Exclusive: Animoca Brands CEO urges community to focus on web game development
Date: 2023-07-11 Categories: GAMING
Robbie Jung, CEO of NFT and web gaming giant Animoca Brands, believes blockchain gaming is “not as far off as we might think,” and asks the community to consider what it means to be a “web 3 game.”
Jung spoke about the emerging world of web 3 gaming at BlockDown '23 in Portugal, calling on industry participants to rethink their understanding of success in the field and highlighting the importance of technology, community and liquidity.
The CEO of Animoca stressed the need to view blockchain environments as communities rather than technological platforms. According to Jung, it is critical to view these blockchain environments as communities in which a symbiotic relationship is realized between technology, community, and, as he puts it, “liquidity.”
During a thoughtful discussion with moderator Erhan Korhaliller, who is the CEO of EAK Digital, Jung explored the idea of an "open metaverse" which is a key concept for web3 games. He stressed that the true potential of the web blockchain lies in its ability to enable ownership and interoperability. Jung highlighted the transformative role of non-fungible tokens (NFTs) in gaming, explaining that they have removed barriers between different software applications and created open, composable assets.
Illustrating the potential of this open approach, Jung emphasized that a VIP client from another web3 game or NFT project can receive special in-game items, facilitating new audience interaction opportunities. He said that this serves as an example of the effectiveness of interaction in the gaming world.
Looking at blockchains as communities, Jung also drew attention to the emergence of ordinals in the Bitcoin network, a development that he noted has become widespread. Sequence numbers turn the fungible bitcoin satoshis into non-fungible tokens by writing on-chain data to them. As Jung noted, this opened up opportunities for an untapped community of bitcoin holders who were previously unable to participate in the cultural and societal aspects of NFT without moving to another network.
As far as the future of web3 is concerned, Jung urged a focus on communities, highlighting the opportunities that have emerged over the past five or six years. He also emphasized the inherent role of verticals such as sports and music, which have the potential to develop communities based on shared passions, ultimately bridging the gap between the web2 and web3 communities.
As a cautionary note, Jung pointed out the potential pitfalls associated with licensing third-party intellectual property, warning creators not to overpay, potentially burdening business. He also stressed the importance of recalibrating success rates in the web3 space, focusing on good revenues, high user engagement and retention, and not just the number of users.
In his closing remarks, Jung noted:
"While our web3 community currently makes up a relatively small percentage of the internet, it is actively involved and spending a lot of money, so I think it's possible to build a great business."
As the CEO of a company whose portfolio includes hundreds of Web3-enabled products, Jung's findings serve as a roadmap for those navigating the Web3 gaming space, emphasizing the importance of a comprehensive understanding of technology, community engagement, and openness to adaptation and evolution.
Jung spoke about the emerging world of web 3 gaming at BlockDown '23 in Portugal, calling on industry participants to rethink their understanding of success in the field and highlighting the importance of technology, community and liquidity.
The CEO of Animoca stressed the need to view blockchain environments as communities rather than technological platforms. According to Jung, it is critical to view these blockchain environments as communities in which a symbiotic relationship is realized between technology, community, and, as he puts it, “liquidity.”
During a thoughtful discussion with moderator Erhan Korhaliller, who is the CEO of EAK Digital, Jung explored the idea of an "open metaverse" which is a key concept for web3 games. He stressed that the true potential of the web blockchain lies in its ability to enable ownership and interoperability. Jung highlighted the transformative role of non-fungible tokens (NFTs) in gaming, explaining that they have removed barriers between different software applications and created open, composable assets.
Illustrating the potential of this open approach, Jung emphasized that a VIP client from another web3 game or NFT project can receive special in-game items, facilitating new audience interaction opportunities. He said that this serves as an example of the effectiveness of interaction in the gaming world.
Looking at blockchains as communities, Jung also drew attention to the emergence of ordinals in the Bitcoin network, a development that he noted has become widespread. Sequence numbers turn the fungible bitcoin satoshis into non-fungible tokens by writing on-chain data to them. As Jung noted, this opened up opportunities for an untapped community of bitcoin holders who were previously unable to participate in the cultural and societal aspects of NFT without moving to another network.
As far as the future of web3 is concerned, Jung urged a focus on communities, highlighting the opportunities that have emerged over the past five or six years. He also emphasized the inherent role of verticals such as sports and music, which have the potential to develop communities based on shared passions, ultimately bridging the gap between the web2 and web3 communities.
As a cautionary note, Jung pointed out the potential pitfalls associated with licensing third-party intellectual property, warning creators not to overpay, potentially burdening business. He also stressed the importance of recalibrating success rates in the web3 space, focusing on good revenues, high user engagement and retention, and not just the number of users.
In his closing remarks, Jung noted:
"While our web3 community currently makes up a relatively small percentage of the internet, it is actively involved and spending a lot of money, so I think it's possible to build a great business."
As the CEO of a company whose portfolio includes hundreds of Web3-enabled products, Jung's findings serve as a roadmap for those navigating the Web3 gaming space, emphasizing the importance of a comprehensive understanding of technology, community engagement, and openness to adaptation and evolution.
