Why do Gamers Hate NFTS? Moderated by Miko Matsumura | ETHDenver 2023

Mon, Oct 2, 2023, 12:00 AM

Why do Gamers Hate NFTs? Despite more game developers building on web3 and significant capital being invested, gamers are not quite sold on NFTs. In fact, notable public outcry has influenced companies like Steam and Discord to change their plans or even ban NFTs, yet there are 4000+ web3 games and apps projected to launch on a monthly basis representing a market of $368 billion by 2027 that is assuming gamers love NFTs or at least not hate them. Join us as we discuss why gamers hate NFTS and how the future of web3 gaming will have more reasons to love them. In this video, we delve into the intriguing topic of why gamers have developed a strong aversion towards NFTs. As representatives of Gumi crypto's Capital, an esteemed early stage investor in the gaming sector, we understand the importance of addressing this issue. Throughout the discussion, we explore various aspects that contribute to gamers' disdain for NFTs and shed light on their concerns. From potential disruptions to gameplay experiences to worries about exclusivity and affordability, we cover it all. Join us as we analyze these factors in detail and provide valuable insights into why NFTs have become a contentious subject among gamers. Stay tuned for an engaging conversation that will broaden your understanding of this fascinating phenomenon. #GamingIndustry #NFTDebate TLDR: The key idea of the video is that while gamers may initially dislike NFTs due to skepticism and negative experiences, there is potential for NFTs to revolutionize gaming by promoting ownership, community building, and the monetization of user-generated content, leading to a bright future of web 3 and gaming coming together. 00:00 🎮 Gamers dislike NFTs due to skepticism about their value exchange and negative experiences with companies, but they don't inherently hate them and care about how they enhance the gaming experience. 06:55 🎮 Gamers dislike NFTs due to associations with profit-driven brands, misunderstandings, and lack of utility, but they can actually promote ownership and community building, with decentralized platforms like Ballast offering potential benefits, while the complicated and expensive process of purchasing and using NFTs hinders adoption. 12:05 🎮 Developers are leading the gaming revolution by rebelling against the current system, with the potential for NFTs to revolutionize gaming and monetize the internet beyond centralized platforms. 15:43 🎮 The app store now prohibits NFTs in games, but creators can generate revenue by incorporating NFTs outside of the game, which may change gamers' negative perception of NFTs once enjoyable gameplay is introduced and the speculative nature is addressed. 18:42 🎮 Free-to-play games have allowed players to de-risk their investment, but the toxic interaction between money and skill in pay-to-win systems is a flaw in game design. 21:01 🎮 Gamers are concerned about NFTs but the gaming industry is evolving and more developers are embracing them, as creating successful games requires knowledge about NFTs and they present the same challenges as traditional games. 23:50 🎮 NFTs in gaming can build community, prove ownership, and enhance entertainment by allowing players to transfer value between games, earn royalties, and create dynamic NFTs that can be used across different platforms. 28:29 🎮 NFTs in gaming go beyond ownership of in-game items, encompassing intellectual property rights, transmedia franchises, and user-generated content, with the key to bridging the gap between gamers and the web 3 community being the creation of a sustainable economy for users to easily create and monetize their own content through NFTs, leading to a bright future of web 3 and gaming coming together through user-created worlds and AI-assisted UGC, creating value, a network effect, and deep replayability.