Why GameFi is the most promising sector of Web 3.0?

According to Footprint Analyticstransactions related to the GameFi sector increased 2934% in 2021. On this occasion, the Paris school ESCE International Business School held on Tuesday, May 10, 2022, the first French conference reserved for GameFi.

Why GameFi is the most promising sector of Web 3.0?

Presentation of the event

Located in the French capital, ESCE has proven itself as a crypto-friendly site: according to Won Kim, director of the Blockchain Project Design Specialized Master, the school has previously welcomed large partners from the crypto such as the Sandbox meta-verse and the decentralized AAVE protocol.

This evening, the event responded to a desire to democratize the world of Web 3.0 through the prism of video game gaming. After a presentation of the opportunities in this sector, Won Kim gave space to the evening’s two speakers: Réda BERREHILI, CEO of the Ki Foundation, and Paul ADLER, Founding Partner of the Dogami Project.

From left to right: Réda BERREHILI – Won KIM – Paul ADLER

A growing field

Whether you specialize in blockchain topics or a simple video game enthusiast, GameFi is an area you should not miss! Specifically, this term refers to the merger between the video game sector and decentralized financing. As a reminder, decentralized economics makes it possible to perform economic actions without a trusted third party. For example, instead of going through a company to buy an item, you can buy it directly from the seller without an intermediary between him and yourself, through a blockchain.

Through GameFi, players can monetize their gaming experience by performing in-game actions and owning specific assets. For example, in the Step’N game, players can earn tokens by running outside (the action in the game) or by selling shoes as NFTs (the specific asset in the game). After receiving his tokens, two options are available to the player. He can keep them to reuse them in the gameplay of the game and thus increase his return. If he wishes, the player can also free himself from his tokens by reselling them for another currency (via an exchange outside the application). This financial operation, in which each player is rewarded for the time he spent playing, is called play-to-earn.

Revenue generation on Step’n according to the type of shoe used, in GST – https://stepn.com/

With nearly three billion players in 2021, the gaming market is a key sector with high potential in Web 3.0: the multiplication of applications related to blockchain technology (such as NFTs, metaverse or even DAOs) allows the rollout of original projects that are likely to attract a large audience. Axie infinity was the first game to be a huge success, and since its launch in 2018, the GameFi world has evolved at a rapid pace: In 2021 alone, the number of projects associated with GameFi has increased from 658 to 1,141. Similarly, the number of users has increased from 100,000 (in April 2021) to 1.2 million (in March 2022), a 12-fold increase in the number of players.

French projects on display

Among the thousands of projects associated with GameFi, two of them were presented to us during the event: kosmon and Dogami. Let’s see how his projects can improve the gaming world in the crypto ecosystem!

The Cosmon project was officially announced in January 2022 by the Ki Foundation and is a card game with 25 leaders from around the world, from antiquity to the present day. The game’s inherent goal is to defeat opponents in 3 VS 3 with the characters you collect as NFTs. In addition, each character has a different level of rarity, ranging from “Common” to “Divine”: As in other game-to-earn, the rarity of the asset gives you advantages in the game.

Here is a representation of the “Winston Churchill” character with his six levels of rarity – https://medium.com/@malek_97480

The important news in this game is the tokenomy it offers its players. In short, tokenomy is all information related to managing one or more cryptocurrencies associated with a project. In other words, a project’s tokenomy affects the players’ returns, but also the project’s long-term sustainability. For Réda BERREHILI, a game’s tokenomy must benefit the player in the long run: for this, Cosmon wants to block at least 20% of the game’s returns in order to place them in the ATOM token in the Cosmos ecosystem. The goal is to earn interest on the efforts of these cryptocurrencies, making it possible to award higher rewards to players while creating a solid cash flow for the development of the game in the coming months and years.

In the same perspective of a long-term vision, the Dogami project depends on the relationship with its community to bring its ideas to life: with more than 100,000 subscribers on their Twitter account, and just as many on their Discord, the Dogami team has ambition about creating a game with the theme … dogs! Come dive into the heart of “Petaverse”, the metaverse of animals considered to be man’s best friend.

Each NFT represents a dog with a unique level of rarity, skills and personality – Dogami.com

For Paul Adler, founding partner of the project, Dogami is entering a large market divided into three categories. The project is primarily aimed at individuals with a dog in their household: in France alone, this segment is aimed at ¼ of the population, and worldwide this number should exceed 400 million in 2026 (after the Euromonitor Passport in 2021). Second, the project is dependent on the huge mobile video game market, where a total turnover of $ 180 billion was achieved in 2021. Finally, Dogami is dependent on the mode of games where the user plays with animals (like Tamagotchi and Pokémon to name a few). few). In other words, the team is targeting a global market with high user potential.

Like Cosmon, Domagi is play-to-earn that rewards players for performing actions in the game. Currently, the project has made a first drop consisting of 8,000 NFTs, and a second is planned for the end of May.

Portrait of the eight dog breeds from the first drop – Whitepaper.dogami.com

According to Paul Adler, the game will be released in beta at the beginning of the summer, while the official version will see the light of day during the third quarter of 2022. Finally, advanced features will be introduced in the game during the year 2023 with especially the integration of and DAO. Now you just have to be patient before you can play with the most loyal animal to man.

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