GameFi: Combining MMORPGs with Web3, Blockchain Tech and Finance
Written by Leslie Arambula, Chief Content Officer
In 1991, Neverwinter Nights was launched and became the first massively multiplayer online role-playing game (MMORPG). Since then, the world of gaming, and particularly of MMORPGs have come a long way. Thousands of MMORPGs exist, covering a variety of interests and gaming types. And with the latest advancements in technology, it is just a short matter of time before it evolves once more.
MMORPGs are games where people from all over the world can log in and experience the world in real-time. This allows players to team up to take on quests, chat or trade resources, or even build long-term friendships with people that they’ve never met in real life before.
More and more, the world has taken a shine to gamification, with schools using software like ClassDojo or Classcraft to include behavioural tracking, incentives, and participation. There are even apps now that provide avatars and point systems for completing daily to-do lists.
This next evolution of gaming comes in the form of GameFi: the combination of gaming and finance. Using blockchain technology, these virtual worlds are able to not only offer the same gaming mechanics and experiences that people are familiar with, but they add in the ability to financially make real money in the process of playing and interacting in the game world.
Over the past couple of years, the GameFi market has become a powerful push that has motivated some of the bigger brands to reconsider their strategies. Where many games offer in-game incentives like avatar skins, special items, and customization, the players never truly own these items exclusively, even if they pay actual money for them.
However, in GameFi, because these platforms are built using blockchain technology, the in-game currency and economics make it possible for members to not only own, but even create, buy, sell, or trade their digital assets in ways that haven’t been available before. Members can also gain ownership over the future development of the game.
One of the greatest parts of this is that the world of these metaverses and GameFi platforms are now more player-centric than ever. Because of blockchain technology and decentralized economics, the virtual worlds become Decentralized Autonomous Organizations (DAOs). This means that the players have a say in what happens in the world to a degree never really allowed before.
In DAOs, the members can possess a stake in the world through owning the in-game currency, digital land and assets like tokens which bestow governance rights. Players are able to use these possessions to not only make real money and transfer it out of the game, but they also have voting rights in the platform about changes to policies or other items.
Many gamers have experienced heartbreaking changes to their favourite gaming platforms in the past such as losing their accounts, in-game characters, their favourite levels, a change to the way that items are obtained, or gameplay. The ability to own a stake in the game is a vital change that favours the gamers who invest the most time into the world.
This new era of gaming will be a terrific combination of the latest technology matched with the familiar aspects of MMORPGs that gives a more complete and balanced experience.
Metahunter aims to bring this GameFi opportunity to many participants belonging to the middle to low income populations by building an accessible Metaverse.
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Photo credits:
Gorodenkoff and Kinwun
