he next generation of gaming is upon us. Ready Player One is about to become a reality. Blockchain technology has enabled Gaming and Finance to merge together and create what we know as GameFi and is predicted to disrupt the traditional gaming market that is valued at $385B…
What is GameFi?
GameFi as briefly explained is an abbreviation of Game Finance which is simply the blend of blockchain technology, gaming and decentralised finance. This has opened the door to games that can offer a Play-to-Earn (P2E) experience, which has been highly sought after by gamers for many years!
Gaming is a powerhouse of an industry that is dominated by centralised entities. All the in-game items you’ve ever bought are never truly yours. You get nothing in return for the time and money spent. This can all be changed with a shift into the world of Web3.
How Does GameFi Work?
Thanks to the power of the blockchain, games can now offer their gaming community full ownership over in-game items such as skins and accessories by turning them into NFTs!
These NFTs can then be traded for Crypto and in many cases, end up profitable. Now, imagine the amount of time you’ve put into your favourite game. If you got paid to play, you would have a lot more money in the bank, right?
RIGHT! These games that launch on Playstation, Xbox, PC etc. are all money grabbers that know truly well they can afford to reward their players/community. At the bare minimum, we should have always had the ability to sell/trade our in-game items. Instead, they expire and not only was money wasted, but also the most expensive currency, time!
Why We Need GameFi?
The best way to explain why we need GameFi is to simply give you an example.
Call of Duty. Over 100 million fans and players.
COD (Call of Duty) is possibly one of the biggest online games that will ever be. It’s a game with its own currency, known as COD Points but aren’t tradable. It’s a game with NFTs, once again NOT tradable. It’s a game which is popular for NOT listening to its community.
Nonetheless, Call Of Duty is a great game but could do with a serious upgrade. Now, if a COD developer is reading this, I hope you decide to pitch this idea to the team.
If Call Of Duty decides to make the smart move and completely transition into a blockchain-compatible game, it would instantly become the largest game in history. That’s if they get there first.
As we mentioned, so much money has been wasted from your in-game items expiring and being incompatible with future COD releases. For example, all the skins (characters) from the original Warzone (Verdansk) were not moved over to the Warzone 2 Game, therefore users lost all of their paid in-game items. The worst part is, that the game isn’t even playable anymore.
With blockchain compatibility, COD would be able to integrate any NFT, old/new into its latest game, users would be able to sell/buy/trade their in-game items such as Character and Weapon Skins and everyone would be happy.
The craziest thing is that we actually use FIAT to buy COD Points on your gaming system (e.g. Playstation/Xbox), which practically means we’re halfway there. It’s terrible how they’re taking advantage of us and know very well they can enable a selling/trading feature for in-game items.
What is missing for this to happen?
Three things, a blockchain to integrate the game on, a marketplace to sell your in-game items and YOU, to make it happen.
One more thing. For those who play Call Of Duty, would you not agree that the use of a Call Of Duty DAO would reshape the future of COD for the better?
In my opinion, 100%. COD is famous for receiving backlash on new updates and implementations. We want a DAO where TRUE COD players have a say in the future of the game, no matter how big or small. This doesn’t just go with COD, but it goes with every multiplayer game.
So, if you are interested, there are games that reward you for spending your time playing their games, here are some legendary and well known GameFi protocols:
Gala Games (GALA)
Gala Games is a blockchain gaming, music and film platform on the Ethereum and Binance networks that allows users to earn the native token GALA and earn or collect NFTs (Non-Fungible Tokens) through gameplay and limited edition releases. Gala is soon going to release its very own blockchain!
The Sandbox is a P2E Metaverse game that was originally launched in 2012 as a mobile game on iOS and Android. Six years later in 2018, Sandbox developed a new version of the game, built on the Ethereum blockchain. All assets within the game ecosystem are limited to availability and tradeable.
Illuvium is a AAA open-world fantasy game built on the Ethereum blockchain and has now integrated with Immutable, the game-focused Layer 2 scaling solution for the Ethereum network, which is perfect for Illuvium, as it will allow for faster and ZERO-COST transactions.
The way I see it is, if these incredible companies can do it, why can’t Activision, EPIC Games, EA and all the rest?
Well, I will tell you.
GREED. PURE GREED.
Bring on Web3 Gaming!
Web2 Game Companies Entering Web3
Slowly but surely, Web2 games and its creators are joining the expansive world of Web3.
Founders of Supercell have started a new journey, on a brighter path by creating a new game on the blockchain. Own your army, hero and most importantly get rewarded for playing!
Welcome to the Army of Tactics.
A leader in Web2 Gaming, Ubisoft has been making various moves within the crypto industry. The Polygon network is actually home to some Assassin’s Creed NFTs! More is definitely expected from Ubisoft in the future.
There’s a big rumour going around. One so big that it would single-handedly enable global crypto adoption, instantaneously.
Xbox is supposedly integrating Crypto Wallets into its console. The mission is to become the “Cloud Console”. Whether or not this news is true, we must take it all into speculation. Nonetheless, this is fun news!
As web3 games get better and receive larger funding, it would only be a matter of time before traditional gamers make the shift over to Web3 Gaming, where they can play the same quality of games, but also get rewarded for it simultaneously.
The battle for Web3 gaming continues. Web2 multiplayer gaming must come to an end.