Co-founder of Framework Ventures: Take Web3 Out of Marketing Web3 Games

Co-founder of Framework Ventures: Take Web3 Out of Marketing Web3 Games

The crypto bear market may have dampened public interest in blockchain and cryptocurrency, but venture capital firms like Framework Ventures continue to pump billions into the industry.

“There are three pathways,” said Vance Spencer, co-founder of Framework Ventures. Decrypt At Chainlink SmartCon. “There is traditional DeFi, we are still investing in it. There is regulated DeFi [products], which is just a rookie. Then there are regions like Brazil, India and Southeast Asia – they just need the infrastructure to get online, so we’re investing in that too. “

One of the areas that Framework Ventures has focused on is blockchain gaming. The company committed $200 million to the blockchain gaming industry in April through its FVIII fund.

“People are excited about it [blockchain] Games because they all release Q1 [2023]Spencer said, adding that with so many games being released at the same time, the industry will quickly find out if they are good at developing games.

“Play and DeFi are two things that we do very tactically, because large markets are immediately available and we have use cases that are in place today,” Spencer said.

But this is easier said than done. The promotion of blockchain or Web3 games has outpaced its design capacity, and many in the gaming community see it as nothing more than making cash at the players’ expense.

“It was the first iteration games [like] “Axe Infinity,” said Spencer. “That was highly financed, and maybe napalm was financial,” he said, referring to what he called “violent highs and lows” in the market. But Spencer says he is optimistic about the next six to 12 months as more traditional game studios build games on the series.

“They probably won’t have their own original code,” he said. “Maybe they put NFTs on-chain, or have monetization, and have virtual currency as tokens,” but they would be more firmly entrenched in reality.

As Spencer explained, one of the issues slowing down the adoption of blockchain or Web3 games is that they are known as Web3 blockchain games. This label carries years of baggage, including negative environmental impact.

“I suspect [not referencing blockchain or Web3] It will be the recipe for success for the first iteration of the games,” Spencer said. We’re bringing in people who play traditional games, and you don’t want to flood them with a lot of blockchain. “

The ones who will succeed, Spencer went on, are developers who use blockchain to create better user experiences and games such as virtual reality, augmented reality and GPS-based games.

“A lot of people look at 1,000 DeFi protocols that didn’t work and are a little disappointed, but I chose to see the 50 that worked,” Spencer said. “You have to throw 1,000 startups to the wall for 50 to succeed.”

While regulation and the risk of blockchain innovation being pushed offshore are worrisome, Spencer said he is optimistic that it will eventually create better investment opportunities.

“I feel [it] It presents an opportunity that you will have DeFi in its current form, but this will be more out of the way. ” [projects] In the United States they will have to submit to some regulatory jurisdiction.”

Spencer explains that DeFi under regulatory oversight will be positive for the industry and open up investors, the traditional banking system, and access to more capital.

“There will be some pains growing up,” he says. “But the industry always needs to change and evolve and it can’t be the same. And so we’re very optimistic about that. It’s going to be a headache, but that’s okay.”

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