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Robby Yung, the CEO of NFT and web3 gaming giant Animoca Brands, believes that the adoption of games leveraging blockchain is “not as far away as we might think” while asking the community to consider what it means to be a “web3 game.”
Yung discussed the emerging world of web3 gaming at Blockdown ’23 in Portugal, urging industry players to reassess their understanding of success in the field and underlining the importance of technology, community, and liquidity.
The Animoca CEO highlighted the need to view blockchain environments as communities rather than technology platforms. According to Yung, it is crucial to consider these blockchain environments as communities where the symbiotic relationship between technology, community, and, as he put it, “liquidity” is realized.
During a thoughtful discussion with moderator Erhan Korhaliller, who is the CEO of EAK Digital, Yung explored the idea of an “open metaverse,” which is a key concept in web3 gaming. He stressed that the true potential of web blockchain is in its ability to provide ownership and interoperability. Yung highlighted the transformative role of non-fungible tokens (NFTs) in gaming, explaining that they have dismantled barriers between various software applications and have established open, easily composable assets
Illustrating the potential of this open approach, Yung highlighted that a VIP customer from another web3 game or NFT project could be treated to special in-game items, fostering new avenues of audience engagement. He said this exemplifies the efficacy of interoperability in the gaming world.
Looking at blockchains as communities, Yung also drew attention to the emergence of Ordinals on the Bitcoin network, a development he noted has seen significant adoption. Ordinals augment fungible Bitcoin satoshis into non-fungible tokens by inscribing them with on-chain data. As Yung pointed out, this has opened up opportunities for an untapped community of Bitcoin holders who were previously unable to participate in the cultural and community aspects of NFTs without migrating to another chain.
Regarding prospects for web3, Yung called for a focus on communities, emphasizing the opportunities that have emerged over the last five or six years. He also stressed the integral role of verticals such as sports and music, which have the potential to foster communities around shared passions, ultimately bridging the gap between web2 and web3 communities.
With a cautionary note, Yung highlighted potential pitfalls associated with licensing a third party’s intellectual property, warning creators not to overspend, which could potentially burden the business. He also underscored the importance of recalibrating success metrics in the web3 space, emphasizing good revenues, high user engagement, and retention over sheer user numbers.
In his concluding remarks, Yung pointed out,
“While our web3 community at the moment is a relatively small percentage of the Internet, it’s a highly engaged one and it spends a lot of money, so I think great businesses can be built.”
As the CEO of a company whose portfolio includes hundreds of web3-enabled experiences, Yung’s insights serve as a roadmap for those navigating the web3 gaming space, emphasizing the importance of a comprehensive understanding of technology, community engagement, and an openness to adapt and evolve.
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