Kevin Shao, CEO of the Asia Blockchain Gaming Alliance (ABGA), says he is hopeful that three “triple A” titles can help bring the GameFi sector to the masses and rescue it from the bear market.
Speaking to Cointelegraph during Asia Crypto Week, CEO said one hurdle preventing widespread adoption is that current GameFi titles often focus on non-fungible tokens (NFTs) and play-to-win (P2E) features. without worrying about “game performance” and user enjoyment.
In a P2E model, players typically purchase an NFT to play a title and can earn in-game tokens that can then be converted into Bitcoin (BTC), Ethereum (ETH), fiat currency, or stablecoins.
While he acknowledges that these current GameFi titles are enjoyable for a lot of people, Shao says that future titles must find a “balance” to accommodate the tastes of different users if they want to reach the masses.
In his opinion, by moving away from the “lineage of existing projects”, developers could start to take a cue from the mainstream gaming industry and incorporate features for people who want to play “for fun” rather than for money.
During a presentation at a conference in Singapore, Shao highlighted three upcoming AAA titles that he believes are shaping up to be the changes the GameFi industry needs: Illuvium, Phantom Galaxies, and Big Time.
Illuvium is an open-world exploration, NFT creature collector and car battle game, Phantom Galaxies is a third-person online RPG that uses NFT to customize mechs, and Big Time is an NFT-powered monster-hunting action game. used to customize weapons and clothing.
Shao said they have “very good teams” behind them and a lot of funding from investors that could allow them to do “something different”, at least “compared to other projects recently”, and it could turn things around for GameFi if they can establish a strong user base before the next bull market.
According to Shao, we will most likely see the result “maybe this year or next year.”
The Asia Blockchain Gaming Alliance (ABGA) was launched on November 25, 2021 in Singapore and is a non-profit organization co-sponsored by institutions in the gaming industry.
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