GameFi: Defying the bear market? What we learned in 2022
GameFi continues to buck the trend as web3 had a challenging year in 2022. The market is crowded and ambitious so it’s important to gain an edge on the competition by making the right steps in 2023 and beyond.
Here are 5 observations we have made while working on GameFi projects in the last year.
Gamers demand gameplay
The trend in Web3 is to reveal gameplay footage after TGEs and initial NFT mints, indicating to the audience that gameplay is second priority to revenue;
Releasing gameplay footage early in the project roadmap will make the project stand out from the crowd;
Creating gameplay videos that generate buzz through PR and social media will build credibility and attract interest from early investors and gamers.
Every journey needs a roadmap
Project roadmaps are the norm within the web3 community, but all too often projects are delayed or marketing timelines are squashed;
This leads to disappointment or rushed communications;
Giving a team time to deliver on important milestones will ensure high quality output;
A dedicated project manager will carefully plan a detailed roadmap and will keep everyone honest and on time.
Know who is at the party and why
Blockchain games usually target a minimum of 3 audience segments; speculators, P2E gamers and traditional gamers;
Creating bespoke content for each target is vital for building credibility and maintaining engagement;
Prioritising project credibility amongst speculators, transparency with P2E gamers, and quality game content for web2 gamers is a great starting point;
Using inclusive language and reframing typical Web3 terminology will break down some barriers for Web2 gamers.
Utility is essential
NFTs are flooding the market and they have a bad reputation among web2 gamers;
Adding real world utility to NFTs creates additional value appealing to both speculators and players and will help to cultivate a community;
Create utility that appeals to all your audience segments such as VIP events, exclusive content, early access and merch.
A big community means more opportunities
In the world of web3, a crypto game with a large social following will get noticed;
A strong social following (c.100k) will attract collaboration and partnership opportunities that will give you access to new communities;
Foster a welcoming community on Discord and Twitter to keep these new audiences engaged. Empowering community members who embody the project's culture will allow the community to cultivate itself.
Above all, it’s important to clearly define and communicate why your project is special. What is your USP? How can you demonstrate this with engaging content?
Focus your efforts, and learn from the outcomes, by setting SMART goals during the planning phase to ensure your investment is never wasted.