Gaming is the one sector in the blockchain space that\u2019s gaining attention, with the play-to-earn model changing the industry forever as it fuses gaming with finance. On the latest\u00a0More Than Money\u00a0episode, Patrick Thompson caught up with Richard Leach, the marketing officer for GameFi AG, a company that\u2019s building an NFT-powered gaming ecosystem on BSV.<\/p>\n
Zug, Switzerland-based GameFi AG is founded in 2021 \u201cwith very ambitious ideas in mind,\u201d Leach stated. \u201cWe\u2019re at the very least slowly moving towards the idea that it might just be BSV that\u2019s going to enable us to realize these.\u201d<\/p>\n
GameFi is coming into a rapidly-growing sector targeting the gamification of finance. The company wants to create opportunities for people to make money doing what they love\u2014playing games. It\u2019s creating an ecosystem where participants can play a wide range of games and own NFTs.<\/p>\n
Gaming has traditionally been a for-fun sector which many have looked at as purely recreational. With blockchain technology, this has changed, and play-to-earn games are quickly gaining prominence. As a bare minimum, users should be able to make a few bucks as they play, and for those who are really good at it, gaming can be a career that pays quite well, Leach told CoinGeek.<\/p>\n
At GameFi, NFTs are at the heart of everything the company does. Its first project, available exclusively on the BSV blockchain, is\u00a0Galactic Mice, a collection of\u00a0futuristic NFTS\u00a0that enable their owners to participate in all aspects of the company\u2019s play-to-earn ecosystem, with the first game being Cyber Fights, \u201ca play-to-earn beat-em-up style game.\u201d<\/p>\n
Taking inspiration from the massively successful CryptoFights, Leach believes that success for any blockchain game will lie in storing everything on-chain, which can only be done on the massively scalable Bitcoin SV. This gives everything in the ecosystem, from characters to even specific weapons used, a backstory, and one worth paying a hefty sum for.<\/p>\n
The future belongs to pay-to-earn games, Leach believes.<\/p>\n
\u201cIf you had two games that were similar, one of which affords you the opportunity to actually make money while the other one doesn\u2019t, it\u2019s a no-brainer, especially if the entry into it is relatively inexpensive,\u201d he said.<\/p>\n
There are obstacles, however. The first, according to Leach, is fees. If a player wins $10 and is required to pay $50 to withdraw it, then it\u2019s not a feasible business model. Bitcoin SV is unaffected by such challenges, with transactions on the BSV network averaging 1\/100 of a penny, making it economically feasible to build gaming applications on the network.<\/p>\n
On-ramping has also been quite a challenge for many gamefi companies. To solve this, GameFi AG is in talks with Simplex to increase its onboarding options. It\u2019s also working on integrating Fabriik Weave to increase onboarding options for their customers,\u00a0which CryptoFights already did.\u00a0<\/p>\n
While GameFi customers will get the chance to make money and grow, Leach believes the company will also be doing something bigger for the industry\u2014bringing on more newcomers into the space.<\/p>\n
\u201cGaming is going to be a really useful method of introducing more and more people to digital cash, through earning it rather than purchasing it. Once people have gotten a taste of it (gaming on BSV), they\u2019ll be keen to use it more in [the] future,\u201d he said.<\/p>\n
Leach further believes that NFTs will become an everyday phenomenon that we use daily, most times not even being consciously aware of it. The use cases will become much more mundane but with increasing amounts of utility.<\/p>\n
Check out the previous episodes of More than Money on YouTube.<\/p>\n