Eric Siu spent $4,000 on gaming skins and explains why players pay for cosmetics as self-expression and status. He references Justin Kan's startup Fractal.is and argues that gaming NFTs make sense given how much value players already assign to digital items.
I'll start off with Justin Kan first. So Justin, I mean, coming from gaming, he played a lot of MMORPGs. I did as well. I played a lot of RPGs, first-person shooters, a lot of these different games growing up. And so fundamentally, I understand the value of paying for a skin, for example, in a game, or paying for a skin might be, you know, a different look that your character has. Or I might be paying for, you know, maybe different looks for my weapons. And so that's a way for me to express myself, just like how you would buy different shoes and how you would buy different, different brands. Like, why would you pay, you know, $4,000, $5,000 for a bag when you can just get the same bag for $20, right? And so it all comes down to kind of what people are interested in, what we ascribe value to, and what status is at the end of the day. And so gaming NFTs make a lot of sense, which is why Justin started a new startup called Fractal.is.
