In our previous article we touched upon what GameFi is and how it stands to challenge traditional gaming, but not enough about its importance in the industry and why it is the biggest thing since online gaming.
You may look at GameFi projects today and wonder how they will ever compete with some of the games we have today, but it’s crucial to note that the genre is still in its infancy, yet the implications it has for the future of gaming encompass the entire industry — so much so that it may spill over into many other areas.
There are several avenues today that gamers can take to earn an income from playing video games. For instance, competitive gaming or eSports is a continuously growing industry where many players have turned their skills into years-lasting careers. For a select few games that define competitiveness, coaching is becoming a more viable means for earning an income by utilizing one’s knowledge and experience on the game.
Entertainment is another pathway many gamers take; either by streaming or content creation, many people have garnered millions of followers throughout the years by playing video games and providing hours of entertainment for their viewers — and in the process, have turned gaming into a living.
GameFi takes it a few steps up by allowing players to earn simply by playing the games they love. Where in the examples above certain skills, conditions and circumstances are required to make it work, the accessibility of GameFi makes it so that practically anyone can open up a new source of income through gaming.
It is even possible for GameFi projects to combine traditional means of earning with modern, blockchain-based ones, which could result in interesting platforms and protocols. It could potentially rid of third parties by implementing P2P systems, reduce platform fees and amplify earnings, and even help create fully decentralized and crowdfunded leagues and tournaments.
Decentralization and Governance
Often two very underrated aspects of GameFi, the implications of decentralization and governance in gaming — or anything for that matter — are rather massive. Giving the masses a voice and voting power helps them express and protect their interests and well-being, and gaming is no different matter.
Despite all the fantastic, immersive and compelling games that make their way to our screens, the industry itself can sometimes be rather shady. From overworking developers, to targeting children and vulnerable groups of people with games riddled with gambling mechanics, it is safe to say that there’s some room for some change.
Under current circumstances, while fans can raise their concerns, ultimately the final say goes to the upper levels of these companies. With decentralized governance however, fans can propose, vote and make these changes themselves. This ability doesn’t just extend to company practices however, as it can also be used for game-related matters such as updates and rules.
The Gift that Keeps on Giving
GameFi is still in its infancy, and it is due to that and its flexibility that more and more use-cases are being discovered with this newfound idea. As it sees more adoption, implementation and innovation, it will slowly shift from being a genre into being a standard.
At SmashChain, we strive to find new, clever and innovative use cases for blockchain and its various branches — which includes GameFi. One such example is a Play-to-Earn game called Last Genesis Warrior, currently being brewed up in our labs. But if you’d like to know more about that, be sure to keep an eye out for our future Medium blog posts and articles, or for other clues left on our other platforms!
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