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“Vietnam Blockchain Expoverse” is an event in the Binance Blockchain Week Dubai 2022. Faraland is honored to be one of 10 projects representing Vietnam’s GameFi communities present at this event to share the vision and direction of the GameFi ecosystem. The following is a recap of Alfred Alfie’s speech – CEO of Faraland.
Sharing views on GameFi – GameFi is indeed a prevailing fad and “Finance” is a part of blockchain games
MAIN PARTS OF CONTENT
- What is GameFi?
- Blockchain games
- The future of blockchain games
- MetaVerse
ANALYZING FACTS, KEY EXISTING ISSUES AND PROPOSING DIRECTION & SOLUTIONS
I. Essentials of GameFi
In the first part, he demonstrated the trend of popularizing GameFi.
“Last year 2021 is definitely a big hit when it comes to media, with the emergence of the trending term “GameFi”. And as can be predicted, the future of the Gaming Industry via blockchain platforms manifests great potential.”
- Giving the definition of GameFi
“_GameFi merges two concepts, “Game” and “Decentralized Finance”. _
With GameFi, players can experience games, have fun and concurrently earn money while in the Covid pandemic.”
- Specifying the demand for adopting GameFi for both players and gaming projects
“This clearly triggers the increasing demand for earning an extra income right from their home. Numerous projects have proceeded to accelerate the process of developing “GameFi” and only focus on high ROI and earning, which might sound attractive at the beginning, but it couldn’t last long.”
- Stating the truth and prediction: The integration of financial elements in gameplay sounds attractive but might not last long. The result might be unhealthy and imbalanced development for GameFi, even unrealistic illusions.
“This mindset from some developers and players has led to an unhealthy and imbalanced profile for Gamefi, and created an unrealistic illusion for the users who want to become a millionaire after one night.”
- **Pointing out the problem: **
“From what has happened, it can be noted that the models and operations of “GameFi” projects are quite simplistic and inherent with a range of setbacks.”
II. The right direction for GameFi projects: Blockchain games
He then put forward suggestions for changing the term GameFi into Blockchain Games which can cover and reflect all advantages.
“Instead of “GameFi”, I think “Blockchain Game” will properly reflect and cover the advantages of all GameFi. “Blockchain Game” resolves a vast majority of inherent setbacks in conventional games, so that the future and opportunities for growth can be expected.”
“Blockchain technology has offered so many advantages for traditional games:
- _Blockchain can be used to secure keynote data for users and developers. Once we record the users’ data, it can not be “Rolled back”. _
- Integrating blockchain tech into gaming aims to provide security, liquidity and transparency for their games. It also provides a risk free environment for any online trading.
- All details, including transaction, item ownership, and reselling items activities will be all tracked and safely stored on chain so that it can’t be amended. This is how Faraland approaches and utilizes blockchain technology in our NFT trading and gaming activity.”
DAOs: For users, they can raise their voice, contribute opinions and reject any decisions. For the system, transparency is facilitated.
Some inherent problems were also frankly pointed out:
(1) Big holders can still manipulate decisions in DAOs.
(2) DAOs haven’t actually been community-oriented for smallholders who remain inferior to big fish or sharks.
The solution is (1) to develop a new version for DAOs in order to guarantee equality in each “election”, (2) to add further features for DAOs, so that there is no absolute influence from the value of tokens one holds.
“DAOs empower users to raise their voice and contribute their opinions to the projects and the company. This also facilitates transparency in all changes. Upgraded versions for each project created by DAOs allow users to reject any decision. However, there exist some inherent downsides. Since DAOs are decided by the value of tokens the user possesses, big holders like team/founders can still manipulate decisions in DAO. As a result, DAOs haven’t actually been community-oriented for smallholders who remain inferior to big fish or sharks.”
He continued to state the present fact and feasible direction.
- Financial elements of blockchain game projects are insufficient.
- The right direction for future game projects is to embrace the optimization of blockchain-based technology.
“A blockchain game project will always contain a financial element, but it will definitely not suffice. Game titles embracing the optimization of the blockchain-based technology will be the right direction for future game projects.”
III. The future of blockchain gaming
The key is Blockchain technology, which provides momentum to new developments.
“Blockchain technology provides momentum to new developments and the accessibility of blockchain-based gaming will be extended. In the early development of this new field, gaming projects are encouraged with new opportunities to grow freely.”
The future view is that game titles solely adapt blockchain technology, and are independent from tokens.
“It is expected that in the near future we can see game titles that solely adapt blockchain technology, and are independent from tokens.”
The question of earning is clarified that the financial foundation is still insecure and inherent with several drawbacks entailing radical improvements.
“Without tokens how can users earn? Earning is obviously an attractive factor to players. However, the financial foundation is still insecure and inherent with several drawbacks entailing radical improvements.”
- Future earning in GameFi probably lies in in-game currency and item trading. (Data storage can’t be altered. NFT ownership is exclusive. One “possible futuristic” currency can connect all projects.)
- Blockchain technology will motivate MetaVerse connection to every user and project.
“Above all, in order to realize all of these, considerable time and collaborative effort must be devoted by game publishers.”
IV. The transition From MetaVerse to MetaFi
He defined the main problem as how to connect Metaverse regarding the core of GameFi and Metaverse.
- The lack of infrastructure, particularly there is not enough hardware while they mainly focus on software.
- Partnership can be considered to be one way of connection, when 2 projects collaborate actively.
- We need to constantly improve and unlock the potential in each partnership to cultivate the Metaverse – bridging all into one united Multiverse.
For Faraland’s partnership, the step-by-step approach is applied by selecting strengths from both sides’ projects and utilizing resources to create a Learn-to-Earn feature in the Universe created by Faraland and partners.
What is Faraland
Faraland is a role-playing strategy wargame for Android and iOS, developed on blockchain by MoonKnight Labs, a company based in Vietnam. The players control the characters of 7 races: Humans, Orcs, Elves, Fairies, Dragonborns, Angels, and Demons — each with different abilities, strengths, intelligence, and agility, to fight with other players in a universe called Faraland.
Faraland is an innovation project combining NFT technology and gaming experience. Not only are all exquisitely digital collectibles created using blockchain technology, but all NFT in Faraland can also be integrated into Faraland games later, which will help them increase the value. NFT is the soul of this project. Each Hero, NFT of Faraland, is unique. Each collectible is matchless, genuine, and varies in rarity. Faraland Universe has many different races like Human, Orc, Angel, Demon, Dragonborn, Elf, and Fairy, awaiting the users to discover.
Faraland is different compared to other NFT projects where NFT is solely used for collection. With many exciting gaming activities, Faraland’s users can use their NFT heroes in many unique ways, from equipping them with powerful weapons or shining armors to engaging them in various thrilling battles. It’s a solid and exciting game with a fundamental and engaging storyline. We also focus on the “play and earn” mechanism, making Faraland far beyond a regular game. A variety of options are also available for users, including reinvesting in the game, making your heroes stronger, or cashing out. Our vision is to make Faraland a “dream job” by providing players worldwide opportunities to generate regular income from the project.