2022 was inevitably an important year for GameFi’s development with innovations from the Play-to-Earn to X- to-Earn model. At the same time, there was also an influx of capital investment in the industry that has led to a mass gain of Web3 gamers, but with the crypto winter, the GameFi sector also has been hit on a certain level. As a result, many Web3 gamers have lost the interest in paying attention to GameFi. However, despite the disencouragement of the industry, from DappRadar’s latest report data we can see, GameFi still remains to be one of the fastest growing sector in Web3, with a daily average of 800,000 active unique wallet addresses in some periods. This means the GameFi market shows strong resilience and the market has not lost its confidence.
From recent cases in GameFi, The Player One Tournament held by Game Space recently ended on February 10th. During the 10-day event, over 20K participants participated in the tournament, generated 200K+ Twitter engagements, and over 30K twitter followers. On top of that, Sky Vee, a streamer with over 1.3M+ fanbase has also joined the tournament to compete and battle for the ultimate prize pool.
For the first round of the Player One Tournament, Game Space has teamed up with industry leading games Gods Unchained, Splinterlands and Big Time,aligned partnerships with 25 partners in the industry, such as BNB Chain, KCC Chain, Gaming Guilds like Dux Guild, Meta Money and Planet League; Web3 infra Chainstack and powered by task platform Galxe. In total, the tournament gathered a value of $20,000 prize pool, which includes diverse rewards including UDT, Tokens, NFTs and in-game assets. Tencent Cloud as a strategic partner has provided $30,000 worth of Cloud Credits for each gaming partner of this tournament and states that they will continue to invest in each tournament in the future.
Expanding the Base of Web3 Gamers
As a leading provider of GameFi-as-a-Service, Game Space not only offers an integrated SDK solution for AAA games but also develops its own casual mini-games. Recently Game Space has announced to be officially updated into a Casual GameFi Hub, dedicated to bring an extra hour of happiness for Web3 users. The company aims to explore the asset interoperability model combining NFTs and tokens in its casual mini-games to create a true Metaverse for gaming.
Michael Cameron, CEO of Game Space said: “At Game Space, we have always been very focused on bringing more Web2 users to Web3, while finding more sustainable approaches to remain users in Web3. We believe that Web3 is a unified metaverse and GameFi as the fastest growing sector in Web3 should continue to be explored and gain momentum growth when the bull market arrives. ”
Providing a More Unified Web3 Gaming Ecosystem
The current GameFi projects in the market incorporate concepts such as Defi and NFT that can meet the preferences of a variety of investors and gamers. With billions of Web2 gamers in the world, Web3 gaming has a lot of room for growth. However, since Axie infinity representing GameFi V1.0 faded out of the audience’s eyes, we haven’t seen any explosive projects arising in Web3. This means that the industry needs to improve in retaining existing Web3 gamers and encourage more Web2 games in the industry to enter Web3.
Cameron continues: “In terms of the initiative to create a Player One Tournament, we have seen a mass decrease in DAU of many Web3 Games, some of which are incredible games. It’s not new to for gaming projects to create tournaments, usually the tournaments are inclusive to one game and the industry needs more unified force to create mass buzz.”
The Player One Tournament is a stepping stone towards a more unified and interconnected Web3 gaming ecosystem. The tournament is a representation of the new paradigm that the GameFi industry is trying to achieve. As most GameFi projects currently generate tokens and NFTs independently, the tournament is helping to bring the industry together and create a more seamless gaming experience for players.
It’s time for the next stage of Web3 gaming
By addressing the current challenges, Web3 gaming is confidently moving toward competing with traditional AAA games. This is a major achievement considering that blockchain gaming is still a nascent sector.
Previously, all the discussions about blockchain games focused on numbers, investment milestones and economic models. Today, we can observe a significant shift in the gaming experience and the quality of the gameplay and visuals. It is clear that Web3 games are serious about reaching the AAA level to ensure mainstream adoption.