The $200 billion gaming industry is fast becoming a significant interaction point between Web2 and Web3. Recently, more and more gambling companies have integrated reward systems based on digital wallets and non-fungible tokens (NFTs) and even launched their own. Metaverse. The growing importance of GameFi in the Web3 economy is leading companies like Animoca Brands to believe it would become a launch pad for the Metaverse. During the Future Blockchain Summit, Yat Siu, co-founder of Animoca Brands, said his focus is on blockchains as they are closer to a metaverse than any other industry. He noted that GameFi would become an “entry point for the metaverse and introduce humans to digital ownership.”
Siu pointed out that a large part of the $200 billion gaming ecosystem today does not go to gamers or game companies but primarily to developers and advertisers like Facebook and Apple. He added that the launch of Web3 could put an end to that. Monopoly and return of power to gamblers and gambling companies. “More than half of the value generated in the gaming industry goes to Apple, Facebook and Google. How much of that goes back into the gaming industry? This is the current problem and makes the ecosystem unhealthy.
Siu pointed out that the Metaverse will not be a single or central entity but a combination of multiple metaverses. He said the Metaverse is “building new economies, and it’s all about digital ownership.” He further explained: Metaverse is a whole economy for us; we don’t want to measure the future of these companies with NLP; we want to count them with GDP. Just like we cannot define the value of Ethereum by the amount of gas. Creates, but rather its utility as a whole; in the same way, the Metaverse is an image that achieves everything. So, it’s a metaverse thematically, but practically it’s digital property.
Animoca Brands is a Hong Kong-based gaming software company and venture capital firm that has significantly invested in Metaverse projects. Earlier this July, the company raised $78 million to advance its Open Metaverse concept.