Game-FI’s Emergence to face challenges… Is Game-Fi ready?
According to crypto data tracker ‘DappRadar’, the volume of transactions linked to games has reached 80–150 million.
Looking at this ever-growing number, we are sure Game-FI’s future is bright. Having said this, shaping up future requires an ability to go through a lot of challenges- Is Game-FI capable of going through all of those??
Let’s learn about the major challenges in the way of Game-FI:
Game-FI Titles lack charm and appealing design which means the graphics and the gameplay of P2E (Play to earn) projects are failing to impress and thereby sustain players. Players tend to lose interest due to poor interface.
Solution: Improving the game genre, as well as the graphics and gameplay, will be necessary for the near future for blockchain-based P2E projects to gain propulsion.
Challenges with Ethereum- As the popularity of P2E grows, the number of users go up too- putting strain on the infrastructure. Also, handling interactions in the game are different from dealing with regular transactions. Curbing strain and handling issues necessitate high speed, cost, and stability, which is why current P2E projects are not built on Ethereum.
Solution: As a better alternative, game developers have started choosing Binance Smart Chain, Polygon Smart Chain, Avalanche Smart Chain etc.
It’s a relief that the solutions are being explored for the above problems, yet there is one other major concern to be addressed i.e., the financial model.
- Firstly, to invest in the characters and games, all top games require players to spend a certain amount of funds, or the owner must invest its own. For instance, Axie Infinity requires a wholesome average of 800 Dollars to own an Axie.
- Secondly, P2E allows players to earn money and get return on capital after a period. Not all players are willing to spend money to play a game and, if they tend to invest, waiting for the return is troublesome.
Nevertheless, this financial model can certainly gain momentum basis developed trust, consistency in success and cost-benefit analysis. GameFi, has its potential to grow and we have some demonstrated examples from the industry. Like: On August 6th, Axie Infinity generated $17 million in revenue, surpassing even Honor of Kings. This demonstrates the emergence.
Also, with increasing numbers of digital assets, modern-developers, and financial specialists- the problems of design, smart chain, and financial model sound minute. These can be suppressed with strategic planning and directional efforts. Hence, GameFi is certainly ready and says- “Bring It On”…
Please note: The concept of GameFi, what is it based on and how is it different from traditional gaming, has been explained in my previous article. Click HERE to read.
About Author — Bumble Bee [ Twitter ]
Seasoned Communication Expert with a demonstrated history of working in Financial Services, Infrastructure and IT Industry. Passionate about creative writings and overall communications.
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