The Promising Future of GameFi

Kevin Shao, the executive president of the Asia Blockchain Gaming Alliance (ABGA), is on a mission to bring “triple-A” blockchain gaming titles to the forefront, giving GameFi the boost it desperately needs. At the recent Asia Crypto Week, Shao discussed how these titles could attract mainstream players and lift the sector out of its current slump.

Beyond NFTs and Play-to-Earn

Shao pointed out that a significant hurdle in mainstream adoption is that many current GameFi offerings lean heavily on nonfungible tokens (NFTs) and play-to-earn (P2E) features, often neglecting crucial aspects like “game performance” and, more importantly, player enjoyment. Picture this: a gamer locks in their precious cash for an NFT, only to realize the game feels as thrilling as watching paint dry.

The Balancing Act

Despite the fun some existing games provide, Shao emphasizes that future titles need to strike a balance between profitable P2E mechanics and actual gameplay enjoyment. Developers should look beyond the inherited limitations of past projects and take inspiration from successful traditional games. After all, who wouldn’t want to play “for fun” instead of just for a few digital coins?

Triple-A Titles on the Horizon

During his talk, Shao highlighted a few enticing “triple-A” titles that he believes showcase the future of GameFi: Illuvium, Phantom Galaxies, and Big Time.

• Illuvium: An open-world exploration game that doubles as an NFT creature collector and auto battler. Who knew collecting cute little monsters could be so rewarding?
• Phantom Galaxies: A third-person RPG that allows players to harness the power of NFTs to customize their mechs. Think customizing your robot to suit your unique battle style.
• Big Time: An RPG focused on monster hunting, where players can personalize their weapons and clothing using NFTs. It’s like fashion week meets monster slaying!

The Road Ahead

Shao believes these projects are supported by strong teams and significant financial backing, which could enable them to innovate and create something truly distinct. “Maybe this year or next year, we’ll start seeing some groundbreaking results,” he predicts. Will GameFi finally break free from its bear market shackles? Only time will tell, but with passionate leaders like Shao at the helm, the future looks bright for blockchain gaming.