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A new addition to a relatively young industry, blockchain gaming still holds its own. Many still don’t know what to do with it, and the ever-changing gaming ecosystem is of little help.
However, those deeply involved in blockchain gaming believe that the promise of player-owned assets and a circular token economy is the natural evolution of entertainment and will change the way the world views games.
One of them is Anthony Yoon, General Partner of ROK Capital. In an interview with CryptoSlate, Yoon said he believes the future of gaming lies on-chain. As such, his fund is backing several blockchain game projects looking to enter the Korean game market.
Fund supports mobile esports organizers who play and earn ignite the tournamentwhich also serves as a streaming platform with payments in crypto and NFTs. Cyballa soccer-themed P2E blockchain game, and nine chroniclesA fully decentralized RPG, also makes up ROK’s GameFi portfolio.
Although Yun’s optimism about the market has been slow to rise, he recognizes the challenges ahead.
One of the biggest challenges for GameFi projects is trying to compete with established games from big studios. Yoon says there are more and more new GameFi projects trying to challenge his AAA games from Ubisoft and EA. Almost all of them are doomed to failure.
The number of on-chain games that guarantee the coveted AAA badge can be counted on two fingers, he told CryptoSlate.
Yoon and his fund are aware of this and take a completely different approach.
Instead of looking for GameFi projects that can compete with well-funded games, ROK Capital is trying to bring traditional game studios into the blockchain space. Yoon says there are many studios interested in cryptocurrencies that are interested in blockchain games.
AAA studios that have released games to millions of users and generated hundreds to billions of dollars in revenue from those titles are now interested in exploring ways to integrate crypto.
Yoon’s hometown of South Korea is the fourth largest gaming market in the world, so even a modest increase in GameFi adoption could push the nascent industry into the millions. The country is a mecca for game developers, most of whom can easily transition to blockchain games.
The world is looking forward to seeing a strong Korean cryptocurrency developer emerge from what Korea does best: gaming.
However, despite unprecedented growth in the GameFi segment of the market, the majority of competing projects in this space will not succeed until the next bull market. While Yoon recognizes this, he also believes that cryptocurrencies and blockchain technology are going nowhere.As an investor, he understands the value of the industry, and his traditional VCs are more willing to invest in this space. I hope that you will become more and more interested in
Blockchain and cryptocurrencies are here to stay from a capital allocation perspective, he told CryptoSlate. My advice to non-crypto VCs looking into this space is to treat cryptocurrencies as an emerging asset class worth allocating some capital from traditional asset allocation firms.
Yoon believes the Darwinian nature of the cryptocurrency industry, where only the best ideas and strongest companies survive, will sustain it for years to come.
If cryptocurrencies can survive the market and lender collapse of 2022, then they can certainly deal with everything else, from overzealous regulators to predatory hackers lurking north of the South Korean border. increase.”
The influx of talent into the crypto and blockchain industry will further strengthen its foundation.
In the 2018-2019 cycle, we saw a lot of tourists come and go, but this cycle we found that strong technical talent over-indexed buildings. , we’ve also seen crypto-native funds that have been doing very well for a while now and now have a bigger balance sheet to expand into this space,” he explained.
Yoon believes it will be another year before we see what the blockchain gaming industry is capable of. Only when we see more GameFi projects rolling into alpha and more AAA studios entering the space will the industry reveal its true potential and it’s here. He said he could show
