Hironao Kunimitsu, the founder of Tokyo social gaming firm Gumi, believes that blockchain-based trading of non-fungible tokens (NFTs) in video games will grow to become ‘more valuable than Japan’s entire economy’.
non-fungible tokens bring economic value and activity to the world of video games. These are unique tokens that represent a certain in-game asset. It’s proof of ownership and has real scarcity.
Kunimitsu points to games like Fortnite and Minecraft, which are both played by approximately 150 million players every month. That’s a lot. As a country, Japan has 126 million citizens. As soon as people start adopting blockchain technology, the value of digital assets will surge.
The Japanese businessman also expects that people’s perception of games will change. Playing games will no longer be considered a waste of time, but instead, it could become a valuable business investment. Imagine ‘playing Minecraft for an unlimited amount of time to build a magnificent house, and sell it to the people who are good at making money in the real world’, Kunimitsu explained. “There will be lots of elementary school students who earn a lot”.
Hironao Kunimitsu also added about how will the gaming industry will Dwarf Economy of Japan:
“If blockchain guarantees that ‘this house is the only one existing in the world’, there will be someone who wants to pay to get it. 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”.
“Now Facebook’s Zuckerberg is developing Libra. They are also doing the VR business through Oculus. 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”
“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.”