Animoca Brands CEO says GameFi will onboard Metaverse
New York City: The gaming business, which is worth an estimated 200 billion dollars, is fast becoming an important point of contact between Web2 and Web3. Recently, a rising number of gaming firms have incorporated digital wallet support and nonfungible token (NFT)-based incentive systems, and some of them have even built their very own metaverses. This trend is expected to continue in the near future.
The increasing significance of GameFi in the economics of Web3 leads some companies, including Animoca Brands, to anticipate that it will develop into an entry point for the Metaverse in the near future. During a fireside talk at the Future Blockchain Summit that was organized by TDefi CEO Gaurav Dubey, Animoca Brands co-founder Yat Siu said that the company is concentrating on the gaming business since it is most analogous to a metaverse when compared to other industries. He made the observation that GameFi will become a “onboarding point for metaverse and teach individuals to digital ownership.”
Siu pointed out that the majority of the revenue generated by the gaming industry, which is estimated to be worth over $200 billion, goes not to the players or even the gaming firms, but rather to promoters and advertising such as Facebook and Apple. He went on to say that the development of Web3 has the potential to put an end to that monopoly and give gamers and gaming firms their power back.
Animoca Brands is a gaming software business and venture capital firm located in Hong Kong. The company has made major investments in many metaverse initiatives. The company successfully obtained $78 million in early July of this year in order to further develop its “open metaverse” idea.