Crypto gaming is not dead; the previous models were just flawed, MVM CEO says.
When the crypto winter of 2022 came along, the blockchain gaming industry — still struggling to find product-market fit — came crashing down.
In an interview with Mariblock, Yemi Johnson, the recently-appointed CEO of Nestcoin’s spin-off company Metaverse Magna, shared his perspective on the failure of the overhyped play-to-earn model and his findings while working in the blockchain gaming space.
According to Johnson, most of the previous play-to-earn models were flawed and built with a poor understanding of the nature and needs of the market. He also said that gaming in Africa is done on mobiles, and most gamers play casual games instead of the complex games made by most game studios to attract gamers to blockchain gaming.
“And so, for us … the major takeaway was that those games were not fun. And if you look at the gaming industry, I think about 55% of the market [plays] casual games. And for many Africans …. their first intro to games were casual games because a console is just too expensive to afford,” he said.