Online gaming is a 14Bn dollar industry. From Atari to SNES , Megadrive to now the Metaverse. Team GameStarter leads the pack with their IGO’s. But what about INO’s ? Getting your ‘Skin in the Game’ takes on a whole new meaning. On this 2 part special we speak with Martynas and Timur about how the tide is shifting with NFTs in Gaming and what it takes to have successful INOs for great games. Get Ready Player One.
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Transcript
NFT Utility - INOs- Martynas Kasiulis - Timur Lokshin
Participants:
• Nadja Bester (CEO & Co-founder of AdLunam)
• Martynas Kasiulis (Head of business development at Gamestarter)
• Timur Lokshin (Ops Lead at Gamestarter)
Nadja
So we are going to give it a few more minutes just for the room to fill up before we get going. But while we wait, let's look at some of the NFT waves to hit new stands this week. Unless you've been living under a rock, and I'm sure even if you do, you would have heard it there as well. Elon Musk has gone and done it with a little help from his Web3 friends the likes of Binance, Twitter soon won't be the same. NFT Tweet Tiles first change to be announced an integration that is going to allow users to buy, sell and display NFTs directly through tweets from four different NFT marketplaces magic, Eden Wearable, Dapper Labs and Jump.trade. So let's see which major Web3 friendly announcement is up next for the social media giant we find ourselves on. And then, of course, the biggest NFT market news.
Nadja
Until it was dethroned by Musk's takeover. Reddit has absolutely opened the floorgates for mass adoption of NFTs by not calling it NFTs, proving that the era of PFPs definitely not dead. Three Reddit collections hit the top ten on OpenSea and the Internet has just been buzzing about all of the millions of new wallets that have been opened up. And finally, Cardano is now the third largest NFT protocol by trading volume, trailing behind Ethereum and Solana. However, with none of the top ten DappRadar ranked NFT markets listing Cardano, NFTs accessibility remains limited to the Cardano ecosystem. So, very curious who in the audience owns a Cardano NFT? And yeah, would love to actually get someone on the show sometime to talk about some of the other chains that NFTs are appearing on, not only the ones that we are so intimately familiar with. All right, so I think with that, let's kick it off.
Nadja
Hey, web3 world. This is Nadja Bester from AdLunam, and you are listening to the Future of NFTs, the show that looks beyond current NFT use cases and dives into what Non fungible Token technology is evolving into. All of this as seen through the eyes and built by the minds of the fascinating guest speakers we speak to each week. AdLunam on who sure you are today is the only IDO Launchpad that rewards attention with allocation. Our Engage to Earn platform, which will be ready as a test net very soon, features dynamic NFT investor profiles, NFT allocation, fractionalization, and our one of a kind Proof of Attention allocation mechanism. And if this is your first time joining us here today, you can catch the Future of NFTs on Twitter Spaces Live every Tuesday, also on your favorite podcast platform and our sister show Diving into Crypto is live at the same time every Thursday, same place as we are now.
Nadja
Please do join us for both shows because we speak to incredibly interesting and knowledgeable thought leaders and change makers in this game changing industry. But speaking of and onto today's topic, you've heard of ICOs IDOs, IPOs, IGOs, INOs, Web3 Fundraising has a whole lot of I's and O's, and with each new advancement in the technology, we add another variant to the mix. So if this is confusing, and yes, it is, you are not alone. I think keeping up with the latest trends is almost a full time job. But because we are committed to doing some of the heavy listing on your behalf, our guest today is going to be unpacking how IGOs, initial game offerings and INOs initial NFT offerings fit into the GameFi space. So sit back, relax, and enjoy the show as I speak to Martynas Kasiulis, the head of business development at Gamestarter, a pioneering GameFi incubator accelerator and Launchpad.
Nadja
Now, Martynas is a strategist, an advisor, and an investor in the Web3 intersection between NFTs, the metaverse and gaming. And he is going to be lifting the hood for us today on how the Web3 and especially the GameFi industry, is incorporating NFTs and INOs as well as IGOs to Web3-fi the huge, massive gaming industry into the hundreds of billions of dollars. So how is Web3 getting a slice of that pie and really just evolving what gaming is all about? As always, you can either put in a speaker request or you can just DM your question to the AdLunam Twitter handle AdLunam Inc. for our Q and A time at the end of the hour. So with that Martynas, welcome to the show. So lovely to have you join us today. I want to start with the basics. First, where are you dialing in from?
Nadja
And second, tell us more about you and how did you get into Web3.
Martynas
Thank you for having me. So, currently dialing in from cloudy village in Sylvania and how did I start? Well, I started out as a passionate writer about crypto. It all started from putting it pen to paper, then transitioning into becoming the CEO of crypto news outlet called DailyCoin. And from then on, it kind of went wild. It spiraled out into being an advisor, providing marketing services for various projects. And then, as it so happens, I found the ecosystem that I fell in love with Gamestarter and basically been running around doing everything I can to grow this beast that we have here ever since.
Nadja
Amazing. Your journey reminds me so much of my own because I also started out as a writer. I started out as a journalist in the Web3 space and then from there I'd come from a marketing background previously, so I also had the same trajectory of marketing and advisory. And of course, I fell in love with the AdLunam ecosystem. So it's interesting, this pathway that people follow to come into web3. I'm curious, what is it that attracts you to the space and why are you committed to building your career and just giving voice to what's important to you in this industry instead of another one?
Martynas
Absolutely. This industry offers something which very few industries can offer. One is the access to passionate talent. Let me explain. In most industries you have a lot of gatekeepers if you want to get into finance, of course you have to go to an Ivy League school if you want to get into law. Yeah, good luck with that. It'll be numerous years. Same with medicine. Basically, if you want to do anything revolutionary in the traditional space, there are gatekeepers, there are institutions, everything is there to keep things in line. There's a ceiling in crypto with decentralization. That's not so. People think of an idea, they jump in and things happen here miraculously fast. And that is exciting. I have never met so many intelligent, passionate people in my life in such a short time span. But that's also why this sphere is being taken advantage of.
Martynas
The same speed and passion is being abused by scammers and well, rug pullers. But let's not get into that. The picture is this is the space that will actually change the status quo. But of course, the status quo hits back and hits back hard.
Nadja
Yeah, absolutely. I think we are seeing this so frequently now as the industry continues to evolve and we are seeing that exciting mass adoption, at least from the institutional level that gives it that air of legitimacy. But at the same time, we are definitely seeing the pushback at the same time. But I agree with you. I mean, this industry really seems to attract some of the most talented, intelligent, passionate and really revolutionary in the good sense. People out there so very happy to be part of it. But I'm curious, Gamestarter full scale gaming ecosystem for IGOs and INOs as a company. You said that you fell in love with the ecosystem. What is your philosophy and your approach to GameFi? And why GameFi? Why web3? What is it about the opportunities in this industry that Gamestarter feels that you can really make inroads in the gaming space?
Martynas
So it all started for the love of great games, great experiences, storytelling. Myself, I've been an avid player and fan of from the Warcraft days, StarCraft, basically Blizzard products, but numerous other games as well. But the problems arose that although I spent numerous hours, too many hours, if you ask my family playing games, I never had any real say in the game. Number two, all of the hours I put in it was off to my enjoyment but no ownership. There was no way for me to take that experience and have something to show for it unless I wanted to be an Esports gamer and unfortunately, I just don't have the amount of hours I used to pursue that. So this love for gaming, but also the want to create something which has longevity, such something which could be shared, led us to create Gamestarter. Essentially, Gamestarter started with a very simple idea, gaming first, blockchain second.
Martynas
You still have to capture the magic. You have to create that experience that will make people come in day in and day out. But now leveraging blockchain leveraging IGOs and INOs, we want you to actually have a piece of the pie. It's no longer about the publisher, it's about you, the player, having power, having ownership of your assets. Now that is so powerful that I could not help myself but join in. And as far as that goes, it's a space which has almost limitless possibilities for NFT deployment, both for tracking social impact, both for tracking in game impact. It's quite amazing opportunity to empower the player. So I could go on and on. But maybe you'll have some more focused questions on that, what interests you?
Nadja
Yeah, I absolutely love what you said about capturing the magic of games first and gaming first, GameFi second, because I think there's so many companies out there and projects out there who are jumping on the web3 bandwagon without really having this passion for what it is they are doing. And as the industry matures for certain, those kind of projects are being weeded out and the ones that will remain standing, especially in a bear market like we are the ones who put first things first. So what you yeah, I think your philosophy already kind of answers my next question, but let me give you the opportunity to expand on that. What is unique about your approach to IGOs and INOs at Gamestarter?
Martynas
So whenever welcome a project, for example, to list with us or to be incubated by us, we tell them the truth, which is we started our own gaming studio. We're creating free games of our own. The fourth one will be announced very soon. A sneak peek might be provided today. Essentially what we are is gaming experts. We have developers who know what it takes to make a great game. And you cannot pull the wool on us like you would to a VC. Basically, our unique selling point to our community members is we know these games inside and out and we know what promises you can keep and actually achieve with your team. So this added level of expertise coupled with our security options, basically we ensure the prices. We basically make sure that if you don't reach a certain price point or you fall below IGO price, we will reimburse you.
Martynas
We make sure that the process is always transparent and we make sure to help these projects tell their story the right way without lying. So we have our own marketing agency in house, which helps these projects tell the truth and make sure that they can tell us in a compelling way. So anything that comes through us is done in a way that represents both the project and the end user who will be participating in the IGO or INO to the best of our ability.
Nadja
I can certainly tell why you decided that this is the ecosystem for you, but because for sure this kind of ethos is so important in this industry as we move away. I mean, I loved what you said earlier about the speed and the passion of the space is what gets the right people in, but unfortunately it also is what gets the wrong people in. And I think that the ethos of a project going forward is going to become increasingly important, because we all I mean, with AI advancing now to the stage where you can't even really tell what's real and what's artificial, anymore. How much more? So when people are putting in so much money into a project and only to, unfortunately have a rug pool pulled over their eyes, I think as launchpads. And I just realized as you were speaking, this is the first time that we are having another Launchpad on the show.
Nadja
So it's really cool. It's like a Meta experience. But I think especially as a Launchpad, it's so important that as you say, you need to understand what is being brought to your door. So VCs very often get very excited about the possibilities of a project and it doesn't really matter what the project is building or not building. And a lot of times projects are not even really building something, they are just fundraising and then we never see the light of day of what it is that they are fundraising for. So I think being in the position of being developers, being marketers, having this really strong business background in different areas for sure puts you in a different league than projects out there who are only there when this win that let's moon together. So, yeah, absolutely well done for the way you are going about it.
Nadja
But I wanted touch on a question that you kind of mentioned earlier. Before this advent of crypto winter that we are all suffering through at the moment. GameFi was one of the most hottest up and coming trends and there was a lot of big VC sums flowing into fundraising. And I mean, I find it quite interesting that even though the down market this year has been ongoing, I think a lot of funds are even continuing to be put into GameFi. But money being one thing, users, it's a different story altogether. So far, adoption of web3 games is fledgling at best. Why especially as a company that is so focused on the experience of gaming as opposed to the hype of it, why do you think it's so difficult for web3 games to get the kind of traction that the existing gaming industry enjoys?
Martynas
Well, it goes down to the very heart of it. To create a game, even a s***** one, pardon my French, you will need at least two to three years of painstaking work. That is not the average time span for a web3 project. Usually you can imagine crypto as a bunch of mayflies. It's a very short time span. You give a good pump and then it's a good dump. Unfortunately, what we have now is when the VCs come in, you already have built in selling pressure. They already know what they're going to make from the project the moment they invest and they'll make sure to get a return on their investment because that's their only job. Do not kill yourselves. VCs are here to do one thing and one thing only make their investors even richer. So because of this built in sell pressure, projects have to be very quick.
Martynas
They create games which have very elaborate tokenomics, which pump the token and if you make any single mistake in building your economic model, it will completely ruin your game. So why can't games retain audiences? Look at Axie infinity. It was a star for a short period of time and then because of Shouty tokenomics, it was essentially busted. Of course, a couple of hacks didn't help, but it's a very hard industry, it's an emerging industry and to retain an audience you first have to create an experience. Till now there is no experience that I would rather have in web3 than Web2. It will change. With Dark Frontiers coming out, with Star Atlas coming out, with other games coming out, we might see web3 games rivaling Web2 experiences, but until we get a real gaming experience, don't expect the gamers to be here.
Martynas
And one other point as a marketer, I have to say the crypto audience is not the gaming audience. The people who buy the bags are not necessarily the people that will sit in and play these games. So until we get a good healthy mix, we will only see a lot of funds coming in, but we might not see users remaining to see what actually happens with that money spent.
Nadja
Those are all excellent and so accurate points. It takes time. I think that's the key here is this is a very young industry and it's extremely exciting to see all of these changes taking place on a daily basis. But there are certain best practices in other industries that need to be followed. For example, as you said, actually developing the game before people will play the game, that as we go along, it will mature. But patience, I think, is of the essence here. But one of the most exciting things in a Web3 is really experiencing this joining together of different technologies and innovations, which is one of the reasons why it's so exciting to be here even at this time when the adoption is not yet there. So NFTs of course have been used with great success in the GameFi space. What are some of the best practices that you've seen GameFi projects use or employ rather using NFTs.
Nadja
So whether this is in your time as a marketer or more recently your experience with Gamestarter, what are some of the tactics that GameFi projects do or employ NFTs for that might set them apart from the pack?
Martynas
NFTs are definitely a crucial part of the web3 experience, especially for games. So the best experiences are as follows use them as community badges. So League of Legends made bank on just selling cosmetics and these cosmetics don't really travel with the user. Now with NFTs you can actually have your cosmetics travel with you. Number two, NFTs can be used as multipliers. Let me explain. If you for example have a dark frontier suit and you get in early we would give you the opportunity to make certain materials before anybody else so it gives you an advantage. However we counteract that with that being a very limited part of the game, meaning that it's not played to win. So NFTs can be used to modify the game experience and also make it more aesthetic. Another great NFT use case is proof of participation. We are going to release a project very soon that if you cheat on that project we will burn your NFT and anything associated with it.
Nadja
See that we have another speaker in the house. So Timur, do you mind unmuting yourself and introducing so we can re get this show on the road?
Timur
Certainly, absolutely and thank you for your patience. Martynas is also having some connection issues so I'm going to be jumping in as another lead from Gamestarter business background for probably about 23 years now and everything from Web2 to now being in Web3. Marketing background, business, and administrative background. Also I have a doctorate in Chinese medicine. I do kind of a bunch of stuff and so Web3 was a very natural fit of me for me as well. Grew up a gamer, absolutely loved the industry but as Martynas mentioned it was always kind of out of reach. There's a lot of gatekeeping in general so I think Web3 obviously brings in a lot of opportunities for various professionals to really shine and broaden their horizons. So that's definitely one of the things I love about the space for sure and thank you for having us.
Nadja
I have to say that you are probably the first person in Web3 that also has a background in Chinese medicine so I just wanted to highlight that. That is a first for me. So absolutely awesome. The diversity of people in this space, it never ceases to amaze me. You don't know who you are going to meet next because everyone is just I'm in Africa right now and there's this saying in Africa that it takes a village to raise a child. And in the same sense in Web3, it really takes an entire world to build out this industry because we need people from all sorts of backgrounds and every single person coming into this space brings a whole lifetime of experience and exposure and together we are building out something new. So for me, that's just incredibly interesting and exciting. And as always, I'm super happy to be here talking to you guys.
Nadja
So I'm going to continue along the same kind of line of conversation that we had earlier, I'm not sure if this is something you would like to continue, but the last thing that he left off before of saying before the Twitter gods or the Twitter devils had their way with us. I really hope that Elon is going to have this on his list of priorities to fix Twitter spaces. He was mentioning a proof of participation project if you want to continue talking about that a little bit.
Timur
Sure. So really the concept is not the specific project, but with NFTs is that you have a lot of these accesses that you didn't necessarily have before. And having that accountability within the project, whether it be one of our in house projects or something else that's out there that we've seen, that's of quality, that proof of ownership, provides utility and it provides access, provides benefits if the right community is there. And that's really a big factor in it. Right. It's not necessarily just the game, it's the community that's involved in it. And it's not just that, it's what they're developing. And it's not just that. It's about who's backing it. And so it's really a very big global picture of each project and NFTs are a crucial part of it. And just looking at what Reddit did recently, it just shows you the power of NFTs.
Timur
Whether you're presenting them as quote unquote, NFTs or digital assets, they're super powerful and people will get behind them, whether it's from a collectible standpoint or really what we're seeing the shift to is the utility aspect, which is absolutely necessary.
Nadja
Yeah, I think this is such an important point that you touched on. If we look at the Reddit example and the really fascinating thing that they didn't call it NFTs and yet it probably was one of the most successful NFT sales out there. It really brings to the fore this idea that the technology underlying NFTs and the ideas that are the foundation of NFTs, those are really the future. Not the fact that we are calling them NFTs and not the fact that there's this hype about it. So I'm wondering going forward, especially because now we are seeing this evolution, we are seeing this gradual maturation of the NFT market, what role do you think NFTs will play in the GameFi space in future? We have what we are seeing now, but what might it evolve into?
Timur
Well, ideally it becomes something that can be passed on. So one of the things that Martynas was mentioning, like World of Warcraft, right? So think about people who created an account. World of Warcraft is nearing 20 years old. Think about people created their account 15 years ago, ten years ago. The game is still around and obviously not every game is going to last like that but hopefully an ecosystem will which will allow you to take an asset like an NFT, whether it be part of that in house. Kind of like proof of purchase type of NFT that can hopefully then be moved into various type of games where it could be more about interoperability and you could take one asset and move it from different places, develop that asset further and then have resale value on it. Right? So taking a character that's been through a bunch of stuff, has gained a ton of experience, maybe earn something that's unique, could then be kept as a collectible and have ownership that way because of what it's accomplished, of the different rankings that each individual finds valuable.
Timur
Or it could be resold on a marketplace, which then kind of passes that asset along to somebody else and you get something back for the time you've spent developing that asset. That's one way it could change. But I really think that it's going to evolve into so much more than that, and it's going to become part of our everyday life where it's going to be like a digital receipt in a lot of ways, where it's verification, it's access. It's going to be a digital tool that, in my opinion, that's going to get us kind of through everything, whether it be we have easy pass in the States or whatever it is. It's going to be some sort of a tool that's attached to everything that we do. And it's just going to be our phones are getting wiser data, as we've noticed that Ethereum is going to be shifting to doing their mining on phones.
Timur
Right. So it's going to be a huge part of our everyday life, without a doubt.
Nadja
Exciting times up ahead. But as I said in my introduction, not sure if you were around then. The question for me really is there is so much uncertainty in terms of what all of these different fundraising mechanisms are. So we came from the era of ICOs, wild waste of crypto like we've never seen it before, market matured IPOs ideas. And now more recently we have IGOs and INOs. So I would like to know what for the layman out there, I think this includes so many of us in the industry who constantly are hearing all of these terms being used, but are not always 100% sure exactly what it is. What is the potential of INOs? How does it differ from an IGO? And what do you think makes or breaks a successful INO in the space?
Timur
Sure, it's a great question. So INO would be an initial node offering or an initial NFT offering, some people say. So that's what you would see as the JPEG with an accompanied smart contract. So within that contract, you'll have a set of clause. Now that compared to an IGO, a game offering is most often based on a native coin. Like, let's say for Game Starter, we vet all of our projects. So anything that's launching on Gamestarter is heavily vetted. We see a ton of projects that come in, we reject a ton of projects and we have no problem waiting until something of quality comes along and then we present it to our members. That's number one for us. So that's the first step within our community. But when it comes to as a layperson approaching crypto, first thing and foremost is please beware and be cautious.
Timur
Like, this is not the space where you can easily kind of trust people. I know it takes us back to the Renaissance error in snake oil almost, where it's a ton of promises of stuff that might happen, but it doesn't necessarily happen. Right. And the loudest one on the podium gets the most attention, right? It becomes a bit of that. So stepping away from heavily being cautious about your followers that you're following and the projects that you're entering is finding a credible and a valuable Launchpad in this type of situation. Like a resource that you can go to that's going to vet the stuff that's going to be on your plate. Now when you go, it's like a fine dining experience. You know you're going to get there, you're going to get something a little bit more tasteful that you'll actually enjoy and you'll feel more comfortable eating there.
Timur
It's the whole package. And that's the approach where our members who have access to it, they can take part in one of these vetted projects that we presented where if they're an IGO and they are part of the Gamestarter community with our new process, they will be either a game holder meaning you have hold of our native tokens and based on the amount you hold and the more amount you hold, you have access to more allocation. That allocation means you can purchase native token. For example, a native token can be purchased at 8 cents per coin and then normally by the time it lists, it could easily two X. In the bull markets, it's 46 X. Our least recent one was 17 X. And that's one place where investors can come in or early game adopters can come in and say, hey, listen, I think this game looks great.
Timur
I'd love to throw a couple of or $50 at it, whatever it is, whatever, I can allocate towards it. And then I'll join this community at an early time, at an earlier price, which will allow me, as the community build, as more investors come in, the token kind of builds up in value, right? That's the idea. It doesn't always happen for obvious reasons. Whether the community fails, the game fails. The token has poor VCs behind it. So this is why it's important for us to do the vetting beforehand. So we kind of take a look at all that stuff and that's why on top of it we add in an insurance policy that if we miss something and it doesn't go the way it goes, we refund you, right? So that's huge. When it comes to node offerings, that's more about like buying in game assets.
Timur
Whether it be land. For example, Dark Frontiers has land that was sold and each land in game yields you tokens. So as the game is released, more people go on that land and they mine and use resources from that land. You as a landowner get kickback in a sense that's one type of NFT and another type of NFT could be completely utility based, right? So for example, BSE News recently launched an NFT that we're a fan of obviously BSE, and so we help kind of invite them to our Twitter space, talk about their utility of their NFT. So like for example, with their type of NFTs you'll have access to different types of things on their platform, some discounts and then we also have some collaborative efforts that we do like cross marketing and things of that nature for any type of projects. So there's a lot of different things that utility can give you.
Timur
The type of NFTs can give you. It's limited by your imagination and that's the beauty of the space that you can put into contract what makes the most sense and then use that within your community. Verify that with you community whether it be voting rights on how the game should be, whether it be every time something is sold, there's a kickback that goes back to the community. There's so many things that can be implemented into it that it gives a lot of freedom and it can give a lot of power to the people, back to the people, strengthen games. And then once again, if that community develops further, it can help you increase the value of that asset. So another way to look at NFTs is early investing, right? So if you find a company that you believe in, you can be in a sense part of their fundraising and purchase those NFTs and that becomes part of their fundraising that they implement accordingly based on their tokenomics.
Timur
That's really where we look at there as well. Very big factor. So as once again to go back to your question coming in as a layperson, always be cautious, find a credible source, use that credible source and go to a place that's going to give you things that have been rated reviewed, peer reviewed, that type of approach where it's not just somebody shouting out about something. Do your own due diligence, take a look at the project yourself. Does it make sense to you. Do you like it? Do you want to play it? Do you not want to play it? Do you just want to be an investor? That's fine. There's no wrong way of doing it. It's really defining what you want to do. And then once again, with Gamestarter, you could do it in two different ways. You could be a game holder or you don't have to be a game holder and you just can participate.
Timur
And when you participate, the caveat is that 10% of the tokens that would out of the 100% you, allocate 10% of them are going to get burned. They're going to be converted into game coins and they're going to be burned. That's part of our tokenomics. To increase the value of our token. The token gets value in many different ways. And one of the best ways is obviously burning, right? Burn the supply, up the value. Like a very straightforward and so creating different mechanics to help create tokens sustained economy and using it as a powerful tool for voting. There's a lot of benefits to both. NFTs give you one type of voting, right? Tokens give you a different type of voting, right? Some communities have both, some communities have just one. It really just depends what you engage with and what you find within the space that speaks to you.
Nadja
Yeah, perfect. Very comprehensive answer. Thank you so much. There were two things that came to mind for me. The first was there's this line that you said that made me realize this needs to be on a t shirt, that NFT utility is limited only by your imagination. So whoever wants to run to the printers first, go ahead. And second, I love your analogy about launch pads being this fine dining experience. This might because I'm quite hungry right now, but I often say that launchpads are like mangroves protecting small little fledgling sea creatures before they go out into the open sea and all the sharks can get at them. But really it is so important and so true that the experience that you have with a Launchpad and this is why I love this analogy of the fine dining experience. Because the difference between going to a restaurant or even just a takeaway corner store somewhere and it's all just about mass feeding and you're in, you're out.
Nadja
ypto investor since, I think,:Nadja
And it's really so important for an investor to protect themselves. And definitely I'm not saying this because we are also a Launchpad, but for sure, having projects and having organizations and companies out there that look after your best interest so that you don't get scammed and get rug pulled, extremely important. But I want to shift gears a little bit. Not so much GameFi specific, but more just the industry in general. I think that you already touched on this so thoroughly in terms of this wide expanse of opportunities and possibilities that are out there. But what do you think is the future of NFTs? And this can be, I mean, ten years from now, 20 years from now, two years from now, six months from now, what do you see the NFT industry and beyond that the technology evolving into? Because I think you said at some point there will come a time when really this is just going to be our everyday lives.
Nadja
So what do you envision the future look like looking what do you envision the future might look like for NFTs?
Timur
Absolutely. So, as I mentioned, my belief, and a wholehearted belief is that NFTs are going to be, at the simplest form, a digital receipt. So whether it be going to a concert, whether it be going to a stadium, whatever you're doing, you're going to have this thing that's just emailed to you or it built into your kind of like online wallet. And your online wallet is going to be like a two FA type of approach where you'll make sure that it's secure and it's going to be as secure as possible. Because definitely within a decade, we're going to be in a place where there's going to be a little bit more stability around this space and hopefully a little bit more security, because that's one of the biggest threats, is hacking, right? Like, that's really one of the biggest threats. So that aside, with NFT use case, it's going to be, once again, a digital asset.
Timur
That's going to be a proof of receipt at the very least with every single thing you do. And it's going to be something that you could, let's say, buy a warranty for your car. Well, it's in a form of NFT. You're selling your car, you can sell it with the NFT as part of it. Right. So there's going to be a lot this is my opinion, but there's going to be a lot more shift towards that type of digital asset. Everything that we're going to be in our pockets, our smartphones, are going to be able to handle the data much more so we're going to be able to do much more with it. So for example, we have a project that we're incubating. This is Outgrid. Outgrid is kind of like a social media platform but it's much more than that. This is a project that is focused on creating a verified encrypted community.
Timur
So when you enter a space with your quote unquote NFT or whatever digital asset you own, you're in a community that is completely secured to you. It's not like discord where you have a ton of people just constantly trying to bombard you with fake stuff. It'll be much more easy to see to like, hey, this is an NFT holder, this is not an NFT holder. And then, you'll know, like a community could do airdrops directly through that space where it's just once again, you're not going to get bombarded with a bunch of fake links that are trying to take away your members or somebody's minting a day early and it becomes a whole huge cascade right now. And that's why I say please travel with caution because there's people that are constantly going to try to derail you in this industry unfortunately right now. So we're definitely working closely with projects to make sure that going forward into 5, 10 years from now there are things put into place that keep the community safe and accountable to not only their own members, but backwards, right.
Timur
So members can stay accountable in what they're trying to do with the community. Whether it's promoting their outreach or whether they're trying to help the NFT and they're trying to help as a dow process or voting rights on different types of aspects, it gives the power back to the people and that's a big shift also within web three, right. It's not only like game first blockchain, second type of approach where gamifying things is really important to make sure it's of quality. But it's also giving the power to people to find the games they like, to choose, the games they like to help develop the games they like, whether it be through our game itself or anyone we partner with. We always try to express that dow aspect of it.
Nadja
Yeah, brilliant. I think all of us are looking forward to that day where we don't even have to explain anymore that giving power back to the people and giving to people is something that we do. I really look forward to the day when that is just an everyday occurrence and the outliers will be companies who don't do that. So that's for sure one thing to look forward to. So I'm extremely mindful of time. Yeah, go for it. Go for it.
Timur
The only one little thing I wanted to add about the IGO kind of Gamifying space and the NFT space is that being in the States, we're not necessarily going to be drawn by such a plain to earn thing. That where maybe we're only getting $10 for spending a couple hours of our time of playing a game, right where but if we step out of that right? If we step out of our immediate needs and we look at the global scale, there are so many people in so many countries that can benefit from that $10 a day or $20 a day where that sometimes their whole entire day job. And they're like, oh, wait, I could stay home with my family and play video games for a couple of hours and have what I would normally make. Please sign me up. Right. So there is a ton of benefit just from the rewards aspect for gamers, let alone what the endless possibilities that are going to be there in the future.
Timur
Thank you for letting me express that.
Nadja
Yeah, I think that is a very important point to add. Which leads me to my final question. I wanted to say because I'm so mindful of time, we don't have time for questions today. So audience, I see that some of you have submitted some, I'm sorry that we won't be able to get to them. I would like to request that you instead send your questions to the Twitter team and ask them to please fix Twitter spaces so we don't get our time on the show stolen from us. But Timur, last question and I think you've touched on this. What is your philosophy about Web3 changing lives?
Timur
It's a double edged sword, just like anything that's new. There's a lot of innovation and there's a lot of things that are kind of still being missed. So it's going to take some time to find that, find balance, to create enough security around it, to create enough stability around it where people aren't getting hurt or being coarse in different situations. But the truth of the matter is that will never kind of go away, right? We still have those email scams of, hey, send me money, I'm in jail. Right, that still happens. Or working in a corporation, you have people that try to steal your identity and message other corporate people and say, hey, I'm on vacation, send me money. It's pretty bad that's out there. So hopefully once again that gets cleaner and that's in Web2 or Web3. So hopefully Web3 will allow us to have more security and more stability where we can try to say, okay, well this is a verified person within a community that I trust.
Timur
It's not some random person off the streets that might not have my best interest at heart. So I think Web3 is going to help create that bridge of putting like-minded, equality people together, hopefully creating something safe, sustainable and secure for people to enjoy that's going to continue to build out our interconnection globally and help unite people more so than ever before and allowing us to accomplish things so much faster, whether it be communication or payment.
Nadja
So I found another line for the T shirt brand. I'm going to start after this conversation. Real recognizes real. So on that note, thank you so much, Timur and Martynas and the Gamestarter team, for sharing all of your insights with us today. Unfortunately, we've come to the end, but yeah, just this backstage look at wrapping our head around IGOs, INOs, how NFTs are playing a role in the future of GameFi has been so incredibly fascinating. If the audience wants to stay up to date with what Gamestarter is doing, where should they follow you?
Timur
Sure. Gamestarter, at Gamestarter. If you want to pin it to the top. Or I can try to pin it to the top at Gamestarter. Or they could just follow me directly. There's the web link on my account as well. And then I obviously am retweeting all sorts of game starter stuff. So you'll definitely find it on my page as well. Definitely follow us, stay up to date. That's without a doubt, we are constantly bringing you more and more new stuff. Our website is getting redone right now. Like I just said, we're having a new way of that. We're doing we had a lottery before where it was a different tier type of system. We had whitelist before, so we're eliminating a lot of that kind of stuff because we want to focus on a cleaner, smoother purchase. Like I said, the fine dining experience. Right.
Timur
So when you get on, it should be a very smooth, clean process. And so we're really focusing on delivering that for our members and bringing quality games. We have a couple of games that are coming up. We have some I have some NDA, so I can't really disclose those yet, but very soon we have a lot of exciting stuff coming, so definitely stay in touch. Dark Frontiers just did their update last Friday. I think that was update number eight. Really looking amazing. Dark Frontiers is one of the games that a GS original. It's incubated through us, it's done everything through us. So it looks amazing. You're in space, you're landed on the moon and you're looking for survival, you're fighting aliens. Definitely an awesome project to check out as well. So definitely stay. At least follow me and you'll see a lot of it. Follow Martynas.
Timur
He's got a lot of this kind of stuff on his as well. He's big on strategy, big on the space and what's going on with it. So he's always sharing his wisdom and it's definitely appreciated.
Nadja
Well, awesome. I certainly am looking forward to seeing what the GameFi fine dining experience is like. So I'll definitely make a stop as well. And to our listeners at home, at work, in the car, in the train, in the plane, thank you so much for tuning into the show today. Despite all of the Twitter spaces issues that are happening so frequently that I'm almost expecting it now, which is really sad. So definitely looking forward to the bird being freed and not in the ways that people usually talk about. I am referring specifically to having a 1 hour show without any glitches. So on that note, catch you again next week, guys, for another episode of The Future of NFTs, brought to you AdLunam. Cheers. Timur, have a great day. Lovely to speak to you, to catch up with you soon.
