March 27, 2024
Animoca CEO Envisions Web3 Games' Growth
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Animoca CEO Envisions Web3 Games’ Growth

Animoca Brands CEO, Robby Yung, discussed the potential of interoperability between in-game NFTs, envisioning a Web3 metaverse that could conduct “vampiric attacks” for user acquisition. Yung explained this concept at an NFTUK event, using the example of a racing game utilizing NFTs for cars.

He suggested that an indie developer could create a new racing game, leveraging interoperability with an established game to attract users. Yung likened this to a “vampiric attack,” drawing inspiration from DeFi practices.

Interoperability between games’ NFTs allows a newer title to establish a user acquisition funnel, potentially pulling users from the more established game. Yung emphasized, “That brings a lot of people in to at least try what you have on offer from my community, because you’re providing that interoperability.” He acknowledged that achieving such interoperability is challenging but stressed collaboration among developers for a “community-led snowball effect.”

While Yung recognized the difficulty of achieving interoperability, he emphasized the need for collaboration and cited projects like the Open Metaverse Alliance. Animoca Brands, as a founding member, is actively contributing to the development of interoperability within the gaming sector.

In the short term, Animoca Brands aims to attract mainstream gamers to the Web3 ecosystem by simplifying the integration of Web3 elements. Yung stated, “Our feeling was that the important bit to be on the chain is the registration of ownership, either of fungible in-game currency or of the playable NFTs.”

The company focuses on aligning the ownership of digital assets with a public ledger while keeping game logic in a centralized fashion for performance efficiency.

Yung highlighted the maturity of Web3 middleware, enabling Web2 game developers to integrate backends seamlessly. He noted the emergence of sophisticated, user-friendly gaming products in the Web3 space, emphasizing the shift toward embracing custodial wallet solutions.

While acknowledging the existing habituation of gamers to Web2 platforms, Yung expressed optimism that the integration of custodial wallet solutions in Web3 titles would be well-received by users accustomed to traditional gaming experiences.

The discussion underscores Animoca Brands’ strategic approach to fostering interoperability and driving user adoption in the evolving landscape of Web3 gaming.

Image By freepik

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