Problems with the current GameFi market & how WofM plans to solve them
GameFi is a booming market in the crypto space — as one of the hottest recent trends to emerge, it is the lovechild of decentralized finance (DeFi) and non-fungible tokens (NFTs), implemented within blockchain-based online games. The GameFi explosion propelled a period of significant growth for blockchain gaming, evident from successes like Axie Infinity.
However, if you compare it to the traditional gaming market, this growth pales in comparison. In this article, we bring you some of the problems with GameFi and come forward with solutions through World of Masters — the latest game in our series of hit card battle games that topped the App Store and Play Store rankings.
An overview of the market
To understand the difference between GameFi and the traditional gaming sector, first, we have to look into the video gaming market. In 2021, the total revenue generated from the global games market was $175.8 billion. This number is projected to grow at an annual rate of 8.7%, reaching $218.7 billion in 2024, as the industry swiftly recovers from the minor decline in 2021.
Compared to this, the expansion of blockchain gaming feels so lackluster. Why? The answer is simple — you simply have to look at the quality of the games offered in the crypto world. Many of these games are hyper-casual apps with a predictable and repetitive pattern — even dubbed “toilet games” by some since the gameplay is more suited for a bathroom break. As more and more of such games dilute the market, the same ideas get recycled again and again, making those unfamiliar with the blockchain mistake them as the standard of blockchain gaming.
This is the current state of GameFi. Too fixated on the “Fi” part, developers forget about the “Game” prefix. Instead, gamers desire high-quality gameplay, excellent graphics, and an engaging story, even in a blockchain game. We believe that a game can be as good as legendary titles like Infinity Blade while having a robust blockchain-based ecosystem. We are here to make it a reality with World of Masters.
An upgrade in quality
Our team at HikerGames holds a long track record of developing hit mobile games. In fact, World of Masters is the fourth generation in our highly successful kungfu card game series and the Binance Smart Chain-based version of Tan Minh Chu — the highest-grossing card game in Vietnam in the first half of 2021. We will bring a unique gaming experience as industry professionals, ensuring quality and enjoyment.
Lower entry barrier
In many play-to-earn games, players have to invest a considerable amount of capital just to start playing the game. This entry barrier is often so high that it prevents many people from exploring the blockchain gaming sector. But we decided on a free-to-play model because we want to have a robust community with a vast number of people, which will liven up the game scenery and create an extra level of competitiveness.
High level of liquidity
Because Tan Minh Chu — the non-blockchain version of World of Masters — already has a gigantic player base of 700 thousand users who are eagerly waiting for the NFT version, we resolve a problem that plagues many GameFI projects — low liquidity. With this many players supporting the smooth flow of our ecosystem, we ensure our tokens are always available as a readily tradable asset.
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