Robbie Yun, CEO of NFT and Web3 gaming giant Animoca Brands, believes the adoption of blockchain-powered games is “not as far away as we think,” while explaining what a “Web3 game” is. We are asking the community to consider what it means.
Discussing the emerging world of Web3 gaming at Blockdown ’23 in Portugal, Yung urged industry insiders to reassess their understanding of success in the space, highlighting the importance of technology, community and liquidity. emphasized gender.
Animoca CEO emphasized the need to view the blockchain environment as a community rather than a technology platform. According to Yung, it is important to think of these blockchain environments as communities in which a symbiotic relationship between technology, community and, in his words, “liquidity” is realized.
In a thoughtful discussion with moderator Erhan Korhaliller, CEO of EAK Digital, Yung explored the idea of an “open metaverse”, a key concept for Web3 games. He emphasized that the true potential of web blockchains lies in their ability to offer ownership and interoperability. Yung highlighted the transformative role of non-fungible tokens (NFTs) in gaming, explaining that NFTs have removed barriers between different software applications and established an open and easily configurable asset.
Illustrating the potential of this open approach, Yung said VIP customers of another Web3 game or NFT project could be offered special in-game items, facilitating new avenues of audience engagement. emphasized that He said this exemplifies the effectiveness of interoperability in the gaming world.
Looking at blockchain as a community, Yung also drew attention to the emergence of Ordinals on the Bitcoin network, noting that this development has become very popular. Ordinals extend the non-fungible tokens by imprinting on-chain data into the fungible Bitcoin Satoshi. As Yong noted, this has opened up opportunities for an underdeveloped community of bitcoin holders who were previously unable to participate in the cultural and community aspects of NFTs without migrating to another chain. .
Regarding Web3’s prospects, Yung called for a focus on the community, highlighting the opportunities that have arisen over the past five to six years. He also said that areas such as sports and music play an integral role, and these foster communities around shared passions, ultimately bridging the gap between he web2 and he web3 communities. I stressed that it was possible.
Along with a cautionary tale, Jung also highlighted potential pitfalls associated with licensing third-party intellectual property and warned creators not to overspend that could strain their business. He also emphasized the importance of recalibrating success metrics in the Web3 space, emphasizing good revenue, high user engagement, and retention rates over huge user numbers.
In his closing remarks, Jung pointed out:
“Our Web3 community is a relatively small percentage of the Internet at this point, but we are very enthusiastic and spend a lot of money on it, and I think we could build a great business.”
As CEO of a company with hundreds of Web3-enabled experiences in its portfolio, Yung’s insights serve as a roadmap for those navigating the Web3 gaming space, with a comprehensive understanding of technology, community engagement, adapting and evolving. Emphasizes the importance of openness. .