(Kitco News) – GameFi, the ability for a video game’s stakeholders to partake within a game economy, will transform the gaming industry, said John Linden, CEO of Mythical Games.
“Players, stakeholders, brands, and e-sports can now actually start using blockchain tech and things like NFTs, or eventually tokens, to be part of game economies, rather than playing the games and monetizing outside of the games,” he said.
Linden spoke with David Lin, Anchor and Producer at Kitco News, at the Collision Conference in Toronto.
The video game industry, with $ 180 billion in revenue, is bigger than the music and movie industries combined. However, most video games prevent users from buying and selling items, such as weapons or armor, within the game itself.
GameFi can change that, and allow “tokenization” to become a part of in-game economies.
Buying and selling items for fiat currency is “against the EULA (end user license agreement)” for most video games, said Linden. “The biggest challenge is that game developers aren’t a big fan of [buying and selling in-game assets], because you’re breaking their economy… If you suddenly shortcut that economy, then you can destroy the fun factor of the games. But with Web3, GameFi, and things like that, you’re now letting game developers build that into the game from the beginning. ”
At present, Linden’s company, Mythical Games, is not focused on tokenization, but on NFTs and digital assets.
“We’re focused on the digital asset,” said Linden. “So things like skins and all that type of stuff, doing those around NFTs, and making playable NFTs. Creating value out of that using gameplay… So we think that’s a really powerful component. It’s like having Mario, from so many years ago, and being able to digitally sell him. ”
He added that putting this on blockchain improves “trust and transparency” when there are millions of players interacting with each other.
Currently, Mythical Games has a number of free-to-play games on its platform, including Blankos Block Party. The company recently partnered with the National Football League to release NFL Rivalswhich lets players collect football players and team up against others, while operating in a blockchain environment.
Find out about Mythical Games’s new projects, and how investors can take advantage of the GameFi space, by watching the above video.
Follow David Lin on Twitter: @davidlin_TV
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