The $200 billion gaming industry is becoming the dominant point between Web2 and Web3. More and more gaming companies have integrated support for digital wallets and nonfungible token (NFT) reward systems and are launching their own metaverses.
GameFi’s growing prominence in the Web3 economy led Animoca Brands to believe it could become a starting point for Metaverse during a talk at the Future Blockchain Summit hosted by TDefi CEO Gaurav Dubey, co-founded by Yat Siu. Animoca Brands says his focus is on the gaming industry. As it is closer to the metaverse than any other industry, he noted that GameFi will become “the starting point for the metaverse and introduce people to digital ownership.”
Siu noted that At present, the big group of the $200 billion gaming ecosystem Did not approach the gamer or even a game company But it’s mostly aimed at sponsors and advertisers such as Facebook and Apple, he added, adding that the advent of Web3 could end that monopoly and bring power back to gamers and gaming companies.
“More than half of the value generated in the gaming industry goes to Apple, Facebook and Google, and how much goes back to the gaming industry? the answer is zero This is the current problem. and make the ecosystem unhealthy.”
Siu notes that the Metaverse will not be a single entity or central. Rather, it is a combination of multiple metaverses, he said, which he said would “create a new economy and involve digital ownership.”
“Metaverse for us is the whole economy. We don’t want to measure the future of these companies using PNL, we want to measure it in terms of GDP, just as we cannot determine the value of Ethereum based on the amount of GAS it generates, but overall leverage. Likewise, the metaverse is all finished images. So it’s theoretically a metaverse; But in practice it is digital ownership.”
Animoca Brands is a Hong Kong-based game software company and joint venture. It has invested heavily in the metaverse project. In early July of this year, the company raised $78 million to develop its “open metaverse” concept.
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