JUST like the famous Korean pop group, MetaDhana Studio believes the “army” of Filipinos engaging in play-to-earn (PTE) businesses can catapult the Philippines into a global force in blockchain-based game.
MetaDhana CEO Mikhail Jan Peñalosa told reporters in a forum in Quezon City that 40 percent of the Philippine population is aware and active in PTE games.
“It is getting bigger everyday as Filipinos get enticed when they know [there’re] economic opportunities,” Peñalosa said last Tuesday. “Our target is to make the Philippines a powerhouse NFT creator.”
Jed Mark Serilla, head of Growth and Community Development at MetaDhana, pointed out that the ultimate goal of the company is to be the top non-fungible token (NFT) player in the world. Right now, the country has the biggest NFT ownership in the world, according to Australia-based information service Finder.
According to Australia-based independent information service Finder, the Philippines beat out 19 other countries for the top spot for NFT.
Peñalosa said MetaDhana is inspired by the success of Axie Infinity. He added it is now high time for the country to become a top producer of games from a big user of games. At present, he said NFT is a $5 billion global industry.
“The Philippines contributes a big chunk of the pie,” Peñalosa added.
He explained that Axie Infinity generates $130 million to $150 million in volume on a daily basis. “Thirty to 40 percent of that volume comes from the Philippines,” he said.
It added that around 32 percent of Filipino claimed they are NFT owners in the company’s own online surveys which were released last November. Thailand and Malaysia came in second and third respectively with 26.6 percent and 23.9 percent.
Peñalosa said they are inspired by the success of Axie Infinity. To jumpstart their objective, MetaDhana Studio is set to launch its first blockchain-based, play-to-earn (P2E) Rooster Wars, an online game inspired by classic fighting games like Street Fighter but with simpler mechanics.
Developed as a PvP (player-versus-player), Serilla said Rooster Wars is inclusive in terms of playability while remaining competitive. Sevilla said it’s a “rock, paper, scissors” fighting game with added depth that allows players to customize the build of their characters and formulate strategies in real time to win.
The project became feasible through a joint venture with Ranida Games, a game development company responsible for creating Basketball Slam! which attracted more than 10 million downloads.
“We did extensive economic research and financial modeling in designing the economy of rooster wars with the goal of creating a sustainable economy for the players,” Peñalosa explained. “The economic design of Rooster Wars is a hybrid between subscription model and the self-paying capabilities it offers through staking, yielding farming and playing.”
Peñalosa said Rooster Wars is quite different from e-sabong as its animated and story-driven, promoting a cruelty-free experience. Moreover, it’s far from being outright gambling because there is no betting from both players and spectators. Lastly, only in-game resources are spent when participating in battles or revitalizing burned-out roosters.
“The idea of cockfighting has a negative connotation in some regions, although it’s been embedded not only in Filipino culture but also in countries like Brazil and Thailand,” he said.