The evolving blockchain integrated gaming ecosystem
‘With the correct permutation & combination, NFT gaming booming in the next few years won’t come as a surprise to anyone’
A conversation about the evolving blockchain-integrated gaming ecosystem with an entrepreneur trying to address the fragmented blockchain-integrated gaming industry.
The monumental rise of Axie Infinity in 2021 has ushered in a new era of gaming in the form of blockchain integrated games. The average gamer can now monetise their playing time and the value they bring to a game via in-game rewards and collectables in the form of NFTs or financially through cryptocurrencies.
As these NFT-based games continue to grow in popularity, the value of NFT in-game assets will also continue to increase, incentivising active engagement with the game in exchange for more attractive rewards. With the unique synergy that the play to earn model offers for both game developers and gamers, the explosive success of NFT games, including My DeFi Pet, Crypto Blades, Alien Worlds and many more, should come as no surprise.
Even giants in the gaming industry such as Sega have expressed interest in the incorporation of NFTs in upcoming titles, and with Ubisoft already integrating NFTs in one of its top sellers, Ghost Recon Breakpoint. Rapid innovation, which sees gaming developers rushing to dive into the metaverse, indicates that the NFT gaming space is poised for a monumental year in 2022.
However, like any explosion, the aftermath of the NFT gaming boom of 2021 has left a chaotic and fragmented gaming space. While the over-saturation of play to earn titles can leave gamers and potential investors overwhelmed.
The Tech Panda spoke to Khaled Jama, Founder, and CEO of Gamerse, a platform aiming to be the home for the gaming NFT and the metaverse social economy with their aggregated marketplace, LFG features and social platform.
I vouch for the massive growth potential of the blockchain-integrated game industry
He says he undoubtedly envisions continued growth for the blockchain-integrated gaming industry.
“I have been in the crypto space for nearly five years now, and I have only seen an upward trend in the market despite global tremors. Speaking on just the evidence, I vouch for the massive growth potential of the blockchain-integrated gaming industry,” he assures.
Gaming is nearly a US$200 billion industry today. The growth trajectory is clearly heading upwards, keeping in perspective the advances happening right now.
“I recently read an article that said that only 36% of the world’s population is into gaming—a market cap of US$200 billion with just 36% of the people. As an entrepreneur, all I see is a clear opportunity in this industry,” he adds.
‘90% of games in the market will be play-to-earn in the next five years’
Alexis Ohanian, the Co-founder of Reddit, claimed that 90% of games in the market will be play-to-earn in the next five years. Jama says this is quite likely.
“Gaming companies have enjoyed the most significant chunk of the revenue for far too long. So, it won’t surprise me if those stats turn out to be true. In my opinion, turning to the play-to-earn model can be profitable for any game in the current market. This is primarily because of the liquidity this amalgamation offers,” he explains.
With the high demand for NFTs and a massive market of buyers and sellers for these NFTs, developers can sure have brighter mornings
“With the high demand for NFTs and a massive market of buyers and sellers for these NFTs, developers can sure have brighter mornings. The NFT gaming space is in a nascent stage right now, but the merger could even make it a trillion-dollar industry five years down the line,” he adds.
An Oversaturation of Play-To-Earn Games?
There are many options in the industry today, and it can be overwhelming for gamers to decide the best amongst all. More so, the space has become even more fragmented after the NFT gaming buzz. However, says Jama, the essence of gaming is in its social experience, which is evident with the rise of multiplayer and LFG (Looking for Gamers) trends.
The essence of gaming is in its social experience, which is evident with the rise of multiplayer and LFG (Looking for Gamers) trends
“With Gamerse, we are trying to combat the saturation by offering a unified social ecosystem that lets players interact, meet, socialise, trade, and grow in one place. Being a part of a strong community will also ensure that players do not miss the latest tools and platforms to make the best out of their time and resources. These are a handful of resources we have compiled together to help them navigate and find a place for themselves,” he says.
Future of NFT Gaming
While NFTs are hot right now, one wonders what the next few years holds for it. Will the functionality of NFTs continue to expand?
“While NFTs hype made it seem like they are the next big thing in the blockchain space, the truth is, NFTs would be on the last leg if they did not come with a viable use case. Of course, there are exceptions like collectibles, but that’s not what I am pointing at,” says Jama.
Going forward, the only thing that will assure growth is innovation, not hype, not profits; it will be purely innovation
He further reiterates that the gaming industry is the biggest market for NFT with use cases, fitting into all the metrics that benefit users and developers.
“With the correct permutation and combination, NFT gaming booming in the next few years won’t come as a surprise to anyone,” he reveals.
“We entrepreneurs of this space are virtually living with a boon and curse. Our potential users are up to becoming a part of anything new and innovative, but it is equally easy for them to reject a platform that is not good enough. Going forward, the only thing that will assure growth is innovation, not hype, not profits; it will be purely innovation,” he adds.
“With concepts like Play-to-Earn, the players have come to the ground with their time and value proposition. At Gamerse, we are trying to tap into a player’s pain points, leading to a tiny bit of attrition in the industry,” he says.
With Gamerse and platforms alike, the industry’s continued growth is just a consequence
“The elements that players like from the gaming verse are pretty scattered right now. By amalgamating features like social media, LFG, marketplace, gaming launchpad, game development studio, DAO, multi-chain support, share to earn, Gamerse is trying to put the right pieces back to their places and make the industry sounder than ever. With Gamerse and platforms alike, the industry’s continued growth is just a consequence,” he says with confidence.
How the Gamerse Platform Addresses the Fragmented Blockchain-Integrated Gaming Industry
Gamerse is the first-ever NFT social gaming ecosystem with a social aggregator marketplace that allows users to rate, review, comment, and follow NFTs and NFT collections/creators, thus allowing for a sense of community amongst the users.
“This social aggregation marketplace will be the first of its kind in both utility and creativity. Users will be able to interact with NFTs in ways that other platforms do not offer. With its multichain ecosystem, gamers and investors will be able to easily navigate the fragmented and saturated NFT space with ease. The Calendar View function, through the utilisation of several sources, will allow users to never miss an NFT drop,” explains Jama.
As mainstream adoption increases, Gamerse aims to cater to the influx of those new to the crypto space through ease of use features, such as a seamless one-click sign up process, listing of all NFTs in USD and integration of a fiat-on ramp.
“Gamerse is pioneering the Share-To-Earn model which will benefit creators, influencers and gamers alike. With the user-friendly interface, DMs, live feeds, and NFT Drop Watchlist, the players can make the best out of their time with an immersive social experience. Apart from this, we are addressing the fragmentation in the blockchain-gaming industry through our cross-chain, cross-domain, and cross-verse solutions created to unify the NFT gaming ecosystem,” he concludes.