Why GameFi Will Be Bigger Than Just Play-to-earn Gaming by@andersonbhann

Why GameFi Will Be Bigger Than Just Play-to-earn Gaming

Major industry players like Sony, Microsoft, and Nintendo have embraced subscription-based models, and giant tech newcomers to the scene, Google and Amazon, have come out with their own competing gaming subscription services. But when the dust settles, who will be left standing at the top of the pile? 
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Anderson Bhan

Saving crypto from the corny. Playing hard to get in a spatially mapped metaverse!

It’s no secret – GameFi has a controversial reputation. In hopes of getting rich quickly, several blockchain game developers around the globe have released a litany of low-quality GameFi titles that focus on monetization over gameplay. As a result, the entire GameFi space has been met with backlash from traditional gamers giving the platform a great deal of scrutiny. While several blockchain games have proven that GameFi can be done well, the implementation of blockchain technology in most games does not meet its potential. With so much damage already done, cryptocurrency and gaming enthusiasts alike ask one question: can GameFi be saved?

Despite GameFi’s poor reputation, statistics show that there is still significant demand in the space. Last year, 49% of all blockchain transactions were related to GameFi, and GameFi startups attracted $4 billion in venture capital. Gamers still believe in blockchain’s ability to enhance gaming experiences.

Now it’s up to developers to make it happen.

MetaKing Studios believes it has solved the GameFi implementation problem with its upcoming release of BLOCKLORDS, a grand strategy MMO where players take control of a mighty hero and shape their own legacy.

In BLOCKLORDS, each character exists as an on-chain NFT whose attributes and skills are decided by their player’s in-game actions – whether they play as a salaried knight, a reckless barbarian, an almighty lord, or any other role in the expansive medieval metaverse. Built by gamers for gamers, BLOCKLORDS puts gameplay first while empowering gamers to earn an income by renting, lending, and trading assets.

The “gacha” genre is another example of how blockchain-style technology can benefit players. In gacha games, players trade in-game currency for randomized items of varying strengths and rarities. While players are encouraged to purchase in-game currency to improve their odds of getting powerful things, doing so is not required as in-game currency can be earned via gameplay. The gacha genre was popularized in the West by Genshin Impact, whose fair gacha system has earned over 50 million users – although rewards are random, even unpaid players can obtain high-rarity items.

Similarly, NFTs can enhance the so-called “gacha experience” by making items won through gacha systems tradable in player-to-player marketplaces. This would enable players to trade rare items that they do not want for a profit. Similar techniques can be implemented in any game with player-based economies, especially MMO titles where players farm items and perform services for one-another based on uniquely developed skills.

In anticipation of its release, gamers from around the cryptoverse are betting on BLOCKLORDS setting an example for what GameFi can be. With its ultra-high-quality graphics and an expansive game world, BLOCKLORDS is poised to be GameFi’s first-ever AAA game. The GameFi space needs a successful release after recent upsets like Ubisoft’s release of Ubisoft Quartz, a failed system for players to collect “Digits”, or in-game NFTs characterized by unique serial numbers.

Ubisoft Quartz was met with overwhelming backlash. Not only did it fail to have a sustainable impact on gameplay, but many of the rarer items were locked behind strange requirements – like hundreds of hours of in-game playtime. Many gamers saw Ubisoft’s out-of-touch NFT implementation as an attempt to scam gamers of their hard-earned dollars.

BLOCKLORDS implements NFTs the right way, focusing on the creative ways in which NFTs can be used to enhance the gameplay experience. In BLOCKLORDS, NFTs have a real impact and are accessible equally to all players. Each player starts with a free farmer character that can be taken to the most incredible heights the game has to offer. With GameFi done right, BLOCKLORDS has a chance to recover the space’s reputation and break GameFi into the mainstream.

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