On May 18, 2022, at Permissionless Conference organised by Blockworks in Miami, CEO of Project SEED – Liko Subakti gave an insightful panel discussion on “Gaming: The Trojan Horse of the Metaverse”. Also joined by other GameFi and digital asset experts from BH Digital, Signum Capital, Cronos, and UniX Gaming, the session detailed how blockchain games can bring the whole metaverse to the next level. Project SEED, now a full-fledged GameFi ecosystem, is here to offer solutions to current problems in this path and how they can shape its future.
From almost 1.2 million unique active wallets to the $2.5 billion investment from venture capital firms in Q1 2022, many are betting on the bright future of blockchain gaming. However, as with any innovation in its infancy, there lie obstacles for blockchain gaming to reach mass adoption. Entering the industry as one of the leading GameFi ecosystems, Project SEED has been able to identify the major issues that hinder its development and at the same time, work on solving them to usher the sector forward, eliminating the entry barrier into blockchain gaming.
The first and most obvious one is the limitations of blockchain technology. For what it’s worth, many blockchain-related activities still consume a lot of energy. This, in turn, places strain on the environment and as well as blockchain users in the form of “gas fees”. Another problem with blockchain technology is its struggle to uphold its promise in being: 1. Trustless, 2. Immutable, and 3. Decentralized. While it delivers within the boundaries of the blockchain, it is when a blockchain connects with the outside application that raises concerns among technologists. Lars Doucet, the co-Founder of Level Up Labs, refers to this as Degraded Blockchain, for true trustlessness, immutability, or decentralization is compromised during these interactions.
The second problem is the right balance between gameplay and financial gains are not yet achieved. Most current blockchain games are simplistic in nature, with gameplay overshadowed by financial elements. One prime example is the much renowned CryptoKitties. There is little to no immersive gameplay, with only the prospect of breeding a valuable NFT Kitty as the catch for the game. On the other hand, we have instances where blockchain is hastily incorporated into well-established games, leading to the feature having little to no value for its players. Late last year, Ubisoft experimented with dropping NFTs in their shooter game, Ghost Recon Breakpoint. This attempt faced much backlash as players are required 600 hours of playtime to obtain an NFT mask that holds little value on trading markets.
In terms of technology, a lot of companies are already working to improve blockchain’s shortcomings. TRG Datacenters identified Chia Network (XCH), IOTA (MIOTA), XRP among the most energy-efficient blockchain technologies. According to The Times, more than 45 companies and individuals in the crypto, finance, energy and technology sectors have also signed up to the Crypto Climate Accord, which seeks to decarbonise the industry and achieve net-zero emissions from the electricity consumption associated with cryptocurrencies by 2030. As for blockchain’s weak links, Lars Doucet admitted himself there are times we have to learn to trust others in other to align incentives and create any impact.
On the other hand, with the gameplay-finance equilibrium, many believe in a sustainable economy based on real value creation is the answer. The DeFi element should integrate seamlessly into the gaming experience, holding not only trading value but also productive value for its players. Despite the appeal of immediate profit, one simply cannot have fun in a game where all players want to earn money from one another. A balance between game and finance is what people need, but there is a lot to figure out, and we need all the resources that we have.
The Project SEED Ecosystem is an all-in-one GameFi platform that combines GameHub, GameFi, Growth Program, DAO, and E-Sports. By ultilizing different expertises in this ecosystem, they aim to create blockchain games that shape the next generation of gaming and spearhead the GameFi space.
Project SEED will also provide ease of transaction with their own Multi-chain Hybrid technology, SEED multi-chain wallet, the Vault for DeFi products, in-game DEX and marketplace.
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