Q&A: BlockchainSpace's Peter Ing on Axie Infinity's 'hype cycle,' and what future NFT games should do

in the Philippines, owing to its promise of monetary rewards to gamers. It let players earn tokens by playing the game, which could be exchanged for fiat currency such as the Philippine peso.

And once we realized that gaming and the gaming communities were actually doing exactly the same function as what we were doing but in much larger numbers and more efficiently, that’s when we pivoted business models. And we went from doing physical, building physical communities in person to building online communities at scale through the guilds.

But that’s also part of our roadmap itself, to be able to vet the kind of guilds that are within our network, to ensure that these people are providing good information and accurate information to their communities. We’re still at the infancy of this industry. We don’t see this industry disappearing anytime soon. If anything, there are more games being launched. They already have teams, their products are being built. And we even see the trend of kind of existing Web 2.0 games coming into Web3. And I think that’s also going to have this earning component as well.

And so these guilds acted as educators but also as onboarders for these new people into the space. Of course, they’re the first point of contact for these new people. And that’s why it’s very important for these people to set the right tone, the right standard, to help people understand you know, the risks involved in being engaged in this space.

Yeah, so I think that’s the million dollar question. I think most game developers want to know exactly this formula. And that’s kind of what everyone is asking themselves right now – what makes a successful play-to-earn economy? Or what game mechanics do you need to be able to keep players engaged for the long term, and allow them to have this earning component over the long term?

And so I think these economies, basically, they’re still very primitive at this stage. Like it will still take some years for this to be kind of thought through. And I think that’s what most game developers are trying to iron out right now.

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