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Report: Most Gamers Care Less About GameFi

Report: Most Gamers Care Less About GameFi

Although non-fungible tokens, or NFTs, have a modest presence in the gaming industry through GameFi, some gamers find it too much. A swift and fierce reaction to the prospect of digital currencies being used by any well-known game company has forced some developers to quickly abandon ambitious plans.

Gamers are not interested in GameFi

In the wake of the unprecedented “crypto winter” that has seen businesses crash, currency prices plummet, and some founders all but quit their businesses, the non-fungible token market is currently struggling. Now is not the right time for developers who want to enter the burgeoning blockchain gaming industry.

According to the results of a study by market research firms YouGov and consultancy Globant, most US gamers are not very interested in the NFT industry.

The companies surveyed 1,000 adults in the United States, ages 18 and older, who had played at least three hours of console, PC, or mobile games (but not just mobile games), and found that 81% had never purchased an NFT. The percentage of respondents who indicated that they were interested in both the “play” and “win” parts of blockchain games and the metaverse was only 40%. Some 53% of those surveyed said they would work on a gaming platform if it meant earning money for their efforts.

BTC/USD falls below $20,000. Source: Business View

NFTs are important building blocks of Web3, and by extension, GameFi features are built into some blockchain gaming platforms like Axie Infinity. Advocates say these features, along with interoperability and the ability to buy and sell digital assets, could revolutionize the gaming industry.

However, according to a Bloomberg report last month, the technology is still unpopular and unproven in mainstream gaming items, and NFT sales are in a historic decline. It is not yet clear if major game developers will be able to integrate NFTs into well-known brands or if Web3 companies will be able to break out of the crypto niche and attract mainstream gamers.

Related Reading | Ubisoft responds to gamers, what they “don’t understand” about NFTs and the Quartz project

Many mainstream game developers have shown interest in NFT and blockchain, including Ubisoft, which tested NFT in a Ghost Recon game but quickly ended the experiment after receiving negative news for nearly six months.

Nicolás Ávila, Director of Technology for North America at Globant, said:

“Through this survey, we see that while Metaverse development is still in its early stages, US gamers already view the technology as capable of expanding the realm of possibilities in gaming. I will not wait to see this sentiment spread to more people across industries.

Other important points

Other findings from the Metaverse Awareness Survey have been detailed, and these will be of interest to companies exploring GameFi’s business models. In metaverse games, about half of players are more interested in “playing” than “winning,” but a significant portion of players see the value of combining playing and winning. Here’s a breakdown of the numbers:

The majority of respondents (41%) believe that the Metaverse will have a positive effect on the video game industry, while just over half (52%) of gamers believe that the Metaverse will change the industry (vs. 25% who do not). do you agree). In fact, 40% of those surveyed think the hype around the Metaverse game is justified, but 30% of those surveyed were unsure.

Maybe it’s related to familiarity. While the majority of gamers (60%) are confident in their ability to define the term “metaverse,” this population’s familiarity and interaction with the concept still needs to improve. Only 39% of gamers believe the game’s metaverse will mature in less than five years, while nearly the same number, 38%, think it will take longer.

Related Reading | Two Animoca Brands-Backed NFT Projects Team Up For Cross-Metaverse Compatibility

Featured Image from Unsplash, Chart from TradingView

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