While the current market slowdown has stopped some in their tracks, industry stalwarts have plans for the future. Happen[In]Krypto spoke to Algorand’s Nir Hemo about what the future holds for Web3.
The crypto space is not free from the battering waves of industry trends; Whether it’s scouring real estate in the metaverse or app-themed NFTs. Shallow hype dies down, especially in a bear market, although some industry enthusiasm is supported by continued innovation and engagement.
GameFi is an area of particular prominence in the emerging tech landscape. It is now associated with major global industries including fashion and education. In short, GameFi is any crypto project involving emerging financial technologies – specifically a gaming token – with online games.
Crypto gaming projects have their own ecosystem, often their own currencies, and allow users to interact with the virtual world through the ownership of digital assets. Most of these are earners to play the game. So the more gamers engage with technology, the more opportunities for monetization there are. It is estimated that the GameFi industry currently has over 900,000 daily users.
Games are often the first touchpoint for many people when it comes to interactions with blockchain and Web3 technologies. Therefore, the importance of GameFi and what can be achieved through GameFi is something that industry insiders do not overlook.
Happen[In]Crypto spoke with Nir Hemo, Business Development Manager (Web3) for Algorand, during the Blockdown Festival in Croatia on the development of GameFi in the Algorand ecosystem and how interoperability can make Web3 a more accessible.
It is a safe assumption that builders within the crypto space envision a future where this is no longer a place. Rather industry insiders see the future of decentralized space as being tied to growth in all, if not all, global regions.
More specifically, blockchain projects with a vision for this future are already partnering with major brands. Last year alone saw major blockchain partnerships with real-world use cases outside of finance. Some include partnerships between the Ethereum Foundation and Reddit and the Cardano blockchain and the Ethiopian government.
As another example, Algorand, a sustainable pure proof-of-stake blockchain, recently acquired former peer-to-peer music platform Napster. In addition, Limewire recently announced its relaunch as an NFT marketplace on Algorand. Both developments come with Algorand’s support for Music and Web3 Innovations. Aside from Music, Ecosystem was recently chosen as FIFA’s official blockchain and has a strong outlook on GameFi.
However, with the many possibilities of engagement in a single ecosystem, the topic of interactivity becomes even more relevant.
GameFi and Interoperability
Hemo believes that interoperability should be a key feature in the Web3 space, especially as it expands. “This interoperability, spoken everywhere in the blockchain industry, should also be a part of the conversation with all industries using blockchain,” he says.
In conversations about interoperability, GameFi stands out as another great opportunity to introduce these ideas.
As mentioned earlier, gaming is one of the primary ways in which many people first interact with blockchain technology and cryptocurrencies in general. As for a use case in casual interoperability, gaming is golden, as Hemo highlights.
“From my perspective, and I primarily work in gaming, I believe we have reached a position where blockchain is really giving the gaming industry things that were not possible before.”
In addition to token monetization and earning from play, “the player now also has the ability to own various in-game assets.” Hemo brings up that, “being able to connect between games is another emerging GameFi aspect.”
For example, “A gamer who pays for tokens in one game can take them and move them in another. This is something, my opinion, that needs to be made available more,” he encourages. did.
However interoperability within games in a single ecosystem within the budding GameFi industry is still a challenge. However, if developers find solutions, it benefits both users and developers.
“We are in a generation where everything is [instantly accessible], and especially when you have blockchain technology that can do it with much more efficiency. Cross game compatibility can increase companies’ revenue and increase players’ revenue.”
For Algorand, it is important to troubleshoot this issue.
Mass Adoption and Education
However with more possibilities on the horizon in GameFi and other areas of the blockchain space, this means a greater need for education – especially when it comes to future generations.
“I think there will be mass adoption [heavily] From gaming,” Hemo says. “Especially if we promote what we talked about earlier: the difference between in-game and in-game monetization through NFTs. The younger generation really enjoys playing and contributing to the growth of the industry every day. “