NFT games have an edge over ‘money in, not money out’ games – Polygon’s Urvit Goel

NFT games have an edge over ‘money in, not money out’ games – Polygon’s Urvit Goel

Polygon’s VP of Global Business Development for Games, Urvit Goel, believes that games that integrate non-fungible tokens (NFTs) have a natural advantage over traditional games that don’t allow users to sell their in-game items.

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

One of Goel’s main arguments is that the traditional business model that NFT games compete against may be inherently weaker. In traditional games, users often purchase in-game items with real money, but cannot sell those items to get back the dollar value.

However, with most games in the game finance (GameFi) space, users can purchase items such as non-fungible tokens and sell them when they are done playing. Goel referred to the traditional model as “money in, not money out” and emphasized that players should be able to get back 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’re buying. And if they choose to sell it, great if they choose to keep it, great […] But even if you get a penny back, it’s better than nothing, right?

Goel said he saw clear signs that traditional game publishers are gearing up for big GameFi breakthroughs, starting with South Korean gaming giant Nexon, owner of the MapleStory title. He announced in June that he would put a version of his flagship title on the network as north maple story according to mmorpg, a gaming news outlet.

Polygon also partnered with South Korea’s Neowiz to bring new and existing titles to the network.

He noted that the entry of such large companies is creating “a little domino effect” in the industry to “show that they are still innovative.” Goel hinted that the heads of large companies entering the blockchain space must be very confident in the technology or they would not dress up their top-tier titles for GameFi.

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

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

Related: Game Dev Explains Why Blockchain Should Be ‘Invisible’ In P2E Games: KBW 2022

Part of Goel’s confidence in the bright future of NFT and GameFi gaming comes from buzz within the communities. Although he said he didn’t have hard data to back up his opinion, he believes many people within large communities that have “millions of followers” are excited about new gaming products being introduced to their channels.

“So to me, that data says a lot more than an article written by a journalist about why ‘X’ NFT will be good.”