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Why GameFi is the most promising sector of Web 3.0?

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

Presentation of the event

Located in the French capital, the ESCE has proven itself as a crypto-friendly place: according to Won Kim, director of the Blockchain Project Design Specialized Master, the school has previously welcomed major partners from the crypto like the Sandbox metaverse 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 games. After a presentation of the opportunities in this sector, Won Kim gave way to the two speakers of the evening: Réda BERREHILI, CEO of 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 are a specialist in subjects dealing with blockchains or a simple video game enthusiast, GameFi is an area that you should not miss! Concretely, this term refers to the merger between the video game sector and that of decentralized finance. As a reminder, decentralized finance makes it possible to carry out financial actions without a trusted third party. For example, instead of going through a company to buy an object, 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 in-game action) or by selling shoes as NFTs (the in-game specific asset). After receiving his tokens, two choices are available to the player. He can keep them to reuse them in the gameplay of the game, and thus increase his returns. If he wishes, the player can also free himself from his tokens by reselling them against another currency (via an exchange external to the application). This economic operation, where each player is rewarded for the time he spent playing, is called play-to-earn.

Monetization 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 uses linked to blockchain technology (such as NFTs, the metaverse, or even DAOs) allows the deployment of original projects likely to attract a large audience. Axie infinity was the first game to be hugely successful, and since its launch in 2018, the world of GameFi has been evolving at high speed: in 2021 alone, the number of projects associated with GameFi has increased from 658 to 1,141. In the same vein, the number of users has increased from 100,000 (in April 2021) to 1.2 million (in March 2022), i.e. a 12-fold increase in the number of players.

French projects on display

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

Officially announced in January 2022 by the Ki Foundation, the Cosmon project is a card game featuring 25 leaders from around the world, from antiquity to the present day. The intrinsic goal of the game 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 play-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 rarity levels – https://medium.com/@malek_97480

The important novelty of this game is the tokenomy it offers to its players. In short, tokenomy is all the information relating to the management of one or more cryptocurrencies associated with a project. In other words, the tokenomy of a project impacts the returns of the players, but also the sustainability of the project in the long term. For Réda BERREHILI, the tokenomy of a game must benefit the player in the long term: for this, Cosmon wants to block at least 20% of the game’s returns to place them in the ATOM token of the Cosmos ecosystem. The goal is to earn interest on the staking 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 months and years to come.

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

Each NFT Represents A Dog, With A Unique Rarity Level, Skills And Personality – Dogami.com

For Paul Adler, Founding Partner of the project, Dogami enters a large market divided into three categories. First of all, the project targets individuals with a dog in their household: in France alone, this segment targets ¼ of the population, and worldwide, this number should exceed 400 million by 2026 (by after Euromonitor Passport, in 2021). Secondly, the project is based on the huge market of mobile video games, where a total turnover of 180 billion dollars was achieved in 2021. Finally, Dogami is based on the fashion of games where the user plays with animals (like Tamagotchi and Pokémon to name a few). In other words, the team is targeting a global market with high user potential.

Like Cosmon, Domagi is play-to-earn, rewarding players for performing in-game actions. Currently, the project has made a first drop consisting of 8,000 NFTs, and a second is planned for the end of the month. 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 version 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 in particular the integration of a DAO. Now all you have to do is be patient before you can play with the most loyal animal to man.

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