Infinity Ventures Crypto Partner Brian Lu believes that the popularity of blockchain-based games in Southeast Asia is growing, which is driving the adoption of cryptocurrencies in the region.
During the interview, Brian Lu stated that the promotion of Play-to-Earn (P2E) products in Southeast Asia not only promotes the spread of cryptocurrencies, but also gradually turns the region into a development center game fi.
“Games are a multi-billion dollar industry. Cryptocurrency is a big industry and people are trying to figure out how to get into it. In my opinion, gaming is really an area where the public can understand the use case for cryptocurrency,” Lu said.
He noted that in 2021 in the Philippines, less than 40% of the population was banking, and the minimum daily wage ranged from $15 to $25. Citizens of most countries in Southeast Asia are in similar financial conditions, but GameFi provides them with the opportunity to improve their financial situation.
“In one month you could make $300, $600 or even $800 playing Axie, depending on how many battles you win. People in Southeast Asia will be able to earn or just support their monthly income through additional income just by playing the game. It turned into something tangible for people who didn’t understand cryptocurrency.”
However, according to Lou, earning games alone may not be enough to provide GameFi with critical mass. He believes that in order to scale the industry, it is necessary to simplify the exchange of cryptocurrencies for fiat money. The latest developments in the GameFi industry are aimed at just that.
“Last year, if you wanted to convert your in-game Axie tokens to fiat, they had to be sent from the Ronin Wallet to MetaMask, and then to the local cryptocurrency exchange, and only then to fiat. This year, several companies are trying to solve this problem. A wallet is being created that allows you to use game tokens in the real world, where you can pay for utilities and buy goods and services with them.”
Recently, analytics service DappRadar estimated that in January of this year alone, investors invested in the GameFi sector a quarter of the $ 4 billion that the industry attracted for the whole of 2021. Last month, blockchain game developer Gala Games announced that it plans to invest $5 billion into projects using collectible tokens by the end of 2023.
Nicolas Pouard, Vice President of the Strategic Innovation Lab at Ubisoft, one of the world’s largest video game publishers, said that players do not yet realize the benefits of integrating NFT into their products.
Source: Bits
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