The emergence of the Web3 gaming industry has been nothing short of remarkable. With advancements in blockchain technology and the rise of non-fungible tokens (NFTs), the gaming industry is undergoing a significant transformation. As a result, game developers and players alike are beginning to explore new and innovative ways to interact with games and create value within virtual environments. Jyotirman and Vaibhav, the co-founders of Waxvapour Labs, are at the forefront of this movement, and in this exclusive interview, they share their insights and experiences in navigating the exciting and rapidly evolving world of Web3 gaming.
Jyotirman and Vaibhav share their journey from being inspired by the concept of the Metaverse from the Matrix movie to founding Waxvapour Labs, a startup that aims to simplify the complex world of Web3 gaming. Their vision is to create a unified gaming currency that will help address the dilution of the market and provide a more stable and trustworthy solution. During the interview, they discuss their coin’s utility, their plans to support indie game developers, their hybrid revenue model, and the challenges and opportunities that come with being a Web3 startup.
Their passion for the future of Web3 is contagious, and their insights into the challenges and potential of this emerging industry are invaluable. So, sit back and enjoy this enlightening conversation with Jyotirman and Vaibhav, the co-founders of Waxvapour Labs.
How did the idea come into existence of founding the Waxvapour labs? What is the inspiration behind it?
We were very intrigued with the idea projected in the movie matrix, with a completely augmented world, being optimistic about it we don’t think we will be governed by robots just yet, Augmented reality is something that we believe is the eventual progression of Social media and online presence – So when Facebook rebranded themselves as Meta and declared their commitment towards Metaverse, we were ecstatic.
We live in India and it’s a huge market but it’s also a market where the adoption rate of newer tech is very limited, from this point we started thinking about ways to portray this new tech in a way that the entry-level barrier gets taken care of. We decided to tackle the gaming industry to use as a launchpad for the next era of Computing. As games have more in common with Metaverse than other industries, they already have a Sandbox world, some sort of in-game economics, and multiplayer interactions. Now that we had the market sorted, we started to observe problems that the Gaming industry are facing for far too long, and thus the idea of iOwn.Digital was born.
What is that specific problem in the Web 3 gaming industry, that your product is catering to?
With every new Web3-enabled game forking their own currency, the market is getting diluted for the Game related currencies, each coin just catering for their parent company’s games, what problem we are facing with the web3 gaming industry is very similar to what happened in the early 1980s, with the proven market gap of gaming consoles at the time, everyone started making their own set of game consoles, All these game consoles created a big bubble where consumers were confused by the options and market share was so diluted by this that many gave up midway through the journey. We are seeing a similar pattern emerging with the game crypto space, and we think a unified game currency can help immensely not only with a simpler approach of using 1 currency but also with this network model will mean that this currency will be rather stable and more trustworthy backed by many game studios, not one.
Can you tell us more about your coin and its utility?
Our Coin is catering 3 simple pain points –
- It’s eliminating the need of hosting your own chain or to even join a bigger network by forking, game studios will be able to use our network chain via an API as well as a node hosted by themselves.
- It is not just the coin we are working on – our first prototype will carry an NFT store, where what you will earn in the game will be reflected. You can either collect, trade, or sell these assets with their properties.
- Our consensus is based on the user’s performance in the Game, which also varies from game to game, the quantity of coins mined depends on how complex the game is, Hence more difficult games mine more coins rather than simple games. Game complexity is defined by a focus group that first play tests the game and defines the game’s complexity multiplier.
How many games does the coin support currently or plan to support?
It is in development as of now, but we plan to launch it very soon – giving indie game developers a chance to integrate their games with our network without the hassle of having to use any costly/complex solutions out there.
What is your revenue model? Is it a B2C or B2B model?
We have a Hybrid revenue model that includes both B2B and B2C components some of which are-
- Integration charges from the game development Studios
- NFT based Advertising model
- Royalty on cross-platform purchases
Considering the current market state and declined VC funds in the Web 3 space, Do you think it’s the right time to build for Web 3 Startups?
Lotus blooms in the mud, by mud I mean uncertainty and lack of clarity of the market, this is where people get big not in a rat race but fighting against all odds.
We believe that Web3 is going to be the eventual progression of social media and networks. Day by day more and more companies and people are understanding the need for decentralized networks and how it is putting the power back in people’s hands, we are determined to do what we are set to, and sooner or later VC’s and the rest are also going to notice the power and the impact web3 will have on the tech industry and the society in general.
What are some major challenges for entrepreneurs in the Web 3 space and how much time would the mainstream adoption of Web 3 take?
There are some major pain points for the web3 startups as of now, some of them being –
- Lack of awareness among the VCs causes a lot of skepticism as well as over-explaining on the founders’ end.
- The talent pool is fairly limited, so hiring the right people is not easy.
- A very new industry so I am sure there are some major vulnerabilities to be disclosed over time, constant work on the tech is very much needed.
- Even at the consumer end, this is a market of the informed, new people get intimidated very soon by the sheer no of options and things they need to understand even before getting in, it is just like the early days of computers. But I am optimistic and I think there is going to be a huge no of products catering to this problem.
After the insightful conversation with the Co-founders of Waxvapours, it is clear that the industry is ripe for disruption. The challenges facing the traditional gaming industry, such as centralized control and limited ownership, are being addressed head-on by innovative solutions like those offered by Waxvapour Labs. By leveraging blockchain technology and decentralized platforms, Web3 gaming promises to empower players with true ownership of their assets and provide a level playing field for all participants. As this industry continues to grow and evolve, it will be exciting to see the impact it will have on the future of gaming as we know it.
If you enjoyed reading the interview, and want more insightful entrepreneurial stories in the web 3 space, don’t forget to subscribe to our newsletter.