Three Signs of a Cool P2E Game To Give “Xs” in 2024 — Vladimir Okhotnikov’s Insight
What would be the perfect GameFi game to disrupt the market? Many of you have heard about Axie Infinity, The Sandbox or some other popular crypto games. These are rare examples of projects that managed to attract millions of players and earn a ton of money. But there are very few such hits. Most startups fail and fail to hold the attention of gamers. Vladimir Okhotnikov knows why.
Meet Vladimir, a crypto enthusiast and author of financial analytical articles. This man, an ardent supporter of decentralization, professes libertarian views. He is confident that DeFi will catch up with traditional markets in the near future, and NFTs and metaverses will radically change the entertainment industry.
One of our guest’s favorite topics is the potential of GameFi and gaming crypto assets. He believes that this market will soon experience a real boom. In his opinion, it is the metaverses of the P2E format that will significantly accelerate the mass introduction of blockchain and cryptocurrencies into virtual reality.
“I am sure that in the next year or two we will have a breakthrough. Some team of indie developers will definitely release a worthy toy that everyone will rush to. It will be a hit if it is a “long” game, and if it allows you to earn real money,” Vladimir came to this opinion after years of researching the gaming market.
Out of 100 new projects only two or three survive, the rest turns out to be trash - Vladimir Okhotnikov about GameFi
It takes a lot of effort to make a project take off. First of all, the gameplay itself must be interesting and exciting - otherwise people will get bored and quit playing. There must also be a well-thought-out reward system. This is difficult, but successful tokenomics will not turn the game into a brick.
There are hundreds of examples of unsuccessful or averagely popular GameFi-games. But there are only a few truly brilliant hits that have attracted millions of players and allow them to earn a stable income.
Take, for example, the game CryptantCrab, which was popular in 2019, but eventually lost it. Due to rising prices for gas in the Ethereum network, it became unprofitable to fulfill goals, which led to a gradual fading of interest on the part of gamers. A similar situation occurred with EOS Knights and Prospectors, two great games on the EOS blockchain that did not have problems with high transaction fees. However, due to a 90% drop in the price of the native token, the projects lost their attractiveness.
Vladimir Okhotnikov says that even the coolest games can face user churn if the founder does not provide sustainable tokenomics:
“Here the owner has a choice: either create a cryptocurrency using a deflationary model, or periodically release new coins into circulation in order to maintain liquidity.”
We agree with Vladimir and add that in addition to choosing a tokenomics model, you need to take care of the purpose of the coin. For example, there are utility tokens designed for use in a specific ecosystem. They give the owners some specific benefits or rights.
Let's say if you play The Sandbox, then you will need the SAND utility token. Without it, you will not be able to purchase and sell the in-game non-fungible digital tokens LAND and ASSET, which are necessary to bring the game to life around you. Clothes, equipment, so-called “blocks” (which change the player’s world) - all this requires the SAND cryptocurrency.
Now imagine a token that has no real use: you cannot use it for purchases, you cannot pay for anything with it. Why do you need such a coin? Therefore, founders who “reward” gamers with useless candy wrappers quickly lose their audience, and their project ends up in the dustbin of history.
What could be the next hit of Axie Infinity or The Sandbox kind - and attract millions of players
Firstly, the game must have truly new and exciting gameplay to stand out from hundreds of competitors. Unique mechanics, colorful world, interesting characters - all this is the key to popularity.
Secondly, the game must have a thoughtful and balanced economy. So that gamers can enjoy the process and earn a stable income from the sale of assets. This can also include participation in tournaments and completing quests. Without interesting tokenomics, the project is doomed to failure.
Thirdly, the game should actively use the latest technologies - AR, VR, metaverse. This opens up almost limitless possibilities for creating immersive worlds. In them participants not only can sit at a computer or smartphone, but literally immerse themselves in the game world through a virtual reality helmet and interact with other characters.
Vladimir Okhotnikov: by 2030, the symbiosis of RWA and NFT will increase the capitalization of metaverses to $10 trillion
On June 9, 2023, the Official Journal of the European Union published information that crypto asset service providers (CASPs) are required to comply with MiCA requirements no later than December 30, 2024. “This time is enough to adapt to new regulations and implement the necessary changes in our activities,” the representative office said.
In addition to the fact that the integration of real assets into metaverses will have a positive impact on the development of play-to-earn games, it will allow the transfer of ownership of tangible objects in just a few minutes.
“Let's consider two scenarios for purchasing real estate. In the first case, the traditional one: several months pass from the moment the transaction is concluded to the receipt of ownership rights. In the second, everything is completed in a matter of minutes: the seller in the application carries out the transaction and the buyer literally immediately becomes the legal owner. This is how the principle of transferring rights to assets from the real world (RWA) works in virtual space with instant transfer of ownership rights in reality,” says Vladimir Okhotnikov.
If you still manage to implement such a scheme in practice, then imagine how simplified the buying and selling process will be: no inflated commissions, no complicated negotiations, no intermediaries. All work will become as convenient and fast as possible.
Vladimir also emphasizes that such a scheme for transferring rights to real assets in virtual space opens the way to a truly decentralized and equal market.
Conclusion
Of course, integrating all these elements is not an easy task, requiring large resources, competence and time. But the potential payoff is worth it. A company that creates a truly “explosive” game with elements of GameFi, RWA, NFT will earn billions of dollars and will forever go down in the history of the industry.
In a year or two we may well see the launch of such a game. Perhaps right now, at this moment, somewhere in a garage or small studio, a new WoW-level hit is being born that will revolutionize the world of entertainment. The main thing is that this game does not look like an arcade game from the 90s - Battle City from Namco.
