How to Create High-Quality Projects in GameFi and the Metaverse

In recent years, the popularity of Axie Infinity and STEPN has ignited a wave of GameFi blockchain games, attracting both startups and traditional game companies to enter the field. On one hand, GameFi integrates DeFi and NFT derivatives, forming a unique "Play to Earn" model; on the other hand, it has become an important entry point for the Web3 application ecosystem, aligning with the open and interactive Metaverse. Currently, GameFi is still in its infancy, with significant gaps in project scale, gaming experience, and user volume compared to the mainstream market. A higher-level examination of the industry and a review of project development paths have become essential for the self-improvement of GameFi.

On April 28, Blocklike held a Blocklike Panel video roundtable live broadcast themed "How to Build Quality Projects in GameFi and the Metaverse," discussing essential elements of quality GameFi projects, NFT empowerment for the development of the Metaverse gaming ecosystem, gaming guilds, and other topics. The event invited organizations such as GEMS, Game Wonderlab, World Overlay, Godjira, Nuke Chains, Plutonians, and Parallell to explore the opportunities and challenges of NFT 2.0 in the Metaverse. Nearly 40,000 people watched the event, and here are some excerpts from the guests' insightful speeches during the roundtable discussion:

1. Current GameFi projects have their strengths and weaknesses in game mechanics, playability, player interaction with the game, profit ecosystem models, community activity, and conversion. What elements do you think a good GameFi project must possess?

James Lee, Founder of World Overlay: I believe that GameFi platforms or virtual spaces possess certain characteristics that could make them a prototype of the Metaverse. They have unity, a large number of system users, and a fully functional economic system that operates according to the rules of the digital and physical worlds. The Metaverse has unprecedented interoperability in terms of digitalization, assets, and content data. In my view, the concepts of GameFi and the Metaverse have been overused, which is detrimental to the development of industry understanding.

Francis Berwa, Co-founder of Parallell: Regardless of the impact of the Metaverse or the quality of blockchain game projects, GameFi projects can collaborate rather than compete. We are in a new era of the internet, so the Metaverse holds significant value. Compared to the closed and less influential Web2, the gameplay in the Metaverse and GameFi can be more diverse and expansive.

Luis Hsieh, PR Manager of Game Wonderlab: Typically, we also pay great attention to the product aspect. I think GameFi, as its name suggests, should have strong entertainment and social attributes as its core advantages. This is essential to attract more users and create interesting games and ecosystems.

As a gaming guild, we notice that many blockchain game projects focus heavily on financial mechanisms, but playability is also crucial, which is one of our criteria for selecting games to invest in. It remains uncertain which field the next king of the GameFi track will emerge from, but I believe that whoever can create highly playable GameFi and provide users with quality gaming experiences will become a leading project.

Till Meyer, CTO of Plutonians: Under the principles of the sharing economy, the Metaverse is like a collection of various functions connected together, where we collectively create an ecological goal. The role of project parties is to continuously break down the goals of the Metaverse into many important small tasks, and GameFi is no different. To do a good GameFi project, it is essential to have a high-quality DeFi model and a decentralized architecture.

When we examine the economic mechanisms of the Metaverse and GameFi, we find that they contain forward-thinking ideas. The definition of GameFi includes three characteristics: Web3 compatibility, the mapping and simulation of traditional applications in the virtual world, and the underlying blockchain that provides foundational support for everything.

2. From the popular "Play to Earn," other models like Move To Earn and Learn to Earn have emerged. What effective branding strategies or advantages does GameFi have to attract fans from outside the circle and create positive marketing feedback? What makes blockchain game projects fun and attractive to users?

James Lee: We believe the answer lies in creating an experience that allows people to generate independent digital content, personal assets, or even homes in the world of Web3 games. This is an enjoyable experience—earning through our creator economy, where they can own their NFTs rather than relying on centralized authorization.

By empowering creators, we can turn the vision of providing virtual digital content for players into reality. We are creating a virtual reality that is exclusive to users; it is an open environment and a realistic, immersive experience filled with various social elements. In the Metaverse, we encourage community co-creation and social interaction. Different IPs and communities have their own autonomous organizations and content groups.

Shan Kumar, Founder of Godjira: In fact, not every game project needs to be fun. In GameFi game mechanics, users sometimes feel anxious. Even with a simple game, we cannot guarantee its playability for everyone. Sometimes, I find users comparing game earnings, and this anxiety is amplified by the NFT market. We are trying new technologies to encourage users to focus more on the fun of the game while introducing fairer mechanisms.

Luis Hsieh: We hope that the gameplay settings of blockchain games are actually user-centric. It is also important to have a universal platform that allows users to access games anytime and anywhere, rather than just focusing on playing games. For example, we see Web3 games like Stepn, which have large game developers with well-developed platform functionalities and high accessibility, providing users with a lot of enjoyable experiences.

Andy Koh, CEO of GEMS: We are collectively driving the trend of Web3, with the basic idea of building software in a simple way. The future gaming industry is not just about people spending money to play games; it is open to everyone, characterized by openness, shared economy, and decentralization, allowing people to create things they cannot have in real life.

3. In GameFi, NFTs and other crypto assets play a role in connecting the digital economy inside and outside the game. How do you leverage NFT gameplay to give users control and profit rights over virtual assets, promoting the sustainable development of the Metaverse gaming ecosystem? What innovations does your project have?

James Lee: In the long run, the profit model commonly adopted in our project is unsustainable. Therefore, we are creating our own economic value model, similar to Play to Earn, which heavily relies on players' continuous purchasing behavior to realize the value of NFTs. We have already seen many games introducing this mechanism.

A sustainable gaming economy must provide players with certain value and empower creators to create their own virtual content. We hope to actively implement long-term layouts rather than short-term profits.

Luis Hsieh: There are many gaming guilds in the industry now, and we are trying to leverage our creative advantages to secure a place in a competitive market. We found that 90% of players are using mobile platforms, so the innovation of our project lies in supporting on-chain mobile platforms. Currently, many game projects have entered this niche. Additionally, we believe that a good aggregation platform is also crucial, which requires building a Web3 version of a virtual gaming platform, where speed, operational efficiency, and content innovation are key factors determining platform quality.

Till Meyer: Players can define GameFi in various ways. Some people may not play games, but they still want to participate in GameFi, depending on the nature of the GameFi project and whether it is attractive.

Andy Koh: In addition to our considerations of the underlying technology, the esports platform is another innovation of ours, helping to drive the marketing aspect of the project. Furthermore, we collaborate with GameFi projects and virtual ecological businesses. This allows us to transition to Web3 effectively and efficiently.

Returning to the initial question—what conditions must high-quality GameFi projects meet? I think there are a few points that everyone agrees on: openness, real entity support, and the project's sustainable operation. With the support of blockchain, traditional game companies are also preparing to transition to Web3, becoming an undeniable force.

Francis Berwa: In fact, we are introducing AR devices into our projects to create a digital ecosystem connected to Metaverse games. We usually develop according to existing models without much originality; the intention is to serve as a bridge, which is a key factor in shaping the project's influence. With digital rights proof, users can access the virtual Metaverse world. This not only brings cost-effectiveness but also allows us to grasp user traffic data, enabling them to earn rewards through staking loans. For us, small but effective improvements are also very important.

Shan Kumar: Users' psychology is to profit from games, which is something every GameFi project needs to understand; it is the source of creativity. People no longer play games purely for fun; today's GameFi turns games into tools for people to earn more money, and the fun of gaming is gradually disappearing. So for those who do not understand NFTs, this is a very promising promotional point, because even the simplest games can combine with NFTs to create some fun and increase the innovation of GameFi.

Host:

Yuen Wong, LABS Group, CEO

Guests:

1. GEMS, Andy Koh, CEO

2. Game Wonderlab, Luis Hsieh, PR Manager

3. World Overlay, James Lee, Founder

4. Godjira, Shan Kumar, Founder

5. Plutonians, Till Meyer, CTO

6. Parallell, Francis Berwa, Co-founder