The future of crypto lies with gaming, according to Sandeep Nailwal, the co-founder of Ethereum (ETH) layer-2 scaling solution Polygon (MATIC).
Nailwal conducted a Reddit ask-me-anything (AMA) session on Thursday and Friday, responding to questions about his project and the crypto space at large.
Gaming Represents the “Largest-Scale Opportunity” for Crypto
When asked about potential real-life use cases for the blockchain, the Polygon co-founder said he thought gaming represents the “largest-scale opportunity for crypto.”
“And gaming adopts new technology in hoards. There are some top games launching in Web3 in the next 6-18 months, and it would be very interesting to see if some of them are able to crack the crypto code. Last year itself, there was $2 billion+ in funding for Web3 games. Polygon combined with its ecosystem players like ImmutableX (IMX) got the lion’s share in terms of those funded games. Fingers crossed for some of them to go big!”
The Perception of the Crypto Industry
During the AMA, another Redditor asked Nailwal why “the entire crypto industry [feels] like a scam and a waste of time?”
The Polygon co-founder acknowledged that “90% of crypto tokens are scams” but also pointed to some of the altruistic utility the digital asset space has provided in recent years.
“I also share your frustration that we have not created that many products that can add value to Humanity, but there are some things I would like to share:
- The whole Defi (decentralized finance) space has created a lot of financial primitives like Decentralized Exchanges, Money Markets, etc., who are currently maturing and will scale as blockchain infrastructure scales and will become the norm.
- Whether it was the Covid relief in India, or War relief efforts in Ukraine, or Earthquake relief efforts in Turkey, Crypto technology and community were at the forefront and for a good amount of time was the only way to channel in the money for the relief efforts.
- A lot of people in Africa and Latam (Latin America) are today using USDT as a means of preserving their wealth against inflation in their local currency.”