NFT games have an edge over "money in, no money out" games: Polygon's Urvit Goel

Polygon’s vice president of global business development for games, Urvit Goel, believes that games that integrate non-fungible tokens (NF...

Polygon’s vice president of global business development for games, Urvit Goel, believes that games that integrate non-fungible tokens (NFT) have a natural advantage over traditional games that do not allow users to sell their in-game items.

Goel spoke candidly with Cointelegraph in Seoul last week about Polygon (MATIC) are pushing to help NFT games proliferate and why game publishers in South Korea like Neowiz and Nexon are diving headfirst into space.

One of the main arguments made by Goel is that the traditional business model that NFT games compete against may be inherently weaker. In traditional games, users typically purchase in-game items with real money, but they cannot sell those items to recoup a dollar value.

However, with most games in the game funding (GameFi) space, users can purchase items as non-fungible tokens and resell them when they are done playing the game. Goel called the traditional model “money in, no money out” and pointed out that players should be able to recoup at least some of the dollar value they invested in a game.

“We just want to give users the ability to own the content they buy. And if they choose to sell it, so much the better if they choose to keep it, so much the better […] But even if you get a penny back, it’s better than nothing, right? »

Goel said he’s seen clear signals that traditional game publishers are gearing up for big pushes into GameFi, starting with South Korean gaming giant Nexon, which owns the MapleStory title. He announced in June that he would channel a version of his flagship title as MapleStory N according at mmorpg, a gaming news outlet.

Polygon has also partnered with South Korean Neowiz to channel new and existing titles.

He noted that the entry of these large companies creates “a bit of a domino effect” in the industry in order to “show that they are still innovative”. Goel suggested that the bosses of big companies entering the blockchain space need to have a lot of faith in the technology or they wouldn’t dress their top-tier titles for GameFi.

“These developers don’t need to use blockchain to have successful businesses. They are already generating hundreds of millions, if not billions of dollars in revenue from traditional web teams.”

Goel’s notions of gaming and blockchain are in line with Anthony Yoon of ROK Capital who told Cointelegraph that GameFi and crypto are a “natural fit” for publishers.

Related: Game developer explains why blockchain should be ‘invisible’ in P2E games: KBW 2022

Part of Goel’s confidence in the bright future of NFT and GameFi games comes from the buzz within the communities. Although he said he doesn’t have hard data to back up his opinion, he thinks many people in large communities that have “millions of subscribers” are excited about the new gaming products being offered on their chains.

“So to me, this data speaks much louder than an article written by a journalist about why ‘X’ NFTs will be good.”