- With NFTs becoming a fading trend, SBINFT’s CEO shares how the platform transitioned from an NFT marketplace to a Web3 gaming hub.
- After emerging as the top NFT marketplace in Japan, SBINFT unveils its plans to go international.
- SBINFT’s CEO also shares his vision for the Web3 gaming industry.
Just as the crypto market surged to new heights during the 2021 boom, NFTs and Web3 games emerged at the forefront, introducing a new layer to digital ownership and decentralized ecosystems.
However, it wasn’t long until the industry backtracked following the subsequent bear market, posing challenges for many projects, especially those centered around offering NFTs.
Against this backdrop of unnerving market conditions, SBINFT recognized an opportune moment to pivot its focus from NFTs to Web3 games, believing it to be the ‘perfect time’ for such a move.
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In an exclusive interview with DailyCoin Senior Journalist Insha Zia, SBINFT CEO Jangdeok Ko talked about the company’s strategic transition, collaborations, and more.
SBINFT’s Transition From an NFT Marketplace
SBINFT had a very interesting entry into Web3 games. Its journey began with the merger of the Smartapp crypto wallet and the DoubleJumpTokyo game. Focused initially on wallets, the company shifted to NFTs due to challenges in the Japanese crypto wallet market. Renamed SBINIFT after joining Japan’s largest financial conglomerate, SBI Group, in August 2021, it gained popularity for Nanakusa, an NFT marketplace focusing on authorized artists and partners.
However, with NFTs becoming a passing trend following the 2022 bear market, SBINFT pivoted to the blockchain gaming industry. Reflecting on the transition, Jangdeok Ko highlighted the absence of a market for blockchain games and the emergence of Oasys as key factors that influenced SBINFT’s decision to enter the industry.
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“In Japan, there was not yet a market for blockchain games, so we continued to handle NFTs issued by art and companies. Later, with the launch of the Oasys chain in 2023, expectations for the blockchain game market in Japan suddenly grew, and we thought this was the perfect time to rebrand the SBINFT Market to a marketplace specializing in games.”
Ko told DailyCoin that since the transition, SBINFT has emerged as the ‘first and most trusted public chain-based NFT marketplace in Japan.’ Given the platform’s ‘proven track record,’ major game developers have chosen SBINFT as its first secondary market for distributing NFTs in Japan.
SBINFT’s Vision For The Web3 Gaming Industry in 2024
Blockchain games continue to demonstrate vast potential in 2024, accounting for an impressive 34% share of all dApp activities and attracting 1.1 million users daily. As the industry rapidly evolves, Jangdeok Ko envisions transforming SBINFT into an ecosystem for Web3 games, actively collaborating with developers to expand the market and maximize liquidity for game NFTs.
Ko attributes much of SBINFT’s success to Japan’s reputation as a crypto-forward jurisdiction. In 2023, Japan introduced several crypto-friendly regulatory frameworks to foster industry growth. Highlighting Japan’s leadership in the Web3 industry, Ko stated,
“Japan is ahead of the rest of the world in actively promoting Web3 under the leadership of the government. The government is driven by the anticipation of a new era that will be based on Web3.”
“SBINFT has been communicating the Japanese government’s efforts to the rest of the world and has attracted attention for SBINFT to take the lead in Japan’s goal of creating a domestic and international market as a Web3-promoting country,” Ko added.
Going International
SBINFT has undoubtedly made a mark for itself in the Japanese Web3 gaming industry; however, its ambitions extend far beyond national borders. One of the initiatives it’s working on is enabling international credit card payments beyond Japan. Jeongdo Ko elaborates on the progress, positing:
“SBINFT has implemented user-to-user credit card payments for secondary distribution.
This is a step to increase liquidity for the multiple-game NFTs that are scheduled to start listing this year.”
Ko emphasizes that with Japan’s relatively low crypto-holding population, it becomes crucial for the company to broaden its horizons and facilitate greater accessibility to blockchain gaming.
In lockstep with its plans to capitalize on the burgeoning Japanese Web3 industry, Ko revealed plans for collaborations with various companies throughout the year, with numerous announcements expected in the second half of 2024. The SBINFT chief shared,
“SBINFT is also planning to participate in NFT.NYC 2024 and Paris Blockchain Week, so we hope to be able to continue communicating this information when we interact with event participants there. We are also prepared to continue to actively seek out international partners.”
On the Flipside
- According to a 2023 CoinGecko report, over 80% of blockchain games have closed shop over the last five years.
- According to DappRadar research, the Japanese industry projects an increase in NFT spending value from $1.36 billion to $8.8 billion by 2028.
Why This Matters
Blockchain games are an integral part of the crypto industry, manifesting an important and practical use case for digital assets. The industry has attracted substantial investments and user engagement, collectively securing over $2 billion in funding last year. SBINFT’s emergence in Japan exemplifies the growing prominence of the industry and showcases how companies can adapt to remain relevant and flourish.
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