Blockchain NFTs To Be Bigger Than Japan’s Economy

Japan

The founder of Japanese gaming firm Gumi, Hironao Kunimitsu, believes that blockchain-based gaming non-fungible tokens (NFTs) will grow to become ‘more valuable than Japan’s entire economy’.

NFTs Offer The Possibility of Real Ownership

Blockchain-based NFTs introduce the possibility of economic activities to gaming. Thanks to the decentralized, immutability of blockchains like Ethereum, NFT tokens can be created as unique tokens to represent a specific item, such as a collectable or skin.

With the decentralized security of Ethereum and other platform-based cryptocurrencies, NFT tokens give gamers proof of ownership, which isn’t possible on centralized gaming platforms, and these can then be traded for on platforms such as Decentraland.

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In centralized games like Minecraft players can make many purchases, but they have no real ownership, and each purchase in the game is replicated in other players versions.

If Minecraft was to move to the blockchain, however, the purchases would be backed by unique NFT tokens, and a market could be created for them.

‘If blockchain guarantees that this [purchase] is the only one existing in the world, there will be someone who wants to pay to get it,’ said Kunimitsu.

And as with everything else, the scarcer it is, the valueable it will be.

‘If the number of particular furniture available is ten, if the number of clothes for aviators made by Gucci is limited to one hundred, if the supply of lands, buildings, etc. are also limited, they become valuable.’

Gaming Economy Could Be Bigger Than Japan’s

The two most popular games of the last few years, Minecraft and Fortnite have roughly 150 million players a month, each.

Which Kunimitsu pointed out that it was bigger than the Japanese population, and could introduce an economy bigger than Japan’s.

Gaming

Now Facebook’s Zuckerberg is developing Libra. They are also doing the VR business through Oculus,’ said Kunimitsu. ‘In the near future if a game world with more than 100 million, 200 million, even 300 million population is born, [by using blockchain] you can trade game items as assets and Libra may become a base currency. Then you will see the economy bigger than Japan is emerging.’

Kunimitisu goes even further by saying he believes blockchain gaming will introduce a new way to educate our children.

‘For now the amount of time you use for playing video games doesn’t bring any value,’ he said. ‘Playing sports like baseball and soccer is somehow OK. Studying is of course OK. Your parents won’t scold their child for doing them. Why are you studying so much? Why are you playing soccer so much? They wouldn’t say it. But they will say why you are playing video games so much. This is because it is a waste of time.’

Kunimitsu believes this will change when blockchain gaming becomes more widespread, and the value of gaming rises.

‘Playing Minecraft for an unlimited amount of time you can build a magnificent house and sell it to the people who are good at making money in the real world,’ said Kunimitsu. ‘There will be lots of elementary school students who earn a lot.’

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Conclusion

Hironao Kunimitsu is a respected figure in the Japanese gaming industry, and his bullish outlook for blockchain-based gaming is exciting to see.

Minecraft and Fortnite economies built on a blockchain could be worth billions each year. And with real money being made, and in some cases big money being made, who could argue against Kunimitsu’s idea that parents will encourage gaming. Source: Cointelegraph

Author: Pablo Clarke

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