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  • I got it.

  • I said, okay, wow, these are real assets that were created by hard work by other people that I had to buy in order to participate in this game where I could then earn tokens that are now exchangeable on the Blockchain for fiat currency if I wish.

  • And I know this is changing economies and places like the Philippines where people are now turning this into a living, people are now allowing people to rent these assets and play this for them.

  • And I'm starting to understand what you're creating with sandbox and many of your other companies as well where these things are no longer virtual environments, they border right back into the physical and they really are a clear demonstrator that the metaverse is here to stay.

  • And it's, it's really part of who we are as humans.

  • Um, tell me just your thoughts on this and if I'm getting any of that stuff right, you know, when, when it comes to see what these games do as far as utility, first of all, you get it completely right.

  • And I think, you know, I mean, you know, we're very fortunate to have been sort of the lead investor of Ax infinity Sky Mavis back in 2019.

  • And I got to tell you that was a difficult race everyone does.

  • You know, back then, you know, uh, sort of a Bitcoin itself was not doing so well.

  • So the world was fleeing fungible tokens and then here we are trying to sort of, you know, market a non fungible version of that.

  • I can't imagine how much fun that was.

  • But you know, the thing is um you know, the thing that's fascinating about when you think about what happened in the Philippines with ax infinity, it didn't happen because actually set up an office, this kind of his team set up an office and did something there and built it out.

  • It happened because you know, yeah, you know what ultimately became Y G G.

  • Right, basically set up and this experiment independent uh vaccine just said, hey, let's do this.

  • We own these axes, we're breeding them, let's use this as a way for people to actually sort of survive through covid and make make an income and then they saw at work and it's an example of this open compose ability that can take place without the permission of the platform.

  • You know, I mean, this is a Vietnamese face company.

  • They, you know, obviously have empathy for what happens in the region, but they don't know exactly what's happening in Philippines and you know, why did the same phenomenon that happened in the Philippines have in Vietnam where they're based versus Philippines, who knows right?

  • But it just happened somewhere else, far away from their home from a third party who was a friend of the company but obviously not working for them and then ended up building this construct that now has basically taken over the world in terms of potential of what sort of a sort of a guilt really means, which is not actually just playing inside the game to have membership playing inside the game to actually make income and living right?

  • And that basically is an example of that third party compose ability and and that's the power of it because new people and new innovations will likely emerge because of the fact that you have passed their ownership on this one.

  • But you're completely right in terms of that, this will completely changed and has already changed many aspects of, you know, where the future of work is going to go.

  • When you think of, we think this is a great sort of solution to many of the problems we're going to see in the future because honestly speaking, the only reason why a lot of jobs exist in the physical world is because of politics because they need to maintain them.

  • Because if we actually work on honest about it, probably you don't need, you know, truck drivers anymore, right?

  • Probably don't need a lot of people in agriculture.

  • The way you have to do, probably don't need a lot of people manufacturing the kind of things are manufacturing because in fact robots can do a better job.

  • And this has been one of the big issues.

  • And there's one argument that says, oh my goodness, you know, human society is going to end up being useless and we have to find a solution.

  • Okay, universal basic income, right?

  • That's kind of 111 construct which we're not fans of.

  • Uh, and then actually with this one where this construct of your time, your creativity and your data, meaning that you are the creators of your own equity every single day.

  • Right?

  • Actually, that means that we're getting towards an age that we can describe as a universal basic equity because we're actually the creators of our own equity and depending on how we engage and for that, we get paid for now.

  • What is facebook for instance, without his users nothing.

  • And yet here we are giving our time for free.

  • Actually they should be paying us for our time, right?

  • Because we make them sort of wealthy in traditional games.

  • The conversion rate is about 1.5 to 3% industry averages, which means 97 or more percent don't pay a dime, But the 1.5 to 3% would only pay because of the 97% playing with them.

  • Right?

  • If they're not there, then I don't have the incentive to pay because I don't have the competition dynamics and all that kind of stuff.

  • Right?

  • And so again that 97% is essentially they're playing the games for free when all the value ought to be shared across the network and that is what plato earned does play turn simply delivers the value that was already inherent from an economic substance perspective in the system and unlocks it, which is what tokens or Blockchain due to all industries, right?

  • It's not just specifically in gaming but it just happens to be a very effective one because actually billions of hours are spent.

  • Uh people playing games that is the equivalent of free labor And that has value that is not fairly distributed to the people who play them.

  • Whether it's worth $10 $1, $10, $100, that's a relative question that is dependent on the economy and the value of the game.

  • But it is still value that is generated and that's the issue right?

  • Players play for free because they're having fun because they're getting social status and don't think of it as something that is essentially worse than you know slave labor because at least maybe even slaves get paid something.

  • So so that's uh that's kind of where this is and uh and once people realized this why would they ever play a game where they don't have ownership and where the time is never rewarded.

  • I don't think, I don't think there's any going back which is why this is a very big threat to the traditional gaming industry, which is why we're over one hand, you know, our shareholders like Ubisoft came into our last round because they are fascinated by this and they think this is the future and they're willing to sort of go deeper in this.

  • But you have other ones who are completely rejecting it because they're threatened by it, you know Steam Band everything related to N.

  • F.

  • T.

  • S.

  • And Blockchain literally just just I think a week or two ago, right?

  • That's an interesting reaction.

  • You know they're citing all sorts of reasons but you know these are red herrings actually I think cements itself understands what's going on because they're smart too and realized that actually they completely change the gaming industry and actually completely dismantle the Steam business model and that would be a threat.

I got it.

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A2 sort equity universal basic blockchain gaming completely

WE ARE CREATING UNIVERSAL BASIC EQUITY NOT INCOME ? Yat Siu on Play To Earn Blockchain Gaming

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    林宜悉 posted on 2021/11/26
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