On-chain Gaming

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On-chain gaming will prevail in the future; off-chain gaming is history

On-chain Gaming
On-chain Gaming / Image Credit: CRYPKYP
Source: CryptoSlate
1661761924 29 Aug / 08:32

Blockchain gaming, the most recent entry in a still-emerging sector, retains a mystique. Many people are still confused about interpreting it, and the gaming industry's dynamic environment worsens matters.

According to many who are actively involved in blockchain gaming, the promise of player-owned assets and circular token economies is thought to be the logical evolution of entertainment and will alter how people perceive gaming.

Anthony Yoon, the general partner at ROK Capital, is one of them. Yoon stated in an interview with CryptoSlate that he thinks blockchain is where games will go in the future. His fund has sponsored several blockchain gaming businesses looking to enter the Korean market.

The fund has supported Ignite Tournaments, a mobile play-to-earn esports organizer that also functions as a streaming platform with payments in cryptocurrencies and NFTs. The ROK GameFi portfolio includes Nine Chronicles, a fully decentralized RPG, and CyBall, a P2E blockchain game with a football theme.

Yoon’s market optimism is hard to match, but he is mindful of the difficulties ahead.

The attempt of GameFi projects to compete with well-established games from larger studios is one of their toughest obstacles. Yoon claimed that more new GameFi projects are trying to compete with AAA titles like Ubisoft or EA, practically all of which are doomed to failure.

He told CryptoSlate that “the amount of on-chain games that deserve the coveted AAA certification may be counted on two fingers.”

Yoon and his fund have adopted an entirely new strategy in light of this.

Instead of seeking GameFi projects to take on well-funded games, ROK Capital wants to attract established gaming studios to the blockchain industry. Blockchain gaming interests a lot of “crypto inquisitive studios,” according to Yoon.

AAA studios are now interested in investigating how to integrate cryptocurrency after releasing games to millions of users and earning hundreds of millions to billions of dollars from such ventures.

Yoon’s home country of South Korea is the fourth-largest gaming market in the world, so even a slight rise in GameFi usage may expand the fledgling sector to millions of consumers. The nation is a Mecca for game designers, and most of them could shift to blockchain gaming.

“We’re thrilled for the world to witness outstanding Korean developers in cryptocurrency coming from a sector that Korea does best—gaming.”

Both GameFi and Crypto are here to stay.

Nevertheless, most initiatives vying for market share in the GameFi sector won’t survive until the next bull run. Yoon is aware of this but also thinks blockchain technology and cryptocurrencies won’t disappear anytime soon. He recognizes the industry’s significance as an investor and anticipates that traditional VCs will show increasing interest in the sector.

He told CryptoSlate, “From a capital allocation viewpoint, blockchain and cryptocurrency are here to stay.” “My recommendation for non-crypto VCs looking at the industry is to regard crypto as an emergent asset class worth traditional asset allocators committing some capital into.”

Yoon thinks that the crypto industry’s Darwinian nature, in which only the finest concepts and most resilient businesses survive, will keep it alive for years to come.

Cryptocurrency can handle everything that comes its way, from overzealous regulators to predatory hackers waiting for north of the Korean border, if it can survive the market crash and lender collapse of 2022.

The talent inflow will further strengthen that foundation in the cryptocurrency and blockchain industries.

“In the 2018–2019 cycle, we observed a high influx and outflow of tourists, but this cycle, we are witnessing significant technical skill over-indexing on construction. We’ve also observed long-standing crypto-native funds performing remarkably well and now having larger balance sheets to invest in the industry,” he said.

Yoon thinks it will be another year before we see the full potential of the blockchain gaming sector. According to him, the industry won’t fully realize its potential and demonstrate that it is here to stay until more GameFi projects release their alphas and more AAA studios enter the market.

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