What’s so special about GameFi’s lifecycle model? What are the obstacles to GameFi’s path to success? Let’s take a look at BNB Chain’s perspective on GameFi’s life cycle in this article!
In fact, GameFi is a model that has been introduced to the crypto community since 2017, with the maturity of the DeFi infrastructure and more and more users joining the crypto ecosystem, GameFi is like a hidden gem that has finally been discovered and its unsurpassed value revealed.
GameFi has really started its explosive growth period in March 2021, we can agree that the GameFi model deserves to be named as one of the important factors contributing to warming. crypto market in the past 2021. According to BscProject.org statistics, there are currently more than 313 GameFi projects on BNB Chain.
So, in this very attractive and highly competitive industry, what are the factors that help projects to survive, or even rise to the top of the GameFi sector. . And how does the GameFi model life cycle begin and where does it end?
First, you can refer to more about the concepts, properties and potential projections of GameFi through the article: What is GameFi?
WHAT DOES A SUCCESSFUL GAMEFI PROJECT NEED?
With the very fierce competition of the platform, there are hundreds of GameFi projects, even more. The project must really bring significant appeal to the player experience in order to retain them. GameFi project developers need to spend a lot of time developing their game platform with character designs, game design models, marketing strategies, etc. to really achieve sustainable growth.
GAMEFI LIFECYCLE MODEL ACCORDING TO BNB CHAIN
There are six main stages to a GameFi lifecycle:
This will be the phase to lay the foundation for the project, at this stage GameFi projects will need to focus and implement compelling concepts and ideas to ensure that players are engaged, building a sustainable tokenomics model that can motivate developers to make a profit and keep players.
In addition, it is imperative to have a clear roadmap at this stage to ensure high transparency about the project’s plan and direction.
Crowdfunding is a necessary step for the development, operations and other parts of the project development team.
Presale is a very important stage to be able to bring in the necessary capital to be able to attract attention to the community. Attract many players to participate in the project.
However, depends on the initial capital or the appropriate marketing strategies for the project. Not all GameFi are required for Presale. There are projects that do not need presale but still succeed, MOBOX (MBOX) is a typical example. The project allows players to purchase their tokens and NFTs on the first day of the game’s launch.
When officially launched, the project needs to build community and other activities to attract the attention of players and ensure the game can grow sustainably. Stick to the outlined roadmap and complete different goals on time.
For example: Launching ideas and building new game modes, integrating the NFT market, etc. to satisfy the community’s expectations.
Growth & Decline
There are many projects that really boom in the early stages but plunge into later stages, even some projects have to go bankrupt.
While record transaction volume and user activity were recorded and even set records, it failed to sustain this tremendous growth and lost the project’s players. Typically, there are a few prominent names on BNB Chain such as My DeFi Pet, Radio Caca or Fear, etc.
To ensure that players stick with their GameFi projects for a long time, projects can focus on developing:
- Increase the attractiveness of the story layout in the game.
- Design a reasonable token allocation.
- High ROI while playing the game.
- NFT airdrop.
- Attractive APY with the farming token, etc.
Whether the game project is in the growth or decline phase, the project’s developers are not allowed to be subjective but must reconsider the situation or the opinions of the players. So building a community is very important. Many projects build their communities on social media, like Twitter, Discord, and Telegram. If a game uses social media, it is essential that they keep a high level of engagement and engage with its fans regularly.
Building a community will help developers communicate with players and understand their needs and desires. Developers should also analyze the player’s in-game behaviour to understand which parts of the game are performing well and which need improvement.
In addition, it is possible to expand the marketing campaign by organizing tournaments. The bigger the tournament, the more people will learn what the game is, how to play, and how to win. Especially during a market correction like this, perhaps no one would criticize making a large amount of money through tournaments.
This is the final stage, after gathering feedback and a better understanding of their players, the developers have to update the relevant game and implement marketing strategies to drive growth. It is essential to communicate any game changes and possible downtime to the community to avoid misunderstandings.
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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