Unique GameFi Trends that Will Shape the Future of Gaming 

Gaming in 2023 will be the point of focus as we have seen exponential growth this year. We have seen phenomenal growth with the integration of the financial aspect in gaming. We have compiled unique GameFi trends that can evolve in 2023 and beyond.    

Unless we personally experience a technological trend, we may not particularly take interest in it. Having said that, the worldwide gaming sector, which has a revenue of more than $200 billion, is where this manifestation is most readily seen. You gradually become aware that you have already adopted the ideas as you engage in cutting-edge VR games or spend hours in an addicting metaverse. Or is this insight still to come?

For the gaming industry to thrive, technological evolution is inevitable. In 2022, we have seen the evolution of several new technologies like Blockchain and the idea of integrating games with finance, Gamefi. Are you thinking about what will be the next big thing in the gaming sector? Bear with us as we explore the unique GameFi trends that will shape the future of gaming in 2023.

What is GameFi?

The term “GameFi” refers to the fusion of games and finances in a framework where non-fungible tokens (NFTs), smart contracts, and the blockchain are used.

It is sometimes described as the meeting point of play-to-earn (P2E) blockchain gaming and decentralized finance (DeFi), resulting in a self-serving economy that extends above games and shifts power away from game companies and toward gamers.

According to DappRadar, the Investment in the GameFi sector increased to a whopping $4 billion in 2021 from $80 million in 2020. As the above picture depicts the investment in the GameFi sector has already reached doubled, and we are a month away from the end of 2022.  Let’s explore what will be the unique GameFi trends in 2023.

GameFi Trends that Will Shape the Future of Gaming in 2023

GameFi has done tremendous growth in previous years, as we have seen in the above statistics. Without wasting any time, let’s jump straight into GameFi trends that will shape the future of gaming in 2023. 

Metaverse Gaming

The metaverse is a shared virtual environment in which users can communicate with one another using digital items like avatars.

These may not only be gaming systems but also completely social ones where users may interact, go to events, purchase virtual goods, etc. Numerous tech companies have noticed how the Fortnite festivals have raised awareness of the perspective of the metaverse to offer a variety of opportunities beyond simple entertainment. 

Multinational brands like Microsoft and Meta have plans to boost the metaverse’s capacities in the long term and bring them on a scale with the physical realm. Interactive virtual solutions and online conferences with user online representations are now commonplace. While the metaverses are still in their infancy, it is apparent that they will develop along with the advancement of VR, AR, and AI to offer a distinctive real-time virtual experience to a sizable portion of the global population.

Metaverse games will leverage blockchain technology to make gaming immersive, engaging, and more secure than ever before. Gaming firms are already investing in the metaverse development, and early adopters always get the upper hand.   

Cloud Gaming

Is cloud service the latest tech in gaming? Obviously not. G-cluster first unveiled the concept at the E3 conference in 2000.

Is cloud gaming here to stay? Yes, of course. It protects less expensive hardware, conserves system memory, and brings joy to those for whom a desktop Workstation or PlayStation is a previously unheard-of luxury. Cloud gaming was created to give customers the immediate opportunity to play games across computers without lag time. 

The cloud provides all the computing power required to operate the games, allowing the users to genuinely enjoy a cutting-edge service on their underpowered PC. In normal conditions that PC wouldn’t even come close to carrying the weight of such games.

The industry for cloud gaming was estimated to be worth $470 million in 2020 and is predicted to grow at a CAGR of 48.2% to $8.17 billion by 2025. Virtually all of the top game developers and publishers now sell their titles through paid cloud computing.   The primary requirement is a minimum Broadband connection of 10 Mbps. Additionally, pricey and power-hungry equipment will continue to be a luxury for connoisseurs.

Blockchain and P2E Gaming

Even though the interest in blockchain and P2E gaming has slowed, it can’t be ignored. The entire amount of NFT artwork sales from August 2021 and February 2022 was around $1.7 million. In contrast to the majority of game makers, Ubisoft and Square Enix have chosen to implement NFT into their strategies.

As NFTs are an essential part of P2E games, the interest will continue to dominate the gaming industry. From the success of Axie Infinity to the contemplative virtual world of The Sandbox that enables you to develop digital goods, the popularity of play-to-earn video games is still going strong. These games, which frequently don’t need sophisticated technology, particularly appeal to people living in less developed nations. Individuals find a way to make money by playing video games. 

Indie Games 

Games developed independently by a small group of programmers are known as indie games. Indie games can occasionally be created by just one developer. A highly saturated industry of unending repetitive AAA clones without anything to contribute but next-gen visuals is where independent gamers are a refreshing change.

Indie Games have no help from big publishers, games like Stardew Valley, Cuphead, Hollow Knight, and finally Minecraft have shown that the gaming market is still susceptible to change. The independent gaming scene is constantly growing alongside the polished AAA brands, and every so often it erupts with an amazing game that leaves gamers in awe. These indie games can see a boom once again in 2023.

Any player can build their new games and interact with those made by others using Roblox, a digital gaming network and game development system. The platform, which was first intended to get kids involved in game development, is now far more popular among adults. The Roblox platform helps ambitious game developers receive feedback rapidly and enhance their creations.  

Remakes of Old Games

It’s difficult to ignore the steady stream of video game sequels that are rekindling enthusiasm in classic old games. A reboot is an effort to reimagine an already-existing game by constructing a new game with some notable differences while keeping the main narrative and essential gameplay mechanics.

Among the top ten best-selling relaunched games of 2020 was Naughty Dog’s rerelease of the venerable Crash Bandicoot. The same year’s release of the Final Fantasy VII remake also saw success. The video game industry got to work after realizing how well sequels and relaunches were performing. 

For several companies, who have started to routinely design and produce remakes, the urge to provide memories to fans of old games packed in contemporary visuals has taken precedence. This tendency will undoubtedly last for a few more years. 

Key Drivers of GameFi’s Rapid Expansion

The GameFi landscape is experiencing a remarkable surge, driven by groundbreaking advancements and revolutionary innovations. Projections from crypto.com indicate that the blockchain gaming market is set to skyrocket to an astonishing $50 billion by 2025, providing an immense opportunity for GameFi to establish itself as a dominant force in the industry.

A pivotal factor propelling GameFi’s growth lies in its remarkable ability to bridge the gap between the gaming and cryptocurrency communities. Blockchain gaming’s emergence has brought the very essence of “crypto” closer to the gaming community. A survey conducted by Chainplay reveals that an impressive 75% of GameFi investors were initially introduced to the world of cryptocurrencies through participation in GameFi ecosystems.

Blockchain technology holds immense potential to revolutionize the gaming landscape, both in terms of gameplay and monetization. At the forefront of this transformative movement stands GameFi, spearheading innovative initiatives and pushing boundaries.

Empowering Players with Asset Ownership:

A fundamental catalyst behind GameFi’s rapid expansion is its unwavering commitment to player ownership and control. Traditional gaming systems often impose limitations on players, hindering their ability to own, trade, or monetize in-game assets. In stark contrast, GameFi empowers players to own and utilize their assets at their discretion. 

This progressive approach has led to heightened engagement and increased investment within GameFi ecosystems, as players actively participate in shaping the game’s economy.

Pioneering a New Economic Model Anchored in Gaming:

GameFi stands at the vanguard of the gaming industry, introducing an innovative economic model that intertwines blockchain technology, non-fungible tokens (NFTs), cryptocurrencies, and the Play-to-Earn (P2E) paradigm. These interconnected elements collectively lay the groundwork for a revolutionary economic framework within the gaming industry.

Within the GameFi ecosystem, players can acquire in-game assets, including NFTs, through various avenues such as gameplay, completing in-game tasks, or participating in events. These valuable assets can then be traded on diverse NFT marketplaces, enabling players to monetize their time and efforts spent within the game. 

Moreover, the GameFi ecosystem creates novel opportunities for virtual employment and careers, generating heightened demand for skilled professionals in game development, marketing, and community management.

Abundant Investment Prospects:

GameFi’s potential for integration with decentralized finance (DeFi) has captivated the attention of investors and developers alike. By enabling players to earn and spend real-world currency within the game, GameFi presents unparalleled opportunities for financial investments and potential collaborations with the DeFi realm.

The GameFi sector has garnered substantial traction, attracting a multitude of investors and venture capitalists enticed by its remarkable fundraising successes, exponential growth, and devoted community of enthusiasts. 

As reported by DappRadar, Web3 games and metaverse projects secured an astounding $750 million in funding in August 2022, marking a staggering 135% increase from the previous month. Furthermore, esteemed venture capital firm Andreessen Horowitz (a16z) demonstrated their unwavering faith in the potential of blockchain gaming by investing $4.6 million into a game guild for upcoming games.

Conclusion 

We have covered almost every GameFi trend that can change the shape of gaming in 2023. Not everything we’ve covered pertains to new game technology for 2023. Some innovations merely keep evolving in new versions and shapes even when we already know about them. Additionally, several technological developments in the gaming business, such as metaverses, are still in the early stages of development, making it difficult to foresee precisely how they will grow.