Hironao Kunimitsu, founder of the mobile game development company Gumi in Tokyo, believes that the industry of video games with non-expendable tokens (NFT) based on blockchain will grow to become “more valuable than the entire economy of Japan.
Kunimitsu spoke about the future of video games and NFT at Cointelegraph Japan’s Traders Live event last week.
NFT combines the economy and video games. They are unique tokens that represent a specific item. For example, an NFT can give players ownership of game elements and characters. These can be exchanged for crypto currencies in exchanges such as OpenSea.
In Minecraft, some players build many houses, but these days they can only show other people their efforts and that’s it. But an NFT token that provides ownership of the house is different.
“If blockchain guarantees that ‘that house is the only one in the world’, there will be someone who wants to pay for it. If the amount of private furniture available is ten, if the amount of aviator clothing made by Gucci is limited to a hundred, if the supply of land, buildings, etc. is also limited, they become valuable.
The potential scale is huge: Fortnight has about 150 million players per month and Minecraft is not far behind. Kunimitsu points out “that it’s bigger than Japan’s population” and if they start adopting blockchain technology, the value of gameplay elements in their worlds will increase.
“Now, Zuckerberg (CEO of Facebook) is developing Libra. They are also doing virtual reality business through Oculus. In the near future, if a game world with more than 100 million, 200 million, even 300 million people is born, [using blockchain] they can trade game items as assets and Libra can become a base currency. Then you will see that the largest economy that Japan has ever had is emerging.
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Parents will want their children to play
In addition, Kunimitsu believes that the new world of blockchain games could change children’s education. “For now, the amount of time you use to play video games does not bring any value,” he said.
“Playing sports like baseball and football is somehow okay. Studying, of course, is fine. Your parents won’t scold their child for doing them. Why are you studying so much? Why do you play football so much? They wouldn’t say. But they’ll say why you’re playing video games so much. This is because it’s a waste of time.
Kunimitsu believes that the type of attitude toward video games will change as blockchain games become more frequent and more valuable. “By playing Minecraft for an unlimited amount of time you can build a great house and sell it to people to make money in the real world,” Kunimitsu said. “There will be many elementary school students who will earn a lot”
“Parents will no longer scold you for playing video games.”
Kunimitsu is also president of The Blockchain Contents Association (BCA) based in Tokyo and director of Double Jump Tokyo a blockchain game developer behind MyCryptoHeroes and Brave Frontier Heroes.