EXCLUSIVE: Axie Infinity's Co-Founder Discusses GameFi Success and Future Plans at Crypto Unlocked

In an enlightening interview hosted by Justin Roberti and myself, J Rod Safdiye, at the Benzinga Crypto Unlocked virtual event, we dove deep into the future of Web3 gaming with Jihoz, the co-founder of Axie Infinity AXS/USD and Sky Mavis. The conversation spanned an array of topics, from the merits of gaming as an introduction to Web3, the fluctuations of Web3 gaming economies, to the potential of dynamic NFTs. Jihoz shared a wealth of knowledge about the rapidly evolving landscape of Web3 gaming and NFTs.

Gaming as the Gateway to Web3

Jihoz believes games are the best vehicle for onboarding people to Web3. He explained, "Our thesis is that games are the best way to onboard people to Web3 because it combines something that 2 billion people on this planet are familiar with." His comments during the Benzinga event underscored the importance of gaming as an entry point into the burgeoning Web3 space.

See Also: Analyst Says Bitcoin Is Facing This Massive Headwind As It Hovers Above $30,000

The Ebb and Flow of Play-to-Earn Web3 Gaming Economies

When queried about how the "play to earn" narrative matured during this bear market, Jihoz responded by saying, "Play to earn was a very good catchphrase and that it very simplified one of the new benefits of a Web3 gaming economy."
"What I believe is that the profits and the economic opportunities in these digital economies will ebb and flow, just like Bitcoin mining profitability ebbs and flows," he articulated. His analogy between the crypto mining industry and Web3 gaming illustrated the parallel economic forces at play, further emphasizing the potential and risks, and benefits of play-to-earn games in the web3 realm.

Extending the Axie Universe: A Look at Axie Infinity Homeland

Shedding light on the expansion of the Axie brand, Axie now includes Axie Infinity Homeland, an immersive city-building experience set within the Axie universe. "Axie Infinity Homeland is absolutely beautiful. It's gorgeous, and it's in Alpha right now," Jihoz revealed to the Benzinga audience.

See Also: JPMorgan Says Sustainable Energy Will Be A Game-Changer In Bitcoin Mining

Ronin: The Future of Web3 Gaming Infrastructure

On expanding the horizons of Ronin RON/USD, the infrastructure behind Axie Infinity, Jihoz shared that they had just announced five games from outside the Axie universe powered by Ronin. "The best Web3 gaming infrastructure will be built by the team that's actually built Web3 games and has successfully scaled them," he stated confidently.

Speaking about the evolution of Ronin, Jihoz illustrated how their homegrown infrastructure is attracting game developers beyond Axie Infinity. "We just announced five games from outside of the Axie universe that are actually going to be built and powered by Ronin," he mentioned, signaling the increasing versatility of the platform.

The North Korean Breach: Recoveries and User Restoration

Reflecting on last year's breach by North Korean actors, Jihoz opened up about the steps taken to restore user confidence and compensate for losses. Jihoz proudly stated that all users had been fully reimbursed for their losses. "We were able to weather it, everyone was paid back fully," he assured, highlighting the importance of security in the rapidly evolving Web3 space.

"One thing that's been really exciting is that actually, you know, up to $30 to $40 million of those funds have been recovered by different law enforcement agencies," he explained.

The Future of Gaming and NFTs: Dynamic NFTs

Looking ahead, Jihoz hopes to see more innovations and new mechanics that aren't possible in traditional gaming. "I think the question to ask is what is the major breakthrough in Web3 gaming that someone is working on right now," he pondered, suggesting the idea of dynamic NFTs, where an NFT can be altered or upgraded by player's efforts, as one possible future breakthrough.

Looking to the future, Jihoz believes dynamic NFTs represent a significant breakthrough. "I think one idea is the idea of a dynamic NFT where you can put your time, your effort, your skill into earning, crafting materials, experience points," he shared. These dynamic elements, Jihoz suggested, could cultivate a more sustainable consumptive economy in the gaming industry.

Without a doubt, Jihoz is an authority when it comes to developing projects in a Web3 environment. He has succeeded in cultivating a principled and united community, reflecting his own character. The fact that he compensated all the affected users speaks volumes about the quality of leadership found in him. Certainly, the entire crypto community will continue to benefit from the developments that Axie Infinity, Sky Mavis and Ronin have to present to us in the near future.

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