Gacha Is the Entry Point, Not the Product: Kiet on Chance, Co-op Rips and the Pokémon TCG

0:00Kinsa Durst Welcome to the Panoramic Content Suite Singapore Token2049 edition We got the MBS in the backdrop right behind you, but thank you so much For making time out of your day Let's actually you do the self introduction about yourself and we'd love to hear about what you're building what you're cooking Yeah. Yeah.

0:19Kiet Well, first of all, thank you so much for having me here It's a very pleasant surprise to be able to have a spot here And kind of share the story of Chance but a bit about myself I Know been in the crypto space for the past seven years Spend time over at Frax Finance and more recently on the Offchain Labs Arbitrum team leading their a APAC consumer and gaming and I Finally decided to take a leap back into founder mode The hardest thing ever to do. I don't know why I signed up for it, but expect you sir I respect you having so much damn fun with it Actually trying To build products for like users and you know a bit about chances we're creating a platform where it's the intersection between Entertainment and interactive for collecting Okay, and we're focusing largely right now on the Pokémon TCG because I myself have been collecting for the past You know three plus years everyone on the team is TCG native and crypto native.

1:15Kiet So we're able to And it's crazy we got in when it was like nerdy You know like now is cool like now everybody wants To get in because the the big numbers and stuff but really we built this because we wanted to have a product for ourselves and We want to make collecting the Rather the application for collectors that they deserve. Hmm, right and that's kind of the vision for chances to really Deliver a third place for collectors when you're not at home or you're Not at the card show you're on Chance Yeah, it's a platform to collect connect and interact with the hobby gacha Pokémon cards have been

1:53Kinsa Durst All over my feed I don't think I can get out of it. I'm like, where do I buy Pokémon cards at this point? I know there's different players within the collector ecosystem But we'd love to kind of understand how chance fits in this ecosystem.

2:09Kiet Yeah, so When people see the gacha side of things, you know, they kind of treat it as the destination as the product You know At Chance we see it as simply an entry point because to get you into the hobby I got to get you cards, right? I got to put cards into your hand and you got to start your collection But once you have that collection, it's time to turn It into connections because we don't collect in a vacuum We collect so that we can find like-minded individuals so that we can find Our tribe And that's what makes collecting fun for me. Is that I have a you know population 21 of the [unclear] Mew card I mean there's only 20 other people in the world that Could have this card with me and I want to meet them I want to see what else is in their collection, right? It's a way for you to find your tribe.

2:55Kiet So What separates Chance is we treat gacha as like the byproduct to get you into the real product Which is the community and within the Community it's about entertainment and it's about making it interactive Okay. Yeah. Yeah.

3:10Kinsa Durst No, I think right now there are I think a few platforms that provide the gacha experience But this is the first time I've heard The social would you call the SocialFi? Not SocialFi, but social Yeah,

3:24Kiet Yeah, so first of all, our user base is like 95% of it our web2 users so we're targeting a very different Segment to kind of begin with and Separately is I can give you an example of what we mean by interactive so we have this product that we call Co-op rips Where a Viewer is able to purchase Chance packs from their favorite content creator and the creator could then open that on stream for said Viewer Is a very you know, the rip-and-ship concept is like Whatnot made it, you know massive But what we did is what Not as largely physical products with a digital product I can make the experience Immersive I can have the viewer really own their super fan Moment, right?

4:12Kiet So imagine when your order is selected in order queues on the left side when I click on Kinsa's order the whole background Changes into Kinsa's custom play mat Yeah So you just change the dynamic from you joining a creator stream to you bringing your favorite creator Into your game room And they're opening packs for you right that is an example of interactive And also entertainment because sometimes you hit something really big. Sometimes you get completely destroyed Yeah, so like it's it's content nonetheless So it's like you're watching Twitch instead of donating like says five dollars Here. I'm doing go my pack where you open Yeah, but it's actually your pack though. Yeah, so the way we also did it is we take security Very very paramount at chance and the way we operated on the back End side is the creator is simply delegated the power to reveal The ownership and the custody of the slab still lives with the purchaser So the streamer can't disconnect or they can't send the slab to a wrong user because they don't have said power They just simply have The power to open and to entertain.

5:22Kiet Let's say yeah, man. That's we're very excited We just launched this last week and it's been tremendous traction. Wow. Yeah every streamer who's done it Love it because they're not selling packs, right? They're not trying to push product Like they are simply enjoying the Chance platform and their viewers just happens to be hopping into their order

5:39Kinsa Durst Queue and it just fills up Naturally, i'm i'm gonna be sending not just streamers, but my mother a pack my grandfather a pack Open It together at this point.

5:48Kiet Yeah, dude We're thinking of doing Co-op rips more of like a party game like if you don't like Jackbox TV Yes, right very Easy simple Imagine you can have a Co-op rips room You can just invite all your friends to come and you guys can all Purchase packs together and you can open the packs Within a private party or a private pack party That's gonna be wild Yeah, it's very fun. And some major hits were pulled. I think just on the last stream They pulled a freaking Gyarados poncho. Yeah, which is like around thirteen thousand dollar market price right now out of a 250 dollar pack It was it was awesome. I love me some Gyarados Yeah, Gyarados is my favorite. Yeah.

6:23Kinsa Durst Oh, well, we got this sexy launch happening. We got the backdrop of Token2049 is there something that you would you know So you want to share some alpha or Something that you're really excited about that they should hopping They should be hopping on in the coming week or so.

6:37Kiet Yeah, so You know, I see a lot of product innovation from the gacha space is is quite Linear in the sense that you either Have a higher pack price, right? 50 000 a hundred thousand dollars You have higher evs or higher buyback rates, but I think that's too one dimensional, right as as a Collector You really want to explore the richness of the hobby and discover new cards So we're thinking of launching a completely different product, right Not made for the you know Not made for the game of chance element for you to hit something big. It's about you discovering hidden cards that you otherwise wouldn't have ever known And because of the way we source our inventory, we're able to Provide that diversity to our users So we're going to be releasing this new product where it's completely away from the idea of game of Chance and it's about Curation

7:28Kinsa Durst It's kind of like investing early And it's like alpha sharing.

7:32Kiet It's alpha sharing alpha sharing, right? And then imagine doing that with your favorite content creator and they can give you Like backstory and lore about a specific card and why Why you should choose this card over this other card and it just provides a surface area for banter for communication and for content Nice. Nice.

7:50Kinsa Durst Well super super excited. I think I might have to go rip some packs after this But yeah, thank you for and thank you for helping on perfect And If the audience wants to check it out, they can follow your social media follow your Chance's social media.

8:03Kiet Yeah, so Like I said, we're targeting a web too So you find us on instagram at one more chance, moar just like the meme

8:11Kinsa Durst Or then go to chance.live and start ripping packs directly when we'll probably share our own referral link.

8:16Kiet Yes Yes, Link in bio. Link in bio Awesome. Well, thank you so much for having me. Thank you, Kiet. Awesome