GameFi 1.0

Users own and control the game assets, right?

GameFi 1.0 - Illusion of ownerships

Since 2020, during the global endurance of the COVID-19 pandemic, GameFi has taken the blockchain landscape by storm and offered a new form of entertainment that has stayed relevant until today. GameFi 1.0 is the right direction for Web3 practical applications in real life and emphasises user ownership as the key renovation.

The premise is partially correct. GameFi differentiates itself from traditional Web2 multiplayer gaming with the application of Non-fungible Tokens (NFTs) as the core unique point. NFTs offer a unique point of authentic ownership by leveraging blockchain technology. Each NFT represents a distinct digital asset with verifiable ownership recorded on the blockchain. These characteristics are also viable when applied to in-game assets and characters. Therefore, the game’ NFTs are truly owned by the players.

However, owning the NFTs does not change the fact that players still have to depend on the developers and publishers to be able to access and “rent” the rest of the components and experience the game via the interface provided by developers. While NFTs grant authentic ownership of assets, their functionality in GameFi 1.0 still heavily depends on the involvement of developers and publishers.