Since last year, blockchain games, both play-to-earn (P2E) and non-fungible tokens (NFTs), have been a bell ringer in the Korean domestic game industry. Leading companies like WeMade, Com2uS Group, Kakao Games, and even Netmarble and NCsoft are jumping into the field, with startups simultaneously looking for opportunities to do the same.
In this sphere, Monoverse, developer of NFT game Frutti Dino, also drew mass public attention by attracting $3.1 million of pre-series A investment from Korea Real Estate Investment and Trust.
Monoverse CEO Jayden Lee emphasized the need to understand game’s decentralized architecture and ensure this is prioritized from the initial planning stage of a game’s development. It is not enough to only integrate blockchain systems into the existing games. This process also requires insight to apply various profit models in decentralized architectures.
However, he further explained that the most important thing is the gameplay. Clearly players expect to profit from P2E blockchain games. Yet, the meaning of IP (intellectual property) will be lost if the sole focus is profit making. Therefore, Jayden wished that Frutti Dino users could develop an emotional attachment to the in-game characters to creates greater profits throughout the process.
Jayden became interested in the blockchain industry in 2014. He took part in a lecture at the time, and he got into the field because he was fascinated by the idea of ‘programmable cryptocurrencies.’ At that time, there were only a few existing blockchain-related companies and hardly any reference materials.
Jayden Lee, CEO of Monoverse
The importance of flexible thinking
Recently in Korea, the blockchain industry has developed to mainly integrate P2E technology in existing successful game projects such as ‘Mir 4’ and ‘Fire-blooded Global.’ However, Jayden emphasized that future blockchain games should be developed with decentralized architecture from the initial planning to ensure diversification.
“The biggest difference between traditional games and blockchain-based games is the revenue model,” says Jayden. “Even in the business model design, there is a very clear ‘best answer’ for the traditional game. However, for the blockchain-based games, there would be various revenue models such as crypto listing, including NFT issuance, mainnet, and node activity. Integrating cryptocurrency to existing games is not a panacea. We need to understand everything from governance to commodities.”
From the perspective of Web 3.0, Jayden believes decentralized games will eventually become mainstream. Therefore, it is necessary to understand the decision-making structure of decentralization and to explore more different profit models within it. He added that there will be various ways to attract investment, such as crowdfunding, within the blockchain ecosystem rather than a traditional process.
In fact, Jayden’s ideas are also reflected in the talent recruitment of Monoverse. He explained that he is looking for a form of acquiring and integrating a promising development team into the company. He is also looking for a team with an open mind and expert insight into decentralized architecture and the various revenue models that can be created within it.
“We need a deep understanding of what synergies can be created when we apply blockchain to our games. This means that you need to understand the decentralized decision-making architecture and explore more monetization models. You also need to understand that there will be differences in the development sequence or collaboration process. Obviously, a team with advanced insight is ideal. But also, if difficulties arise during the project, your team should remain cooperative and open-minded.”
Uncompromising ‘essence of game’
Jayden Lee prides himself on being a ‘game maniac.’ From classic games to the latest console games, he is confident that he’s played every game on the market.
His love for gaming is also reflected through Frutti Dino’s development. Jayden explained that he was convinced that the most important thing was quality after experiencing various games ranging from the Romance of the Three Kingdoms to Frutti Dino.
“Speed is also important since the market will not wait for us. But I think perfection and detail are more important than that. Better games with advanced content are important. Since I started playing P2E games in 2019, they have changed a lot. But in the end, I learned that intrinsically good games succeed.”
At this point, what Jayden considers ‘playability’ is emotional connection. When you play blockbuster games, you develop a strong desire to play which in turn leads to a stronger attachment and immersion in the game. Jauden also explained that blockchain-based games can inspire other monetization models through an emotional approach.
Before the official release of Frutti Dino as we know it now, Jayden had been preparing a social-oriented game where users could develop emotional connection with the in-game characters. In the expenditure mode of Frutti Dino, the Dino characters can send messages, take photos, mine minerals, and send recipes, among other actions. The purpose is to cultivate attachment to the character itself by acquiring goods or expectations for them. It is possible to create NFTs not just for items and gold, but also for byproducts and various goods created from the characters themselves, diversifying monetization methods even further.
“The reason people buy character NFTs is actually for profit. However, if you only pursue profit, the nature and meaning of IP will be lost. I think it is important to create a virtuous cycle structure, sticking to the methodology of the game so people can connect to the characters and ‘grow’ them well, to then sell them at better prices. This will ultimately make the IP last longer. In that respect, I like the term NFT game more than the term P2E as we don’t want to lose the essence of why players are playing.”
The path to global success
Currently, Jayden’s and Monoverse’s main focus is building internal stability. Rather than being swept away by the trend, Jayden is going to progress the game, step by step, based on his accumulated knowledge, experiences, and industry observations. Accordingly, while concentrating on improving the quality of Frutti Dino, we plan to explore the expansion of the sidechain ‘Entropy’ by building up confidence in the direction and external recognition, consolidating the internal structure.
In particular, his focus is on going overseas and entering the global market. As for console games, the market is saturated by companies based in the United States and Japan, leaving little room for Korean-based companies. As for the blockchain-based game, Jayden believes that there’s potential for Korean companies to gain a market share and achieve great success.
“Since 2019, I have been sure that NFT games would be classified as its own category. We are seeing the preliminary stages of that unfolding now. I’m anticipating that masterpieces will come out and lead this market. I would love to see Korea take the biggest share in this market. Our goal is to be the most popular game in North America, South America and Southeast Asia. We trust our team and our PD to make this happen, and we are sure we have the skills and character onboard. We are trying to make the 50:50 odds to 51:49, and then to 100:0 which means we will continuously increase the chances of success.”
Source (Korean): http://www.khgames.co.kr/news/articleView.html?idxno=200032
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
