AAA game companies will look like peanuts as GameFi evolves: Skale CEO
Finding a sustainable GameFi model remains a challenge as user experience ranks at the top of the industry's agenda.
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GameFi's ever-evolving model could make "today's AAA game companies look like peanuts," said Jack O'Holleran, CEO of Skale, an Ethereum multi-chain native network that powers Web3 games. In fact, blockchain-based games and metaverse projects are showing resilience amid a winter that has dragged down many crypto industry players, with $1.3 billion raised last quarter. as reported by DappRadar.
Finding a sustainable GameFi model remains a challenge, however. User experience ranks among the top pain points in the industry, primarily due to gas costs and the complexity of buying, owning, and trading NFTs. "Making users pay a fee every time they make a transaction or trigger a smart contract creates a disincentive to play," O'Holleran noted, adding that "to appeal to the mass market, there's a ton of work that needs to be done around usability."
Despite usability challenges, Web3 games accounted for nearly half of blockchain activity across 50 networks in the last quarter, according to DappRadar, with 912,000 daily unique active wallets (UAWs) interacting with games smart contracts in September only.
The most common business models in gaming include play-to-win (P2E) – which allows players to earn rewards such as tokens and non-fungible tokens (NFT) – and play-to-own (P2O) , which is a more detailed version of P2E, providing players with proof of ownership rewards for peer-to-peer trading. Recent analysis from Absolute Reports predicts massive GameFi growth over the next six years, with P2E games
Finding a sustainable GameFi model remains a challenge as user experience ranks at the top of the industry's agenda.
New
GameFi's ever-evolving model could make "today's AAA game companies look like peanuts," said Jack O'Holleran, CEO of Skale, an Ethereum multi-chain native network that powers Web3 games. In fact, blockchain-based games and metaverse projects are showing resilience amid a winter that has dragged down many crypto industry players, with $1.3 billion raised last quarter. as reported by DappRadar.
Finding a sustainable GameFi model remains a challenge, however. User experience ranks among the top pain points in the industry, primarily due to gas costs and the complexity of buying, owning, and trading NFTs. "Making users pay a fee every time they make a transaction or trigger a smart contract creates a disincentive to play," O'Holleran noted, adding that "to appeal to the mass market, there's a ton of work that needs to be done around usability."
Despite usability challenges, Web3 games accounted for nearly half of blockchain activity across 50 networks in the last quarter, according to DappRadar, with 912,000 daily unique active wallets (UAWs) interacting with games smart contracts in September only.
The most common business models in gaming include play-to-win (P2E) – which allows players to earn rewards such as tokens and non-fungible tokens (NFT) – and play-to-own (P2O) , which is a more detailed version of P2E, providing players with proof of ownership rewards for peer-to-peer trading. Recent analysis from Absolute Reports predicts massive GameFi growth over the next six years, with P2E games
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