegram’s existing infrastructure as a seamless gateway for onboarding new users into the Web3 gaming ecosystem.

Alex S highlighted the potential of Telegram mini-games to attract traditional game developers, further enriching the Web3 gaming space. He emphasized the need for robust developer tools and support systems to foster a thriving ecosystem.

Florence Li and JT expressed optimism about the accessibility and ease of use of Telegram mini-games, making them an ideal entry point for new users. They envisioned a future where Web3 games seamlessly integrate with popular platforms like Telegram, driving mass adoption.

User Acquisition and Retention: Building a Loyal Community

The panelists agreed that user acquisition and retention are paramount for long-term success. Aaron Goolsbey stressed the importance of continuously adding value for players through engaging content and a well-balanced in-game economy.

Florence Li advocated for simplifying the onboarding process, making it easier for new users to experience the benefits of Web3 gaming. She also stressed the importance of creating high-quality content and assets that resonate with players.

The Future of Web3 Gaming: A Collaborative Effort

Anndy Lian concluded with a shared sense of optimism about the future of Web3 gaming. The panelists emphasized the need for collaboration, innovation, and a focus on user experience to unlock the full potential of this emerging technology. As the lines between Web2 and Web3 continue to blur, the future belongs to games that can seamlessly integrate blockchain technology to deliver engaging, rewarding, and truly player-owned gaming experiences.

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- “NFT: From Zero to Hero” and “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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How important is whitelisting for the success of NFTs?

How important is whitelisting for the success of NFTs?

Whitelisting typically means that a crypto wallet address has been pre-approved for the minting of NFTs on specific dates and times

In a typical Silicon Valley startup, you look to start with an innovative product or service and then match that to customer demand, testing out your hypothesis with an MVP (minimal viable product) before seeking to scale up the business backed by VC funds.

The VC model seemed in decline during the crypto ICO boom years in 2017/18, when an ambitious whitepaper and an impressive founding team and advisors were enough to gain token investment.

But nowadays, as the world of DeFi, the metaverse and NFTs all usher in the Web3 world, that’s certainly not enough. Projects need to have purpose and be community-led, in a real sense, in terms of both governance and tokenomics.

As Maggie Hsu, partner at top crypto VC Andreessen Horowitz pointed out regarding the nature of Web3 projects earlier this year, “It means having a strong community, not just being “community-led” or “community-first,” but also being community-owned, blurring the distinction between owner, shareholder, and user. What allows for long-term success in Web3 is a clear purpose, having an engaged and high-quality community, and matching the right organisational governance to that purpose and community.”

That being said, how does the current practice of whitelisting, allowing early pre-sale access to NFT and DAOs, square with this Web3 vision? When there is an opportunity from being lucky enough to be whitelisted to make a significant short-term profit, is that right from the longer-term view of the project.

What is whitelisting?

Before we get into the expert discussion, let’s briefly consider the focus of this article. Whitelisting was introduced in the NFT space near the end of 2021 after NFT enthusiasts identified a critical issue during the launch of new projects.

Also Read: NFTs: The good, the bad, and the future

Before the concept of whitelisting became popular, NFT projects with a lot of hype were usually ‘botted’ on the mint day by NFT whales (people who hold large amounts of crypto), leaving little to nothing for retail investors. Using trading bots allows the whales to buy the NFTs before community members have a chance to buy.

As explained in the NFT Examiner, whitelisting is when a specific crypto wallet has been approved for minting a specific NFT.

“As an example, Neo Tokyo is a project where participants have to pass a test to become eligible to mint a Neo Tokyo Identity NFT. If they solve the challenge, they are added to the whitelist, allowing the participant to mint the highly sought after NFT. Without being on the whitelist, buyers could attempt to mint the NFT, but the transaction would fail.”

In the NFT world, whitelisting typically means that a crypto wallet address has been pre-approved for the minting of NFTs on specific dates and times.

Furthermore, due to the high demand for these projects, particularly on the Ethereum blockchain, there were usually ‘gas wars’, with transaction fees reaching thousands of dollars, which was a bad look for the NFT sector and hampered user adoption.

In addition, pre-approved users on the whitelist can spread out their minting so that they are not all transacting simultaneously, avoiding a sudden spike in transaction prices caused by demand. Most new NFT projects layout their whitelisting requirements on their respective

Discord servers, with different tasks and assignments ranging from chatting to a certain level, posting fan art, promoting the project on social media platforms, etc.

In some ways, it’s an evolution of the practice of ‘bounty campaigns’ used in the days of ICOs in 2017/18 to market token offerings by offering giveaways in return for tweets and Facebook likes to help promote the coin offering.

The lure of big profits

Of course, the popularity of getting yourself invited onto an NFT or DAO whitelist isn’t just about being part of an exclusive community, to be part of a long term Web3 project; for too many people simply a chance to make a quick buck.

In his video explainer on the power of whitelisting, YouTuber ‘_DB’ points out that if you get access to a pre-sale token, it usually sells between US$10 to US$20 or even US$30, though how much can vary according to the amount of hype behind a project; with a limit in the amount of pre-sale tokens typically set between US$1,500 to US$2,000.

The new NFT drop from the High Sloth Society (HSS) of 10,000 Elite Sloths recently organised a public sale that was sold out in 29 minutes for US$1.2 Million.

Also Read: 3moji aims to transform the way NFTs are used in metaverse with its composable avatars

The High Sloth Society NFTs started their public sale at noon UTC on the 28th of April. Then on the next day, they sold another 1,000 pieces at 0.08 ETH each at their whitelisting event.

“The High Sloth Society is a group of people that are no longer interested in money but want to focus on what money cannot buy. By owning a high sloth, the users are granted the opportunity to have a direct interest in the ancient artefacts. The Korean National Treasure is just the first one,” Leon Kim, Core Contributor of HSS, said.

What’s the benefit for the community?

The purpose of whitelisting serves two core purposes. The first relates to the fact that if you are going to have any degree of success, you need to build a community around a project. Achieving this involves driving online engagement through social media.

And using a whitelist is an excellent way to do this. For the user, it’s a way of getting preferential access to a project, providing an incentive for a community to rally around a project.

“It can be a really good way to start getting people again, like talking about things on social media, retweeting, commenting, sharing pictures, all that sort of thing, because if you if you make things obvious, then you’ll get like, you’ll get some pretty good organic traction,” confirmed Ben Baldieri, Director of a Web3 tech consultancy Disintermediate Ltd.

The future for whitelisting

The whitelisting method currently dominating the NFT space is relatively new. Therefore, while it’s successfully prevented botted NFT project launches and conserving gas fees, they need to be used with the community in mind.

BigONE Chairman Anndy Lian said, “While the whitelisting practice was founded on good intentions, it has been tainted by some bad actors in the NFT space; this ranges from over-stringent requirements for being considered for a whitelist to some Discord server moderators giving out multiple whitelist spots to their family and friends.”

“I believe that commonly agreed best practices for the NFT space are the logical next step forward to ensure all participants’ safety and security in this exciting marketplace. NFTs have a lot of potential as their utility develops from collectibles to allowing fans to connect directly with artists and creators and their role to prove ownership in the metaverse and GameFi projects. But as things move quickly, we need to ensure we get the balance right in such a fast-changing technology,” Lian added.

 

Original Source: https://e27.co/how-important-is-whitelisting-for-the-success-of-nfts-20220512/

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- “NFT: From Zero to Hero” and “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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Korea NFT Projects Should Embrace Community To Build Success, Says BigONE Exchange’s Anndy Lian

Korea NFT Projects Should Embrace Community To Build Success, Says BigONE Exchange’s Anndy Lian

Speaking at the 1st Korea Blockchain Conference (KBCC) on February 15, 2022, the Chairman of BigONE Exchange Anndy Lian underlined the importance of a powerful online community to securing the success of any NFT project.

 

As well as the obvious boom in NFT artwork, and in Korea the use of NFTs to promote K-pop, Lian said the growth in the use of NFTs to connect fans and artists through all-access type membership was notable: “Whether it’s to get closer to your favorite UFC fighter or singer these are hot trends in the market right now driven by the power of community.”

 

Another form of community where we are going to see the growth of NFTs is around meme coins, he added: “That kind of utility is really powerful because they have the community backing them you know, so they will have the benefit of starting their NFT project with a few hundred thousand users right at the start.” It was for this reason, due to the strength of their community, that Lian added that he saw these big communities as personally worth investing in.

 

In terms of Korea’s leading role in blockchain innovation Lian told the panel audience that from his experience, talking with corporations such as Samsung and Hyundai, as well as senior Government officials, the key players are all very mindful of the importance of blockchain technology for the country’s future. “It’s not simply about creating decentralized data storage but how this technology will be embedded in our lives, enabling the automation of all aspects of the economy for the benefit of all citizens.”

The panel titled ‘Blockchain Technology, Innovation And Opportunity’ was led by Jenny Zheng (Bybit, NFT BD Lead), Anndy Lian (BigONE Exchange, Chairman), Davy Goh (Passion VC, CEO), and Joe Lu (Origin Storage, Partner), and Hwang Byung-sun (Big Bang Angels, CEO).

The event’s opening session was given by HS88 Chairman Kim Ho-seong. The session ended with a speech by Won Hee-ryong, a member of the People’s Power, and Lee Sang-ki, the Korean representative of the World Blockchain Organization (WBO).

KBCC was designed to help the growth and development of the blockchain industry. The event aims to let the South Korean audiences know more about the technology by bringing foreign experts to share their experience.

About BigONE Exchange

 

BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development. Further information here.

 

Contact:

Name: Linda

Email: linda@big.one

Website: www.big.one

 

 

 

Original Source: https://www.marketwatch.com/press-release/korea-nft-projects-should-embrace-community-to-build-success-says-bigone-exchanges-anndy-lian-2022-03-07

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- “NFT: From Zero to Hero” and “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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