It’s the latest news in crypto’s ongoing mission to take over the world; a new generation of blockchain games that are going to be better than anything we’ve seen yet. With billions of venture capital coming in, this industry is on the cusp of a breakout and we’ve got the full story coming up.
Five years from now, crypto gaming, or GameFi as some already call it, is going to be a multi-billion dollar industry. We’re already seeing a lot of traction in the sector, however, there’s a lot of uncertainty too.
While Axie Infinity has proven how successful a play-to-earn game can be, it also suffers from a rather unfortunate shortcoming. Play-to-earn suggests that people are mostly playing the game to earn money. If the financial rewards for playing Axie Infinity disappeared, it’s unclear how many people would stick with the game just for the pure fun of it.
What GameFi needs is a way to blend blockchain and gaming into a more sustainable model. Enter play-and-earn.
The play-and-earn model de-emphasizes earning money and puts the focus back on gameplay. The developers who are creating this next generation of games want to make the experience compelling and fun, so that gamers are excited to play even if they don’t earn much money.
Here’s how Mirko Basil, the CEO of UniX Gaming describes this new gameplay model. And I quote,
Play-to-earn is basically a job. It’s not fun. You do something, and you get rewards. Then people cash out their earnings, over and over. They don’t contribute to the community, they’re just doing their tasks and getting paid. Play-and-earn is fun and rewarding. People spend hours, days and months playing and getting better, competing and collaborating and building a really incredible community.
Spintop Network is one example of how the play-and-earn model could work. Spintop offers a suite of tools that it refers to as the Guild Maker.
Developers can integrate the Guild Maker into their games so players can buy and sell in-game items, mint new NFTs and create financial deals with sponsors. In other words, the Guild Maker is a way to quickly build out a blockchain economy in a video game. While we’re still in the early adoption stage for GameFi, the industry is growing faster than a lot of people understand.
According to a report by CoinTelegraph, there was $4 billion of VC investment in 2021 and, even though we’re not even halfway through the year, there’s already been $2 billion of investment in 2022. All that money is going to turbocharge the GameFi movement and the movement’s prospects are looking quite good. Gamers are going to have more fun and they might earn a bit less money, but the model is supposed to be more sustainable and better for everyone involved.