Algorand Plans For the Future With GameFi and Web3.0• July 10, 2022 7:03 pm • Comments
As the current crypto bear market has caused many crypto projects to disappear, veteran projects like Algorand continue to focus on growth and plan for the future.
After all, projects like Algorand are backed by their innovation and technology that will solve real world use cases rather than shallow trends that are based on hype.
Therefore, it makes sense that during a bear market is when the projects that truly have value will start to emerge and continue to grow.
Algorand ensures that it is continuing to do just that as it focuses its attention of industries like GameFi and Web3.0 which may have high growth potential in the future.
— The Ⱥlgorand Report (@AlgorandReport) July 6, 2022
GameFi is an area of particular prominence in the emerging tech scene. It is now intertwined with major global industries including fashion and education. In short, GameFi is any crypto project which incorporates emerging financial technologies – specifically a gaming token– with online games.
Crypto gaming projects have their own ecosystem, often their own currencies, and allow users to interact with virtual worlds through digital asset ownership.
Most of these games are play-to-earn. Therefore the more gamers engage with the technology, the greater opportunities for monetization. There are estimates that the GameFi industry currently has over 900,000 daily users.
Games are often the first touchpoint for many when it comes to interaction with blockchain and Web3 technologies. Therefore, the importance of GameFi and what can be achieved through GameFi is something industry insiders don’t overlook.
Algorand was recently present at the BlockDown festival where it talked about the growth of GameFi and how it plans to make Web3 much more accessible.
The high level vision includes making the decentralized space much more common in many industry sectors instead of keeping it niche.
A lot of blockchains are already heading towards that direction by forming a lot of different partnerships with major brands and Algorand certainly has been active in such activities.
For example, Algorand had recently acquired the music platform Napster in order to incorporate features like NFTs in the music ecosystem.
— Crypto Wire News (@CWireNews) July 6, 2022
“We are in a generation where everything is [instantly accessible], and especially when you have blockchain technology which can make that happen with more efficiency. Cross game compatibility can increase the revenue of the companies and can increase the revenue of the players.”
For Algorand, troubleshooting this issue is key.
Though with more possibilities on the horizon in GameFi and other niches of the blockchain space this means a greater need for education – especially when it comes to future generations.
“I think the mass adoption will come [heavily] from gaming,” says Hemo. “Especially if we foster what I spoke of before: interoperability between games and in-game monetization via NFTs. Younger generations actually enjoy playing and contribute to industry growth every day.”
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