Interview Guest: Money-Making Chicken

Host: GMA cccai Nann

Interview Time: June 24 (Thursday) 3:00 PM

Can Web3 games still be played? Are players in blockchain games making money based on game understanding, capital, timely advantages, or early execution?

This episode of GMA interviews deep blockchain game player Money-Making Chicken, sharing experiences from traditional game businessman to Web3 game player: has made money in Mobox, StepN, and Seraph, while also experiencing significant losses and failures in some projects. Compared to grand industry judgments, this episode feels more like a real player's summary: Why could early blockchain games make money? What do regular players most easily misjudge? Where are the real problems in Web3 games? And if the next wave of blockchain gaming opportunities arises, what might it look like?

GMA Talk Q&A

Q1: Would you define yourself as a player, investor, or content creator?

Money-Making Chicken: I never really see myself as an investor because I think I’m not good at investing and I’m not a qualified investor. I prefer to define myself as a player, especially a blockchain game player. I used to call myself "Blockchain Game Chicken," but after losing money continuously over the past couple of years, I changed it to "Money-Making Chicken" as a sort of self-motivation. My content creation is more of a side endeavor; I mainly share my experiences as a retail player over the years in blockchain gaming, making and losing money.

Q2: What attracted you to blockchain games initially?

Money-Making Chicken: The most attractive point for me was definitely making money, but it wasn't just about that. There are many mechanics in blockchain games to explore, and understanding them brings a sense of accomplishment. For example, when I played Mobox early on, I created many spreadsheets to calculate card draw data, home upgrade data, and studied how to combine cards and improve yield. That process was genuinely enjoyable. Later, when I played Seraph, I became particularly addicted to treasure hunting; it was the most enjoyable blockchain game I've played. For me, what's enticing about blockchain games is that they are fun, can make money, and allow me to experience research and exploration achievements.

Q3: You enjoy games of strategy, but is that more about competing with others?

Money-Making Chicken: The game strategies I enjoy are not primarily about direct competition with others. I don’t like the kind of zero-sum or negative-sum games where I’m just there to make money off other players. In projects like running shoes, Mobox, Seraph, Gas Hero, and MapleStory, I approach it from the perspective of playing, thinking about how to play hard, research mechanics, and find my strategies. I did end up making money in many games, but my initial intention wasn’t to "compete against everyone"; I think that's worth clarifying.

Q4: How do you view the relationship between players, project teams, and big investors?

Money-Making Chicken: So far, I feel this competitive relationship is quite evident. For instance, in the later stages of Mobox, I felt that the project team was competing against us more intermediate players. There’s also Gas Hero, where the project team focused more on maintaining good relations with us, but in the end, our investments went to waste. The project team has its own interests, and big investors think their investments will yield returns, but they might initially end up getting squeezed. A truly good blockchain game should have willing buyers entering, bringing external blood into the ecosystem, but many blockchain games ultimately become a mutual competition among project teams, big investors, and retail players.

Q5: When did you realize there was business to be made in games?

Money-Making Chicken: It actually started with MapleStory. When I was younger, I played MapleStory and noticed that the trading merchants were a significant part of the game’s ecosystem. In that game, gameplay, social aspects, and trading all played crucial roles. I wasn’t the most envious of high-level players or those with better equipment, but rather the merchants in the market. Later in college, when I had some money, I started being a merchant myself, selling equipment and laundering gold. At that time, I met a very skilled merchant friend who would lend me items to sell; after selling them, I would find ways to buy them back and return them to him, which helped me a lot.

Q6: Did your experience as a traditional game merchant help you in playing Web3 games?

Money-Making Chicken: Absolutely, but it’s not about directly copying everything. In Web3 games, my merchant attributes aren’t as strong; rather, I've brought my former gameplay research and money-making strategy mentality into it. For example, during Guild Wars, I felt it was the right moment to form my own guild, so I created 81 guilds. Putting aside the game's decline due to loss of popularity, I believe that strategy itself was successful. In Seraph, for example, while many started mining gold to sell it, I chose to accumulate gold and invest it into higher-level NFTs. These were all mindsets formed while playing games and studying game economies.

Q7: What do you primarily look at to determine if a game's assets have value?

Money-Making Chicken: I primarily think like a player, not a very professional investor. First, I will look at whether I like the game and whether it’s engaging. If I find it engaging, I will research if there are ways to profit, if there’s excitement coupled with capital-making potential. Then I will consider whether the game has the potential to become popular in the future. For example, with Mobox and Gas Hero, I believed they had certain innovations in their respective contexts that could continue to grow. As long as I assess that the heat of the future might exceed the current situation, I will consider the present value acceptable. However, this judgment often goes wrong.

Q8: When was your first encounter with Web3 games? What made you enter at that time?

Money-Making Chicken: My first encounter with Web3 games was probably in 2021 with Mobox. At that time, I had never played a blockchain game before, but the quality of Mobox was indeed eye-catching. After you drew cards, you would naturally be drawn into researching: how to combine cards? What are the bonuses to leveling up? How can the combinations lead to higher yields? In that era, it was a very good browser game, marking the start of my entry into blockchain games. Back then, it was also very friendly to newcomers; even if you knew nothing, jumping in could potentially yield substantial returns.

Q9: Did the concepts of NFT rights, player asset ownership, resonate with you at that time?

Money-Making Chicken: I was indeed very moved at that time. I even discussed this concept with my company’s leadership. I would argue that in previous games, assets essentially belonged to the game company; if the game shut down one day, you’d lose your assets too. But blockchain games are different; NFTs are on the chain, theoretically allowing another game in the future to empower this NFT. For instance, if you have a Dragon Slaying Sword, another game could design gameplay around this NFT if they need that group of players. As a player, I found that very exciting. However, looking back now, it seems a bit naive. In the following years of blockchain game development, this concept has become less frequently mentioned.

Q10: What do you think is the most essential source of profit from blockchain gaming?

Money-Making Chicken: The most crucial factor is the times; next is the mindset. Early blockchain games made money primarily because they hit the timing of a market opportunity. But I differ from many regular players: I don’t just think about optimizing a character, calculating the payback period, and daily income. I assess whether this game has growth potential; if I believe it does, I will continue to scale up, reinvest, and benefit from future growth and reinvestment returns. For example, when StepN launched on the BNB chain, I assessed it as an opportunity, so I didn’t merely equip two pairs of shoes to generate and sell income, but rather created a shoe factory to continuously expand my scale. Of course, if my judgment was wrong, it could be disastrous, so recently, one should not act blindly.

Q11: What do ordinary players easily misjudge in blockchain gaming?

Money-Making Chicken: The biggest misjudgment is calculating the payback period at the peak of popularity. For instance, with running shoes, initially, some were calculating a 20-day payback period, which later turned into 25 days, 30 days, and eventually maybe 300 days. The issue is that calculating the payback period at the height of popularity can mislead you into thinking that the investment is safe. However, assets and outputs continuously depreciate, ultimately leading to a downward spiral where recovering costs becomes impossible, leaving you standing atop a mountain. Thus, I think that the higher the popularity, the less one should focus solely on the payback period.

Q12: In Web3 games, which is the hardest: selecting projects, holding onto them, or exiting?

Money-Making Chicken: For many, both holding and exiting are difficult. However, for me, the hardest part is identifying a truly good project. I’ve played many games where, later on, I couldn’t even be bothered to handle the assets, and they ultimately went to zero, like Big Time and Matr1x. But if this strategy identifies a good game, and you hold it until the end, it can yield significant returns. Thus, the key is eyesight. For regular players, when encountering a good game, they should also hold onto it instead of constantly flipping back and forth. The same applies to trading cryptocurrencies; if you find a good coin but can’t hold it, earning 500 today and losing 300 tomorrow leads to an overall loss.

Q13: After experiencing making and losing money, how has your perspective on "making money" changed?

Money-Making Chicken: Over the past year, my perspective on making money has indeed changed. Previously, I always thought I had to make a lot of money and how to do so. After losing money, perhaps because I had no choice, I gradually adopted a more relaxed mentality: making two to three hundred dollars a day is pretty carefree, right? Of course, this relaxed attitude might also stem from my inability to earn that much anymore. But now I’m more willing to lower my expectations and not think too much; ironically, I might be able to earn a little money instead of always losing. Money, when you want too much, might also mean you will lose a lot.

Q14: What has been your most fulfilling experience in blockchain gaming?

Money-Making Chicken: If we only consider operations and exits, my most satisfying experience has been with Seraph. Early on in Mobox, I made a lot, but then I invested back into the homestead and subsequent games and lost a lot. The money I earned in StepN was also lost in places like Gas Hero, 2184, and GMT staking. I once made money in Big Time early on but didn’t sell and later lost it all. Only with Seraph do I feel that my exit ratio was relatively high and the exit timing was good. Although I feel a bit guilty since we fought together with so much passion, the 500 warriors were very spirited; from a rational perspective, given the declining interest and the inability to rise in major exchanges, I had to consider exiting.

Q15: What do you consider the biggest problem with Web3 games?

Money-Making Chicken: The biggest problem is that most Web3 games themselves are not mature games. For a blockchain game to succeed, it must first be a very good game, and then use blockchain to solve some problems. You also need to find true consumer groups willing to pay for the game so that the economic model can begin to function. Now, many blockchain games have players who are all focused on making money, with no one truly willing to spend. The MapleStory universe already possesses the elements of a mature blockchain game; the content is quite mature, but its player base has not been accurately targeted. A blockchain game shouldn't precede the economic system before having gameplay; instead, it should have gameplay first, then discuss the economic system.

Q16: Do you still believe in the Web3 gaming sector?

Money-Making Chicken: I believe that there will likely be explosive projects in blockchain gaming in the future, but they may not necessarily be well-established blockchain games. It’s possible that when nobody believes in it, a strong funding source suddenly emerges, driving the excitement back up, and people will leap in again. From this perspective, there’s still potential in blockchain gaming. However, if we’re talking about truly mature Web3 games, I also think they may appear in the future; they just aren’t showcased yet. They could come from traditional large companies who use established IPs, mature game content, along with an NFT asset trading system and wallet system, to bring in both real players and blockchain game players. They might not be as profit-driven as in the past, but they will be more sustainable and vibrant.

Q17: If a newcomer asks you whether they can still play Web3 games now, how would you respond?

Money-Making Chicken: If they have no prior experience with games, I would advise against playing. Trying to play Web3 games now is a bit like searching for a golden dog among a hundred mutts. Without experience, you’re likely to get hurt in the process. Unless you are exceptionally lucky, but that’s not much different from contracts and gambling, is it? For players still in this circle, I think it’s essential to remember one thing: during times when nobody is optimistic, when an asset is low, if you judge it has future potential and the losses are limited, then it’s okay to take a bold bet. But once everyone starts speaking about it, no matter what, at least pull out half. This is advice I also give myself.

Q18: If a successful Web3 game appears in the next three years, what might it look like?

Money-Making Chicken: I believe it will likely be a mature game driven by traditional large companies. It won’t just be played by cryptocurrency community members but can rally many real players to join. It would have a relatively mature NFT asset trading system and wallet system, allowing blockchain game players to participate and earn some money. However, it won’t be driven by the same pure Ponzi model as in the past, which will be normal and sustainable for blockchain games. The model that relied solely on funds coming in from the back won’t go far. If in the future one can identify and get involved early on, there may still be solid gains. The MapleStory universe is actually a signal: large companies are beginning to attempt to integrate their IP games with blockchain.

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