AAA gaming companies will look like peanuts as GameFi evolves QouteCoin
New York City: Finding a model for GameFi that is both user-friendly and profitable is still difficult, since providing a positive user experience is now the primary focus of the gaming business.
According to Jack O’Holleran, CEO of Skale, a multichain Ethereum-native network that supports Web3 games, the model that GameFi uses might make “today’s AAA gaming businesses seem like peanuts” if it continues to evolve at the rate it is now. In point of fact, blockchain-based games and metaverse projects are demonstrating endurance in the midst of a winter that has taken down many participants in the cryptocurrency business, with $1.3 billion raised in the most recent quarter.
The search for a GameFi model that can be maintained over time, however, continues to be difficult. The user experience rates among the top challenges faced by the sector, mostly as a result of the difficulty of purchasing, owning, and trading NFTs and the associated gas expenses. According to O’Holleran, “charging users fees every time they trade or activate a smart contract provides a disincentive to play,” and he continued by saying that “in order to appeal to the general market, there is a ton of work that has to be done around usability.”
According to DappRadar, despite usability issues, Web3 games accounted for over half of blockchain activity across 50 networks in the previous quarter. In September alone, 912,000 daily Unique Active Wallets interacted with the smart contracts of games.
Play-to-earn (P2E) and play-to-own (P2O), which is a more detailed version of P2E and provides players with proof of ownership of rewards for peer-to-peer trading, are the two types of in-game business models that are the most common. play-to-earn (P2E) allows players to earn rewards such as tokens and nonfungible tokens (NFTs); play-to-own (P2O) allows players to trade rewards A new study conducted by Absolute Reports forecasts huge expansion for GameFi over the next six years. It is anticipated that P2E games would reach $2.8 billion between the years 2022 and 2028, representing a compound annual growth rate of 20.4%.
While crypto gaming firms are growing more popular in the market, some studios are drawing lessons from AAA games to enhance the usability of their products. AAA games are high-budget, high-profile games that are created and distributed by huge publishers.
Gunzilla Games is a game development studio that was established in 2020. The company combines high-quality AAA content with blockchain technology behind the scenes. This gives players the ability to fully customize their characters and weapons within the game by owning the underlying assets as non-fungible tokens (NFTs).
