Madeira Blockchain Conference Highlights Gaming Industry Adoption and Startup Strategies
Summary:
The Madeira Blockchain Conference recently held discussions on real-world applications of blockchain, with traditional gaming studios like Redcatpig expressing a discreet adoption of blockchain technology while avoiding buzzwords. Startup companies are advised to be clear about the type of investor they want and whether they need to launch tokens. Madeira is enhancing its economy by providing incentives like a free trade zone for tech startups and a potential blockchain-based payment network for tourists and governmental operations.
The Madeira Blockchain Conference, a premier event orchestrated by the local tech community, serves to nurture startup networking and foster conversations on the potential of blockchain to address real-world challenges. For the second year running, Cointelegraph had the privilege of attending the event that was hosted at Funchal's Cultural and Research Center (CCIF). Key insights from the conference are summarized below.
Mainstream gaming studios are tentatively embracing blockchain while tactfully avoiding industry jargon. As game companies dip their toes into blockchain, they are met with resistance from both players and developers, leading some studios to consciously sidestep the lingo associated with Web3. Redcatpig, a well-known game studio, encountered hurdles while integrating blockchain characteristics into its games. CEO Marco Bettencourt spoke about the challenges faced by his team in exploring the potential benefits of incorporating blockchain into game development.
While actively utilizing the technology, the studio has strategically avoided industry buzzwords. Bettencourt commented, "The gaming community is aware of the latest technology, the concept of NFTs, and proprietary tech, but these are not terms that will make a game popular... What players need to understand is that they truly own the skins they purchase, and they have the freedom to sell them whenever they want."
In 2024, Redcatpig will unveil its first blockchain-centric game, featuring NFT skins and drones that can be purchased and exchanged within the game using traditional currency or digital currency.
Startups on a fundraising mission need to be discerning about the kind of investors they attract and what role these investors will play in the company's governance, according to Mauricio Marques, CEO of Yacooba Labs, which organizes the conference. He also highlighted the need to contemplate whether a startup should launch a token while simultaneously creating a product, stating that it isn't always necessary and that many startups that do, fail to deliver on the product side.
Marques emphasized that many creators are often unclear of their target audience, sometimes resulting in projects that are more like technology illustrations than products.
To bolster its economy, Madeira is offering attractive incentives to startups. Notable among these is its free trade zone that provides companies with tax advantages such as one of the lowest corporate tax rates in the EU and an exemption from capital gains tax. "Companies looking to establish a presence in the region will find the most valuable tax incentive in the Madeira Free Zone, which caps the corporate tax at an enticing maximum of 5%," Gouveia explained to Cointelegraph.
In an effort to enhance its cashless ecosystem and facilitate currency exchange for tourists, Madeira is in the process of establishing a blockchain-based payments network. This network, which is still in its feasibility study phase, would allow tourists to load funds on a single debit card for use across the archipelago. This coordinated card system is also expected to streamline governmental operations like distributing public benefits such as scholarships.
Published At
12/11/2023 12:41:59 AM
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