- Animoca Brands CEO shared his thoughts during the Future Blockchain Summit.
- They are primarily focusing on the gaming industry.
- The company raised $78 Million for their open metaverse.
Gaming Sector Does not Rewards The Gamers
With the metaverse sector under development by leading tech companies across the globe, the gaming industry is growing stronger day by day. Increased sales of VR/AR devices has contributed prominently to the revenue. But the missing element of monetization in traditional gaming, unlike crypto gaming, remains one of the leading topics for discussions.
Recently, Animoca Brands CEO, Yat Siu, appeared in an interview with TDefi CEO during Future Blockchain Summit. He says that “A lion’s share of gaming revenue is pocketed by the promoters and advertisers like Apple and FB instead of gamers or even gaming organizations.” He pointed out that GameFi will become the leading element to attract users in the metaverse.
He said that “Metaverse will not be a single space but a combination of multiple interconnected digital worlds, eventually creating a multiverse.” GameFi will play a huge role in the construction of virtual economies and digital ownership. He also added that currently their operations are centered around development of digital spaces. The organization raised $78 Million for an open metaverse concept during July, 2022.
He further explained that, like the value of Ethereum blockchain cannot be determined based on its gas fees only, but by its utility as a whole. Similarly, we cannot measure the value of metaverse via one or two elements. It has to be calculated as a whole.
According to a report, the gaming sector generated $198.4 Billion in 2021. The number is expected to grow by the end of 2022. Apple and Meta remain the leading organizations with respect to revenue generation. Apple charges 30% fees on all applications available on the platform. Still it managed to generate a large chunk of income through gaming revenues.
Epic Games filed a lawsuit against Apple during May 2021. It alleged that the tech giant is playing monopolistic practices in the market. Apple removed Fortnite from the App Store after Epic Games decided to direct their customers to alternate payment modes. However, the verdict decided that the iPhone maker cannot exercise such practices in the market.
In 2019, Apple generated $2 Billion more revenue than Microsoft, Nintendo, Sony and Activision combined. On 18 January, 2022, the company took over Activision in a $69 Billion deal. Nvidia has developed Omniverse, a metaverse platform to develop metaverse apps.
These are just a few instances of how tech titans are developing the metaverse around the globe. With the integration of GameFi in digital worlds, it sure will become an industry no user wants to miss out on.
Source: https://www.thecoinrepublic.com/2022/10/13/how-gamefi-can-transform-traditional-gaming/