Speaking at Blockdown '23 in Portugal, Robby Yung, CEO of NFT and web3 gaming giant Animoca Brands, addressed the audience about the prospects of web3 gaming. He believes the integration of blockchain technology into games is imminent, urging the community to redefine the concept of a "web3 game."
Yung emphasized the importance of perceiving blockchain environments as communities rather than mere technology platforms, stressing the symbiotic relationship between technology, community, and liquidity. He explored the idea of an "open metaverse," underlining the crucial role of non-fungible tokens (NFTs) in breaking down barriers between software applications and creating easily composable assets.
Pointing out the benefits of interoperability in gaming, Yung cited the possibility of rewarding VIP customers from other web3 games or NFT projects with unique in-game items. He also brought attention to the emergence of Ordinals on the Bitcoin network, which transforms fungible Bitcoin satoshis into non-fungible tokens, offering new opportunities to the vast community of Bitcoin holders.
Yung encouraged focusing on community development, highlighting the potential of verticals like sports and music in fostering communities around shared interests. He also warned against overspending on third-party intellectual property licensing, suggesting that it could potentially burden the business. He underscored the need to redefine success metrics in the web3 space, emphasizing the importance of good revenues, high user engagement, and retention over sheer user numbers.
In conclusion, Yung underscored that the web3 community, although small at present, is highly engaged and spends considerably, making it a fertile ground for businesses to flourish. His insights provide valuable guidance for those navigating the web3 gaming landscape, stressing the need for a thorough understanding of technology, community engagement, and adaptability.
