Written by: GMA
Web3 games have gone through the most exciting bubble phase and have entered a more realistic and brutal second half of the industry.
In the past, project teams focused on narratives, economic models, and expectations for token distribution; now, VCs are more concerned with a simple but crucial question: is this game actually fun? Are there real users? Can it generate revenue?
In this issue, we invite KK, founder of Hash Global and Nine Lives Community, to discuss whether VCs will still invest in games, what kind of blockchain game projects still have financing opportunities, and how Web3 games can find a truly sustainable path between "fun" and "value distribution" based on his experiences transitioning from traditional finance to Web3 investment.
[Event Information]
Discussion Topic: Will VCs still invest in blockchain games? What kind of projects can secure financing?
Interview Date: June 10, 2026 (Wednesday) 3:00 PM
Host: GMA Nann
Guest: KK @longwinsk
KK, founder of Hash Global and Nine Lives Community
Little Universe Link: https://www.xiaoyuzhoufm.com/episode/6a2fa30843a22a6955840402
[Key Quotes]
💡 Web3 will gradually shift its focus away from narratives and place greater weight on the intrinsic value of things—how much money can be earned, how much value can be captured.
💡 People working on Web3 games often forget one point: the game must be fun.
💡 After observing over these years, I feel that Play to Earn might be the most difficult thing to achieve.
💡 The more one embraces new knowledge, the more new knowledge and new tools one will master, and it is essential to ensure that one’s intelligence can compound.
[Selected Key Points]
Q1: After a long career in traditional finance, why did you decide to enter Web3?
KK: I have always worked in traditional finance. Our team entered Web3 mainly because we were looking for a sector that we could cultivate over the long term and continuously accumulate knowledge in. We had also studied AI, but the technical judgment required for AI is very high. In contrast, Web3 is more finance-oriented, relying more on understanding economic models, business models, and revenue distribution mechanisms.
Q2: What is the biggest difference between traditional investment and Web3 investment?
KK: Early Web3 and traditional investment were indeed very different. At that time, there were only a few core assets to invest in, and making a profit was relatively easy. Looking back, it was more of a beta phase—sometimes it was confusing how money was made, and losses occurred due to our understanding.
However, after 2024, there was a clear sense that Web3 investments were rapidly aligning with traditional investment logic. Whether in the primary or secondary market, the traditional investment criteria assessing business models, value capture, and resource capabilities are increasingly being applied to Web3 investments.
In the past, Web3 had many narratives that sounded very logical, but whether those narratives held up was missing many crucial links in between. Now, I pay more attention to whether the thing itself has value: how much money can it earn? How much value can it capture? In the future, Web3 will gradually set aside narratives and return to more realistic valuations.
Q3: What is your perspective on Web3 games? What is the most important criterion for evaluating a game project?
KK: A game must be fun first. People involved in Web3 games often forget this point and focus their attention on how to issue tokens and design economic systems. But now there should be a growing consensus that the fun of the game itself is the most important factor.
Users do not need to understand Web3 from the outset, nor do they need to comprehend whether equipment can be transferred from the game server to a blockchain address. The core question remains: is this game really fun? Are users willing to play? This prioritizes user value.
Q4: Is Play to Earn still a viable direction?
KK: I used to think that Play to Earn might be easier to achieve, but after years of observation, I now feel that Play to Earn might be the most challenging goal, representing the final stage of a Web3 game.
For a game to truly achieve Play to Earn, it must go through a lengthy initial phase: first proving that it is fun and demonstrating that it can attract a sufficient number of game users without relying on Web3. Only after passing this stage can discussions on value distribution, asset issuance, player and KOL engagement in the ecosystem take place in a healthier manner.
This means that the mechanisms of Web3 are not meant to replace the game itself but rather to enhance value distribution and ecosystem collaboration once the product is already established.
Q5: Is Hash Global still investing in games?
KK: We are still investing. Recently, we invested in a platform called GameBank, which has already launched a game called Pump Snake, a multiplayer online version of Snake.
I am particularly optimistic about gambling-type, social-type, low-barrier games. They don't necessarily need to start as heavy AAA titles, but they should be easy for users to get started with, and they can utilize Web3's technological characteristics, such as asset issuance, value distribution, fan participation, and emotional value.
We hope to see a game that can earn money without relying on token issuance or airdrop expectations and can have real revenue like Web2 games. For example, ticket sales, advertisements, skins, and commercial functions all need to be gradually reinforced. Once these fundamental business elements are in place, then we can expand to audience growth and broader ecosystem development.
Q6: What specific criteria do you consider when choosing to invest in game projects?
KK: First, it's about the people and the team. We pay special attention to the quality of the team. Ideally, this team has been very successful and experienced in the original Web2 sector. They are not just talking about a concept, but are using new technologies like Web3 or AI to create new business models, increasing revenue and reducing costs.
When it comes to games, I look at three points:
First, whether users are willing to play without needing to understand Web3.
Second, whether the mechanism can improve asset issuance, user contributions, fan participation, and community distribution.
Third, whether the team has the ability for continuous operation, customer service, and iteration.
I highly value whether the team genuinely loves playing games and truly wants to excel in product development, rather than just wanting to issue tokens quickly and make a quick profit. We are more willing to invest time in teams that are genuinely long-term oriented and will put more resources and efforts into supporting them post-investment.
Q7: Why does Hash Global focus on Chinese teams?
KK: This is a clear recognition of our own capability boundaries. I have received education in the United States and worked at an American asset management company, but we do not believe we have the ability to compete with American VCs for European and American entrepreneurial projects.
We are more familiar with Chinese entrepreneurs. We have better accumulated insights regarding language backgrounds, cultural environments, resource structures, and judgments about people. Of course, this does not mean that all Chinese teams are the best; we have also made many mistakes and continue to learn from them. But from the start, we were clear about wanting to focus on investing in Chinese teams, striving to support them well and help them grow.
Q8: In which directions might Web3 applications scale up significantly first?
KK: We have been thinking about this question. In the past, we hoped that Web3 applications could develop as quickly as AI, but now it seems we may have to accept the reality that Web3 applications may need AI to lead the way.
One perspective is to see which fields can be most easily boosted by AI productivity enhancements while particularly requiring Web3 technology empowerment. Another perspective is to identify areas with significant pain points in distribution mechanisms, such as creator economies. Many creator industries do not have fair distribution, but existing platforms are highly efficient, making it difficult to surpass them with a new product directly. Therefore, it is essential to find sufficiently strong pain points or to identify scenarios that can be driven by AI.
I do not believe it is the case that a particular Web3 niche necessarily leads another niche. The key lies in whether specific projects can grasp the fundamentals of the product, achieve a transition from 0 to 1, and then move from 1 to 100.
Q9: What is your perspective on the pace of implementing RWA?
KK: Rather than discussing Web3 applications broadly, we have clearer thoughts on the pathways for advancing RWA.
I believe that the first assets likely to emerge should be good assets, which, for certain reasons, are not particularly easy for global investors to invest in within the traditional financial world. Such assets might come first.
Additionally, we have also defined a direction we call “non-financial RWA” or, more specifically, “cultural and entertainment RWA.” Cultural and entertainment RWAs do not involve financial products; as long as you don't draw a K-line chart, they inherently represent a “commodity” and face less resistance, potentially leading to faster development.
Q10: What is Nine Lives Community's perspective on NFT membership rights and community governance?
KK: I have always been optimistic about using NFTs for private community management and leveraging Web3 and NFT technologies for community operation and fan management.
NFTs are superior to traditional membership cards or spreadsheets because they are chain-based, can be airdropped, the data can be carried along, and the assets can be traded globally. However, in the process of establishing Nine Lives Community, we have also encountered many challenges. We are not particularly proficient in product development or community management, so we are appropriately lowering our short-term expectations and growth pace.
We established Nine Lives Community because we value Web3 entrepreneurs. If this community eventually produces a Web3 equivalent of Xiang, Qiangdong, Ma Yun, or Ma Huateng, how could this community not have value? We aim to create a platform and connections in a less utilitarian way, bringing together like-minded entrepreneurs and practitioners.
Q11: What kind of community do you hope Nine Lives Community will become in the future?
KK: Initially, we hoped that while there are monkeys in the West, could there be cats in the East? But unlike some mature NFT communities, we have not raised funds specifically for this project, nor are we skilled at gaming or product development ourselves.
We are more hopeful that some cultural and entertainment projects within the Hash Global investment ecosystem will gradually grow. Once these ecosystems are ready, they can provide Nine Lives Community with more tangible content and spiritual value. So we can say we are waiting for certain things, and we are not in a hurry.
Of course, I hope that one day Nine Lives Community's NFTs will be valuable, but we are not in a rush. We prefer that its value derives from the genuine sense of belonging, identity, and value exchange among community members, rather than from short-term speculation.
Q12: What types of Web3 game projects can still secure financing now?
KK: I believe that good Web3 games can be understood by serious investors. There are a few key points:
First, it must truly be fun.
Second, there should be genuine consumption points or external economic inputs, such as recharge, advertisements, equipment, skins, or other revenue sources.
Third, the Web3 mechanism should bring about things that Web2 finds difficult to achieve, such as asset issuance, value distribution, and community participation.
Fourth, the team should be capable of continuous operation and iteration, rather than ending after a token issuance.
If a project possesses these elements, I believe it makes sense and has the opportunity to secure financing.
Q13: What advice would you give to institutional investors newly entering Web3 in the current bearish market?
KK: If investors are still willing to look into Web3 at this time, I believe they must have done very thorough research and understanding. This is not a “not very good” situation; it is already quite bearish.
For such investors, I offer more respect than advice. The fact that they are willing to seriously look into Web3 at this stage shows they are not attracted by short-term trends.
Q14: Why does Hash Global favor the BNB ecosystem?
KK: We began researching BNB in April 2019. Since we come from traditional finance, we were very interested when we saw BNB as both a valuable and functional token, and we conducted serious research and reporting on it. We are also one of the first on-chain nodes in the BNB ecosystem.
Over the past few years, we have witnessed the BNB ecosystem evolve step by step. There have certainly been uncertainties brought about by regulatory and judicial pressures, but overall, especially after some litigation dust has settled here in the U.S., we have great confidence in the BNB ecosystem.
I believe the value of the BNB ecosystem is significantly underestimated. BNB is not just a token; behind it is a real Web3 financial ecosystem with genuine users and global capital connectivity. We aim to help traditional institutional investors understand and participate in the BNB ecosystem in a more compliant, convenient, and cost-effective manner.
Q15: How do you usually gather information and accumulate knowledge?
KK: Extensive reading is essential. I read a variety of materials; if it is high-quality and classic content, I will read it. Good people recommend good books, and a good book often leads to another good book—there is no end to good reading.
However, it is essential to control information sources. I intentionally filter, for instance, only selecting a limited number of sources from one information channel. I do not subscribe to too many information sources from Little Universe, YouTube, and media platforms. After controlling the information sources, I leverage AI tools and use note-taking software like Obsidian to consolidate what needs to be consolidated.
Professor Zeng Ming mentioned a term called “intelligent compounding,” which resonates deeply with me. The more one embraces new knowledge, the more new knowledge and tools one will grasp. Our team must excel in this area too and ensure that our intelligence can compound.
Q16: What has been your biggest reflection on Web3 investment over the years?
KK: There are many areas to reflect on. If I have to mention one, I think it's about pace.
As VCs, we tend to be optimistic by nature, but the Web3 industry is still early, so often, more conservative people survive longer. The pace cannot be too fast; we must see reality clearly. If the pace is too fast or the setbacks are too heavy, one might not be able to persist until the end.
We have also paid a lot of tuition and learned many lessons. But I feel that starting in the second half of 2024, we have gradually regained our pace. Web3 investment requires optimism, but it also requires restraint. Surviving longer and not leaving the table is a very important ability.
[Audio Timestamps]
03:51-08:59 KK shares the reasons for transitioning from traditional finance to Web3: Web3 is not just a new asset class, but more like a new digital economic ledger and benefits distribution system.
08:59-12:41 Web3 product perspective: Games must be fun first, user value and experience take precedence over the level of decentralization.
13:15-14:55 Does Hash Global still invest in games: KK introduces the GameBank and Pump Snake cases, emphasizing opportunities for gambling and social games combined with Web3 technology.
15:18-17:52 Investment criteria: Team quality, product capability, user willingness to play, whether the mechanism improves value distribution, and whether the team can operate continuously and iterate.
17:52-19:37 Why focus on Chinese teams: KK believes this is a clear choice based on capability boundaries and resource accumulation.
20:01-24:48 Pathways for Web3 application implementation: AI may drive Web3 applications, creator distribution pain points and RWA are significant directions.
24:48-31:20 NFT membership rights and Nine Lives Community: Using NFTs for private and community governance remains valuable, but the ecosystem needs to mature and the community of Chinese entrepreneurs must grow naturally.
31:20-34:32 What types of games can still secure financing: Fun, real consumption points, external economic inputs, Web3 mechanism value, and sustainable operation capability.
34:32-38:29 Institutional investors' perceptions in a bearish market and the BNB ecosystem: KK explains the background of Hash Global's efforts to advance institutional products in the BNB ecosystem.
38:29-41:12 Information input and learning methods: Reading, information source selection, AI tools, and Obsidian note-taking system.
41:12-44:54 Investment reflections and concluding thoughts: Web3 investment requires optimism, but also control over pace; the ability to survive longer and not leave the table is crucial.
Guest Information
Personal Identity:
- KK (Shen Kang)
- Twitter Account: @longwinsk
- Founder of Hash Global
- Bachelor in Aerospace Engineering from Fudan University, MBA with honors from the University of Chicago Booth School of Business
- Chartered Financial Analyst (CFA) in the U.S.
- Over 20 years of experience in the financial industry
- Previously held management positions at Shinsei Bank, Solomon Brothers Hong Kong, Pacific Investment Management Company (PIMCO), and Bosera Asset Management
Hash Global:
- Founded in 2018
- Headquartered in Hong Kong, operating in Hangzhou/Shanghai
- Invested in over 90 Web3 startup projects
- Managing multiple primary and secondary market funds
- Early validator node of BNB Chain
- Launched the world's first third-party custodial BNB institutional product (BNB Holdings Fund)
- Secured $100 million in strategic support from YZi Labs in March 2026
Core Investment Philosophy/Product Perspective
Four Web3 Product Perspectives:
- Product Perspective 1: Operational data recorded on a public ledger qualifies as a Web3 product
- Product Perspective 2: We cannot create for the sake of Web3; we must create real value for users
- Product Perspective 3: The underlying of future Web3 will be Web2, and they are not opposing
- Product Perspective 4: The application of Web3 is decentralized; however, the degree of decentralization and the pace of advancement for infrastructure and applications must serve the primary principle of product value: user value and experience.
About GMA
GMA GameMine Alliance: Empowering the Future of Web3 Gaming
GMA Game Alliance (@GMA_DAO) is a premier decentralized autonomous organization (DAO) at the forefront of the GameFi revolution. We function as a comprehensive ecosystem that bridges the gap between high-quality blockchain projects and a dedicated community of investors and players.
What We Do
Primary Investment & Incubation: As a specialized VC fund, we identify, invest in, and incubate the next generation of blockchain games.
Secondary Research: Our professional team of researchers and veteran gamers provides deep-dive analysis on market trends and gameplay mechanics.
Economic Strategy: With deep expertise in crypto-mining and Tokenomics, we help projects build sustainable and rewarding digital economies.
Community Hub: We host active discussions on AMAs, Airdrops, and Trading strategies to keep our members ahead of the curve.
Our Impact by the Numbers
3,000+ High-quality Chinese game investors.
50+ Strategic game project partnerships and investments.
10+ Long-term venture capital collaborations.
Full-Stack Support: Combining pro-player insights with robust technical development support.
Stay Connected
Website: gmadao.xyz
Twitter: @GMA_DAO
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