During the BSV Global Blockchain Conference, CoinGeek’s Becky Liggero Fontana moderated a panel titled “Blockchain: Data Power-Ups and NFTs for eSports & Online Games”, featuring Jerry Chan of FROBOTS.io, Roman Livson of Burkhan World Investments and Ajaypal Pama of GameFi Ltd. The panel discussed NFTs, esports, online games and how they all relate to the BSV blockchain.
NFT with utility
Liggero opens the panel with a discussion of NFTs with utility. She invites Chan to explain the concept of FROBOTS, which outlines the main idea behind FROBOTS – basically using an NFT to represent a digital entity. Chan explains how FROBOTS are “more alive” than a static image or token. With them, you can form and evolve your entity, allowing it to continue to grow and increase in value over time.
Pama then explains the concept of “NFT futures”. It explains how they will give users access to members to play games to earn, earn passive income and rewards rather than just holding a static token that does nothing.
Livson invests in a blockchain gaming company. He thinks NFTs will change the way games are created, funded and developed. He sees a future in which gamers will be involved in the creation and development of games.
The need for a scalable and efficient blockchain for games
Everyone in the blockchain gaming industry recognizes that there are issues with most blockchains right now. For example, Adam Kling of FYX Gaming has repeatedly explained how his company hit the built-in scaling limits on Ethereum. Liggero asks for the panelists’ thoughts on this question.
Pama starts by pointing out that the biggest problem with Ethereum is gas fees. He says they are “astronomical compared to BSV”. In his opinion, Ethereum cannot match what they are trying to do. He explains how gas charges kill the incentive to keep playing the game; Winning $3 on a game with $10 gas fees per trade is counterproductive. This problem becomes especially pronounced when you consider that many players come from the Philippines and other APAC countries, where the average salary is much lower than in the West. Not only do gas fees hurt the user experience, but they act as a barrier to entry and drive out most potential players. Pama tells us that he and his team are considering building a bridge to BSV so users can move between Ethereum and BSV, allowing them to play on both chains.
Describing what investors are looking for, Livson says the processing should be near instantaneous and should be cost effective, and these are the main advantages offered by BSV. In his portfolio, he has businesses in esports and games with over 50 million users, and his company is looking closely at BSV.
On Grants and Developer Funding
Liggero asks panelists for their thoughts on grants and funding offered by VCs on many other blockchains.
Chan first responds by acknowledging that “it’s a tough situation” and that it’s hard to say no. However, he says the danger of big upfront token treasures is that they take away the incentive for developers to stick around and build something big.
Pama responds by asking her own question: what’s the point of taking the funding if the blockchain you’re developing on can’t scale?
As for funding, Liggero reminds us that developers can apply for funding from Satoshi Block Dojo, the original BSV startup incubator.
How does blockchain technology improve gaming, and why is BSV the better choice?
Chan responds first this time, explaining that the main reason is that BSV makes economic sense. He points out that blockchain needs to be cheap so that users don’t need to be involved in buying digital currencies. Its vision is to subsidize player fees, so they need to be cheap enough to do so.
Still from an investment perspective, Livson explains that ROI increases when customer acquisition costs are low and user experience is excellent. This is more likely to be the case when the fees are cheap, everything runs smoothly and efficiently.
Pama likes how everything is stored on the BSV blockchain, including data and NFTs. No other blockchain offers this; they usually store data on third-party servers. On-chain data allows for full transparency because every movement and interaction is traceable, he says.
Why FROBOTS are the future of Bitcoin
Zooming into Chan’s project, Liggero asks him to expand on a statement he made that FROBOTS are the future of Bitcoin. He explains that this app will teach people how to code and write something similar to smart contracts while building digital athletes.
“FROBOTS are the first step into a world where everything runs on the Bitcoin blockchain,” he says.
Why is gaming a great place to start building on the blockchain?
Concluding the panel, Liggero asks for the panelists’ final thoughts on why people often say gaming is a great place to start building on blockchain.
Pama says gaming is heading into the blockchain space anyway. He states that things like skins and weapons will be tradable and that this will allow players to earn from their gaming activity in ways they haven’t been able to before.
Livson says we are seeing a transition from playing to win to playing to win/play and win. He also thinks we’ll see more promotion of games by streamers and gamers themselves rather than influencers.
Chan says blockchain technology and games can create a “play to learn” model. He says everyone on the planet can practice and improve, and gamification of coding and computing is a great way to encourage people to learn these skills.
Watch the BSV Global Blockchain Convention Dubai 2022 Day 1 here:
Watch the BSV Global Blockchain Convention Dubai 2022 Day 2 here:
New to Bitcoin? Discover CoinGeek bitcoin for beginners section, the ultimate resource guide to learn about bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.