Skyler Meine, a former serial entrepreneur, and Tyler Jorgensen, a lifelong gamer and product creator, co-founded NFTy Arcade, which is developing technology to boost consumer adoption of Web3 by adding convenience, transparency, and financial tools. Individual customers will subsequently be able to add monetary value to their digital assets.
According to co-founder and CEO, Tyler Jorgensen: “We believe the future of ownership is digital. Everything from labor, to identity, to consumer products will be unique digital property and we are starting with video games!”
Over the past few decades, gaming has undergone significant change. In what seems like the span of a single eye, the dominance of consoles has given way to free-to-play mobile games. The gaming industry is currently ruled by titles like Candy Crush and Clash of Clans.
Fortunately for all players, technology that supports digital property ownership is encouraged in game development because when players own their in-game items, they spend twice as much as they would otherwise.
For instance, gamers typically spend $80 on a single game over the course of their lifetime, but when digital property ownership is taken into account, they spend $160.
NFTy Arcade set out to develop software that they believe can 10x the average gamer’s spending after noticing this rise in spending on games.
Skyler Meine has had success in frontier markets before. Meine founded IdealShape, a women’s supplement company focused on e-commerce, in 2006. She later sold the company to a European organization that was acquiring businesses in the industry.
Skyler has been developing and fostering startups since his exit through his family business, Drive Ventures.
NFTy Arcade, a startup, has already established a partnership with Splinterlands, one of the biggest games in Web3 gaming.
“NFTy Arcade has quickly become an essential contributor to the ecosystem. They have found unique ways to remove complex barriers for new players and communities to onboard into our game, which is incredibly valuable to us. But, at least In Web3, it’s hard to say such things about many organizations in this early phase of the space.”, said Splinterlands VP of Sales Jon Monaghan.
The platform of NFTy Arcade makes participation more convenient, and this level of transparency really unlocks the value creation that has been present in our daily lives but lacked a way to materialize.
“We see NFTy applications for many industries like ticketing and automotive. Imagine renting out your season tickets for a professional sports game you can’t attend simply and cost effectively, or being able to sell or transfer ownership of your car title seamlessly in one marketplace. It’s a big idea, and we believe that the time to build this is right now,” Jorgensen said.
When asked about his partnership with his young, upstart cofounder, Tyler Jorgensen, Meine said, “Our shared belief that the world is rapidly becoming more and more digital and that this technology will accelerate the mainstream adoption of Web3 has brought us together. The platform we’re building has so many applications in gaming and beyond”.
The company is currently in discussions with venture funds and participating angel investors to finance the coming round on top of onboarding the next 3 games.
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