Binance CEO Criticize Free-To-Own Business Model: Nothing Is Absolutely Free
If everything will be free in the world, why do we have to work so hard, Binance CEO says. On August 30th, Binance CEO Changpeng Zhao (CZ) posted his views on the free-to-own business model in the GameFi space.
The Criticism
On August 30th, Binance CEO Changpeng Zhao (CZ) took to Twitter to criticize the free-to-own business model. According to CZ, if everything is free in the world, why do we have to work hard. Currently, the tweet from CZ has more than 2,000 likes and over 350 retweets.
The Binance CEO then further explained that nothing is free. He even mentioned one of the reasons Binance can offer zero fees in BTC and ETH trading is because the other pairs can support it.
CZ wrote, “For new projects, you enjoy free by being the early adopter, high risk.”
Nothing is absolutely free. Binance offer 0 fee #BTC and #ETH trading because our other pairs can support it.
You want to give people value they create, otherwise they won’t be there forever.
For new projects, you enjoy free by being the early adopter, high risk.
— CZ 🔶 Binance (@cz_binance) August 30, 2022
CZ Talked About Limit Break and DigiDaigaku
In more detail, CZ criticized the WEB3 gaming startup Limit Break, the company behind the free-mint NFT collection, DigiDaigaku.
On Monday, the Digidaigaku collection surged after receiving funds for $200M. Since then, the collection has gained attention from the NFT community. It even climbed in OpenSea’s rankings with an approximately 570% increase in trading volume.
Related: DigiDaigaku Collection Skyrockets After Receiving $200M In Funding
Ryan Foo, a game economist at Delphi Digital, explained the free-to-own concept. First, the community can begin for free as they can get and own the NFTs. Those NFTs are factories that generate new NFTs for gameplay and cosmetics. In addition, Foo added a statement from Gabriel Leydon, the CEO of Limit Break, that by starting free, it can avoid scam-like behavior.
Gave some hints to it, but @gabrielleydon concretized the principles in their press release.
FREE-TO-OWN
Has two aspects:
(1) The community begins for FREE.
(2) The NFTs they get, are OWNED by them.
(3) Those NFTs are factories that generate new NFTs (for gameplay, cosmetics).— Ryan {👾} (@0xRyze) August 29, 2022
Both tweets from CZ and Ryan Foo received attention from everyone in the community. They are excited to see what’s next.
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