NFT games have edge over ‘money in, no money out’ games: Polygon's Urvit Goel | The Markets Café
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
Friday, March 24, 2023
No Result
View All Result
Subscribe
  • Login
The Markets Café
en English
zh-CN 简体中文en Englishfr Françaisde Deutschhi हिन्दीit Italianoja 日本語pt Portuguêsru Русскийes Españoltr Türkçe
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • VideosHOT
  • Community
  • Charts
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • VideosHOT
  • Community
  • Charts
No Result
View All Result
The Markets Café
No Result
View All Result
  • News
  • Politics
  • Markets
  • Crypto
  • Economy
  • Finance
  • Forex
  • Investing
  • Tech
  • Videos
  • Community
Home Crypto Crypto News

NFT games have edge over ‘money in, no money out’ games: Polygon’s Urvit Goel

by Press Room
August 15, 2022
in Crypto News
96 7
A A
0
21
SHARES
687
VIEWS
FacebookTwitter

Polygon’s VP of Global Business Development for gaming Urvit Goel believes games that integrate nonfungible tokens (NFTs) have a natural edge on traditional games that don’t allow users to sell their in-game items.

Goel spoke candidly with Cointelegraph in Seoul last week about Polygon’s (MATIC) push toward helping NFT games proliferate and why game publishers in South Korea like Neowiz and Nexon are diving headfirst into the space.

One of the main arguments Goel made is that the traditional business model that NFT games are competing against may be inherently weaker. In traditional gaming, users typically buy in-game items with real money, but they cannot sell those items to get back any dollar value.

However, with most games in the gaming finance (GameFi) space, users can buy items as nonfungible tokens and sell them on when they are done playing the game. Goel referred to the traditional model as “money in, no money out,” and emphasized that gamers should be able to take back at least some of the dollar value they put into a game.

“We just want to give users the ability to own the content they’re buying. And if they choose to sell it, great if they choose to keep it, great […] But even if you get a penny back out, it’s better than nothing, right?”

Goel said he perceived clear signals that traditional game publishers are gearing up for big pushes into GameFi, starting with South Korea’s gaming giant Nexon, which owns the MapleStory title. It announced in June that it would put a version of its flagship title on-chain as MapleStory N according to mmorpg, a gaming news media outlet.

Polygon has also entered into a partnership with South Korea’s Neowiz to put new and existing titles on-chain.

He noted that the entrance of such large companies is creating “a little bit of a domino effect” in the industry in order to “show that they’re still innovative.” Goel hinted that the bosses of the big firms entering the blockchain space must have a great deal of confidence in the technology or they wouldn’t dress up their top-tier titles for GameFi.

“These developers don’t have to come on blockchain to have successful businesses. They’re already generating hundreds of millions, if not billions of dollars of revenue in traditional web teaming.”

Goel’s notions about gaming and blockchain are in line with ROK Capital’s Anthony Yoon who told Cointelegraph that GameFi and crypto are a “natural fit” for publishers.

Related: Game dev explains why blockchain should be ‘invisible’ in P2E gaming: KBW 2022

Part of Goel’s confidence in the bright future for NFT gaming and GameFi comes from the buzz within the communities. Although he said he did not have hard data to support his opinion, he believes that many people within large communities that have “millions of followers” are excited about the new game products being brought to their channels.

“So to me, that data speaks a lot louder than an article written by a journalist about why ‘X’ NFT’s will be good.”

Read the full article here

Related Articles

Crypto News

Best Crypto to Buy Now 24 March – MASK, DASH, LHINU

March 24, 2023
Crypto News

Nasdaq to launch crypto custody services by end of Q2: Report

March 24, 2023
Crypto News

Swords of Blood Price Prediction 2023 – 2030

March 24, 2023
Crypto News

Venture capitalists bail on Zipmex bailout, company warns of consequences: Report

March 24, 2023
Crypto News

SEC Warns Investors to Exercise Caution When Investing in Crypto Securities – Clampdown Incoming?

March 24, 2023
Crypto News

BTC price centers on $28K as Deutsche Bank shares follow Credit Suisse

March 24, 2023

About Us

The Markets Café

The Markets Cafe is your one stope Finance, Politics and bussines news website, follow us to get the latest news and updates from around the world.

Sections

  • Commodities
  • Crypto Markets
  • Crypto News
  • DeFi
  • Economy
  • Explained
  • Finance
  • Forex
  • Futures
  • Investing
  • Markets
  • News
  • NFT
  • Politics
  • Real Estate
  • Stocks
  • Tech
  • Videos

Site Links

  • Contact
  • Advertise
  • DMCA
  • Submit Article
  • Forum
  • Site info
  • Newsletter

Newsletter

THE MOST IMPORTANT FINANCE NEWS AND EVENTS OF THE DAY

Subscribe to our mailing list to receives daily updates direct to your inbox!

  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

© 2022 The Markets Café - All rights reserved.

No Result
View All Result
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • Videos
  • Community
  • Charts

© 2022 The Markets Café - All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.