GameFi merges the concepts of Gaming and De-centralized Finance together. The merging of these two concepts enables the creation of the most popular type of blockchain game, allowing players to have fun while also earning rewards in the form of tokens and NFTs (BNB Chain, 2021).
According to BscProject.org, there are currently over 210 games running on BNB Chain, serving on average 890k* players every day. On BNB Chain alone in 2021, the market cap of the top 10 games stood at almost $1bn.
According to Animation Xpress, the global market size for online gaming is projected to grow from $37.65 billion in 2019 to $122.05 billion in 2025. On the other hand, the online gaming industry in India which was earlier valued at $543 million in 2016 has crossed $1.027 billion in 2020 at a CAGR of 18.6%. This growth is largely driven by the extensive use of new technologies and improvement in mobile infrastructure (Animation Xpress, 2022).
The DEEPSPACE team plans to take advantage of these opportunities by providing new technology and genre, leveraging blockchain-based asset ownership and economy to normalize acceptance in the gaming industry.
BNB Chain is one of the best blockchains to run GameFi and in addition, can increase user acquisition while maintaining steady economics (see Why BNB Chain).
One of the key components to success is the distribution model to a token. Having a fairer distribution that leans towards the community tends to get more support and loyalty (BNB Chain, 2021).
"The DEEPSPACE Team believes the community is everything and without a strong community, the game cannot succeed." -DEEPSPACE, Core Team
In addition, the primary driver to a token should be its utility in the game and not anything else. Having an in-game currency, leveraging blockchain data, not only makes sense but is essential to the proper economics and longevity of the project.
A game is meant to be played for an enjoyable, social experience. It is not meant to feel like work or another task.
"Blockchain games should be fun and interactive and not just attract players with the vision of earnings." --BNB Chain"
The DEEPSPACE Team lives and breathes these values since day one of the project and has ensured that the game is entertaining, addictive, and an open-social experience. Having an economic model is important but that is second to the game experience itself.
A Free to Play mode is on the radar and shows the team's confidence that the game is attractive enough to traditional gamers without having to rely on the earning aspect of the game. This enables mass adoption.
"Comprehensive gaming platforms are gaining a huge prominence in the industry. Based on blockchain technology, gaming platforms offer gamers more than just a game. Gamers get not just a game, but additional value on these platforms such as integrated wallets, marketplaces to trade digital gaming assets and sometimes a collection of games under a single umbrella. It helps users navigate through a collection of multiple game applications with an integrated wallet and native token. Gaming platforms can boast a wide array of games including sports fantasy, casual mobile games, learning-based games, etc. It can create a crypto gaming economy by putting the gamers at the top of the hierarchy as beneficiaries and decision-makers using the power of blockchain decentralization."
"Partnering with guilds will provide access to a large number of players and draw confidence in the game. This will also help games to get a good takeoff and access new demographics."
"Successful blockchain games, especially GameFi, must provide a robust and attractive player experience to keep the community engaged and coming back. The in-game economy should be built to support this player experience and remain sustainable. In a sense, the economy should support the game, not vice versa."
"DeFi functionality adds a unique proposition to the gaming industry, allowing players to monetize their efforts and time spent within the game and turn them into assets with value. This provides players with extra reasons to play the game and stay engaged while having fun. It also allows game developers to explore new possibilities in monetizing their games and obtaining funding."
"In the end, the community is everything. If game developers want to build successful games, they must focus on building a stable and supportive community. Players tend more to play games where they can become a part of a dedicated community and, in addition to the game experience, have a positive social experience as well."
"Implementing the newly popular Play-to-Earn model, online games have evolved to offer the users more engaging experience with attractive economic returns."
"Play to Earn models play a crucial role in Metaverse. As the world moves towards a digitized economy, the Play-to-Earn model in metaverse provides an opportunity to monetize the amount of time users spend in playing the game. Though this model is at a nascent stage, a few leading gaming applications/platforms are embedding to help players engage in profitable activities. The users can sell digitized assets won in the game via an integrated digital wallet. Further, this model is expected to drive the crypto and NFTs market."
"The Play-to-Earn model embraces modern technology and provides financial benefits to all online gamers. This works by owning in-game digital assets – NFTs i.e. Non Fungible Tokens – the key component of metaverse economy. These digital assets can be tokenized on Blockchain platforms, which enable true ownership by gamers of in-game digital assets – providing an opportunity to users in getting economic rewards by trading these NFTs in the open market. NFTs in metaverse gaming works as a win-win for developers as well as players. In-game NFT trading can help users gain financial benefits and start earning a real source of income. Apart from this, new-gaming platforms based on Blockchain technology also allow the players to own NFTs with a small financial stake in the game’s decision-making which further provides a sense of ownership to players with economic benefits."