Urvit Goel, vice president of global business development for gaming at Polygon, thinks that games that use nonfungible tokens (NFTs) have a natural advantage over traditional games that don't let players sell their in-game items.
Last week in Seoul, Goel was honest with Cointelegraph about Polygon's efforts to help NFT games spread and why South Korean game publishers like Neowiz and Nexon are diving headfirst into the space.
One of Goel's main points was that the traditional business model that NFT games are competing with may be weaker in and of itself. In traditional games, players usually buy in-game items with real money, but they can't sell them to get US dollars back.
But in most games in the gaming finance (GameFi) space, users can buy items as non-transferable tokens and sell them when they are done playing the game. Goel called the old model "money in, no money out" and said that gamers should be able to get at least some of the money they put into a game back:
"All we want is for users to be able to keep the content they buy. And if they want to sell it, that's great. If they want to keep it, that's fine, too. But even if you only get a penny back, that's better than nothing, right?"
Goel said he saw clear signs that traditional game publishers are getting ready to make big moves into GameFi, starting with Nexon, which owns the MapleStory game and is the biggest game company in South Korea. According to mmorpg, a gaming news site, the company said in June that it would put a version of its main game on-chain as MapleStory N.
Polygon has also teamed up with South Korean company Neowiz to put both new and old games on-chain.
He said that when such big companies enter an industry, it creates "a little bit of a domino effect" to "show that they're still innovative." Goel hinted that the big companies that are getting into blockchain must have a lot of faith in the technology, or else they wouldn't dress up their best games for GameFi:
"These developers don't need to use blockchain for their businesses to be successful. In traditional web teaming, they are already making hundreds of millions, if not billions, of dollars.
Anthony Yoon of ROK Capital told Cointelegraph that GameFi and crypto are a "natural fit" for publishers, which is in line with what Goel thinks about gaming and blockchain.
Goel is sure that NFT gaming and GameFi will do well in the future because of the buzz in the communities. Even though he said he didn't have hard data to back up his opinion, he thinks that many people in large communities with "millions of followers" are excited about the new game products coming to their channels:
"So, I think that data speaks a lot louder than a journalist's article about why 'X' NFTs will be good."