On the topic of where the following 10 million users will come from, a narrative everyone is talking about is the GameFi Sector. Why? Gaming is a multi-billion dollar industry. If executed correctly, the transition of users onboarding into blockchain-based games (GameFi) might see even a more considerable inflow of users than we could ever imagine.
We hear more about onboarding the following 10 Million users in Metajam with:
Prakash Somosundram, CEO and Co-Founder, Enjinstarter
Alfonso ‘Cholo’ Maputol, CEO / Co-Founder, Play It, Forward
Francois Zhang, CAIA FRM, Investment Director, Arcane Group
The session was moderated by Samson Oh, D.G. Ventures
Take this statistic for an example; if you compare the number of unique crypto wallet addresses in the world with the number of gamers globally, it’s less than 0.1%. Getting GameFi right will indeed unlock the next wave in crypto adoption.
What is the current state of GameFi?
We might be super early, even earlier than how the first internet bubble came about—heard of the game STEPN? People would argue that it is a web2 app with web3 gamification, but it is not a game. Francios added, “We are at the beginning of the beginning, so early we don’t have to rush for it”.
Games need to be entertaining first. We have to get that right before we can reach the web2 users. High-quality games in the web3 space are getting more profound, but the entertainment value they provide has risen along with it.
Take Axie Infinity as an example. When you overlay an earning aspect to it, you will drive adoption. Web3 benefits those who contribute to the ecosystem, which naturally gives birth to building communities. What better way to start with gaming, with multitudes of well-established communities within the industry.
How do we onboard them?
The most considerable hesitation most web2 games have is that web3 is all a scam. Similar to what people in TradFi thought about DeFi before DeFi summer. There should not be a debate but a compromise. Gamers are a different breed of customers instead of investors; they go wherever the fun is.
What is a game without community? From a launchpad perspective, focusing on gamer acquisition in the retail market might not reap the intended goal. The retail market was only interested in getting allocation and subsequently moving to the next game, cycling their capital. Gamers are a different breed; developing games should revolve around their motivation, but it comes with heavy capital investment.
It goes beyond just playing games now; the more people contribute to the ecosystem, the more beneficial it is to them and the entire ecosystem. The true power of GameFi enables games to make money for gamers.
Making this happen needs a lot of cross-collaboration, improvements to the UX experience of games and market education.
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Featured Image Credit: Chain Debrief