Blockchain gaming is gaining more traction, and some figures prove that this space will continue to trend upward. According to a DappRadar Report, back in July, blockchain games were the least affected when the bear market went into full gear following Terra LUNA’s collapse. The report also stated that gaming activity made up 52% of all unique active wallets (UAW), with nearly 1.1 million UAWs in Q2. Interestingly, blockchain gaming stood tall despite FTX’s collapse, accounting for almost half of all blockchain activity in November, with 800,875 daily UAWs interacting with games’ smart contracts in November.
Furthermore, investors didn’t seem deterred by the ‘Crypto Winter’, with a total of $2.5 billion committed in Q2 of this year. The total 2022 VC investments in Q2 had already outpaced the 2021 total by 33%. It is no wonder that blockchain gaming has caught the eye of many, including us. That is why we decided to sit down with Lee, the Co-Founder of the GameFi project Yeeha Games, to provide insights into the world of blockchain gaming and how GameFi is bridging the gap between traditional and decentralized gaming.
What Distinguishes Blockchain Games from Traditional Ones?
Unlike traditional games, many blockchain games are decentralized, meaning gamers have more control over their gaming experience. Blockchain games rely on a play-to-earn (P2E) gaming model, meaning players have an opportunity to earn tokenized rewards which they can convert to real-world money. Furthermore, Blockchain games offer a more meaningful economy as in-game items. NFTs, like players’ avatars, have more tangible value, which they can freely trade without needing a third-party intermediary.
Lee believes that blockchain technology improves the gaming experience and categorically states that games like Yeeha’s Oath of Peak provide an improved sense of community, an exciting reward system and freedom and ownership to gamers. According to him:
“…Players are able to better support each other thanks to blockchain tech. For example, newer players can acquire stronger equipment from veteran players; players can give or trade their equipment to others when they don’t need them anymore; and players can work together using their Genesis PSB NFTs to breed even more powerful NFTs. More interactions = a stronger community! The added level of trust from having everything verifiable on-chain is quite helpful to building a community as well.”
He also had something to say about marketing GameFi platforms as he believes some “predecessors” have left a bad stain on the industry in general. According to him:
“In terms of marketing, it’s a little unfortunate that some of our predecessors have left a pretty bad stain on GameFi in general. They created projects without gameplay, but still tried to pass them off as video games. To do away with these stigmas, we need to shift our focus to providing authentic gaming experiences, and let the games speak for themselves. There are already a ton of developers working on wonderful projects in this space, but marketing in this skeptical environment, where the skepticism is entirely warranted, remains a little tricky.”
What Impact Has GameFi Had On The Gaming and Crypto Industry?
GameFi, a combination of “game” and “finance”, refers to the financialization of online gaming. GameFi has undoubtedly disrupted the gaming industry and had an immense impact on the crypto industry. It has helped onboard users into the space and pushed for broader adoption. Through GameFi, game developers have created another dimension to gaming – a virtual economy whereby gamers aren’t only entertained but also able to monetize their game time and in-game assets. Furthermore, the gaming industry boasts about 3.09 billion gamers worldwide, which is projected to climb to 3.32 billion gamers by 2024. As such, GameFi provides enough incentive and has already contributed to onboarding some non-web3 native gamers into the space.
How Yeeha Games is Setting The Pace
When Lee and his friends built Yeeha Games, they did so with a vision that blockchain technology could truly enhance gaming experiences by providing a fairer, more transparent, and more immersive environment where gamers could exchange experiences through virtual assets. Lee and Yeeha Games hope to create a platform that is easily accessible and can aid in onboarding non-web3 natives without overburdening them with the technicalities of blockchain technology. According to him:
“Because we loved the game so much, we wanted as many gamers as possible to be able to enjoy it. And that’s why we decided to make the game free to play. We didn’t want to set any obstacles or barriers for players to enjoy the experience. And blockchain technology was incorporated only in specific areas of the gameplay, and only if we knew it could enhance the experience.”
Lee and the Yeeha Games team believe that the gaming experience is much more important than the blockchain aspect, choosing to focus on quality in-game experiences and visuals while still capturing the benefits of the blockchain.
Get Familiar with GameFi Platform Yeeha Games
Yeeha Games aims to bridge the gap between traditional gaming and GameFi. According to Lee, the GameFi platform currently has 11 games in the “pipeline”. Majorly free-to-play (F2P) games, they cut across several game genres like simulation, open-world, idle-RPG (role-playing games) card games, and massively multiplayer online role-playing games (MMORPG). To make Web3 gaming easily accessible to non-natives, Yeeha Games allows users to make fiat deposits to their wallets on the game’s marketplace.
Its latest game, Oath of Peak, is an MMORPG and completely free to play. According to Lee:
“It’s a completely free-to-play game where players get to explore an open world packed with a diverse range of activities, quests, and side quests. We’re really proud of this title, and we can’t wait to share the experience with everyone.”
Although the game is yet to launch, Yeeha Games has already put up an awesome trailer that gives a glimpse of the actual gameplay. When quizzed about what he was most excited about within the game, Lee had this to say:
“I’m mostly excited to see how the community turns out for Oath of Peak. In an MMORPG, players interacting with each other as a community is one of the most crucial aspects of the experience. It’s especially exciting due to all the in-depth interactions that are now possible thanks to the implementation of blockchain technology.”
Oath of Peak is built on the Polygon blockchain. As to why they chose Polygon, he replied:
“We chose Polygon because of its strong security features, efficient speed, and flexible nature. In addition, the Polygon chain has relatively cheap gas fees and a massive user base, both of which are highly beneficial elements for a gaming project.”
Regarding the future of gaming, Lee believes blockchain technology is key to providing players with an immersive experience as it can build an in-depth interaction among players, bringing them closer than they can ever imagine.
To end the interview, he projected where the blockchain space will be in the next 5-10 years. According to him:
“I expect a lot more use cases to become available for blockchain technology, not just for currencies but as an integral part of everyday life. This is especially true for blockchain technology in gaming, where it can bring players closer together. As more developers begin to implement this technology the right way, that is, not as hype or get-rich-quick scheme, but as a supplement to fantastic gaming experiences, I expect to see a lot of players gravitating toward these experiences.”
Check out Oath Of Peak on the Yeeha Games website, or the first five minutes of gameplay on youtube! The game has been in development for four years and has seen over 20 million dollars invested into it, and will finally be ready to launch in 2023!
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