GameFi entrepreneurs need to have the perfect gaming plan in place to make a comeback in 2024.
GameFi is likely to be a landmark year, with multiple triple-A (AAA) games expected to be released. Will 2024 be the year when blockchain will shake up the traditional gaming market?
GameFi games don't always have the best reputation among the general gaming public. Critics of the genre point to mediocre graphics, a lack of originality in game mechanics, and a general lack of fun. What's even more irritating is that the tokenized elements of GameFi games tend to be difficult to sustain in the long term.
But if industry experts are to be trusted, GameFi could be overhauled. Shrapnel is a AAA first-person escape shooter with an ecosystem of creators, and its CEO, Mark Long, is one of the voices predicting positive developments for the industry. Lang is quick to admit that blockchain games have a very good and mixed reputation at the moment, but he thinks the next wave of games will confuse critics.
"One of the most important things I expect next year will be a shift in the narrative around Web3 gaming," Long told Cointelegraph. "Let's face it, the perception of the genre is that blockchain games are terrible. Driven by a Ponzi scheme mechanism, a constant influx of new players is required to substantiate any accrued value. They don't play to make money; They are working while playing. ”
Although Long is picky about current GameFi games, he predicts that several "breakthrough" games in the pipeline will change the public's perception.
"Two of my favorite games to play are Dead Drop and Off The Grid," Long said. "Dead Drop is creatively led by Dr. Disrespect, and the influence of a man who plays by his own rules is right up [...] Off The Grid has my favorite film director, Neil Blomkamp, to drive the design, and it looks hot. For me, the world of Bloomkamp is a unique, down-to-earth science fiction novel that is surprising in a very concrete way at the same time. ”
The Shrapnel CEO also named Wildcard another game he's looking forward to, citing a development model that includes player ownership.
"GameFi presents an exciting new opportunity for Web2 gamers to do what they've always wanted to do: be a part of game creation," Long said.
Simple Ponzi scheme
Not everyone in the decentralized finance (DeFi) space is so excited about GameFi's prospects in the coming year. Oleg Fomenko, co-founder of mobile-to-earn platform Sweat Economy, is highly skeptical of the industry.
Fomenko believes that the differentiated GameFi industry will never be able to challenge traditional games, and he believes that the whole concept is wrong.
Fomenko told Cointelegraph: "The belief that games that simply incorporate Web3 elements automatically fall into GameFi's unique category are rapidly disappearing. "While Axie Infinity and StepN initially led us to believe that they had created a whole new gaming world where players could earn money and live on their own earnings, it turned out to be only temporary, disappointing phenomena. These are just Ponzi schemes that benefit early adopters, who also know when to jump ship early. ”
According to Fomenko, GameFi tokens only capture value "if the game itself generates value," but "that's not the case." As a result, GameFi is inherently flawed.
Even so, the Sweat Economy founder did find some positives in the broader Web3 space. Fomenko continued, "Games with Web3 elements are set to thrive, and I'm excited to see further innovation in this space, especially in the use of non-fungible tokens (NFTs) in games. ”
GameFi's Redemption Arc
For GameFi to make a significant impact in 2024, it will need to overcome the negative perception surrounding the industry. That's the judgment of Les Borsai, co-founder and chief strategy officer of Wave Financial, an investment advisor with more than $1.5 billion in assets under management.
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"Looking ahead to 2024, GameFi's development is at a critical juncture," Borsai said. "Frankly, its current state isn't impressive, and it's often criticized for prioritizing blockchain and DeFi gimmicks over real game quality. This practice has caused a backlash from the gaming community, who believe that the essence of the game is obscured by obvious monetization strategies and unappealing mechanics. ”
Borsai believes that if the industry can take advantage of other new technology trends such as artificial intelligence (AI) and digital twin technology, then there will be opportunities for the industry. In Borsai's view, these are "opportunities for GameFi to redeem itself."
"For GameFi to make a real impact and win back gamers in 2024, it needs to fundamentally reevaluate its approach," Borsai said. "It has to go beyond advanced technology; "It needs to seamlessly integrate those elements into the game that players really want to spend time playing. If GameFi can achieve this balance, it has the potential to not only mature, but it will also significantly change the way we think about integrated financial games. ”
Complex business
Building a AAA game is no easy feat. Cutting-edge games typically take two to five years to develop and bring to market. Some games have even longer wait times. For example, Grand Theft Auto VI is scheduled to launch in 2025 – a full 12 years after its predecessor hit the market.
The lengthy development process illustrates the difficulty of game development, even without adding to the complexity of integrating blockchain technology.
Teddy Pender, technical product manager at Mina Protocol, a zero-knowledge (ZK) native blockchain, believes that the implementation of zero-knowledge technology may simplify the process.
"In the past, Web3 gaming apps have been criticized for poor user interfaces and poor gaming experiences. However, 2024 will be a turning point when we will see GameFi apps start to look and feel like real competitors to the existing Web2 gaming industry. Pender told Cointelegraph. "By using the ZK native blockchain, developers can build games that leverage zero-knowledge frameworks, reducing the complexity of GameFi applications. ”
Whether ZK-proofs or other technology solutions can help propel the industry forward with renewed vigour, some believe the industry has a long way to go before it hopes to catch up with traditional games.
There's still a little time
Co-founders Rob Greig and Josh Jones of Cornucopias, a multiplayer online video game built on Unreal Engine 5, agree that 2024 will be a landmark year for the industry.
"The potential for 2024 is enormous: we're considering a scenario where individual ownership of in-game assets, powered by blockchain technology, is not only a novelty, but will eventually become the new norm as it continues to evolve," Jones told Cointelegraph. "This shift promises to unlock unprecedented opportunities and user engagement, making it a pivotal moment for both developers and gamers. ”
However, despite this, the duo believes that the industry is not quite ready to mature in the coming year.
"The industry is at a crossroads," Greg told Cointelegraph. "Looking ahead, 2024 seems to be a pivotal year [...] The studio would cautiously dabble in cryptocurrency-related initiatives and test the waters before committing fully to it. Between 2025 and 2026, we are likely to see mass adoption in the gaming space. ”
Whether or not 2024 is a breakout year for GameFi, advocates like Long hope that the next batch of games can start turning the industry around.
"As the years go by, the traditional model of centralization seems to have grown tired. I think players are ready for something really new," Lang said.
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