Interview with Jenny, Investment Director at Animoca: Product is King, Game Playability Comes First
TechFlow Selected TechFlow Selected
Interview with Jenny, Investment Director at Animoca: Product is King, Game Playability Comes First
The core competitiveness of gaming applications lies in differentiated innovative products, and choosing the right赛道 (赛道 should be kept as is per instruction) is of paramount importance, as it determines whether the market is large enough.
Navigating Web3 tides with focused insightsDozens of founders from the Wanwudao community engaged in a dialogue with Jenny, Investment Director at Animoca, delving into entrepreneurship and investment insights in blockchain gaming. Below are selected highlights:
Wanwudao: How do you evaluate blockchain gaming projects? Including timing,赛道 (sector), and team?
Jenny: Animoca's vision is to attract tens or even hundreds of millions of users into Web3 and promote awareness of digital ownership through high-quality content and IPs. The Animoca Group originated from traditional gaming and realized that many small and mid-sized game studios desperately needed publishing support yet were heavily squeezed within existing traditional frameworks. Thus, since 2017, we have focused on the blockchain gaming ecosystem. Our team remains active in evaluating new projects, though we're slightly more cautious during bear markets. Predicting the right timing for application-layer prosperity is difficult—it’s influenced by capital market cycles, but ultimately depends on breakout products. What truly matters are genuinely valuable applications, not just hype-driven ones.
We believe the core competitiveness of gaming applications lies in differentiated, innovative products. Choosing the right赛道 (sector) is paramount, as it determines whether the market is large enough. What qualities in founders stand out to us? Above all, attention to product detail and preferably a track record of successful prior projects—serial entrepreneurs are ideal. Additionally, having skin in the game—founders with real financial stakes—is a strong plus. Investors pay close attention to whether the founding team is fully committed and all-in.
Wanwudao: How should one navigate downturn cycles?
Jenny: Recently there's been much discussion around Web2.5 and GameFi. I don't see these as conflicting—they can coexist and develop in parallel. Their early adopter communities are actually quite different.
Fully On-Chain Games (FOCG) will likely be the most critical application scenario for ZK technology in the next cycle. FOCG development cycles are relatively short, but due to full-chain constraints, they may still lag behind traditional games or GameFi in terms of content richness and playability. Early adopters will primarily be DeFi OGs and tech-savvy, hardcore enthusiasts, who then help spread awareness to broader audiences.
GameFi targets a wider audience, attracting traditional gamers through innovative gameplay and monetization models. This group is massive in scale. By leveraging open economic models, GameFi enhances game content and strengthens digital ownership, thereby increasing user stickiness. Of course, the fundamental prerequisite is that the game must be fun—if the gameplay isn’t engaging, even the most sophisticated token design won’t save it. Additionally, GameFi’s open economy can also attract native Web3 users who may not be traditional gamers but participate via speculation or strategic gameplay. This isn’t necessarily negative, as it brings greater liquidity to in-game assets.
Wanwudao: Which sub-genres of blockchain games are you particularly bullish on?
Jenny: We’re particularly optimistic about SLG (strategy) games. Compared to other genres, they typically have longer lifespans and built-in economic systems. Their core appeal lies in team-based simulations and trading interactions, with strong monetization potential. These characteristics make them well-suited for tokenization, even evolving into open economies where in-game assets circulate more efficiently. We’re also deeply exploring innovative FPS games combined with博弈 (strategic gameplay). FPS is the world’s largest gaming genre, with a vast player base and solid user foundation. In addition, we’re quite interested in trading-heavy character development games.
Wanwudao: Game development is costly and time-consuming. Is the “NFT-first” model still viable?
Jenny: The NFT market is currently very cold. Raising funds solely through NFT sales to finance game development is no longer feasible—it doesn’t generate sufficient capital. Creators need to first build an Alpha or Beta version, continuously refine details, and attract users to their community through innovation. Only after establishing a solid user base should they consider launching NFTs. Initial funding will mostly come from VC investments. NFTs will increasingly function as long-term consumables. We remain cautious toward super-high-budget AAA titles. Web3 doesn’t need to compete head-on with traditional giants on production scale. Instead, focus on gameplay innovation while emphasizing execution and delivery capabilities. In terms of R&D cost control and operational efficiency, Asian startup teams hold a distinct advantage.
Wanwudao: Where will the next wave of NFT applications emerge?
Jenny: It depends on functionality. When tied to tangible rights and utilities, key application scenarios include gaming, social platforms, and live streaming.
Wanwudao: How should content creators pitch to investors like Animoca?
Jenny: As investors, we first assess what problem the product fundamentally solves. Then we examine its innovativeness, identify the target users and their willingness to pay, and finally evaluate how well the team’s experience aligns with their vision—and their depth of understanding of the broader ecosystem.
Wanwudao: Any advice for blockchain gaming founders?
Jenny: “Product is king”—the game must first and foremost be fun to play. Genre selection is also crucial. For example, take traditional casual mini-games: while they can achieve high daily active users quickly, if their monetization relies mainly on ads, they’re better off staying within the traditional gaming space. Web3 games must ensure their open economies are sustainable. Token design must be tightly integrated with gameplay mechanics and numerical systems—this directly determines the game’s success, so it’s best not to outsource this. Lastly, manage your fundraising rhythm carefully. Valuation should match the product’s stage, and long-term cash flow planning is essential.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
