SevenX Ventures: Ronin, a song of innocence and experience

By Yinghao, Investor at SevenX Ventures (Twitter @linsajiao )

The beginning of the story: Why did our discussion about Web3 Game come about?

The answer comes from 1 intersection.

From Web3 to Games

When we talk about “Web3”, we are talking about three things: blockchain technology, decentralization, and token economics.

All builders and believers hope that Web3 is a disruptive innovation. Brian Arthur describes disruptive innovation in The Nature of Technology as re-determination, that is, a paradigm shift for all past technologies, and a redefinition of the technical use norms for an important human need. The difference between disruptive innovation and marginal innovation is as follows:

However, all disruptive innovations must face an ultimate test: they need to be verified by the purest user-side (C-side) products, such as:

In order to prove whether Web3 is a disruptive innovation, everyone is looking for verifiable user-side (C-end) products around the above three things. In the end, everyones goal fell on three types of products: finance, social networking and games. This is the origin of our discussion of Web3 Game: from Web3 to games.

From Games to Web3

The other side of the coin is from gaming to Web3.

The history of video games has been more than 70 years. If divided by age, it has spanned 3 generations, and if divided by technology, it has reached the 9th generation. Video games have entered everyones life, it is a beautiful dessert on the silver platter: everyone likes it, everyone will buy it, and everyone can find one that suits their taste.

Therefore, as a pure consumer product, video games are the ultimate concrete product that witnesses technological progress, economic progress, and lifestyle progress. If video games can wrap and apply a top technology, then the technology must be fully verified. We can think about the development history and rise of NVIDIA. Don’t you think that games are magical? This is another reason for our discussion of Web3 Game.

The intersection of these two lines of thought confirms that Web3 Game needs to be discussed and built.

Before we go: What are our needs and expectations for Web3 games?

The answer is 3 needs and 3 expectations.

3 Requirements

Believers have three requirements for Web3 Games.

First, there should be some playable and interesting Web3 games (Web2.5 is also OK). We already have some, although not many.

Second, these games can drive the reconstruction of the infrastructure of the gaming industry (as described above for disruptive innovation), including engines, operating environments, platforms, tools, and commercialization. Each type of infrastructure should be rebuilt for the three elements of Web3 (blockchain technology, decentralized concepts, and token economics).

Third, from the perspective of combining token economics (internal) and financial markets (external), it is proven that the open economy of games is effective in the long run - investors are verified and gain confidence. In many types of games (such as MMORPG), the internal circulation of virtual currencies has existed for a long time, but they cannot be traded on the open market and have not experienced the impact of speculators. The value of virtual currencies is not clearly anchored, and the same is true for in-game assets. We need cryptocurrencies and NFTs to help Web3 Games achieve a truly open economy.

3 expectations

Having clarified these three needs, believers have three more expectations for Web3 Games.

First, Web3 games can partially verify generalized Web3, especially the theme of large-scale application. If you cant verify a lot, then at least say no to falsification - no, Web3 does have user-side (C-side) products, but they are not very easy to use yet.

Second, innovation in game play. We expect Web3 to bring about tremendous changes in the relationship between games and players, between players, and between the in-game economy and financial markets, thus reshaping the player experience.

Third, revolutionize the gaming industry. We expect Web3 to change the business model and commercial model of each link in the gaming industry chain, thus becoming a generational upgrade at the same level as the online gaming revolution, the console revolution, the mobile gaming revolution, and the mixed reality gaming revolution.

The world today: 3 compasses and 4 routes for Web3 Game’s self-growth

Web3 Game began to grow wildly, and gradually took four different routes through three compasses: a. infrastructure narrative; b. token incentives and sales; c. decentralized philosophy.

Route 1: The Secret of Crypto Capital Market

Using narrative and token sales to gain funding and time.

The only way for any Web3 project is to establish a strong narrative. The narrative level represents the height of a project. A high-level or even crazy narrative can build confidence for developers, users, partners and investors and gain their support.

After the narrative is established, the project party becomes a market-leading project through token issuance, and then uses highly liquid tokens and funds to buy time for the realization of the narrative. This is the secret of the crypto capital market and its advancement compared to the equity market.

There are already many excellent narratives in the Web3 Game track, such as game chains, game platforms, game guilds, full-chain games, etc. Many project parties have gone a long way in gaining leadership through narratives and have stood at the forefront of the market. It can be said that having narratives and public sales capabilities does not necessarily make a Web3 Game project an excellent one, but an excellent Web3 Game project must be proficient in narratives and public sales.

Route 2: Incremental innovation

From Web2 games to Web2.5 games.

There are the most people on this route. They are excellent companies, producers and developers from the global gaming industry, who are constantly looking for ways to add Web3 modules to video games. The characteristics of this kind of incremental innovation are very clear:

• Do not reduce the production level and delivery quality of traditional games (Web2 games);

• Do not significantly change the distribution and business model of traditional games;

• The main innovation focuses on limited application scenarios of token economy and game assets;

The goal of these games is clear: to bring the massive number of existing video game players into the Web3 world in the most gentle way, allowing them to fully enjoy the mature gaming experience while understanding Web3 Games by obtaining incentives, holding assets, trading tokens, etc.

Route 3: Shifting the core experience

Transfer the gaming experience from non-financialization to financialization, and then from financialization to extreme financialization.

We have noticed that some developers regard financialization as the most important foothold for Web3 Game development. They believe that financialization itself is a kind of gameplay, and can even exist independently from traditional gameplay.

The essence of video games is a product as a service, and its purpose is to provide services to players and let players pay for them. The service here is the game experience. Traditional Web2 games bring a variety of experiences to players, such as: appreciating the plot, exploration and discovery, formulating strategies, hand-eye coordination, virtual social interaction, challenges and achievements, construction and management, emotional experience, upgrades and rewards, etc. Financialized gameplay (such as trading, betting, and gambling) can also bring players the ultimate experience. Cryptocurrency can make financialized gameplay easier to design and easier to experience.

Route 4: Full-chain games and autonomous worlds

There are also some more cutting-edge developers who regard the philosophy of decentralization as the most important foothold for Web3 Game development. They believe that games should have life, and the life of games comes from real co-builders. Co-builders participate in game development, governance, and distribution in a decentralized manner. When the game grows to adulthood, even if the founding developer retires from it, the game can still grow healthily, sailing like the ship of Theseus, and it has long been completely different from its original appearance.

When the music pauses

Web3 Game has been developed for several years. Lets take a look at the reality: Web3 does have the potential to transform games and industries, and has been verified in some areas, but the pace is very slow and is far from reaching the point where disruptive innovation needs to break through. Believers, players, practitioners and investors seem to have forgotten that disruptive innovation has its own pace, and this pace does not coincide with the pace of the crypto market, and may even be much slower than it. There are some observable phenomena in this crypto market cycle, summarized as follows.

First, the phenomenon of Web3 Game itself:

• There is no real explosive content yet. Our requirements for an explosive game are: not only a considerable number of users, transaction times and transaction volume, but also a real breaking circle effect and a long life cycle;

• The open economy is unproven: tokens and assets have not yet been effectively circulated internally (between players at different levels). After entering the secondary market, there is a lack of effective real trading volume and it is difficult to resist speculative shocks.

Secondly, the phenomenon of Web3 game track:

• This track did not see an explosion, and even went from being the leading track in the last cycle to being the bottom track in this cycle;

• The prices of various tokens continue to be weak. Whether in the period of strong growth of altcoins from the end of 2023 to the beginning of 2024, or in the period of market fluctuations from Q2 2024 to the present, the tokens of the Web3 Game track have not won the favor of investors. Instead, they have become one of the tracks with the biggest declines every time the market falls, whether it is game tokens or game infrastructure tokens;

• Players and investors lack confidence. Although Web3 Game developers continue to deliver content that they have carefully developed over the past few years in this bull market, the lack of fun games with strong wealth effects has caused players and investors to have the confidence in the track to drop to the bottom, and even concluded that Web3 Games are not valid.

At this point, there seems to be a huge divergence between the ideal and reality of Web3 Game, and many Web3 Game projects have disappeared.

However, in the past three years, we have observed Ronins continued strong performance that cannot be ignored. After in-depth research and judgment, we have made a heavy position in Ronin. As a holder of Ronin, we believe that Ronin is the project with the most long-term potential under the above-mentioned differences.

Ronins Values, Drivers, and Moats

Values: Pragmatic Innovator

We believe that Ronin’s most valuable asset is its values: Ronin has always been diligent in its construction with an extremely pragmatic attitude, while continuing to break through and innovate.

Ronins solid offline activities

As we mentioned above, there is a huge gap between the ideal and reality of Web3 Games. Many builders turn a blind eye to such differences and sneer at many down-to-earth practices. Such values have led to these products being unable to find PMF in todays Web3 Game market.

Based on extremely pragmatic values, Ronin has met the three requirements of the gaming industry for Web3 Games to the greatest extent possible and strengthened everyones three expectations for Web3 Games. At the same time, among the four routes mentioned above, Ronin did not follow a single route, nor did it give up exploring any of them. Instead, it moved forward among the four routes and brought their directions together.

Ronin not only delivered solid infrastructure products, ecological products, game products, communities and data, but also improved the business model of Web3 Games and wrote the first complete Playbook for practitioners. Moreover, Ronin has driven the secondary market of the Web3 Game track for two consecutive cycles, giving investors and holders strong confidence.

Ronin Ecosystem Panorama, 2024/7

Driving force: Track trend leader

The core logic behind our position in Ronin/$RON is that we believe Ronin is a project that leads the trend of the Web3 Game track.

In our investment philosophy, the Web3 industry (especially the secondary market) is more suitable for a framework that focuses on trend investment and supplements with cyclical investment. In the concept of trend investment, we believe that the Web3 industry is a line that occasionally encounters obstacles but moves upward in the long run. The historical observation of the Web3 industry shows that it is in a progressive channel, and we are optimistic about its future. The wheel of history rolls forward, so we will treat the targets in the Web3 industry like new species of each era such as the Internet, new energy, and artificial intelligence, and simplify the investment behavior into: identifying the trend of a certain segment and following it.

We divide the leading trends into three levels, namely technical trends, fundamental trends and value trends, which correspond to the macro, meso and micro levels of the Web3 Game track respectively.

-Leading technology trends

Ronin provides the best technical empowerment for the track with a pragmatic infrastructure roadmap and a complete product matrix.

After three years of development, Ronin has built a complete product portfolio through self-research and external cooperation. Currently, there are 40 ecological products, which we count as follows:

Introduction to Ronin Ecosystem dApp

Ronin Ecosystem dApps Statistics

Several features of Ronin ecosystem products:

• Developer-friendly, can adapt to developers with different Web3 experience, and help developers solve some problems and necessary components beyond game production

• User-friendly, satisfying users gaming experience, investment experience and social experience, and the ecosystem that best understands users

• Investor-friendly, satisfying investors’ focus on token and asset trading experience

-Leading fundamental trends

Ronins fundamentals are extremely solid, its data performance is impeccable, and it is far ahead of the industry.

For a long time, the reason why it has been difficult to make effective investments (especially secondary investments) in the Web3 application track is that project prices are decoupled from “fundamentals”:

• There is a lack of effective correlation between the project token price (and price changes) and commonly used fundamental indicators such as users, transactions, growth, and commercialization;

• The project itself even lacks fundamental data for analysis, which makes fundamental analysis lose its most basic prerequisite.

The situation in the Web3 Game track is slightly better, but most projects have the same problem. When we tried to find projects with valid fundamentals, we found that Ronins fundamentals are very solid, with long-term traceable valid data on several major data indicators and far ahead of similar projects.

First, Ronin’s daily active users reached 1.04m, which is 2.96 times that of the second-ranked game chain, 3.01 times that of the third-ranked game chain, and 4.34 times the average of the second to tenth-ranked game chains, accounting for 28.3% of all game chain users.

Ronin user numbers and percentage, 2024/7/17, Footprint Analytics

Secondly, Ronin has long been ranked at the top of the overall game rankings. In addition to Axie Infinity, which has been on the list for many years, new games such as Pixels and Apeiron have also become top 20 games within a few months of their launch and continue to do so to this day.

Online Game Rankings, 2024/7/17, Footprint Analytics

In addition to the number of users mentioned above, they also perform well in terms of transaction times, transaction volume, asset prices, user retention, etc. For example, the next month retention of Pixels in recent months can be stabilized at more than 45%, and the next month retention of Apeiron in recent months can be stabilized at more than 50%, and even more than 90%.

Pixels Retention Data, 2024/6, Footprint Analytics

Apeiron Retention Data, 2024/6, Footprint Analytics

Axie Infinity Retention Data, 2024/6, Footprint Analytics

Third, transaction data is also an important indicator for measuring game chains. Ronin’s daily transaction count reached 1.11M, which is 2.36 times the average of the fifth to tenth game chains and accounts for 7.06% of all game chain users. It should be noted that Ronin’s transaction count is brought by less than 10 active games, and the average transaction count for each game is quite impressive.

Ronin transaction volume and share, 2024/7/17, Footprint Analytics

We believe that Ronin not only demonstrates solid fundamentals in the gaming chain, but is also not inferior to other chains. Such effective fundamentals are the long-term guarantee of Ronins value. As the Web3 game track emerges from the trough and Ronin games continue to grow, Ronins fundamentals will definitely become more and more outstanding, and then drive Ronins value to continue to rise.

-Leading the value trend

Ronins token economic framework is reasonable and effective, and its value curve is relatively healthy.

As a governance token for the game public chain, $RON has rich and practical utilities, including paying gas fees, currency within the ecosystem, governance decision-making power, and network security pledge. We believe that $RONs token economy has the following characteristics:

First of all, $RON has a wide range of applications: users, investors (and stakers who expect to receive staking returns) and developers all need $RON to deeply participate in the use and construction of Ronin. Taking validators as an example, Ronins 24 nodes are rich in types, including game companies, non-game companies, Web3 companies, non-Web3 companies, and even Internet giants such as Google. High-quality validators give confidence to holders and stakers.

Ronin Node Classification Statistics

Secondly, $RON has a moderate unlocking schedule: $RON has a 9-year unlocking schedule. This not only allows $RON to release pressure more evenly during the unlocking cycle and prevent it from being sold off quickly in a short period of time, but also gives $RON holders confidence in Ronins long-term development.

Ronin Unlock Schedule and Unlock Progress, TokenUnlocks

Third, $RON has multiple staking scenarios, including:

• Node staking: $RON holders can delegate their voting rights to candidate validators. Users can participate in the network’s verification and decision-making process and have the opportunity to receive a portion of the block rewards.

• Airdrop staking: $RON holders will receive airdrops from Ronin games from time to time. For example, Pixels has previously announced that it will airdrop 20 million tokens to $RON holders.

• Liquidity staking: Ronin’s DEX platform Katana provides a liquidity staking plan for $RON holders, which also drives the rapid growth of Ronin TVL and the rise of the coin price.

• Launchpad staking (possible). Ronin has cooperated with Impossible Finance on the Launchpad program and stated that $RON may have the function of launchpad staking allocation. We expect Ronin to become a high-quality issuance platform.

With the promotion of multiple staking scenarios, the staking rate of $RON has reached 60% and continues to rise. This not only represents the confidence of $RON holders, but also locks up a large amount of $RON liquidity, which is beneficial to the steady rise of prices.

We believe that $RON, in addition to its rich utility, has a healthy “economic framework” combined with high-quality business fundamentals, and will definitely develop a healthy price curve in the future.

Moat: Ronin Effect

We believe that Ronins moat is a combination of its ecological strategy, community foundation, distribution and operation methodology, and experience in selling popular products. This is exactly the Ronin Effect that players talk about.

Ronin Effect, Ronin

-Ecological expansion strategy

There are many game chains and game platforms on the market (the two have now been fully integrated). Each chain has different degrees of differences in technical routes, but the biggest difference between chains is their ecological development strategy.

Popular games in the Ronin ecosystem

We observed an interesting set of data: there are only 6 active games on Ronin, accounting for only 0.44% of all active games on all chains. The chain with the most active game projects has 276 games, 46 times that of Ronin. But at the same time, the number of active users of Ronin is 1.04M, accounting for 28.3% of all active users. If the number of active users of a single game is calculated, Ronins number can reach more than 100 times that of other game chains, which means that Ronin dominates the current Web3 Game market with very few games.

Active games by chain, 2024/7, Footprint Analytics

Ronin game average users compared with other chains, 2024/7/17, Footprint Analytics

This set of data truly reflects Ronins ecological strategy: it does not blindly expand the number of games, but carefully selects each cooperative game and helps these games succeed through in-depth co-construction and empowerment. According to our communication with the Ronin team, their BD team communicates with more than 100 games every year, and after strict evaluation, they will only cooperate with no more than 10 projects in the end. This is very different from most game chains that are expanding massively.

A closer look reveals that Ronin also has obvious trade-offs in its choice of game types:

• They are more inclined towards Web3 native medium-core games, rather than Web2.5 games that are simply token + asset chain-modified from traditional 3A games. Such games often have more in-depth token designs and are very suitable for Web3 native users;

• Still based on the classic gameplay of traditional games, the games in the Ronin ecosystem include role-playing, real-time strategy, card, casual and other types, which gives Web2 users ample reasons to try them out;

• The types are relatively scattered, and no single type has a particularly high share. While providing players with different types of experiences, Ronin games are also using a strategy of type dispersion to continuously experiment with the matching degree of various gameplay methods with Web3, and continuously explore the Web3 PMF of various types of games.

Ronin Gameplay Overview

Ronin game category statistics

There is nothing innovative about Ronins strategy. Rather, it is a collection of micro-selections based on deep market insights and first-principles thinking. However, this precisely illustrates Ronins truth-seeking and pragmatic values. These strategic details also allow Ronin to take the lead.

- Social network effect

Metcalfes Law describes network value as follows: the value of a network is proportional to the square of the number of nodes in the network. That is, the more users there are in the network, the greater the value of the network. This is because each additional node (user) can interact with all other nodes in the network, thereby greatly increasing the overall value of the network. The specific formula can be expressed as: the value of the network 𝑉 is proportional to the square of the number of nodes 𝑛, that is, 𝑉∝𝑛 2

Metcalfes Law is often used to explain and predict the growth and value of various network systems such as social networks and communication networks, but no one seems to have thought about whether it can play a role in game networks because in the traditional game industry, games are very independent individuals, there are very few actual resources that can be shared between games, and there is no concept of game ecology (even many major game companies have very independent titles).

Various Ronin Gamers

AXIECON Conference

However, Ronin is using the unique community concept of Web3 games to turn the game community into an effective game network through the application of Metcalfes Law. Specifically, Ronins first game was Axie Infinity, which brought a large number of users to Ronin three years ago and established a three-dimensional community. If you pay close attention to Ronins social media, you will find that in addition to users, the Ronin community also has a very diverse range of roles, including: professional players, KOLs, anchors, video content creators, data analysts, etc. These community members shuttle between Ronin games and deeply participate in multiple games (or even all games) at the same time. This phenomenon allows Ronins community to gradually grow into an organic game network, because there are a lot of direct interactions between the same roles and different roles in the community, which increases the value of this network.

Ronin community role classification and examples

Ronin Offline Gathering

Ronin Creator

Diverse community roles and high overlap (or high reusability) are necessary conditions for the construction of game networks and the effect of Metcalfes Law, which requires the subjective establishment and guidance of the game chain. We have not seen such a network effect in game chains other than Ronin. Many chains are trying to make the community closer by unifying DIDs, but they ignore the importance of role diversity. We believe that as the number of Ronin games increases, its community network effect will become stronger and stronger, which is the fruit of victory that belongs only to Web3 Games.

Ronin Non-Gaming UGC

Ronin In Real World

-Cross-issuance and cross-operation

How to effectively utilize the above-mentioned social network effect? Ronins approach is to use this network effect for efficient game distribution and operation. Since the birth of Web3 games, people have always been looking forward to composability and interoperability, and many game chains are exploring the feasibility of composability and interoperability through token and asset sharing.

Ronin defines composability and interoperability in a more lightweight way, which is cross-release + cross-operation. Whenever a new Ronin game is launched, we can see several release and operation actions:

• Use the community resources of mature games to quickly accumulate early voice and users for new games and create a chain reaction. We can see that Axie Infinitys professional players, KOLs, anchors, video content creators, and data analysts made huge contributions to Pixels in the early days of its launch, and Pixels DAU quickly exceeded hundreds of thousands. We can also see that the Pixels community made the same contribution to Apeiron. This kind of old-to-new relationship happens again and again;

• The cooperation between games often takes the form of incentive plans, tokens and assets, providing players with a steady stream of new game benefits and special rights, and thus naturally attracting players of mature games to new games. If you look closely, you can see that almost every two Ronin games have a lot of cooperation between them, which is the ultimate in partnership within the ecosystem.

New game Fight League Intensive partnership with other mature games

In traditional game distribution and operation, distribution is used to increase users, and operation is used to improve retention. Due to the high maturity of the industry, these two actions have gradually become pure money games. Not only do they lack new methods, but it is also difficult to reduce costs and increase efficiency. Ronins cross-distribution and cross-operation based on social network effects is an innovation, and it is also an innovation that only belongs to Web3 games. At this point, we see that Ronin is actually quietly realizing part of the expectations of those Web3 game believers for the industrial revolution.

Ronin Game Room Partnership

-Best Seller Methodology

We believe that in each (secondary market) cycle of Web3, the necessary condition for the launch of the Web3 game track is that there must be at least one high-quality hit game. A hit game must meet the following characteristics:

• Achieve explosive growth in the number of users in a short period of time, and achieve a user base far ahead of other games, that is, an extremely fast breaking circle speed

• Excellent wealth effect, i.e. the leapfrogging doubling of the coin price, the sustainability of the coin price increase, and users actually getting a considerable return on investment

• The game mechanism has clear innovations, contributing to the advancement of Web3 games, rather than simply a capital plate or rehashing old ideas.

Ronin has launched hit games in two consecutive cycles, namely Axie Infinity and Pixels. These two games are undisputed benchmark products in terms of user numbers, coin prices, and mechanism innovation. Especially in this cycle, Pixels’ peak user number accounted for almost 50% of the entire network.

Axie Infinity user growth peak, Footprint Analytics

Pixels user growth peaks, Footprint Analytics

We believe that the success of Pixels is not accidental, and Ronin may have mastered the secret of creating a hit. Axie Infinity is the first game and IP developed by Ronin. Its success may have a certain amount of luck and chance, but Ronin has summarized its KSF from Axie Infinity over a long period of time and used it on Pixels. The path of Pixels rise is the best proof. Pixels was not built on Ronin at the beginning, and the overall number of users and popularity were not outstanding. However, after migrating to Ronin, Pixels completed three important milestones in almost a few months: a significant increase in the number of users, the highest popularity in the entire network, and a public sale on the worlds largest exchange.

User growth trend before and after Pixels migration, Footprint Analytics

According to our communication with some Ronin games, Ronin and the game team cooperate very closely. Not only do they have weekly meetings to communicate and follow up on progress, but they also formulate detailed distribution, promotion, operation and capital market strategies based on the game itself. We believe that if there is a genesis playbook for Web3 Games, it must have been written by Ronin, and the name of this playbook is.

Songs of Innocence and Experience

The British poet William Blake published a famous collection of poems, Songs of Innocence and of Experience, which is divided into the upper part, Songs of Innocence and the lower part, Songs of Experience, exploring the dialectical unity of innocence and experience. The chapters in Songs of Innocence depict the innocence, carefreeness and good wishes of children for the world, while the chapters in Songs of Experience reveal the challenges, complexity and imperfections of the adult world.

In our eyes, Ronin is such a team, with innocence in the left hand and experience in the right hand. On the one hand, they use the experience accumulated over the years to continuously deliver successful works to the industry and provide help to newcomers. On the other hand, they also retain their original intention of Web3 game and innovate tirelessly. We also have very high expectations for Ronin.

Narrative Height

We are optimistic about Ronin’s evolution from a single game sidechain to an aggregated game L2 ecosystem, establishing a new narrative height.

The narrative of Web3 games has achieved the establishment of the first phase as the market matures. With the emergence of more and more high-quality, rich-type, and user-carrying games, the second phase of the Web3 game narrative has begun. An excellent comprehensive game project needs to dig deeper into infrastructure construction. Ronins zkEVM upgrade this year is an important milestone. The evolution from a single game chain to an aggregated game L2 ecosystem is a good start for the second phase of the Web3 game narrative. We look forward to the migration of Ronin games bringing a batch of truly fresh game-specific chains to the market.

The upcoming Ronin zkEVM

Ronin Effect Enhancements

We are optimistic that the effectiveness of Ronin Effect will be further enhanced, and it will become a word-of-mouth brand and bring more good products to the market.

The number of Ronin games has exceeded 10 and has maintained its consistent excellent quality. We see that Ronin is actively expanding the types and styles of games. These new games will continue to expand the boundaries of the Ronin community, introducing more new players, creators, and communicators to the world of Ronind. The Ronin Effect will also be further enhanced as the network expands. Web3 games currently do not have a brand effect based on any public chain or platform (think of Blizzard and Tencent). Ronin is likely to become the first game chain with a brand effect.

Near the Singularity

We are optimistic that Ronin will become a source of innovation and a frontier of practice for Web3 games, and continue to move closer to the singularity.

In addition to narrative, innovation in Web3 games has just started. Ronin has always been an innovation-driven game chain, which has not only innovated the game distribution and operation paradigm, but also contributed to the innovation of game mechanisms (such as the design of incentive mechanisms). According to our research, many innovative developers have a strong interest in cooperating with Ronin and hope to use Ronin as a base for innovative practice. Under the protection of a strong infrastructure and product matrix, pure innovation will take place here, bringing Web games closer to the singularity.

Track leader

Most importantly, we firmly believe that Ronin will maintain its leading position in the Web3 game track and lead the track to new heights in the secondary market.

Based on the above explanation, we believe that no matter from which perspective, Ronin is the undisputed leader in the Web3 game track and will continue to be so. Web3 game will definitely reverse the downward trend in the second half of this bull market, and Ronin will definitely lead this highly anticipated track to new heights.