In recent years, there has been an increasing number of gaming companies that have integrated digital wallet support and reward systems that are based on nonfungible tokens (NFTs), as well as developing their own metaverses. A $200 billion gaming industry is rapidly becoming a critical point of interaction between Web2 and Web3.
In light of the growing prominence of GameFi in the Web3 economy, organizations such as Animoca Brands believe that the platform will become an entry point into the Metaverse. At the Future Blockchain Summit, Yat Siu, co-founder of Animoca Brands, emphasized that the gaming industry is closer to a metaverse than any other.
It was reported by Siu that a large part of the $200 billion gaming ecosystem does not go to the players or even the gaming companies, but primarily to promoters and advertisers such as Facebook and Apple. As he noted, Web3 may end this monopoly and return control to gamers and gaming companies.
“More than half of the value that is generated in the gaming industry goes to Apple, Facebook, and Google. How much of that goes back to the gaming industry? Zero. This is the issue today, and it makes the ecosystem unhealthy.”
Siu noted that the Metaverse won’t be a single or central entity but a combination of multiple metaverses. He said the metaverse would be a “construction of new economies and is all about digital ownership.” He explained further:
“Metaverse to us is a 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 like we can’t define Ethereum’s value by how much gas it generates but rather its utility as a whole, in the same way, the metaverse is an all-accomplishing picture. So, thematically, it’s a metaverse; but practically, itu2019s digital ownership."
Animoca Brands, a Deloitte Tech Fast winner and ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021, is a leader in digital entertainment, blockchain, and gamification that is working to advance digital property rights and contribute to the establishment of the open metaverse. Earlier in July this year, the firm raised $78 million to advance its ‘open metaverse’ concept.