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Cryptogambling / Roblox CEO discusses addition of NFTs to platform

Roblox CEO discusses addition of NFTs to platform

Publish Date: 10/11/2023
Stock Photo, tags: roblox ceo addition nfts - images.unsplash.com

Stock Photo – images.unsplash.com

In a recent interview, Roblox CEO David Baszucki discussed the possible addition of NFTs to the platform.

“There’s a bit of a dream here about objects and NFTs moving from platform to platform. We would imagine someday that those would go off-platform, as an NFT, possibly get sold off-platform, and then come back on-platform,” Baszucki said.

“What we do expect is the creators; that they would play a key role and have a fair amount of control in that process.”

Earlier this year, Roblox introduced Limiteds, a new type of virtual wearable product. Although Limiteds don’t use blockchain technology, they share many characteristics with NFTs.These items are sold in limited quantities and can be resold, with the original creator receiving a 10 percent royalty fee for each resale.

While Baszucki’s comments on NFTs in Roblox show openness, he does not ensure the integration of blockchain technology for its digital items. At present, it appears that Roblox leadership is considering the idea of interoperable NFTs, but there is no sign that they are actively working towards implementing such a change.

Fashion metaverse boosts Roblox’s revenue, reports say

The fashion metaverse propelled a 38 percent increase in Roblox’s revenue last quarter, as revealed in its earnings report released on Wednesday. In the third quarter, Roblox saw a 20 percent increase in bookings, reaching $839.5 million, and a 38 percent increase in revenue, totaling $713.2 million.

Early this year, avatar updates increased by 38 percent to 165 billion. Millions of Roblox users bought 15 percent more digital fashion items and updated their avatars daily.

Roblox’s 2023 Digital Expression, Fashion and Beauty Trends report, surveying 1,500 Gen Z members in the U.S. and U.K. on platforms like Roblox, builds on the previous Metaverse Fashion Trends study. This study revealed that 70 percent of Gen Z users integrate their real and virtual styles.

The survey also shows that 84 percent acknowledge their avatar style influences their physical style, with 54 percent being highly inspired by avatar fashion. Additionally, 56 percent consider dressing their avatars more important than dressing themselves.

Over half of the respondents said they could allocate $10 per month for digital fashion. Nineteen percent allocated up to $20 monthly. Meanwhile, 18 percent said they were willing to spend $50 to $100 more each month.

Contrary to expectations, even older members of Generation Z, aged between 22 and 26, share similar views on the importance of virtual fashion as their younger counterparts.

“People are coming to our platform — you know, 70 million people a day, all over the world — and they’re connecting with people, their friends, and they’re working together,” Roblox chief partnerships officer Christina Wootton said. “And so it’s really important to them how they represent themselves.

“Manufacturers and brands in particular are very excited about the shortage. They can release a certain amount of items on the platform and we’ve seen amazing results.”

Wootton’s amazing results include Gucci Ancora, whose 10,000 hair items were sold out in less than an hour after launch. Another example is the Monstercat ruby pendant necklace, which sold for nearly $10,000 within minutes.

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