<\/p>\n
Despite the ups-and-downs of the last year in crypto, Framework Ventures co-founder Vance Spencer said his on-chain gaming thesis hasn\u2019t changed.<\/p>\n
\u201cIt\u2019s become clearer in terms of how it plays out,\u201d he said, adding: \u201cIt takes probably a couple years to build a game\u201d and a hundred or a hundred and fifty million dollars. \u201cAnd that\u2019s not even including marketing and advertising.\u201d<\/p>\n
At Blockworks\u2019 Permissionless conference<\/a> in Austin, Texas, Spencer said first-mover advantage will play an important role in who succeeds in the nascent crypto gaming subsector.\u00a0<\/p>\n \u201cThat means that the people who started building in the last bull market, it\u2019s probably going to be one of those to market first,\u201d he said.\u00a0<\/p>\n Spencer said the timing of potential on-chain game releases has also become more clear, with the expectation that \u201cthree to four to five well-financed, well built-out, important games\u201d will launch within the next six to nine months.<\/p>\n \u201cA lot of people want to own assets. It\u2019s the difference between playing poker for fake money versus playing it for real money.\u201d\u00a0<\/p>\n Spencer insisted that crypto games can be fun, although they don\u2019t seem to exist yet. \u201cWe just need more shots on goal.\u201d<\/p>\n \u201cIf you think about DeFi<\/a> back in 2020, 2021,\u201d Framework Ventures co-founder Michael Anderson said, \u201ca lot of those were just really incentivized games.\u201d He explained it\u2019s a matter of iteration, building on previous formulae but adding more fun elements to the picture.<\/p>\n Spencer pointed to the Friend.tech phenomenon<\/a> as an example of how the gaming market will likely play out on a larger scale. The layer-2 Base network<\/a> social app emerged from a quiet Web3<\/a> social app scene, he said, suddenly drawing \u201cfive million revenue in the past two months.\u201d<\/p>\n \u201cAll of a sudden, there\u2019s 50 Friend.tech clones.\u201d\u00a0\u00a0\u00a0<\/p>\n It\u2019s the same dynamic in every market, Spencer observed. The familiar pattern took place in early DeFi, with a few protocols proving product market fit, he said, after which \u201ceverybody chased them.\u201d<\/p>\n \u201cWe\u2019re now seeing the true believers build it out,\u201d Spencer continued. \u201cThe next phase is going to be the chase, or one of them actually works and then all the [venture capitalists] get super fired up and start funding competitors.\u201d<\/p>\n Having recently returned from Korean Blockchain Week, Spencer observed that developers from the region are building \u201cprobably 50 to 100 games in the next couple years.\u201d\u00a0<\/p>\n \u201cIt\u2019s going to happen,\u201d he said.<\/p>\n Comparing the relatively slow growth of successful crypto games, Spencer argued that many early internet ideas were not actually failures \u2014 they just took years to succeed, when key technological improvements finally enabled their original visions to work. \u201cThere was just a mobile phone size hole or some UI aspect that was missing.\u201d<\/p>\n \u201cThat\u2019s going to happen with crypto, as well.<\/p>\n Spencer appeared to feel most confident about growth in DeFi and real world assets<\/a>, saying he sees \u201cbasically, 100% certainty of those growing another 10 to 100X.\u201d On-chain gaming faces a more challenging path, with about 60 to 75% odds of being \u201cabsolutely huge,\u201d Spencer said. \u201cIt\u2019s just a matter of iteration.\u201d<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Despite the ups-and-downs of the last year in crypto, Framework Ventures co-founder Vance Spencer said his on-chain gaming thesis hasn\u2019t changed. \u201cIt\u2019s become clearer in terms of how it plays out,\u201d he said, adding: \u201cIt takes probably a couple years to build a game\u201d and a hundred or a hundred and fifty million dollars. \u201cAnd […]<\/p>\n","protected":false},"author":2,"featured_media":154171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-154170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=154170"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154170\/revisions"}],"predecessor-version":[{"id":154177,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154170\/revisions\/154177"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154171"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=154170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=154170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=154170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Clones incoming<\/h2>\n
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