Talk to Big Time: The New Economic Form of GameFi2.0

This article is compiled from a conversation on Circle’s podcast, Money Movement. Circle founder Jeremy talks to Ari Meilich and Thor Alexander of Big Time Studios to delve into blockchain-based gaming, the future of the creator economy, and the economy of digital games. change. Deep Tide TechFlow is authorized by Circle to compile and forward.

Record

Jeremy: We have Ari Meilich today, co-founder of Big Time studio and co-founder of Decentral Land.

We’re going to talk about Big Time studios together next, and our topic is what they’re building. But I think we’re also going to really explore some of the bigger topics that are getting a lot of active attention.

In the crypto economy, what will the market model of Metaverse NFT gamification bring to creators? I believe you should have thought about this, because you have done a lot of work in this area. I am happy to explore these topics with you. You are welcome and thank you for joining.

Ari: Okay, thank you for inviting us here.

Jeremy:  Well, okay. I think we have a lot of topics to discuss. Let’s go back to when you first entered the cryptocurrency space and talk about your origin story and how you got here. At the same time, we will also talk about the land of Decentral, after all, everyone has seen its extraordinary growth rate.

Ari: Okay. I would say that this project (Big Time) actually started incubating when Thor and I, along with the rest of the DEcentraland team, were about to launch Decentral Land. And we expect some changes in our corporate structure in favor of full decentralization when the product is launched to the public.

This means we are dissolving the original development company, creating a new independent foundation, and forming a DAO. So as we go through this process, as the entity disappears, we naturally step back from management. He and I have very strong ideas about this, we want to do it differently, and think about what shortcuts should be taken to promote and speed up the use of the product.

But then when we launched Decentral Land, maybe there were only 20 to 50,000 players playing so-called blockchain games, which was still very early days, and we experienced it firsthand. Even with a lot of hurdles, the average user is still trying to play these games. Players looked down on blockchain games back then, and perhaps still do.

Blockchain games are like free-to-play games back in the day, when most games were paid. So I decided to continue building in this area. We have foreseen that blockchain technology will become one of the components of the game track.

So we decided to start a new company and start with AAA games or what gamers call hardcore games. Even though we want to make this game a little bit lower bar, we want to make this game for people who really like the game and let them spend a few hours playing it regardless of whether they have money or whether there is speculation like other game makers Mental doesn’t matter.

Thor:  Two of the biggest things we learned in Decentral Land:

1. One is now well known that there is a huge demand for NFTs, especially in gaming.

2. And another thing people don’t realize is that the barrier to entry for blockchain games is simply too high for ordinary people.

So one of Big Time’s visions is to reverse that and break down all barriers. It is a mass market that allows people to enter with lower barriers to entry, without barriers such as getting a cryptocurrency wallet or having to go to a cryptocurrency exchange or company to deal with cryptocurrencies.

Jeremy:  Yes. We also just disclosed that Circle and Circle Ventures are among Big Time investors. We’re really excited to support what you guys are doing. Moreover, we are also partners in our efforts to link cryptocurrency infrastructure and traditional financial infrastructure to the world of blockchain games, and to create more seamlessly integrated blockchain games.

Giving people the opportunity to enter the market is critical. And I’m really grateful for the opportunity to work with you on multiple fronts. thank you all. We dial back a little bit, and you know, there’s been an incredible amount of hype around the Metaverse right now, some hype about Anaptys, some hype about blockchain games.

It’s hype to a degree, but it’s enough to surprise us all. Maybe you won’t, because you’ve been in this field for a long time as believers. As someone who has built one of the important cases of the virtual world, in your eyes, what are the biggest trends at the moment? How should people get involved with current trends?

People tend to simplify things when they describe it, and as a longtime practitioner, I’d rather hear you amplify it, like no puns in your Metaverse article.

Thor:  Alright. What we’re seeing, I think, is the intersection of three trends that’s changing the way all things work.

1. The first revolves around ownership, which is what blockchain is really good at — helping people and businesses truly take control of their assets.

2. The second trend that follows is that you can own your identity instead of Facebook owning it for you, much to their chagrin.

3. The third trend is the really exciting one, it is the interoperability between different worlds, the realization of the first two trends is a prerequisite for the realization of the third trend. The third trend is where we end up going, and it won’t just be written by writers outside the border.

There you can have a virtual identity and use it to enter and exit the virtual world. You will have virtual assets like some companies and databases that you have now. You can take them to different worlds. It’s just the beginning, everyone is excited about it, which is cool.

We already have a lot of plans on how to get there, but it’s all very long-term. Now we don’t want to put the cart before the horse and keep things as simple as possible and build the product in the right order.

Ari:  In addition to what Thor said, there may be some other changes. For example, consumers and their behavior, they can buy assets in the game as they want, but consumers have little control over these assets. In the real world, you can lend books to friends or resell them, and of course your albums or whatever.Controlling your own assets in an independent virtual world has only recently been possible.

With blockchain, players’ virtual items will be more secure. We will have more transparency on their properties. And there is a common standard for how these items are exchanged and transferred.

So the fact that people are buying assets now is buying a copy of a certain amount of assets. And we know that in the future, you can transfer it whether the game developer wants to or not. I think it boosts people’s confidence when buying. So people might spend a lot more time than they would in a traditional game because it’s not a sunk cost to them. Instead, they know those assets will stay with them.

Jeremy: Right  . This digital ownership is a huge piece, like you said, it already exists in some form, but in an open, interactive, fluid way. Obviously, ownership is a coping strategy.

So, what is the broader phenomenon of making money through gaming. The real economy, whether listed or not, is looking for its own development path, and you are also building your own blockchain game. So how far will blockchain games develop before they become a place for people to make a living?

Not just speculating about ourselves and enjoyment, obviously, entertainment and enjoyment are principles of hope, but where are the boundaries? Where do you think these boundaries should be? Seems like a lot of people are after this. And there have been many hot spots in this area, and people also want to try to replicate this model.

And, maybe it makes sense when you think about it from a gaming standpoint, which I’m very interested in.

Ari:  Generally, the distribution of game items is by the publisher or game developer selling the item to the player. And with freely transferable assets, you get economic benefits and can launch more innovations in terms of capital flow.

You’ll get more active peer-to-peer transactions where you can trade items for real money, or time for real money. People hope that at a certain point in time, the flow of funds will not only be from players to developers, more people will invest their time and money into a game, and there will also be other players who are not involved in development companies or publishing companies. Accept funds.

There is a super trend in the online world where more and more people are trying to make a living online. If you pay attention, there are probably 50 million people of some influence who make a living by producing content on social media.

Right now, this is one of the most sought-after careers for kids and teens and those involved in online gaming. I think there’s a lot of pent-up demand on this front. There are very small but sophisticated groups, such as eSports players, who play games to make money. And when there are 3 to 4 billion people playing online games and making a living online in such a small segment, obviously there is a lot of demand. More people are also starting to choose careers on the Internet.

I’m not saying that the future of gaming is a merger of games and work, I’m just saying that more of this will come gradually. Because a lot of people are looking forward to spending a lot of time on it. So you will also naturally want to hire people online, or you will outsource some tasks to other people.

Jeremy: The size of this economy and the amount of activity is enormous. It’s interesting. That’s totally an entry point, but there’s one stat I’ll bring up: This morning, the U.S. released labor force participation numbers, with nonfarm payrolls showing an increase in employment.

There is also news that 200,000 new jobs have appeared. LinkedIn’s chief economist said on a TV show that she thought it was off target because it was just the number of hiring activity and new entity creation.

Every sector is now forming new companies at a record rate, but they don’t show up in the kind of W2 wage data that people typically get. And, it’s a bit like how much of the real economy. People are making money to make a living, but they don’t get a W2 salary scale from an online game, but they do make a living in the cryptocurrency economy.

This phenomenon is obviously going to become more and more obvious, as you talk about the digital lifestyle and stuff like that. Maybe this can be linked to what you guys are building. This concept, a AAA, high-value game, can be seen in some ways as the foundation of the platform you’re building.

Maybe a chat, like you can assume this is a platform, a platform for other creators. Your studio, what kind of game interoperability do you envision? How far in the future do you think an interoperable market will be realized? Also, maybe you can share your own business roadmap publicly.

Ari: We’ve started big team studios at a time when most blockchain companies wanted to do platform games and were a bit lacking in successful applications.

Just like in 2018, 2019, everyone is looking for top blockchain applications, but this has changed a bit. There are many wallet companies in the blockchain gaming space, and everyone is trying to send “money” to these non-existent gaming companies. The most important thing if you want to be successful is to create content.This aspect is consistent when we start talking to more traditional game companies, and we try to support their games as well.

We realized that in the process of becoming a first-party content creator, we need to navigate all the challenges. In the near future, we will meet game companies we want to support and master solutions to these problems. So we’ve been focusing on building big games and indie games. In most cases, even though we know that in the process of developing a game, we need to polish a lot of tools and understand processes that are useful to outside companies.

But the worst part is that we still have to focus on the game itself. The game will launch in April. As an early bird launch, the game will initially be open to people who have purchased an early access license for an extended period of time, around 12,000 people. We have of course been communicating with various game studios as well.

What happened in the last six months or so, ACCE exploded and became a giant, and maybe audiobooks are in a way the same way traditional game developers are, starting to have a more positive view of what blockchain gaming could bring. view, also understand that this opportunity is quite large.

So I think the timing is great because we’ve been in development for over a year and a half, and we’re less than half a year away from our launch date (and launch on the market in a few days). Now we are ready to invite other game developers to join and provide them with the tools and our expertise, as well as our market liquidity.

We already know what challenges the future will face in terms of technology, game design, economics, regulation, and more. This is no small matter. We will design the assets in a few ways to make them legally compliant. So we’re trying to work with studios that are trying to go down the same path.

I think the most important thing is to develop with gamers, because it takes at least three years to develop a game, sometimes even longer. We’re trying to work with developers whose games can stand on their own.Even if we are in a bear market like 2018, there is no such rapid growth as we are seeing now.

Jeremy: Yeah, that’s exciting. Creators, traditional game developers, etc. have started to realize that [they] are only in our own business.

What are the key parts for a game developer to build a blockchain game? What are the most common of these sections? These things will build on something, and if given some interoperability, what will it bring to them?

Thor: One level of abstraction from this is that here is the playbook that we developed on how to make a successful blockchain game or better blockchain game. It’s similar to what we’ve done with social games and MMOs before, where there’s an existing way, everybody’s doing things, and then a disruptive force comes along and you have to change your game and figure out what can make The secret to how games work in a new medium. It’s like, our biggest advantage is the first generation of blockchain games that have come from the decentralized land and partisanship.

So we’re now in GameFi 2.0. All of these are bold. We offer the opportunity to those who work with us and enter the platform. Here’s a bunch of things you can do with good results. Not only that, but it also includes the reasons behind it. It’s a secret we’ve worked so hard to master, and we can use it to help people avoid falling into the trap.

Ari: To answer your question more specifically, people need to really know how to sign these types of assets.The game economy is different now. Before people can freely transfer assets, the business model needs to change slightly, because the current business model is still one-to-many. More and more open economies are emerging.

As we learned, we started thinking about making it easy for players to get into the game. When you step out of the small circle of the blockchain industry, most people don’t know what a wallet is. They don’t understand the Meta Mask wallet. They don’t understand that wallets need self-custody. But still, I’m an advanced user myself and use it all the time.

We are trying to sign for those who are not ready to accept these things. But who would want someone to keep their assets safe on their behalf? This has always been a no-no in blockchain development.

Because it might break those principles, like you can’t help them in a scenario where you’re holding assets on your father’s behalf, where you’re not a censorship-resistant person. We’re actually doing some work on other fronts as well, like with gateway CAs and mail checks, because we want to work with payment processing partners.

It’s kind of like a tipping point we had a couple of years ago, where it came up with some different roadblocks. In addition to this, to some extent, the way to build a community in the blockchain is different.You have to be able to use different ways to motivate participants. I think that’s another thing we do. 

Jeremy:  Yes, that’s right. Incentive designs and drives exist in all kinds of network dimensions. It’s always been fun.

We’re working with dApper Labs, who are trying to improve the format of their digital collectibles, creating a scalable model among many different types of content creators. And I think they also have decent insight and FTS, but there needs to be a user experience that allows people to really seamlessly go into these markets and access them with a high-fidelity experience.

And, being able to take on some of those things (like customer due diligence and release). This needs to be done in a compliant way to make it really accessible. We’ve seen collaborations with major sports leagues like MLB (Major League Baseball) and other partners being built in a similar way.

So it will be interesting to see that. Games, whether to become the norm. This quality, experience will become the norm, and in contrast, it just needs to be more self-sovereign like advanced users enter the ranking.

Ari:     Like centralized projects where there are no guardians and access to a wider audience. But we may have these opportunities.

Jeremy: Yes. But I think that while part of that commitment is, the core of your architecture, our blockchain, and our NFTs, is the ability to exchange, interoperability, and actually ultimately the ability for people to move things that way Promise of.

I mean, it’s essentially about people’s experiences when they’re involved in these.

I am curious about this question. How do you think the market structure has evolved? Around these, we obviously have the same examples as NFT markets, it seems that everyone is trying to launch NFT markets.After launch, we will go mainstream and adapt to user preferences and build a huge exchange. There must be derivatives, options, futures and the like, to satisfy their NFT work or whatever they will be looking for. Is this a bit more suitable for a content-oriented experience?

Ari:     Yes, I think as the market develops, there will be room and demand for more specialized or vertical specific market segments. The NFT market they launched is now usually focused on digital art, but there will also be others focused on music and FTS.

This is going to be quite a trend, and over the past year or two we’ve seen a higher level of popularity in the category of games released based on virtual worlds. That’s a completely different use case. I’m not an avid digital art fan though, I just love games.

As you can see, many gamers outnumber art collectors. Even NFTs make art collections more accessible. The market and demand for games may be much larger, and the needs of these people are completely different.

In our case, specifically, our architecture and system allow NFTs to exist in-game or in the marketplace, but we need to play the role of wallet more. The way most of the existing marketplace businesses are structured now, usually what we see are wallets, or based on centralized infrastructure like Violences or FTX in the marketplace, you need to connect it to the back end of the game. I’m not sure how this will work unless they open up some APIs.

This is also the purpose of our infrastructure. For game developers, this makes it easier for them to figure out what’s unfair, and for users to see clearly when they’re playing the game.

Jeremy: That makes sense. You know the relationship between various specific platforms, where the NFT content is tied to a specific specific application, whether it’s a game, a piece of art, or whatever, it looks fascinating.

How does it fit into Big Time and what you’re publishing in the spring? Does it have a Token mechanism? Will it be a key part of the game itself? One of our guests in a segment was Michael from Star Atlas. Recently, they have done sorting, governance tokens, and then NFTs, they are a multi-token economy structure. What do you think of the background of the game itself outside of NFTs for Tokens? 

Ari:  Yeah, so we actually designed our first game, and you don’t really need a game that way. Are there any crypto assets? Maybe it’s like a quick primer on a game, and then we can build on top of that.

Jeremy:   Why not do this?

Thor: This game is an action RPG, kind of a nod to old games like Diablo II, where players kill monsters for loot, and then go on to kill bigger monsters. At its core is a compulsive loop.

So what we’ve done is enhanced the drop that’s part of this drive formula, dropping super rare, limited-edition items. We’re addressing some of the issues we’ve seen, like in order to tie up our Auction House ship number three, we’ve taken a hard line by saying that we’ll be launching game-based items.

After that we launched a skin project, but all NFT or skin projects can never be satisfied. In this way, the situation of paid games will never arise, and people can directly participate with their wallets. Players who don’t pay don’t get an unfair advantage, all they can do is join the game and really dress up their characters and make them look really cool.

So what we do is create an arbitrage opportunity between people who have more money than time and people who have more time than money. In this way, one party can continue to level up and kill their time, and then the other party, who is busy with work every day, can fast in and out. These busy people may have enjoyed playing these video games before, but now do not have enough time due to work, family, etc. As such, they can use their wallets and level the playing field to buy items that they would normally only be able to acquire through repeated leveling. That’s what the market does, allowing them to get what they need in a way that doesn’t take time.

This is the core of what we do.

At the same time, we’ve added some really cool innovations to this core model, such as innovations in the work rate of tokens: making guilt the first order of everything is part of our thinking.

An interesting evolution we’ve seen is that players form guilds for games that we haven’t launched yet, and have their strategies on how they want to play the game, and use those strategies to their advantage. This allows us to bring Guilds from the back end of the design roadmap to the front end, and it’s a “community first” development approach that is very beneficial for the work of launching early bird products.

This gives everyone the opportunity to participate in the earliest stages of game development, which is co-development with gamers. They’re a partner and they’ll tell you “Hey, these are things we love! These are things we want to try!”

I’m really excited about the progress of the community.

Jeremy:  I would say that these are both community-based and combined with game economics — people put a lot of time and money into the engagement phase of game creation, which is fascinating and amazing.

It’s very different from anything I’ve seen. If you have to step back a little, you have gone through an evolution in the blockchain space.

And within this space, as a technologist and entrepreneur, I like to think about trends that are converging, like those that you can see that are happening now, or that are going to happen in a few years. They are more feasible or more suitable. From your perspective, what new things are people interacting with?

Whether it’s VR, AR, or in that basic economy, how do these economies or markets end up? Part of your argument is great gameplay and user experience, which is something people care about. But when you think about what’s going on at the technical level, when you think about what’s happening on the surface, you have to imagine what it’s going to look like in two or three or three or four years. 

Thor: The really big disruptors are the machine learning and advanced artificial intelligence that’s everywhere. It’s not that we’re going to program computers, it’s that we’re going to teach computers to think.

I don’t think a lot of gamers have even started to think about how this will affect games. But it’s going to fundamentally change the way we make games, and it’s happening. I mean, if you want to make our games better, then you have to make our computers better, not make our programs worse.

There aren’t many people out there talking about this. But in reality, a lot of this has already started happening on the fringes. This is one of the most important things. 

Jeremy:  What examples do you think have revolutionized the way games are developed? 

Thor:  Or experience? I’ll give you a good example, the animation aspect of the game. We brought keyframe animation from the 2D industry like Disney and developed motion capture, and 2D animators have been largely replaced by motion capture technology.

What we’re seeing now is, it’s not motion capture, it’s not someone coming in and making a keyframe, it’s game observation capture, and they’re learning from watching people play the game, and then we can say, I want a character that moves like this , which is an animation, something like this.

Not only is this a huge cost savings, it’s an amazing creative savings, game development cycles won’t be this long anymore, and trying new things won’t be that hard. So we’re going to see a lot of really cool stuff. When it comes to animation, we’ll see something similar.

How do you program a character to act the way you want? We can start by having a human play the role, and then we can teach the machine based on that. And then we get really interesting feedback, and it feels more like you’re playing against real people rather than some designer-curated behavior.

Another thing I seem to have said is that mobile singing games have accelerated the trend of this technology, making the opportunity much wider, no matter where you are.

Like I said before, I think this is something that has been proven. At some point, many people without a source of income will look for opportunities on the Internet. But there’s actually a huge gaming economy that people are pouring money into, maybe $150 billion a year.

The previous model was where all the money went directly to the developer, but now, it’s much easier to transfer value between peers or players. It’s just an expectation that more money will go to those who don’t develop games but want to find their place in the digital economy.

Jeremy:  It’s an interesting concept. What is Internet Gaming GDP? This is a question you never really think about, maybe some people have. But you know it’s a real thing, right? How much economic activity does it exist, not just in terms of paying for content or paying developers or distributors.

It’s actually a full economy and it’s super exciting to see what you’re doing and we’re excited to see every incremental step you’re taking and the milestones you’ve reached now. And we’ll be watching closely, and again, it’s been a real pleasure to work with you guys because you’re building this system.

Ari: Yes, me too. Thank you for inviting us here and looking forward to its launch in the market.

Jeremy:  Thank you.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/talk-to-big-time-the-new-economic-form-of-gamefi2-0/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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