GameFi needs a wider choice of products to take off, says Animoca Brands CEO

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The lack of a wide choice of high-quality products has so far prevented crypto gaming from gaining traction among mainstream users, according to Robby Yung, CEO of Animoca Brands. 

GameFi, or blockchain-backed gaming — one of the newest, most promising crypto sectors — allows gamers to earn monetary rewards and take ownership of items within games.

Despite the sector’s enormous potential, the number of products available is still not enough to attract mainstream users, Yung said during Cointelegraph Research‘s recent panel discussion on venture capital investing. Drawing an example from the history of mobile gaming, Yung pointed out that it took several years before a “critical mass” of available titles was reached.

“The blockchain game space is still so nascent relative to the time it takes to make a good game,” said Yung.

The CEO also pointed out the rapid pace with which the crypto gaming sector is changing and the need for firms to be agile and flexible.

“That agility has been a necessary skill in this market for years, and it will continue being that way,” he state.

To learn more about VC investment trends in 2023, check out the full panel discussion on our YouTube channel, and don’t forget to subscribe!