GameFi Investments Are Growing: Blockchain Is Becoming the Standard in Every Game
Date: 2024-09-27 Author: Oliver Abernathy Categories: BLOCKCHAIN
Web3 games have been criticized over the past few years, but approaches to game mechanics and reward models have changed. This has led to GameFi strengthening its position in the market.
In Q2 2024, blockchain gaming investments reached $1.1 billion, up 314% from the previous quarter. Web3 games account for 28% of all decentralized application (dApp) activity, indicating growing interest in the industry.
From niche to industry standard
It is now safe to say that blockchain games are not a passing trend, but an important component of the gaming industry. One of the key benefits of blockchain is the ability to own in-game assets, such as skins and characters, which can be sold or traded. Unlike traditional games, where assets are tied to the game ecosystem, blockchain gives players real property rights.
Investors have also appreciated the prospects of blockchain. Investments in this area continue to grow, and investors are focusing on games with long-term value. This is a new stage for GameFi, where speculative profits are not important, but rather the creation of sustainable ecosystems for players and developers.
Overcoming Web3 Barriers
For Web3 games to become mainstream, they need to be simplified. The introduction of wallets, NFTs, and tokens often scare players away. However, successful blockchain games integrate technologies in a way that does not distract from the main process. Players do not need to understand the technical aspects, and the focus should be on ease of use.
When developers make blockchain technologies invisible to users, Web3 games will become attractive even to those who previously avoided them.
The Future of GameFi: Strategy and Investments
As the market grows, the approach to game creation changes. Play-to-earn (P2E) models are becoming a thing of the past, as many of them failed due to weak economies and boring mechanics. Games should be interesting and engaging, and the opportunity to earn money should be just an added bonus.
An example is the game Farcana, which was originally a P2E project, but was later reoriented towards competitive aspects. Players earn Bitcoin not for simple activity, but for skill and success in the game.
Cross-platform capabilities and security
One of the promising areas of GameFi is cross-platform, when game assets can be used in different games and even blockchains. Such compatibility will radically change the industry, allowing players to transfer and exchange resources between projects.
Security remains a key factor for the development of GameFi. Blockchain solves many problems of traditional games related to fraud and theft. It ensures the protection of player assets even if the game is closed.
In the future, blockchain will become the standard for most games. This requires strategic funding, technology integration, and the creation of accessible and engaging game worlds.
