Introduction
So, what does it take to build a successful GameFi project? If you’re new to crypto gaming or a developer who wants to get a holistic understanding of the sector, keep reading. In this article, we’ll explore the technical, marketing, funding, and legal considerations involved in building a GameFi ecosystem.
New blockchain gaming report shows GameFi is thriving
Gaming was responsible for half of all blockchain transactions in 2022, boasting a 60% increase in daily average users year on year. With over 1 million unique wallets connecting to GameFi DApps on a daily basis, it’s no wonder then that in the midst of Crypto Winter, VC firms sunk $7.6 billion into blockchain gaming.
GameFi also continues to evolve, moving from Play-to-Earn to new iterations such as Play-and-Earn, Move-to-Earn, Play-to-Own and Free-to-Own. These models innovate by offering free mints, exercise-related rewards, and generally a more balanced, entertaining, and ultimately sustainable gaming experience that aims to appeal to casual and serious gamers alike.
Web2 vs Web3 Gaming: moving closer together
- Tokenomics in gaming needs to have a clearer path toward tangible utility, with a focus on sustainable tokenomics and long-term alignment with respective communities.
- Studios should focus on both traditional gamers and Web3 gamers to increase their total addressable market and bring scale. This can be achieved by becoming “Web2 front-end and Web3 back-end”.
- Gaming studios should focus on building games that are fun to play, rather than just building something around a token/NFT collection.
- Traditional gamers are currently intimidated by blockchain gaming, but with time and the development of infrastructure, more entrants will join the industry.
- Once a few Web3 games have millions of players, adoption of blockchain gaming by traditional gamers will quickly happen, eventually changing the label of “blockchain gaming” to simply “gaming”.
6 Actionable lessons for GameFi developers
With all these things to keep in mind, here are a few actionable general guidelines for GameFi builders:
- Understand the target audience and design the game accordingly. Consider creating a game that is easy to learn but hard to master.
- Focus on creating a strong narrative that immerses the players in the game world.
- Use blockchain technology to enable ownership and trading of in-game assets. Consider using non-fungible tokens (NFTs) to create unique, valuable assets.
- Use community feedback to improve the game and keep players engaged. Consider implementing decentralized autonomous organizations (DAOs) to give players a say in the development process.
- Use a token economy to incentivize players to engage with the game and hold onto their assets. Consider creating a deflationary token model to increase the value of the token over time.
- Consider partnering with other projects in the Web3 ecosystem to create a more comprehensive gaming experience.
Conclusion
In conclusion, to build a successful GameFi ecosystem, developers need to be able to create engaging and fun games while also integrating them with blockchain technology and smart contracts. Marketing and promotion are crucial for attracting new users and creating awareness about the project.
About ThunderCore
ThunderCore is among the world’s top 5 blockchains and the only platform growing DApp users organically through ecosystem retention, which will be the key driving force behind the real mass adoption of blockchain. Its proof-of-stake (PoS) architecture, EVM compatibility, entertainment-first ethos, and deep developer support provide a battle-tested home for the next generation of crypto innovators across Web3, DeFi, NFTs, GameFi, and the metaverse.
Thanks to its unique PaLa consensus mechanism, ThunderCore can handle 4,000+ TPS with sub-second confirmation times and ultra-low gas fees kept at a fraction of a cent.