GameFi: A New way to Play Games and Earn Cryptocurrency
Welcome!… Welcome to what you ask?… Welcome to a world where games and finance intersect for the benefit of everyone involved. That’s right, you heard us, everyone involved. It’s a world where games are no longer financial investments for game developers alone. Long gone are the days of companies simply monetising entertainment as they ask you for exuberant up-front costs and set up pay walls.
Now is the time of nonfungible tokens and ownership of your digital in game assets. The next generation of gamers will be well versed not only in how to stop the Halo rings, race Formula 1, and answer the call of duty… They’ll become familiar with content creation, user generated content, blockchain gaming, crypto tokens, the blockchain market and a sense of real ownership. Have we caught your attention?
What is GameFi?
GameFi is what the name suggests. It’s a marrying of the gaming world and finance. Blockchain technology is now allowing a ‘play to earn’ system to evolve in which players are able to monetise their fun. How is this possible you ask?
Well, in game collectible items such as outfits, armour, weapons, artworks, tokens and the like are now no longer restricted to the platform of the games you play. In this new day and age, they can be traded, bought and sold within and outside of the game you earned them in.
Blockchain technology makes this possible. Games are being built off of it and so they are suddenly part of a large interconnected and highly secure internet system. No single game stands alone in this new webbed gaming industry. With these new tools and resources, game developers are building new and exciting economies for players to play and earn in.
The gaming industry is evolving
The gaming industry is developing rapidly with the transition to blockchain tech. Game creators are now able to imagine new ways to run in game economies that are part of an even bigger blockchain economy. This includes NFTs and the metaverse, virtual and augmented reality. For example, an outfit I earn in Red Dead Redemption could now be wearable on my avatar in the metaverse. The pet I breed in Axie Infinity could now be projected into the real world through augmented reality.
Gaming is moving beyond consoles and into other industries as everyone’s eyes widen at the opportunities. Companies and businesses of all sorts are gamifying content to increase their market audience and popularity. Gameplay is being built into things we once considered mundane to win our attention and interest.
The crossover of worlds and technologies is occurring all over the place. Individuals can look at games more and more like a potentially serious job, whereas game developers can look at themselves as more and more like small governments of digital worlds.
Goodbye traditional gaming
Traditional gaming is going out the window. Whereas we once couldn’t wait to get home to our favorite games stacked neatly (or not so neatly) on the shelf in their game cases on the shelf under our Nintendo, blockchain games are now at our fingertips wherever we are. Players are able to access Web3 games just about anywhere in the world using a range of technologies. Carry a phone? Now you can consider it a powerful gaming device.
Games are also moving further online with millions of players competing and engaging over the internet every day. Some gamers may get sentimental as many of the traditional game titles we once knew are quickly being overrun by new blockchain games. Long gone are the days of 2v2 first person shooter multiplayers and LAN parties. Developers are putting these things together so fast that it’s unfortunately going to need to be a quick goodbye.
Contribute to development!
Oh also, got a game idea? Well unlike traditional game development, players are now creating games for themselves and their communities with the assistance of user friendly and straightforward software. Imagine creating and bringing to life all those wild ideas you had as a kid. Countless tools are being developed so that Web3 gaming can be crafted by anyone. Traditional gaming is out the window.
Can game developers keep up?
Many game developers are trying to keep up with mainstream adoption of blockchain gaming. An example is Sega, who are releasing their first blockchain game very soon. They are well aware that they can’t ignore what is essentially an upgrade of the gaming world as we know it.
Expectations are changing
Gameplay will change forever and so will users’ expectations of gaming. They will expect to have true ownership of their in-game assets, to make money off their gaming experiences through play to earn, and to have multiple games at their fingertips wherever they are and whatever device they’re using.
Many developers won’t go anywhere solely because of their extensive background and know-how in creating amazing games. Unreal Engine is an example. They have created some of the best graphics and rendering systems the world has ever seen and the development of many new games is backboned by them. So, to answer the question, yes, they can keep up. Only if they proactively choose to.
The increasing value of in game items
With true ownership of in game items and assets, millions of creators are understandably excited about the ability for individuals to trade their creations on an online market. Items are no longer kept on the platform of an individual game but can be shared with players who are playing all around the world, and not necessarily the same game.
This increase in audience size for collectibles is driving up the price of in game items. There are many examples of items won from a certain game hitting the market at prices we wouldn’t have imagined only a few years ago.
The influence of NFTs
NFTs and their smart contracts are what are driving this ever-increasing valuation of in game items. Blockchain games typically offer their in-game assets as NFTs that players can play to earn and then store with a decentralized autonomous organization such as in their Ethereum wallet.
Gamers are collecting crypto and NFTs like those in the Bored Ape Yacht Club like wildfire and gaming guilds are increasingly focusing on earnings rather than stats. NFTs and their smart contracts are what drive this new gaming economy of blockchain gaming, with ownership of digital assets now easier and safer than ever.
Is Web3 gaming fun?
Yes, Web3 gaming is still fun! A relief, I know. In fact, playing games has potentially never been as fun as it is now. Players are increasingly finding themselves using VR and augmented reality as part of the Web3 gaming world. This new technology gives Web3 games a form of engagement and control that didn’t previously exist in games. It’s giving players new and exciting immersive experiences to look forward to.
Not completely out with the old
In the development of Web3 games, there is a lot of reflection on aspects of older games that were successful in ensuring games were fast paced and fun. Yes, the play to earn system is incentivising play time, but developers know this isn’t sustainable without ensuring the play to earn system is part of a fun and engaging game.
In order to have players continue to come back and play for items or assets, the experience needs to be there. Lucky for the developers, they have a lot of inspiration to draw on to ensure success.
Only more growth to come
The growth of the blockchain gaming platform isn’t slowing down any time soon. Creators and developers are only bringing together more and more ideas for players to engage with. As a result, there is an ever-increasing number of players making the switch to gaming on the blockchain. Gamers typically make up a market of tech savvy individuals who don’t shy away from playing on new technologies or a new platform. As long as what they’re playing is fun and engaging, they tend to give it a go. It’s a high growth market!
Opportunities are endless
New ways for players to share their gaming stats, data and to earn from tokens and by trading resources; the opportunities don’t stop here. Web3 gaming brings about countless opportunities for companies to develop blockchain gaming even further than it has already come. Imagine a world in which blockchain gaming is so much the norm and widely accepted that we almost live another life through it.
Platforms like Second Life are an example of this, where the metaverse is being gamified and players are spending more and more time through avatars in a digital world. For players, the opportunities to earn and game online continue to grow also. Web3 gaming and it’s play to earn economy is only in its early stages and so new ways of earning and trading are likely to arise on blockchain gaming tech along with increasing earning potential for individuals and gaming guilds.
I’m a gamer, what does this mean for me?
For gamers, this means a couple of things. Firstly, it means new and exciting gaming experiences. There seems to be a new game every week in the Web3 gaming world. Secondly, it means ensuring you stay up to date with new technology like NFTs, the metaverse and smart contracts.
Try to understand what they are and how they operate. This will give you the best experience with your blockchain gaming and ensure that users will be able to participate fully in the economy of any game. Thirdly, it means ownership of your in-game items and assets. As we’ve covered, this doesn’t simply mean your avatar owns them in the game, it quite literally means you have self-sovereignty in the real world of your items and assets.
Locate the marketplaces
Start by locating the different Web3 gaming platforms on the blockchain and their marketplaces. To participate in the gaming, this is where you’ll need to start. A good starting place could be going directly to the GameFi.com website which hosts a range of Web3 gaming titles to choose from. There you’ll also be able to read up on Web3 gaming and its technologies and keep up to date with how the gaming environment is advancing.
Try a new game
Once you’ve perused the new titles out there, give one a go. There’s no better way to learn than jumping into a game and figuring it out as you play. You could form a team or go it on your own. There are a range of team games out there.
Even if you can’t find others you know to make up a team, find a game that has a good online community and form one through there. With ever-increasing numbers of players getting into Web3 gaming you shouldn’t be short of choice.
You could potentially earn money through your gaming if you commit enough time to it. Earn collectibles and in game assets to trade, buy and sell on the marketplace, if you like! Gaming for money isn’t everyone’s cup of tea and shouldn’t become the driving force behind your gaming experiences if you don’t want it to be.
Web3 gaming definitely has financial opportunity but it’s absolutely not compulsory. Gaming shouldn’t be enjoyed less because of it; it should only be an added benefit available to those who want to take advantage of it.
Now that you’re in on it, help the Web3 gaming world grow! Share your experiences, build the new gaming community and encourage others to join in on the fun. There’s no better way to play games than with others. Time with friends equals fun. So, logic states that the more friends you get into Web3 gaming, the more fun you’ll have!
Most importantly, have fun! Don’t let the ins and outs of Web3 gaming overwhelm you. Remember why you are a gamer and keep it simple if you want to. Get together with others and explore and experiment with some new features if you like. Gaming is getting a big level up, but fun is still at the centre of it all.