Binance Labs Roundtable: How Should Blockchain Games Respond to Criticism of "Black Myth: Wukong"?
Recently, the rise of Black Myth: Wukong has garnered widespread attention in the Chinese-speaking world. However, its first investor publicly stated that they would never invest in Web3 games and criticized Web3 entrepreneurs for lacking passion for gaming. This sparked significant industry debate. Binance Labs, together with Mable Jiang from StepN, Jonny Chen from Sidekick, and Michael Tong from Xterio, held a Twitter Space to discuss these hot topics. WuBlockchain has been authorized to republish and edit this discussion. The panelists discussed whether large-scale, long-development games like Black Myth: Wukong fit within the Web3 ecosystem. The general consensus was that Web3 games are currently more suited for lighter, faster-to-launch games, allowing developers to gain experience gradually before considering larger productions. This is because Web3 projects often lack the long-term funding that traditional games benefit from, and market demands change rapidly. Participants highlighted that Web3 games shouldn’t solely focus on financial rewards. While many players enter Web3 for profit, developers need to create engaging game experiences and use financial features to deepen and enhance gameplay rather than relying entirely on the “earning factor.” The panelists also explored the balance between project team control and decentralization, emphasizing transparency in project management and reducing early dependency on NFT fundraising. They acknowledged that existing governance mechanisms need improvement, especially in protecting community interests, balancing gameplay with financial elements, and ensuring both community involvement and developer accountability. The transcript is provided by GPT and may contain errors. Please listen to the full podcast: YouTube Spotify Podcasts Guest Profiles Michael Tong, Co-founder of Xterio Michael Tong is the co-founder of GameFi platform Xterio. He was involved in the development of classic games like Westward Journey and Fantasy Westward Journey at NetEase. After transitioning into investment, he invested in companies such as FunPlus. With the rise of Web3, he founded Xterio to drive innovation in the gaming industry through decentralized technologies. The platform is currently developing multiple games, including RPGs, AI pet games, and shooters. Mable Jiang, Co-founder of FSL Mable Jiang is the co-founder of FSL, a Web3 game developer known for innovative blockchain games. Her team has released successful products like StepN and Gas Hero. Mable believes Web3 can enhance strategy and idle games by incorporating financial elements, enriching the gaming experience. She and her team are exploring how blockchain can make gaming more engaging. Jonny Chen, Founder of Sidekick Jonny Chen is the founder of Sidekick, a platform that offers gaming companionship. He previously formed an eSports team in the UK that won championships. In recent years, he shifted his focus to Web3 and founded Sidekick to foster closer community connections in Web3 gaming, allowing better interaction between players and developers. Michael Shares His Journey from NetEase to Founding Xterio Michael: Thanks to Binance Labs for organizing this, and I’m honored to be part of this discussion. First, a brief introduction. I joined the development of Westward Journey in 2003 and worked on the MMORPG Fantasy Westward Journey for PC in 2004. I led the gaming department at NetEase before transitioning to become a professional investor, where I invested in companies like FunPlus. Regarding my Web3 experience, I’ve always been interested in emerging technologies throughout my gaming career. For example, when the Play-to-Earn (P2E) concept emerged, I was intrigued. I first heard about Ethereum in 2008, although there wasn’t much information available at the time. I researched concepts like CryptoPunks and smart contracts, which I found fascinating. What really pushed me to seriously consider Web3 was the summer of 2021. We saw it as an exciting new industry. After discussions with the FunPlus team, we decided to launch a startup in the Web3 space, which led to the birth of Xterio. Xterio is both a Web3 game publishing platform and a developer of four in-house games. Our first game, Age of Dino, is already live, and three more games will launch in the coming months. These include an AI pet game, a first-person shooter (FPS), and an RPG called Overworld. As Nicola mentioned, many of our team members come from traditional gaming backgrounds, particularly AAA game development. We have extensive experience in mobile games, especially on platforms like QQ Games. While most AAA game development focuses on PC or browser-based games, it’s rare to see AAA titles released simultaneously for mobile in both Web2 and Web3. Our goal is to use decentralized Web3 technologies to not only develop high-quality games but also redefine the entire game industry chain. We believe Web3 brings tremendous opportunities to the gaming sector. Decentralization can reshape not only game development and publishing but also make the industry chain more open and transparent. We don’t just want to make games; we aim to leverage Web3’s features to involve the community and players in promoting and developing games. We believe Web3 has the potential to revolutionize not only how games are made but also how they are marketed. Returning to Xterio, our platform is not just a game publisher. Through Web3 technologies, we allow community participants to share in the development and promotion of games. We’re working on reducing game development costs through decentralized computing and storage while allowing players and communities to engage directly in the game’s creative and development processes. Looking forward, we aim to drive more innovation in the industry through Web3. What’s the Potential for Large-Scale Games Like Black Myth: Wukong in the Crypto Industry? Michael: I think Black Myth: Wukong proves something important. For the past 10 or 20 years, some people might have viewed games as just for kids. In China, parents even referred to them as “electronic heroin.” But Black Myth breaks this stereotype by using a new medium and format to convey Chinese culture. For instance, I grew up watching Journey to the West, and now I can play a game featuring the Monkey King. This is a unique experience — seeing the Monkey King create clones with a hair or somersaulting across the skies is exciting. It shows that games can appeal to all ages and everyone can enjoy them. If a game can attract such a broad audience, the challenge is how to translate that into success in the Web3 space. Black Myth: Wukong took eight years to complete. I’m not saying it will take eight years to see a Black Myth in Web3, but the path isn’t easy. However, people are working hard, and I believe, despite the challenges, the future is bright. How Can Large Games Secure Enough Funding in the Crypto Industry? Michael: From a funding perspective, this isn’t just a Web3 issue. New technologies like AI will also impact game development and marketing in the future. In Web3, we have a community-based model, where members can participate in promoting games through different tokenomics. AI will also play a big role in production. Some tasks that used to be difficult — like model creation, lighting, or motion capture — could be solved with AI in the near future. Ultimately, people value creativity, innovative gameplay, and overall feel, not just production costs. By using decentralized computing and storage, we can distribute tasks to different people and lower development costs. So, creativity and ideas will be even more valued in the future. What Game Types Suit the Current Market? Mable: Many users’ opinions are valid: if they want to play high-quality games like Black Myth, with excellent graphics and long development cycles, they don’t necessarily need Web3 features because the gaming experience itself is enough to make them pay. The market has gone through two phases. The last cycle brought us Axie Infinity and StepN, which were more like tools for making money than pure games. Now, player behavior has become more complex, and they have a deeper understanding of game mechanics. So, simply repeating the old model won’t work anymore. I believe today’s players want to combine Web3 with financial elements to make the game mechanics more interesting. It’s like playing poker — without money as chips, the game loses excitement. However, players aren’t necessarily playing for profit but because the financial aspect adds depth and excitement to the game. That’s why I think many SLG (strategy games) or idle games are perfect for integrating Web3 elements. These games can leverage blockchain’s advantages, such as efficient pricing and lower transaction friction, to enhance the player experience. Instead of focusing on complex, time-consuming games, I see greater potential in games that can fully utilize blockchain’s unique characteristics. For example, in Gas Hero, we designed the game to make the mechanics more engaging. Financial elements don’t necessarily mean making money; they add richness and fun to the gaming experience itself. Breaking Through Bottlenecks in Web3 Gaming and Achieving Competitive Differentiation Jonny: I agree with Mable’s points but have some additional thoughts. First, Black Myth: Wukong represents two things: a team that worked for seven years without profit to create a stunning AAA game, driven by passion for a long-term vision; and its cultural impact, not just from the Journey to the West IP but also from the team’s dedication, which resonates in the market. Regarding Web3 games, the current bottleneck is whether we should spend three to four years developing a big IP game or first release a series of smaller games to transition from 0 to 1, drawing non-Web3 users into the ecosystem. I lean toward releasing smaller games first, especially SLG or idle games. These can quickly attract users, helping them enter Web3 and laying the foundation for future larger projects. A classic example is my friend Paul’s company Mediatonic, which developed Fall Guys. While people may not know Mediatonic, Fall Guys was a massive success globally. Before this, Paul and his team had made over 300 smaller games, learning from each failure and gradually gaining experience. Eventually, they released Fall Guys, which became a huge hit. In Web3, I sense that many project teams are anxious about failure. But I believe failure isn’t something to fear — it’s important to have clear goals and move forward step by step. By testing the market with smaller games, teams can gain experience before developing larger titles. This approach is more sustainable. I think gameplay is more important than content or IP. Take PUBG, which innovated the battle royale genre — that was a gameplay breakthrough. Web3 games should similarly use small games to quickly attract users, teach them how to use Web3, and gradually build a stable user base before launching large IP games. Michael: I fully agree with Mable and Jonny. A good game doesn’t need to have the best graphics or be a AAA title — if it’s immersive, it’s a great game. Take Sheep a Sheep, for example. It’s a simple game but highly addictive. Whether big or small, a game that resonates with users is a good game. Regarding financial aspects, people may think Web3 players are there to make money, while Web2 players just want fun. But these two aren’t mutually exclusive. For example, in Fantasy Westward Journey, players set up stalls to sell weapons and gear, chat with others, haggle prices — that’s fun in itself. This social and competitive aspect is where Web3 games can further develop. One reason we’re focusing on SLG games is that they naturally fit Web3. In SLGs, players don’t just need money — they also need cooperation. Activities like building roads and gathering intelligence require coordination, and Web3 can enhance this complex interaction. Players can participate in the in-game economy by crafting and selling items, benefiting both Web2 and Web3 users. As for why we chose the dinosaur theme (Age of Dino), it’s because dinosaurs appeal to both Western and Eastern audiences. We incorporated armored dinosaur designs and conducted extensive research, finding that players loved this blend of mystery and familiarity. This makes our game more appealing. How Can Projects Give Back More Value to the Community and Users? Mable: I strongly agree with the idea that projects shouldn’t rely on community fundraising to get started, and I have strong feelings about this. Early NFTs should be free, not sold. This is the approach we took with StepN and Gas Hero, including the StepN GO sneaker raffles, where we only charged 5 GMT. The logic behind this is that if a project succeeds, it will naturally generate transaction demand, allowing the project team to profit through transaction fees, rather than upfront asset sales. Our approach is risky, but it benefits users by lowering their initial costs and allows the project team to move forward with fewer burdens. From the user’s perspective, everyone starts with the same cost, which makes things fairer and simpler. Speaking of giving back to users, let me use StepN as an example. About a year and a half ago, we launched an honor system where each user has an achievement wall that records various milestones. For instance, if a user walks 1,000 kilometers or 2,000 kilometers, or achieves something interesting, like unusually good or bad luck with loot boxes, they earn badges. These badges are visible in their account, motivating loyal users. Additionally, we reward users through StepN’s airdrop system. Initially, the criteria were simple, but with the honor system, we can better incentivize loyal users. Users who regularly engage with the app and reach certain milestones, such as walking 2,000 or 5,000 kilometers, or participating in events, receive rewards. Moreover, we have an FSL Points Program that returns 2% of marketplace revenue to users. For instance, every transaction in StepN’s marketplace includes a royalty fee, with royalties from branded items going to the brands, while 100% of the transaction fees are returned to users. This straightforward approach encourages more trading on the platform. In other apps, we also return about 20% of fees to users. These methods aim to incentivize loyal users and help the project grow alongside its community. I believe any project that aims for long-term growth will find ways to give back to the community because this is essential for building a sustainable future. Follow us Wu Blockchain is free today. But if you enjoyed this post, you can tell Wu Blockchain that their writing is valuable by pledging a future subscription. 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