- Victor Lee, Investment Advisor, Web3 Scholarship VC & Incubation
- Pheobe L, Head of ICPort BD
- Yang Liu, Partner at Spark Digital Capital
- Sachi Kamiya, Polygon Investment VP
- Yawn Rong, Co-founder of StepN
- Hugo Hou, Web3 Scholarship Researcher
Victor (host): Please introduce yourself?
Pheobe (ICPort): I’m from ICPort. ICPort is a one-stop accelerator DAO. We are currently working on early project acceleration on Dfinity. We launched in early November 2021. Over the past few months, we’ve accelerated about 20 early-stage projects.
Hugo (Web3 Scholarship): I am a Web3 Scholarship researcher. Our research covers industries, technology paths, and decentralized applications, and we will also participate in the design of token economic models.
Yawn (StepN): I’m the co-founder of StepN, which is an application on Web3 with some gaming and social elements, where people with NFT Sneakers can earn tokens for outdoor activities, which can then upgrade their sneakers, or buy other sneakers.
Yang (Spark Digital Capital). I’m a partner and co-founder of Spark Digital Capital, and we’ve been investing in and helping a lot of early-stage projects in this space for the past four years.
Sachi (Polygon): Polygon is an Ethereum scaling solution. Projects like Decentraland, ZED Run, etc. are built on Polygon. I work specifically on the investment side of things at Polygon Ventures, and we look at investing in projects across the Polygon ecosystem, such as DeFi, Web3, NFTs, games, and the Metaverse.
Victor: Today’s topic is about how to find the next X to Earn blue chip, so we’ll be talking more about the market itself. Let’s get started on our topic. Where do you think we are in the GameFi market right now? Are we approaching a bear market?
Yawn: Historically, Bitcoin has typically had a four-year cycle, and I think the next bull cycle will come in mid-2024, and we’re two years away from that. In the last bear market, it took almost a year and a half to turn the tide, and maybe it will be the same this time around. But this time we must also take into account macroeconomic factors, such as interest rate hikes, balance sheet reductions, and inflation. I think a lot of things can happen and we have to take that into account. If there is no real progress in non-speculative assets like manufacturing, logistics, etc., where will the money go? Are they going for speculative assets or real estate? I think if we believe in this cycle then we should start to see an uptick in the market around 2024. So this is my guess in this regard.
Waves about GameFi. I always believed that GameFi would have its own market, its own audience. People don’t really care how big their moves are, if they need tokens to buy assets to play or mint, they’ll do it. So I think that’s one of the reasons why GMT and GST have remained fairly strong over the past few months. Despite this, the market is quite volatile. So if we have real users and real products, I think we can have our own market that ignores Bitcoin volatility to a certain extent.
I think the most important thing is that first you have the product tools, second you have the community, third, your token is actually used in your ecosystem and fourth, you have a team that is sharp enough to oversee The mechanism of the application is continuously adjusted and optimized so that the application can remain competitive in every situation.
Pheobe: We don’t work with a lot of GameFi companies at the moment, and my personal view on this issue is not to focus strongly on the market as a whole, but more on the user. We see a lot of applications in the market today that have good token economics, design, and good enough token application scale, but lack enough competitive fundamentals, I think GameFi is in a unique position, it’s actually interesting s application. If there is a good product like Yawn said, that is supported and liked by the community, I think there is a lot of opportunity for success in this particular project. So when it comes to GameFi, I’m less concerned with the overall market, but more interested in knowing whether the project has actual active users to support the operations and economics of this particular app.
Victor: Continue the question, Pheobe. You take a long-term VC perspective and focus on a specific vertical or team approach. Does market sentiment and current market conditions have an impact on the way you make decisions?
Pheobe. We have all seen that the macro economy has been strong over the past 18 months. I do think at some point we might be heading into an economic slowdown or even a crypto winter, but I think GameFi, as unique as it is in the way, is actually attracting real interest compared to some of the other apps in the economy User. The performance of the GameFi space will largely depend on the reception of actual game concepts and whether they are able to attract users.
Sachi. I think I’m a bit bearish for the next six months or so. If you look at the macro economy, things aren’t looking good.Inflation is high and we don’t yet know if it’s under control. And the conflict in Ukraine, which has the potential to evolve into something bigger. Then there’s the stock market that hasn’t been doing very well recently. So I think for at least the next 6 months or so, the market, especially cryptocurrencies, will be a little bit wobbly, but in the long run, cryptocurrencies in general will continue to rise.
This market is actually good because valuations in the current private market have been very high recently. Some projects that don’t even have a product are funded at valuations in the hundreds of millions of dollars. So I think a market going through this kind of volatility is something to look forward to, as it will “kill” some options that aren’t strong enough and can burst valuation bubbles for some particularly early-stage projects. Then you’ll find it easier to spot the people and teams that really care about the product and do something long-term together. So I think it’s a great opportunity for VCs to come in over the next few months and invest in projects where the founders are really passionate about what they’re doing.
Victor: I agree with you. From a Web3 Scholarship perspective and from my own experience doing investing, we do see valuations have come down considerably recently, but funding only tells part of the story. There are still a lot of people entering the field, and innovation and construction are happening all the time.
Hugo: I think it’s hard to say in the market right now for GameFi. This is a large market with daily active users growing. I think this is just the beginning of a money-making trend. For Web3 Scholarship, you can say that many trading pairs are about Move to Earn, there are too many GameFi coins waiting to be listed.
Yang. In the long run, my view on the market is not that pessimistic. To be honest, I don’t even think we’re going to have a not-so-great market in the next few months. We may never face the situation we were in before, like when Bitcoin went back to a few thousand dollars and everyone was worried that it would go to 0. That’s normal, it’s the nature of the financial financial industry, it gets a lot of volatility.
Going back to GameFi, everyone is saying there are a lot of projects coming out, and the hype is there. I think this is also a good time to differentiate a good project from an ordinary project. When inflation comes with a recession, people are less fearful, and when they start to sit down and really do their own research, it’s a good time for good projects to stand out from the rest.
Victor: Now is a good time for founders to start a project and chase hot money. Let’s take a closer look at GameFi.Many people say that games are actually the easiest way to reach 100 million users because games are more user-friendly and engaging than financial products. On the GameFi side, what do you think will expand our existing user base?
Yawn: I think a good game must have 3 characteristics at the same time: accessibility, playability and scalability.
Accessibility means you know the game has to be easily accessible, and it definitely helps on mobile. When we look at trends over the past decade, going mobile is the megatrend, and the growth rate of tabletop MMO RPGs has been declining. Free-to-play games have also started popping up recently. So I think for GameFi, if it’s going to be more than a million or even 10 million people, then you have to make the app really accessible to the public.
Then you have to have playability. This part is also tricky. What we’ve found at StepN is that you want to make the app very enticing and intriguing, but at the same time you can’t make it too gamified or too heavy, because let’s talk about a million or ten million users. It’s hard because you’re only going to have a very small percentage of people enjoying your game because it’s a very fragmented market. People love different genres of games, RPGs, sports games, first person shooters, physics games like Minecraft, realism games like Final Fantasy, etc. These games require different processing power on mobile phones. Since you can’t get everyone to have the latest phone, you’ll have to stick to ready-to-play apps running on phones with minimal settings for accessibility. So even an iPhone 6 or some cheap phones can run the app.
In order for most people to engage, the game needs to have some level of gameplay elements, but not too heavy because people will find it too complicated. Especially in the current era, it’s easy to get distracted by the fragmented time occupied by YouTube, Instagram, podcasts, and all the other stuff. Focus is a rare commodity. Games can only have a very small window to grab people’s attention and convert them into users. So when we designed the app we made it very incremental so it was very simple to use and understand at the beginning. The app is very intuitive to use so people don’t have to spend hours learning how to manipulate it, so the playability is there.
Then, it’s also extensible. When we talk about GameFi, it has to be on the blockchain. We are lucky that we have chosen Solana and we will be able to have very low transaction fees. Later we’ll be on BSC and we’ll start to see growth from there. Now, we have vertical and horizontal scalability. Horizontally, we need to add multiple chains to offload users.Vertically, we are continuously optimizing our nodes so that payments can be processed and people will no longer suffer from delays.
Pheobe: I think a good user experience is also an absolute foundation for user growth. However, when we talk about having a million users or more, I think more about in-game sustainability and token economics. StepN is a perfect example, they have two different tokens in-game and interact perfectly with their users. Gaming provides users with a very sustainable and healthy economy, which lays the foundation for growth.
In many games, especially in the GameFi industry, inflation is a problem that can be solved with a delay, but I don’t know if there is a way to avoid it entirely. So a good token economic design, maybe have like two or three tokens like Axie Infinity has 3 tokens, if you count their NFTs, it’s a good example of the way why they can be successful . Except for the token economy. I also think that for the game to be sustainable, the governance of the DAO also needs to be set up successfully. So, in addition to the two points that Yawn has already talked about in the product design, I am more researching the sustainability of the economy and the governance structure of the DAO.
Sachi: Obviously, we’ve seen a lot of innovation over the past year or so, especially the emergence of Axie Infinity and YGG’s support for the economy as a whole. I think we’ve seen an explosion of GameFi type DApps that have emerged over the past year or so. But I think the next step, to bring more users to those who haven’t joined Axie Infinity, is to find a game that not only attracts crypto users but general gamers broadly into the blockchain space.
What I’ve seen generally is that experienced game developers from Riot Games or EA still think blockchain games are a bit speculative. When someone suggests to them that, say, you should integrate NFTs or play-to-earn stuff into your game, they stray from that direction or look at it in a skeptical way. Because they feel that, like NFT, like played or earned, it will affect the quality of the game itself. That’s why I think the next step is to really find, like the next Minecraft, or like the next Roblox in the Web3 space, and integrate blockchain and NFTs into it. Once you have a successful game that proves it works for the average person, you know that everyone in the gaming space will start embracing new technology. So I think this is really the next step.
Polygon Studios is an independent business development division of Polygon. Its goal is to support Polygon-based game projects. We’ve just recently hired Ryan Wyatt, a former YouTube head of gaming, as CEO of our Polygon studio. He is a very seasoned game veteran and has recruited a star team. In the future, we will be really good at attracting a lot of gamers or game builders at Polygon studios because our team not only understands games, but also understands blockchain.
So yeah, I think the next step is to really create a really high-quality game that even the average player will really enjoy playing because that’s going to bring the next 10 million or so new users in the blockchain space. It may take some time to come out.
Hugo: From Web3 Scholarship’s research on GameFi, we found that 1 million users is very potential. In fact, StepN just passed 1 million monthly active users. GameFi will definitely see a huge increase in players in the long run, but right now I think there are too many games focused on playing and making money, and the landscape is overcrowded right now.
We hope there will be more new models to attract new users into cryptocurrencies, having fun and a good economic design are very important elements in the game that will help attract long-term external players.
Yang: I think we’re still in the really early stages of metadata and GameFi. I think the most important thing for everyone right now is getting more and more users to understand cryptocurrencies, and I think gaming is a really good way to handle it because almost everyone is playing games. Good games, without a steep learning curve, can really get us a lot of users to start engaging with Web3, the Metaverse, and cryptocurrencies in general.
I don’t think anyone has a clear idea on this, it’s the homework of all incubators and VCs working with outside projects.
Victor: Next question, we want to take a deeper look at StepN. Yawn, can you introduce StepN from the ground up?
Yawn: Of course, a lot of things happened by coincidence, and the whole thing actually started when I went to Jerry’s house. We are neighbors and usually I go to his house and have a beer. I think it was a Wednesday afternoon last August and we were at his house talking about Axis and how it became a phenomenon. Jerry was working on a mobile game and I was doing my crypto VC stuff. When we started exploring ideas, and then once we started working on this GameFi, we immediately realized there was a lack of use cases for the token, and development was slow. We love the dual token system, we love that you can generate NFTs from raw NFTs, so naturally we pieced everything together and decided to start our own project.
The 1st edition of StepN was a story about finding Satoshi Nakamoto, and it was designed to be not really an outdoor term, but a mobile board game like Monopoly. But then it suddenly dawned on us why we didn’t make it an outdoor mobile game that would be more fun. Especially after a couple of stay-at-home situations in Australia, when we were working outside, there were a lot of people coming out. When there is no lockdown, no one goes out. But when the lockdown happened, everyone was out walking their dogs and being their kids. So we realized that this has the potential to be a huge need, and it’s also good for the environment. That’s where the idea came from.
After that, we joined the Solana Hackathon. We realized that we couldn’t make games because we were limited by our longevity and audience, so we actually removed a lot of game elements and kept just the NFT sneakers, and rebranded it as StepN. So this is where we start.
So I think, especially for the GameFi project, there has to be a lot of change and thinking before launching their idea. I mean there are so many projects based on just one working concept. They don’t do a lot of afterthought. A lot of people copy Axy, but I don’t think a lot of people think about how to improve on Axy. For our case, this is fine even if people want to borrow concepts from us. I mean, this is Web3. But I want people to also think about what else they can do to make it better and then effectively move the industry forward instead of just copying and pasting. This will never work in the long run.
We made some changes on Axis and it seems we are doing fine. Of course, I want the industry as a whole to move on, which is to say, other people borrow ideas from us and make it better.
Victor: I’d like to get some of the other panelists to discuss Yawn’s thoughts as well. Do you have any specific comments to tell X to Earn?
Pheobe: I think from 2016 to 2018, a lot of effort was put into protocols and infrastructure. I think a lot of people involved in this movement have benefited a lot from it, and since then attention has turned to investing in applications or projects, and over the past few years, the practicality associated with blockchain technology thing.
But what I’ve seen and heard lately is that more and more people are keeping back investing in infrastructure, and I think there’s a good reason for that. At the end of the day, good projects like StepN or Axie within Web3 are not mainstream.We’re kind of back when the internet was new and people were still living the way they were, going on with their lives, but they didn’t really see the applications we’re calling them now. So what I’ve seen lately is that a lot of investors and a lot of the effort is actually going back to building the protocols and infrastructure that’s absolutely important for us to push Web3 forward and be more utilized as more users grow of. Infrastructure is ultimately the foundation upon which Web3 takes its next phase.
Sachi: I also see at Polygon that there are a lot of projects looking to replicate something similar to StepN. Many X to Earn type campaigns are emerging, such as Learn to Earn, but none of these imitations have been successful. The interesting thing about X to Earn is that I’ve seen this type of business model in the past, but for some reason they couldn’t crack a code similar to StepN. What I think StepN does really well is that they basically target consumers rather than businesses. A lot of the projects I’ve seen in the past, the Move to Earn concept that we’re trying to do is for businesses, not consumers.So as a result I think that’s why StepN has been really successful because they’ve been able to attract a lot of retail users and regular consumers.
Yawn: I’d like to add that I think we’re the only project at the moment where we’re spending a lot of time on machine learning, for user motion detection, but also to check if the user actually cheated or exploited the system. This means that all GST and GMT created have a cost, and this cost may be the time you spend. In other words, it could be the energy you expend because your food intake is converted into bioenergy and you are active for two hours outside. Mainly, your actual time and energy can be converted into tokens.
Without this appropriate real-life cost, the economic system would be unsupported. You can’t cheat coins with a simple swing of your phone, or play games with scripts. I think that’s important.
Victor: Can you share a little more about the machine learning aspect of StepN?
Yawn: Since we’re still in development, I’m going to be very careful with what I say. So machine learning is basically machine learning on a dataset of people’s movements. when you move. You have different datasets. One such data is the altitude of your phone. For example, if your phone is 3 meters above the ground, there is a problem, because no one is that high.
We check how the movement of the movement is moving and compare it with GPS. Then we create a kind of vector data, like a data graph, that includes everything, including, how fast you move, your ups and downs, and a whole bunch of other factors. We then compare that to what we’ve learned, like how an actual or normal person should move. If the chart is off, it means something is wrong. If you’re simulating movement from real movement data, you can’t change the way the vector data matches the movement of a real person. You can make adjustments here and there, and in the eyes of the human it may be fine, but in the eyes of the machine we are able to spot anomalies. This will be the reason I will be able to identify who is impersonating vs the real user.
With this, we have cheating on two fronts. One is that if a user is running through a critter, shaking their phone in a car, exploring on a skateboard, or exploring on a bicycle, they will have this moonwalking state. So, that’s what we say, we know you’re exploring. It’s fine, you just can’t learn anything.
And then we have another set of cheats, which will be by manipulating emotional data, for example, by taking the GPS chip out of the phone. Then, you know it’s more of a malicious cheat, and it’s going to be more of a hand for these players. So that would be two ways to handle two types of users. People like to try to cheat, it’s human nature, so we don’t punish that behavior. But for those who really want to cheat maliciously, we are committed to cracking down on them.
Hugo: I totally agree with Yawn. StepN has a strict anti-cheat system. This is the point that attracts me the most. No guilt, no scripts, all users are there. So I think the anti-cheat system could be a very important element to earn items for all X. It will bring a longer life cycle to the project.
Yang: I don’t think X to Earn is a business model per se. Take the example of getting rewards from Axie, you really need a good enough app, be it a game or something else. Players then know that the token itself has real utility. They can consume and there is a market demand, then the business model makes sense. So I think we need to follow the basic logic of actually building a product that works, or a game. Make the game truly playable and allow more and more people to participate.
Victor: Continuing on this thread, do you have any tips for users or entrepreneurs to build X to Earn?
Yang: What we really worry about is the utility of the token or the flow of the token in the ecosystem. So you generate tokens through X after you do anything, is there any demand for tokens? And what kind of emissions and inflation rate does the game itself have? Is a game itself attractive enough to bring in more new users, generate more demand, and really all come together to build a healthy ecosystem? I think this is an issue I’m focusing on. If you mint a lot of tokens and everyone is selling it, no one is buying it, and no one needs it, it doesn’t make any sense. Back to your question. My suggestion is to really try to understand the basics of the token economy, how tokens are created, how tokens are spent, how they are burned, and how it flows through the ecosystem.
Pheobe: I can talk from our perspective when it comes to investing in or accelerating a project. Some of the things we’re looking for, number one is definitely the industry or track your project is on. We obviously want to invest in a track that has potential, and in addition, we want to match market trends. How specifically does your product meet market needs, and does it really meet today’s user requirements? Does your token utilization meet and support your project development and push it to the next level? Is your token offering reasonable? What about liquidity considerations for investors? Finally, how do you compete with the rest of the field?
We also care a lot about the team. Do you have incubation experience? What the hell did you do before? I think everyone now sees this as part of a project resume. In addition to this, we also look at your network. We don’t expect everyone to have it, which is why we’re here as an accelerator today. We want to promote the development of this industry.
Victor: Yawn, can you explain more about StepN’s token economic model?
Yawn: Of course, we have two tokens, we have GST, which aims to be an infinite supply of game tokens that everyone can get, and then we have GMT. We are gradually rolling out use cases for GMT, and we plan to roll out all use cases by the end of this quarter, and continue to add more use cases to eventually realize the benefits of GMT.
So, how do we design the token economic model? We started thinking about what Axie didn’t do well. For example, there are very few use cases for their SLP, then AXS can only be earned by PvP. To address these two main issues, we devised several mechanisms. For GST, we immediately used a lot of token consumption mechanism to encourage people to earn GST while earning GST through gamification and by further improving their sneakers, i.e. leveling up, minting new sneakers, repairs, these mandatory The sinks let people spend a portion of the GST. Then for those who want to target higher stat earning, they will need to upgrade their gems, which is also a huge coin drain. Because of this, pretty quickly along our scale, GST is now mostly used rather than cashed.
Another idea comes from the user base. For Axie, most of its users are in Southeast Asia, and they see Axie as another form of income, which means they cash out their tokens whenever they see an opportunity. But because our user base is located in more developed countries, people can afford relatively high-priced sneakers, and they are not in a hurry to cash out when they make money. These people can choose to cash out or not because their lives don’t depend on the game.So, that’s one design of the game token, there are many use cases.
As far as governance tokens are concerned, we think it needs to have some barriers to entry, but not too high, because if you only allow people to earn game tokens, then once game tokens start to swell due to infinite supply, you will in trouble.So we have to allow most users to get GMT. We have several mechanic designs, one is that only users with more than three energies can get GMT. It’s a small barrier to entry, but not a lot, and someone with a few sneakers can do it.
Since we want to keep this application running for a long time, we can’t run out on GMT. So we borrowed Bitcoin’s halving mechanism to make it incrementally halved. Every three years, the supply of GMT from moving to earning will be halved, so that means they will always have GMT to earn. Bitcoin has proven this approach to be quite useful. So basically StepN will release a portion of GMT every day and people will get a smaller percentage of GMT as the number of people who want to earn GMT increases.
We hope that most people can choose between earning GST and GMT, as Axie Infinity does not offer this option. People can only earn SLP and then sell the tokens once they don’t want to mint. GMT becomes the check and balance of GST.Our intention is to have an unlimited supply of GST in related fields and to fundamentally solve this death spiral by striking a balance between GMT and GST.
Now people can choose to earn between GMT and GST, when people see they can earn more with GMT, they turn around, and the infinite supply of GST becomes irrelevant because the There are fewer and fewer people. So that will relieve a lot of selling pressure. GMT is a limited number of tokens that will be offered with more long-term benefits and use cases in the future, and its price will remain a very strong support. The shift in demand and supply between the two tokens will shift the pricing of the two tokens, people will move back and forth between the two tokens, and eventually, the market will balance itself out over the long term.
Going back to the GMT use cases, we developed 10 GMT use cases, this is just the first part of the GMT use cases in the GameFi setup. Mainly there are now three different GMT use cases. One is to improve NFTs to include things like gem upgrades, level ups, minting, and reset stat points.
The second is to improve the game mechanics. For example, increasing the success rate of getting twins, increasing the success rate of gem upgrades, increasing the success rate of getting higher quality sneakers, and increasing the cap on GST earnings.
The third is what we call Schadenfreude. It’s a German term for hurt is pleasure. So you’ll enjoy when you see other people suffer, especially when people burn down the GMT subscription Schadenfreude pool, they’ll be able to get from where people fail gem rank or receive lower quality sneakers some GST. Let’s say they get a normal snooker from an uncommon box, and then we’ll have a percentage of GST from the shoe’s minting cost to the subscribers of the Schadenfreude pool, and people get burned. As we can see, we’re clearly layering into different parts, so you can improve the mechanics, or you have this little thing that’s designed to give the app the fun factor.
Victor: Can you share about StepN’s funding?
Yawn: We are very conservative in terms of funding. We only issue 16% of the total token supply, and we only accept investments from investors we believe will provide value to the development of the application.
So, we mostly wanted to finance resources rather than money, and we also looked at investors to make sure they were long-term holders and long-term supporters of the app. I’ve done cryptocurrency investments before, so if we’re involved with speculators, there will be short-term problems and we’ll end up paying for it. So we need to be absolutely aligned with our investors, holding the same interests and values. This is very important, don’t accept anyone’s money, be selective.Even then, we were still considered a very small project and we still had to stick to that standard. I think long-term benefits are hard to come by, but it’s also a very important consideration.
Victor: When it comes to funding, what was your thought process?
Pheobe: We actually had a very similar thought process to Yawn when we started looking for funding. It’s not difficult because I’ve actually spent years in traditional financial services, banking and asset management, so it’s not difficult for us to just get money like money. It’s easy. But we want to actually build a DAO community that does require people to use their token rights to vote on important matters. Our biggest concern is, once you bring these investors in, once you bring your tokens to these investors, bring them in, will they speak the same language? We spend a lot of time researching these investors and the kind of investors we want to bring in.
Not only are we interested in funding and the industries they focus on, we also want to work with investors who can bring us resources like early-stage projects so we have better resources. ICPort is an accelerator platform and we want to make it a community. So our thought process is very similar to StepN. I guess on this issue, we just want to work with people who have deep industry experience and understanding of Web3, which can help the ecosystem grow better and remove some of the friction that you see in some DAO communities today.
Sachi: I would look at the team and see if their team experience like their background makes sense. So I would say that the team is the first element. The second is the product. Is the product unique in the industry, or is it an improved version of an existing product? So we’re definitely keeping a close eye on those two. The third is how Web3 native the founders are, how well they understand the token economic model, or how to integrate it into the project, so I guess I would say these three factors are the most important things.
Yang: I think Web3 is a bit different from a lot of other infrastructure projects, especially when we’re talking about games or those things. I think from a product point of view, especially GameFi’s products, it’s better to be fun to play, be able to attract more users in the short term, and keep offering and upgrading. The business model is also very important.
Victor: Please give some advice to startups that are raising capital.
Yawn: Yes, I will give more advice on entrepreneurship. I think it’s really important to understand what you’re trying to achieve. Are they just trying to do a token fundraiser, or do they want to effectively change something in the industry in the long run? Because once they go, what they want to do, that will go into their mission and vision statement and it will permeate their team, management style and product.
Without a very clear idea of what they want to do and what they want to be, the image of the team is constantly changing, which is not a good thing. In this industry, it is very important to really think about what the team wants to do in the long term.
Pheobe: I want to talk a little bit about GameFi, and I think the most critical thing I’ve seen at GameFi is that I find that users are for revenue and not necessarily for gaming experience. I would really like to see this changed at some point in the near future. Like Sachi said before, if we have a big hit game, this could be the point where we have an explosive growth in the GameFi industry. So my thinking is that if our developers, our entrepreneurs, can focus on how to convert the monetization of the game into the experience of the game, I think it’s good for everyone in the industry today.
Sachi: Founders should always be flexible and ready to give when necessary. I think the reality is when you’re building a company. Initially you have a vision, but then discover that the product or vision will shift as they start building the company. So I think founders need to remain open throughout their journey.
Yang: Be flexible enough and improve your own adaptability, actively adapt to market conditions and people’s needs, and provide corresponding products accordingly, and constantly upgrade your products.
Hugo: Do your own research and understand the business model and token economic model design before participating.
Victor: Describe the future of 2022 in one word.
Sachi: Game Fi.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/how-to-follow-stepn-to-discover-the-next-x-to-earn-blue-chip/
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