For ages, the gaming sector has evolved in order to deliver a superior gaming experience. From physical to virtual gaming experiences using AR and VR technologies — this industry has been one of the earliest adopters of technological innovations and has rigorously reinvented itself.
The Gaming sector’s next iteration is the GameFi, a convergence of gaming and decentralized finance that has gained massive attention for accelerating this sector’s growth by ten times (Crypto.com, 2022). The Space Guild project is designed along these lines and embeds the play-to-earn model using blockchain technology. Furthermore, it makes use of virtualization through guild territories to create a microeconomy that taps into the potential of this fast-growing market.
The project undeniably relies on the strength of the gaming community that spends billions of dollars each year. For instance, in 2020, the cumulative spending on immersive gaming was $4.5 billion and the average spending by gamers was around $229 (European Gaming, 2020). Now that was a high-level overview of the gaming market, and to get better clarity, let us delve deeper into the three key aspects that influence the success rate of the Space Guild project.