Boyaa Interactive, with twenty years of experience in operating card games, has keenly captured the potential of integrating traditional games with blockchain. MetaEra Chairman Dai Zhikang pointed out: "The game currency of card games is similar to stablecoins," revealing three major advantages of promoting the landing of real-world assets (RWA):
Low Threshold for User Cognition
Card game players are accustomed to using virtual currency transactions (such as mahjong points, poker chips), and their understanding of digital assets highly overlaps with crypto users. After upgrading to on-chain tokens, users can naturally accept them without additional education. MTT ESports, launched a few months ago, has reached 60-80 thousand active users worldwide, verifying this conversion efficiency.
Economic System Programmable Transformation
The traditional game economy is controlled by manufacturers, where recharges cannot be withdrawn, props cannot be circulated across games, and all profits go to the platform. Web3 games enable players to truly own props (such as NFT skins) and freely trade tokens through smart contracts, sharing profits with the "play-to-earn" mechanism.
Cash Flow Supports Asset Reserves
In 2022, Boyaa achieved a revenue of about 375 million RMB and a net profit of 67.1 million RMB, with stable cash flow. The company used over 90% of its cash reserves to purchase 3,353 bitcoins, and some new games support player BTC deposits, building an automatic conversion channel between fiat and crypto assets.
Practical Suggestions
Traditional game companies can start with card games and simulation management categories with strong user stickiness for tokenization pilots, interfacing on-chain wallets with game scoring systems, initially using a 1:1 peg to stablecoins to lower the usage threshold.
Three Key Strategies for Implementation
Regulatory Management
As a Hong Kong-listed company, Boyaa strictly adheres to virtual asset reserve policies, with bitcoins kept in cold wallets by compliant custodial institutions, and monthly on-chain balances verified by auditing institutions, greatly reducing regulatory risks and enhancing investor confidence.
Pragmatic Advancement of Web3 Games
Boyaa implements in phases: first connecting in-game gold coins with on-chain accounts (query only, no withdrawal), then issuing functional tokens for prop purchases and event participation, and finally developing equity tokens to share profits (currently under internal testing).
Linkage Between Traditional Business and Crypto Ecosystem
Boyaa uses traditional profits to continuously increase its bitcoin holdings, implementing a quarterly fixed investment strategy from 2023 to avoid high-position risks. The appreciation of bitcoin leads to a rise in stock prices, aiding the company's financing and forming a virtuous capital cycle.
Hong Kong Policy Substantially Empowers
Asset Custody Security
The Hong Kong Securities and Futures Commission has perfected virtual asset custody guidelines, clarifying governance, risk management, client asset segregation, and protection, providing legal support for custodial institutions.
Trading and Circulation Infrastructure
The Monetary Authority is promoting "sandbox regulation," building a digital Hong Kong dollar settlement system, achieving second-level payments, smart contract automatic accounting, and on-chain auditing.
Tax Policy Certainty
Hong Kong exempts long-term held crypto assets from capital gains tax for enterprises, greatly incentivizing Boyaa to use bitcoin as a strategic reserve, significantly better than Singapore's high crypto tax burden.
Three-Stage Upgrade Path for Traditional Game Companies
Stage 1 (0-6 months): Establish a hedging position in crypto assets, converting 10%-30% of cash into bitcoin/stablecoins, choosing a licensed custodian in Hong Kong, and disclosing crypto assets in financial reports.
Stage 2 (6-18 months): Develop a digital wallet, support mainstream chains (ETH, Polygon), NFTize core game props, and set up a two-way exchange between fiat and tokens (requires VASP license).
Stage 3 (18 months later): Invest idle BTC in interest-earning protocols, allow players to pledge tokens for DeFi earnings, and explore linking game tokens with real-world consumption scenarios (such as exchanging offline discount coupons).
Focus on Risk Control: Limit the withdrawal ratio of tokens, establish a separate Web3 legal entity, and diversify reserve asset allocation (bitcoin not exceeding 70%, the remainder in stablecoins and government bond tokens).
Conclusion: A New Bridge Connecting Game Assets with the Real Economy
Boyaa Interactive's practice has proven that the gaming industry has the potential for large-scale implementation breakthroughs—the virtual game economy, like a digital sandbox, tests token issuance, equity distribution, and cross-chain circulation capabilities in a low-risk environment. As the infrastructure for tokenized deposits and digital Hong Kong dollars matures in Hong Kong, the integration of game tokens with real consumption scenarios will accelerate.
