Thursday, January 26, 2023
- Advertisment -
HomeNewsBusinessIndustry executives anticipate more major players to enter

Industry executives anticipate more major players to enter

Executives operating in the nonfungible token (NFT) gaming sector are optimistic that more traditional gaming firms will enter the area this year despite the abuse that players inflict on those companies dipping their toes into NFTs.

The co-founder of Sky Mavis, the studio that created the well-known P2P game Axie Infinity, Aleksander Larsen, told Cointelegraph that it won’t be long until additional major companies enter the market. Larsen thinks that these companies will hold out until they see a game bring in billions of dollars, though.

A variety of industry experts gave their perspectives on the relevance of NFT gaming models including play-to-earn (P2E) and move-to-earn (M2E) as well as the entry of mainstream gaming businesses into the space.

Larsen mentioned the involvement of tech behemoths like Google in addition to game-focused studios, pointing out how Google Cloud also manages a Ronin Network validator. He continued, “I’m delighted to see major tech players like Google and Microsoft delve even farther into the blockchain gaming sector.

“As one of the innovators who created the first play-2-earn game, I can say with certainty that it does not function in its current form. Games must first and foremost be enjoyable, with a strong economic foundation that allows certain players to make money.

The Sky Mavis executive acknowledged that the P2E concept is currently inadequate when asked about its applicability in 2023. He detailed this:

Larsen’s ideas were mirrored by Zoe Wei, senior business director of BNB Chain. The CEO claimed that additional testing and research were required to make the majority of games’ token economies sustainable.

Wei complained that the emphasis was too much on the earning system and not enough on how much fun the games were to play. Wei still believes that P2E and M2E principles will be applicable in 2023, despite the need for more development.

While western companies are swooping in but are “being more cautious with their PR,” Pereira also said that Asian gaming corporations are more open in their drive for cryptocurrencies. The executive, though, thinks the pattern will hold. The executive suggested that the initial iteration of the P2E concept should be phased away when questioned about it. We hope that this play-to-earn program’s initial implementation is permanently forgotten, he added. As a commercial strategy, Pereira contends that such a concept is absurd because there is no means to draw in players who would be willing to pay to participate.

Alex Altgausen, the co-creator of the NFT game Banksters, predicted that other trends in NFT gaming in 2023 will be improved standards among community members. Altgausen claims that 2021 and 2022 served as filters, exposing NFT games that are exclusively designed to exploit players. He detailed this: The time when anyone could get a game promise and a pretty website has passed.
This indicates that by 2023, NFT game investors will be capable of examining assets, product development, collaborations, and media footprints before investing in NFT games.

News Summary:

  • Industry executives anticipate more major players to enter
  • Check all news and articles from the latest Business news updates.
RELATED ARTICLES

Latest

- Advertisment -