In-game NFTs can give players true ownership and that will bring the metaverse a step closer to fruition, he said. Travis Scher, a managing partner at North Island Ventures, said in a statement that the market for in-game assets is massive, but players don’t have the right to own and trade the items they purchase, for the most part. Meilich hopes it will be the latter, but he sees obstacles that have to be overcome. Investors are pouring money into NFTs, but it’s a good question as to whether NFTs will become a little wave that gets your feet wet in the game industry, or they will be a tidal wave that will sweep through it. Scaling to millions of users - we learned there was no way we could do that with the current user experience that required setting up wallets, having people customize their assets, and perhaps lose them forever if they misplaced their private keys.” Making NFTs safe for big game companies “The learnings we’ve had over the past few years is that NFTs seem to have a lot of demand, but from a very niche, very technical audience. “After we decentralized the project, Thor and I started working on this new company with the hopes of taking blockchain gaming to a mass-market audience,” Meilich said. He started Big Time Studios in April 2020. After that company became a decentralized autonomous organization (DAO, run by the owners who bought its tokens), he left and investigated what to do next. And an NFT digital collage by the artist Beeple sold at Christie’s for $69.3 million.Īs the founder of Decentraland, Meilich was a pioneer of NFTs. Built by Dapper Labs, NBA Top Shot has surpassed $500 million in sales, five months after going public. NBA Top Shot (a digital take on collectible basketball cards) is one example. NFTs have exploded in other applications such as art, sports collectibles, and music. NFTs can uniquely identify digital items as authentic and rare through blockchain technology, the transparent and secure digital ledger. NFTs are a hot commodity now, driven by the craze around cryptocurrency.
But to prove that their model works, they are first building their own action role-playing game that will enable players to acquire, hold, and trade NFT-based virtual items without the barriers present in most blockchain applications. They want to triple-A game companies to adopt cryptocurrency and NFT technology.
Join gaming leaders live this October 25-26 in San Francisco to examine the next big opportunities within the gaming industry.īig Time Studios’ team come includes alumni of Epic Games, Riot Games, Blizzard Entertainment, Electronic Arts, and Decentraland. So ultimately, we’re trying to make the technology underlying technology invisible and just keep the value proposition for the users.” And the way the game is designed, people with zero blockchain experience are going to start collecting NFTs that have real-world value without having to have any previous knowledge about what blockchain technology is about. … It’s a multiplayer action-RPG where you can team up with up to six people and go into dungeons where you kill monsters, some of which are going to be dropping valuable loot. “But as a way for us to get to market, we are building the first game. “We are creating all the technology to make it very easy for gaming companies to do this,” Meilich said. And Big Time Studios is also in the process of closing an $11 million fund that it will use to invest in game companies that adopt its technology. The funding comes in two parts: $10.3 million in a round led by FBG Capital as well as North Island Ventures, Digital Currency Group, OKEx Blockdream Ventures, Alameda Research, Circle Financial, and Ashton Kutcher’s Sound Ventures.
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