On November 8th, founders of MixMarvel were invited to the 2019 Wuzhen World Blockchain Conference hosted by 8btc, a globally recognized blockchain media. The conference gathered more than 100 global experts, scholars, opinion leaders, and famous project founders in the industries of blockchain, digital assets, AI, and 5G. The theme of the conference covers the application of blockchain, technology frontiers, industry trends, and hot issues, empowering the promotion of blockchain technology and industrial innovation.
MixMarvel Chief Strategy Officer (CSO), Mary Ma, delivered a speech on “GameFi — The Path of Technology-driven Innovation in the Game Industry.” GameFi is a new MixMarvel concept that means to create innovative finance and business gamification. According to Mary, by the aid of blockchain and GameFi, the gaming industry will be reshaped as they create new liquidity markets and reform the factors of production in the gaming industry. In the past, the industrial landscape of traditional games revolved around the three elements: promotion, distribution, and operation. But the future industry structure of blockchain games will rely upon three utterly new factors: game assets, application scenarios, and value networks.
Blockchain games have created a new liquidity market and a new investment target
In the traditional gaming world, in-game virtual items do not have attributes of physical assets. Hence, users do not have real ownership over their in-game items. For instance, you bought a piece of clothing in a store today. Even if the store closes after three months, the ownership of the garment is still yours. Clothes will not disappear because the store closed. However, in mainstream games, the end of the game’s life cycle means that the life cycle of the in-game items (primarily, services) that the user has purchased is likewise over.
With blockchain technology, we can now issue in-game items as NFTs (non-fungible tokens) on the blockchain.NFTs can be a prop, a role, or even a rule. NFTs will not disappear if a game’s life cycle ends and can be further traced and verified on the blockchain. Also, NFTs can be traded and utilized in various scenarios, which created a new liquidity market for them. As NFT value-adding scenarios expand, NFTs will carry a natural appreciation logic, and they are likely to become a new investment target as a digital asset.
In-game assets plus diverse application scenarios
Blockchain games reform the production relations in the gaming industry that shift the core elements from promotion, distribution, and operation to digital assets and their use scenarios. As mentioned before, in the past, the industrial landscape of traditional games revolved around the three elements: promotion, distribution, and operation. The three parties are usually isolated. During content production, these elements are likely to impose a substantial cost on the content producers as the content goes on the market.
In the new model, the factor of production shifts towards digital assets and application scenarios of the assets. Once a digital asset has been created, it can be utilized by authorized users. With permission, developers can re-utilize existing digital in-game items and form new game content with the use of them. The diversity of digital assets and their application in the blockchain gaming world will build a value network and, compared to the isolated traditional model, most likely result in creation of a win-win model for all the participants in the gaming industry.
A value network and an ideal blockchain-based “Ready Player One”
Nowadays, based on blockchain technology, the objects we deal with will be assets. These assets will have a natural appreciation logic with the help of more content creators developing content around assets. Later, when the application scenario is rich enough, it will be time to build a value network.
The motion picture “Ready Player One” that came out in 2018 genuinely excited people working in the gaming industry and inspired them of what the future of gaming should be. The future of gaming will be a visual and interactive value network in which players can enjoy and define their in-game virtual life and earn value through gaming. Revolving digital assets and their abundant application scenario, plus a large number of developers, creators, players and service players, and technologies such as blockchain, IoT, 5G, cloud games, such a vision will undoubtedly be realized soon.
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