NFT Steez and Cryptoys CEO discuss the future of toys and entertainment within Web3

This week, NFT Steez met with Cryptoys founder Will Weinraub to discuss the current role of play and toys in regard to their integration with nonfungible tokens  and Web3 as a whole. 

Weinraub believes that the act of play is “not restricted to children” and that as adults, “we still crave the element of play throughout life.” According to him, “play has evolved” through the development of technology. NFTs, especially in gaming, have highlighted this layer of ownership through play.

Weinraub and Cryptoys theorize that “adults are just looking for ways to feel like kids again.” Keeping the question of “how play evolves” at the forefront, Weinraub said this is a core tenet of his experience with the evolution of play. 

Weinraub emphasized how profoundly the internet has catalyzed an evolution in play and gaming, going from action figures to watching his children build virtual worlds in Roblox. Players are no longer limited within the confines of their neighborhoods or geographic locations, according to him.

Weinraub stressed that the content of gaming is “very, very, different” and leans more toward “social play,” regardless of geographic barriers, when compared with the gaming of previous decades.

When asked about concerns of children and young adults’ comfort level with their digital interactions in contrast to their real-life social interactions, Weinraub acknowledged that the situation exists. However, he said that while it can “impact some people, it can amplify some of that as well.”

The evolution of gaming seems to be turning toward more “social play” and, in many ways, could be designed to “enhance communication skills,” posited Weinraub.

The future of gaming and cryptocurrency

When asked about the role in-game cryptocurrencies and tokenomics play in blockchain gaming, Weinraub said he firmly believes that they are an “important foundation of blockchain gaming.”

A level of “exuberance” was displayed when play-to-earn models were first created and tested, and Weinraub commended the pioneers who initially navigated these uncharted waters. The sector is likely to develop “very fertile grounds over the next year or so,” and Weinraub believes that there eventually will be a “relaunch of token-based economies and gaming in a much healthier, sustainable way.”

Related: Crypto Unicorns founder says P2E gaming is in a long ‘maturation phase’

When discussing in-game tokens and their current use, Weinraub pointed to how the present state of the “Web3 economy is based on tokenization.” Regarding the next generation adopting and interacting with tokenization and ownership, Weinraub described how it’s “incredibly important and in the right way.”

To hear more from the conversation, tune in and listen to the full episode of NFT Steez on Cointelegraph’s new podcasts page or on Spotify, Apple Podcasts, Google Podcasts or TuneIn.