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CZ criticizes free-to-own business model: "High risk" for early adopters

 


Changpeng "CZ" Zhao, the CEO of Binance, on Tuesday criticized the new "free-to-own" business model in the GameFi space. He commented on this:


"If everything in the world is free now, why do we have to work so hard..."

The Binance CEO explained that nothing is completely free. He pointed out that the exchange could zero trading fees on Bitcoin ( BTC ) and Ether ( ETH ) only because of good earnings from other trading pairs. He added new projects that allow players to sign up for free could be high risk for early adopters.


The company targeted by CZ's criticism is gaming startup Limit Break, which raised $200 million in venture capital funding on Aug. 29. The project has gained popularity with an NFT collection called DigiDaigaku. You can emboss these for free.


Initially, the community can start for free and own NFTs, which in turn act as factories that create new NFTs for the game and cosmetics. The idea behind this is that players aren't under any pressure to recoup the cost of their investment as quickly as possible since they get the NFTs for free. Therefore, they can stay in the game much longer.


Ryan Foo, a gaming economist at Delphi Digital, said Limit Break only charges a 10 percent transaction fee on NFTs. In the weeks since the release of the NFTs, around 3,900 ETH worth of collectibles have been traded. The book turnover amounts to more than 600,000 US dollars.


In recent months, blockchain games have been heavily criticized by gaming industry veterans for focusing on "money-making" rather than gameplay fun. For example, Mojang Studios, the developer behind Minecraft, has banned NFT integrations , citing "speculative pricing" and an "investment mentality" that hurt the gaming experience.

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