Returning from mining to the gaming sector, The9 plans to build a "Web3 version of Steam"
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Returning from mining to the gaming sector, The9 plans to build a "Web3 version of Steam"
You can say it doesn't understand mining, but never say it doesn't understand gaming.
Navigating Web3 tides with focused insightsBy Eric, Foresight News
In early 2021, The9 Limited (referred to as "The9"), a U.S.-listed company primarily focused on gaming, began expanding into the Web3 sector by adding cryptocurrency mining operations covering Bitcoin, FIL (Filecoin), and XCH (Chia). Later, it launched the NFT platform NFTSTAR and entered the Web3 gaming space. To date, The9 holds over 500 Bitcoin and has deployed mining equipment in multiple overseas locations.
As the former agent for MU Online and World of Warcraft, The9 is undoubtedly a shared memory for generations born in the 80s and 90s. Although The9 did not abandon its game publishing and development operations after entering the Web3 industry, its initial focus on mining rather than launching a blockchain game came as a surprise to many.
After being absent from Web3 news for two or three years, The9 officially announced in August the launch of The9bit, a Web3 gaming platform described as a culmination of decades of gaming resources combined with token economic design.
The9bit: A Steam-like Platform Using Tokens to Empower Players and Communities
Steam, the largest game distribution platform, enables value flow only from users to publishers. The9bit, by contrast, aims to build an economic system where players, creators, and publishers can all share in the revenue. According to official data, The9bit currently has over 4 million registered users, 300,000 daily active users, more than 100,000 orders, and has generated over $1.5 million in platform revenue.
According to The9bit documentation, players can earn points—redeemable for 9BIT tokens or in-game items—by purchasing well-known IP 3A games, topping up mobile games, completing tasks or watching ads in casual games, participating in esports competitions, and acquiring rare collectibles. For 3A games, The9 has obtained Capcom's distributor authorization, allowing players to purchase titles such as Devil May Cry, Resident Evil, and Monster Hunter. The9bit plans to further expand licensing so that all games available on Steam will also be purchasable on The9bit.
Regarding how users can top up mobile games like Genshin Impact, PUBG, and决胜巅峰 on the platform, The9bit explains that direct top-ups are supported via DTU without pre-funded balances. This functionality is only possible through partnerships with game publishers, meaning users need only an account on the platform to use their cryptocurrencies for top-ups and earn points.
Beyond gaming, The9bit has introduced Spaces, a Discord-like social tool designed as a foundation for building gaming guilds. Players can join Spaces to post or explore content such as game clips, blogs, and guides, supported by AIGC tools provided within the platform. Additionally, the community will host esports events offering rewards.
In addition to earning points through individual actions, players can receive daily token rewards based on their Space’s “performance,” calculated using a weighted formula based on user engagement and platform contribution: 20% for new users, 20% for DAU activity, and 60% for in-store spending. Of the daily distributed tokens, 50% are immediately released, while the remaining 50% are unlocked after a 12-month lock-up period. The9bit has partnered with the Web3 gaming guild Yield Guild Games (YGG), which likely contributed to the platform’s rapid user growth and the establishment of numerous Spaces communities within two months.
This kind of platform was clearly not designed overnight. It was learned that from 2022 to 2023, one year after entering the Web3 industry, The9 experimented with investing in and incubating several GameFi and NFT projects but found the barrier to entry for players into Web3 gaming still too high. In June 2024, The9 formally hired Marrtin Hoon, former executive at 91 Assistant, to establish The9’s Web3 division. Marrtin Hoon previously helped many traditional operators develop game distribution platforms and launched numerous games in Southeast Asia, Central Asia, and the Middle East. As a founder, he also launched the Web3 game distribution platform MetaOne. The9bit is precisely the result of this Web3 team’s year-long incubation, combining their Web3 expertise with deep-rooted gaming industry resources.
9BIT Tokenomics Design
The 9BIT token will be issued on Solana with a total supply of 10 billion. Allocations include 35% for the ecosystem, 15% for market liquidity, 38% for the project treasury, 7% for the team and advisors, and 5% for strategic investors. The9bit plans to officially launch the 9BIT token by year-end, though the exact date remains unconfirmed.
Of the 35% allocated to the ecosystem: 13% will go toward incentives for players, communities, and guilds—rewards in the form of tokens redeemable from points earned through gameplay, content creation, and top-ups; 8% will fund daily Space rewards; 2% will support a KOL/KOC program to help creators attract more users; and 12% will be assigned to an ecosystem fund for intellectual property investments, strategic partnerships, and incubating projects aligned with ecosystem goals.
Half of the 38% allocated to the project treasury will belong to The9, to be used for establishing future partnerships, expanding game IPs, funding platform growth operations, and strategic acquisitions.
Beyond typical token functions such as in-platform transactions, incentives, governance, and access to exclusive content, 9BIT uniquely allows holders to purchase The9’s NASDAQ-listed stock during a specific annual window. The9bit has designed a token buyback program, under which a portion of the platform’s annual net profit will be used to repurchase tokens. Revenue sources include game distribution, in-game top-ups, and advertising in casual mini-games. According to the project roadmap, the 9BIT token is expected to be listed on at least one exchange before year-end.
The roadmap also outlines upcoming features planned for release before next year’s Q1, including peer-to-peer trading of in-game assets, a staking page, the aforementioned AIGC creation tools, and esports events. Currently, users can pay with cryptocurrency when spending on the platform. Additional fiat-to-crypto exchange channels and direct fiat payment options are expected to launch by mid-October. With these new features and the introduction of the 9BIT token, we can expect to see broader use cases for cryptocurrency on the platform.
The9 has expressed strong confidence in its token. Public information indicates that within The9bit’s ecosystem design, The9 is not just the builder and operator of the platform, but is gradually transforming into a digital asset reserve company. As the 9BIT token is issued and platform revenues grow, The9 will continuously accumulate 9BIT assets through the buyback mechanism and include them in its corporate treasury. This strategy strengthens The9’s influence within the Web3 economy and equips it with long-term digital asset management capabilities. In the future, as 9BIT issuance expands and market capitalization rises, The9’s balance sheet and income statement will benefit from the appreciation of its 19% stake in 9BIT. The9 could become the first publicly traded company to accumulate its own native token, creating a mutually reinforcing relationship between its stock price and token value.
Why Is a Gaming Platform Still Worth Anticipating?
If you’re familiar with the Web3 gaming space, you’ve likely heard the “Web3 version of Steam” narrative more than once. Yet, as mentioned earlier, The9’s expertise in gaming is unquestionable. Regardless of whether the integration with Web3 achieves its intended success, the credibility of The9bit steadily adding more games is high—a fundamental capability notably missing from most projects claiming to be a “Web3 version of Steam.”
With advancements in technology and the industry, the overall gaming ecosystem is shifting toward UGC and AI, and traditional models of game distribution, publishing, and retail are being fundamentally reshaped by Web3. The9 firmly believes The9bit will be among the leading new ecosystem models driving this transformation—one that truly integrates games, players, and communities, redistributes revenue through Web3 technologies, and delivers a transparent, unique, accurate, and reliable implementation.
Since entering the Web3 industry in 2021, after more than four years of exploration, The9 has ultimately returned to its core strength: gaming. It has poured decades of accumulated industry resources into this venture. As perhaps the company in the Web3 space that best understands gaming, we look forward to seeing The9 turn its vision into reality.
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