Liquidity Lounge#23| The Podcast Transcription
In this episode of the MidsCapital podcast, the focus is on the evolving field of gamefi within the gaming and tech industries. Samuel from Pixel Realms and gamefi enthusiast Justin discuss the transition of gamefi from a niche concept to a sector capturing the interest of both gamers and investors. They explore the initial challenges, such as the emphasis on tokenization over gameplay, which initially resulted in games that lacked engaging experiences. Samuel highlights the importance of prioritizing fun gameplay in gamefi projects, while Justin discusses the role of tokens in providing utility and governance within these ecosystems. The conversation also covers the difficulties of interoperability and asset portability across blockchain networks, emphasizing the need for further innovation. Both guests agree that successful gamefi projects should balance advanced technology with compelling gameplay to create immersive experiences. They conclude by anticipating future trends, including potential involvement from major gaming companies and the development of more sophisticated gamefi projects.
MidsCapital : Welcome, everyone, to our podcast! Today, we’re diving into the gaming and tech industries, focusing specifically on gamefi. Joining us are Samuel from Pixel Realms, a gaming studio and incubator for gamefi projects, and Justin, a gamefi enthusiast and expert. Welcome, Samuel and Justin!
Samuel : Thanks for having me, MidsCapital. Excited to be here and talk about gamefi.
Justin: Great to be here, MidsCapital. Looking forward to the discussion.
MidsCapital: Let’s start by discussing how the perception of gamefi has evolved over the years. Samuel, how have you seen this transition from a niche concept to a sector captivating both gamers and investors?
Samuel: Initially, gamefi was all about the novelty of decentralisation and tokenization. Projects focused on integrating cryptocurrencies and NFTs into games. However, this often came at the expense of engaging gameplay. Over time, we’ve seen a shift towards prioritising compelling gaming experiences, which has drawn more serious attention from both gamers and investors.
MidsCapital: What were some of the early challenges in gamefi, and what lessons were learned from those experiences?
Samuel: Early on, the excitement was centred around earning tokens and owning NFTs, but the gameplay itself was often lacking. Players quickly realised that the financial rewards were minimal compared to the effort required. This led to a critical lesson: to sustain player interest, the games need to be fun and engaging first, with tokenization as an added layer rather than the main attraction.
MidsCapital: How important is it to prioritise gameplay over tokenization in gamefi projects?
Samuel: It’s crucial. Players want an enjoyable experience, not just a means to earn tokens. Successful gamefi projects need to offer compelling gameplay. Monetization can still occur through avenues like cosmetic items, unique in-game assets, and achievements that provide personalization and social recognition.MidsCapital: Justin, can you elaborate on the role of tokens in gamefi ecosystems?
Justin: Absolutely. Tokens should have clear utility and governance roles. Separating in-game currencies from publicly traded tokens helps. Tokens can be used for equity fundraising, governance through DAOs, and rewarding skilled gameplay. Involving token holders and active players in decision-making is key to creating a dynamic and engaged community.
MidsCapital: Interoperability between blockchain networks and asset portability are significant challenges in gamefi. What are your thoughts on this?
Samuel: Cross-game asset portability is a desired feature but challenging to implement. Current solutions require significant development effort. Potential solutions include gaming IDs and decentralised data storage to track player behaviour across games. These can help facilitate asset portability but need more innovation and collaboration in the industry.
MidsCapital: How can gamefi projects balance cutting-edge technology with engaging gameplay?
Justin: Technology should enhance the gaming experience, not be a novelty. Successful games prioritize compelling narratives and engaging gameplay over flashy graphics. Gamefi projects need to focus on creating immersive experiences that resonate with gamers, using technology as a tool to enrich, not overshadow, the gameplay.
MidsCapital: Finally, what trends and developments do you see on the horizon for gamefi?
Samuel: Gamefi is poised to bridge the gap between crypto and mainstream gaming. Projects need to balance incentives to appeal to both crypto enthusiasts and traditional gamers. We’re likely to see major gaming companies enter the gamefi space, seeking new ways to innovate and monetize. The future is promising, but it requires careful planning and execution.
Justin: I agree. The key is to create sustainable and enjoyable gaming ecosystems. As more players and developers get involved, we’ll see more sophisticated and diverse gamefi projects emerge, attracting a broader audience.
MidsCapital: Thank you, Samuel and Justin, for this insightful discussion. To our audience, stay tuned for more episodes exploring the intersections of gaming and technology. Don’t forget to follow us on social media for the latest updates. Thanks for joining us today!
Samuel: Thanks, Pauli. It was a pleasure.
Justin: Thank you, everyone. Excited for what’s next in gamefi!
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