By 2024 is expected to be a year of change in the development of the gaming industry, especially in light of the exciting new trend, GameFi. Combining the world of video games and decentralized finance, GameFi creates a unique space where players enjoy virtual worlds and actively participate in economic processes.
In this article, we will study the key trends of the GameFi market for 2024. We’ll take a look at the impact of innovation on the industry and discuss how these changes can shape the future landscape of the gaming world. Get ready to immerse yourself in the world of GameFi, where in addition to true entertainment you’ll find a place for making money and achieving financial success.
About GameFi
GameFi, short for “game finance,” combines games and decentralized finance (DeFi) into the wider category of video games. The core concept of “play-to-earn” (P2E) allows players to enjoy virtual worlds along with earning income in various forms by interacting with cryptocurrency game mechanics. The GameFi sector revolutionized the way people perceive games, opening up new prospects for the game industry.
The game economy has changed due to the use of non-fungible tokens (NFTs) instead of traditional in-game purchases. Owning unique characters, weapons, and items in the form of NFTs allows players to create, sell, and exchange assets within game worlds, opening up sources of income.
Statistics and Challenges
GameFi encountered difficulties throughout its history, especially during bear markets. In 2019, 94.3% of 244 games launched had failed. In 2021, only 45.9% of projects failed. However, 2022 has been a challenging period, where the number of failed projects doubled.
Till date (December 2023), 70% out of 720 GameFi projects have not been successful.
Game Trends and Prospects
Despite the challenges and failures of some projects, GameFi continues to draw the attention of investors and players. In 2023, investment in Web3 games reached an impressive $600 million, highlighting the interest and support for this area. With the development of technology and economic model improvement, we expect an influx of successful projects relying on the GameFi implementation.
Yat Siu, head of Animoca Games, sees the prospects in a broader context, predicting 2024 to be a year of change in cryptocurrency games and Metaverse. Despite all the challenges, GameFi and similar projects continue to draw attention, and the growing interest in the metaverse indicates its long-term prospects.
Girand – A breath of fresh air for the Industry
Perhaps one of the main events anticipated in the GameFi world is the launch of the alpha version of the new game “GIRAND: IN THE LOST CITY” scheduled for early 2024.
The mesmerizing AAA game “P&E”, featuring stunning and unparalleled 3D graphics, introduces a unique 3D metaverse that recreates an ancient kingdom with an incredible level of realism. Inspired by Lovecraft and ancient Greek philosophers and historians, this fantasy world tells the amazing story of Atlantis. An unconditional quality mark is seen in the attention to every detail, for example, the music you hear in the game’s trailer was created specifically for the game and recorded at the studio.
Girand was crafted at the intersection of Web2 and Web3, where the developers largely simplified the entry into the game for people not familiar with the digital economy. To start playing, you do not need to create a crypto wallet, just log in via Telegram, and the system will do the rest for you.
A strong project team is an essential advantage of Girand; many of its members have a background working for such giants as Mail.ru, 1C, and Blizzard. Headquartered in Dubai, the project’s office collaborates with specialists from different corners of the world, selecting the best professionals in the niche.
The creator and ideological inspirer of the project, Sergey Fominyh, is the owner of a digital agency with over 10 years of background, a qualified investor on the stock exchange, and an ex-co-owner of an investment club with in-house IT software.
Girand’s Economy
New game mechanics create unique, non-linear, and exciting gameplay for each player. Girand’s NFT-based gaming economy introduces a tax system into some lucrative transactions, placing limits on payouts for PvE activity and ratings. This step-by-step implementation of the system, combined with the P&E model, facilitates a stable growth in gaming activity. The developers managed to solve the main problem of most games in GameFi, which usually raises skepticism among investors – the Ponzi scheme.
The team used a variety of measures to solve this issue, however, the main focus was on the idea that the gameplay, graphics, and universe should motivate and involve the player much better than the opportunity of making money. The creators insist that Girand is first and foremost a game. Their main goal was to make the game captivating for players, with the possibility to make money as a bonus. Such an approach will help keep players engaged in any market cycle, making Girand more resilient regardless of market trends.
The main source of income comes from mining rare NFTs that players discover in the vastness of the metaverse. The process of minting new NFTs does not affect existing ones, due to the absence of inflation. Mining new NFTs is possible when creating new races, while the number of NFTs is limited within each race, and the release of a new race does not affect the value of others. At the end of 2024, the creators of Girand plan to hold a large-scale tournament with the final game in the UAE. The tournament will be available for all comers, players have the whole of 2024 to sharpen their skills and get ready.
Final Thoughts
The bear market trend of 2022 unveiled all the shortcomings of the GameFi industry, highlighting the need for sustainable economic models and innovative approaches to development. The industry continues to evolve, and the new game GIRAND: IN THE LOST CITY is a clear confirmation of this.
Cryptocurrency games are expected to play an increasingly important role in the global gaming industry ecosystem, becoming an important element of the financial landscape.
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