Yat Siu, co-founder of Animoca Brands, believes that the greatest growth potential for GameFi lies in Asia, since gamer attitudes towards non-fungible tokens (NFTs) are not as hostile there as they are in the West.
Asia Has More Welcoming Culture Toward Gaming in Tech
In an interview with Cointelegraph during Asia Crypto Week, Siu argued that Asian cultures tend to be more welcoming to gaming, digital property, and play-to-earn games.
He said, “I think that Asia has the potential to really lead in blockchain gaming, at least in the short term. And there’s a couple of reasons why I think that’s the case. Not just because, you know, there’s the most gamers in this region of the world. […] but it’s also because gamers in Asia are welcoming NFTs.”
“Gaming companies in the West have to deal with consumer resistance that gaming companies in Asia do not have to,” added him.
Influenced by Asian Viewpoint on Capitalism
According to the co-founder of Animoca, this acceptance of NFTs can be attributed to a broader Asian view of capitalism, which is more widely viewed in the region outside China than in the U.S., as a way out of poverty.
He highlighted an example like South Korea, despite its lack of natural resources, has climbed the global rankings thanks to innovation, “creativity, legal frameworks, and property rights” despite having the same size economy as North Korea “only four decades ago”.
“The consumer in Asia looks at capitalism as a net-good fight. In other words, okay, there is inequity. There’s a guy who made a lot of money, but [people] think ‘I can get there too, or I have an opportunity,” he said.
The United States, in contrast, has a more demonized view of capitalism. Siu pointed out that many people haven’t seen capitalism “work for them.”
As a result of this type of thinking, gamers take a stand against NFTs, fearing that they will be priced out by the expensive NFTs that are viewed as the tools of the rich.