The chain game market is still one of the fastest-growing market areas in the Web3 business, and the number of independent wallets that are active daily can sometimes reach as high as 800,000 during certain periods, despite the fact that the GameFi track has seen significant losses.
Game Space just held the inaugural tour for the sector. Only 200,000 Twitter interactive retweets were sent out in favor of the event, despite the efforts of Spinterlands, ImmutableX, and Big Time. Over 20,000 blockchain game players joined up within a week, drawing interest. Sky Vee, an anchor for the million-level chain game, and others took part in the live broadcast of the event.
The AAA-level large-scale GameFi replaced the GameFi V1.0, which was embodied by Axie Infinity, as the most widely held industry expectation. Many anticipate the release of high-level chain games to address the issue that early Play-to-Earn chain games lack entertainment value. But why do AAA-caliber GameFi releases so infrequently after the rise of the first generation of chain games a year ago?
Why It's Challenging to Find AAA GameFi
While AAA-level large-scale chain games have been persistently called since the development of GameFi, players on the chain are still excited about top-level chain games, but there are now too many thunders and insufficient downpours. Numerous well-known traditional game publishers, including as Zynga and Ubisoft, have made public declarations to join Web3 and GameFi, but they have not been seen in a while.
The reason is that Michael Cameron, CEO of Game Space, who once developed the first AAA-level MMORPG chain game in the industry, "Bless Global," stated that first, the bar for developing a AAA-level chain game is incredibly high, and only teams with a financing amount of more than 50 million US dollars might just barely squeeze into this queue. The main causes also include the lengthy R&D cycle, trouble generating cash, and the bear market effect.
Once upon a time, Michael's team introduced the first GameFi as a Service (GaaS) to the market in an effort to address the issues of closed-loop transactions and a high participation threshold for early GameFi customers. The GameFi business, as a whole, was affected by coldness during the bear market, which slowed down the entry of traditional game manufacturers and prevented the release of any exciting new titles.
A chance experiment Michael conducted while seeking corrections led to the discovery of a completely new realm: informal GameFi, the chain modification of casual games.
Minor Game is Actually Launching a Counterattack While Main Game is Failing
Game Space created chain revisions of well-known mini-games, such Merge Bird in 2022, as a model project to demonstrate to game developers how to finish the chain transformation in just seven days. This was done in order to promote the GameFi SDK. This modest action unintentionally attracted almost 20,000 followers on its official Twitter. Old fans' enthusiasm has been rekindled by the chain reform of little games, and they have started to pour onto the Game Space platform.
The explosive chain game "Goat! " has since been released by Game Space. Goat! based on the traditional match-3 game. "Goat!" debuted in its first week. Goat! " started online distribution initiatives with more than 50 DAOs and organizations across the globe, including BitKeep, Nawarat, and Meta Galaxy, and this sparked a climax in nations like India, the Philippines, Vietnam, and other places.
“Goat! Goat! " is built on the traditional match-3 gameplay and incorporates Web3-styled classic NFT avatars as game elements. Both complex operation abilities and an understanding of the building of complex economic models are not necessary for the game. It is as easy as possible, whether it be the barrier to entrance, the game's content, or how the game is played.
After completing a level, players can receive blind boxes containing various rarities, including gold, silver, and brass. On the NFT Marketplace, blind boxes can be sold, and different level USDT and Merge Bird NFTs can also be issued.
The blind box's introduction of a random prize has considerably stoked consumers' interest in taking part. Twitter data indicates that "Goat! Goat! "has generated 1.5 million Merge Bird NFTs, more than 2 million blind boxes, more than 6 million rounds completed overall, and one casual GameFi (small game chain modification) history record.
The unanticipated success of "Goat! Goat! Michael was greatly inspired by ". He soon discovered that popular mini-games dramatically improved playability compared to games that required players to earn gold through play, making blockchain the first Once There Is game with high playability, high stickiness, and minimal cost.
Michael started to play little games for the sake of winning, launching "Magic Pot" and "MythMania" one after the other. Of them, "Magic Pot" devoured more than 1 million Merge Bird NFTs, making it the casual GameFi scenario with the highest asset usage.
In "MythMania," the blind box incentive can increase income through payment by a factor of ten, ensuring ongoing profitability for the entire platform. Achieving breakeven and sustained growth in a down market is particularly uncommon, especially if the platform has not yet released tokens for user incentives.
Why Casual GameFi Can Defy Convention
Statistics show that there are more than 4 billion players of mini-games worldwide, and that the market for casual games will reach $500 million in just 2022. Little games have always had a lot of power historically.
The economic model is very simple to build, but its development cycle is brief and challenging. Mini-game players make up up to 77% of all users, and there are more than 1 billion monthly active users. Unfortunately, the mainstream market frequently disregards them.
Michael thinks that the following factors are the primary causes of Game Space's success in the design of casual GameFi:
Light games draw a sizable amount of user scale and user stickiness due to two factors: one, they are simple to use, versatile, and able to suit the needs of fragmented entertainment.
This is a feature and benefit of casual GameFi itself, as opposed to AAA-level games that demand complex activities like login and account setups. With Game Space's GaaS SDK, it is much easier for consumers to engage in blockchain games by allowing them to log in using their regular Web2 accounts, including those from Google and Apple.
The second is to choose well-liked goods. Goat! goes from "Merge Bird" to Goat! Michael pushed on turning the current or formerly well-liked mini-games into casual GameFi, from " to "Melon Fusion."
Effective production capacity comes in third. All casual GameFi changes are currently finished within 7 days thanks to Game Space's GaaS SDK, which is a key factor in his team's ability to find new market opportunities and make significant strides.
Santosh, a devoted Game Space player, said:
“Before, I would be spending 1-2 hours on Voodoo (a traditional Web2 mini-game platform), after downloading Game Space I haven’t played any other platforms games because it has all my favorite mini-games on it. Other than that, I can also win rewards daily. Mini-games are truly a great way to pass time and are friendly to everyone.”
GameFi's "Building Brick Impact" on Casual Players
Santhosh was enthusiastic with the "combinability" of various games on Game Space in addition to the straightforward and enjoyable mini-games. He stated:
“I spend 2-3 hours a day in “Goat! Goat!” Blind box, then open ten times in “MythMania”, usually, I can get 10 USDT and 10~20 level 1 Bird. I then synthesize level 20 Bird NFT in “Merge Bird” and finally complete the smelting in “Magic Pot.” There may still be a chance to get 1~10 USDT here. Although there is a fee for opening the blind box, you can basically earn it back.”
Combining several casual GameFis appears to result in more varied gameplay than playing a single massive game. The chemical reaction caused by the confluence of applications is also the reason DeFi took off during the most recent bull market.
For instance, Uniswap developed the AMM mechanism's underlying protocol, which can be used to aggregate the income from numerous lending agreements in lending platforms like Curve and smart pool projects like YFI. Only a few or a large number of developers work on each project, but the enormous DeFi format is made up of the building blocks created by many projects.
Game Space's casual GameFi perfectly illustrates the building block effect: by launching a series of casual GameFi to form a matrix, each casual GameFi has a set of independent output and consumption scenarios, and the USDT, game props, NFT, and the intercommunication and conversion such as Game Points (GP) form an effective superposition. The obtained assets can also be used at any time to play other games.
For instance, the blind box from "Goat! Goat! The Merge Bird NFT that was released can also be utilized in "MythMania" and "Merge Bird."
In addition to enabling gameplay to be overlay, the integration of numerous games strengthens the overall system's economic model, avoiding the single game's limited lifespan of the Play-to-Earn era.
"Galaxy Project" Will be Released by Game Space
Michael, who unintentionally "bumped into" the ideal start in 2023, was open about his tumultuous aspirations.
He intends to grow casual GameFi to more than 10 models in Q1 2023 and to 20 models in Q2 following the successful verification of the model. He believes that the playability offered by the platform to users would rise enormously with the addition of each boutique casual GameFi.
Currently, Game Space is close to reaching the milestone of 100,000 Twitter followers. 1 million users would have been accumulated through the casual GameFi method by the end of this year, setting the stage for the bull market's exponential rise in 2024.
Michael intends to further open up platform capabilities in addition to his own casual GameFi. Game Space will invite additional small game creation teams to swiftly use the platform as part of the future Galaxy project in order to deliver more updated gameplay and embrace growth benefits from casual GameFi.
The game products that join the "Galaxy Project" still need to be polished and professional, innovative and timeless, and they also need to be popular enough and provide a good gaming experience. Also, he will investigate Social GameFi in conjunction with DID and future-focused social games with collaborators.
Michael expressed his excitement over the team's new tagline, which is to "make Web3 happy for one additional hour every day." He draws strength from this to continue working tirelessly.
