The video game industry is a massive force in the entertainment world, surpassing the revenue generated by both music and film combined. Predicted to reach a market size of $363 billion by 2027, the industry is continuously evolving to meet the demands of players worldwide. One of the long-standing models in the industry is Games-as-a-Service (GaaS), which has seen significant success in the past decade.
The traditional free-to-play (F2P) model of GaaS has allowed players to access a base game for free and monetize through in-game purchases, such as cosmetics or gameplay advantages. This approach has been widely embraced by players due to its low barrier to entry and the ability to try out new games without financial risk. However, as the market becomes oversaturated, and user acquisition costs rise, the sustainability of the F2P model is being called into question.
In response to these challenges, many in the industry are looking towards blockchain technology and web3 as a potential solution. The initial forays into web3 gaming focused on NFT collectibles but faced issues with player retention and dependence on acquiring new users. Subsequent models, such as play-to-earn (P2E) and tokenomics, brought new challenges, including play-to-win (P2W) schemes and concerns about gambling-like mechanics.
To bridge the gap between web2 and web3 gaming, Games For A Living (GFAL) has developed an innovative business model that integrates the best of both worlds. By focusing on ownership, seasonality, and standardization, GFAL aims to create a fair, stable, and sustainable gaming experience for players and developers alike. Players can become legal owners of in-game collectibles, participate in seasonal events, and benefit from a standardized system that tracks the rarity and level of each collectible.
Beyond the business model, GFAL is committed to providing an exceptional gaming experience that enhances gameplay with blockchain elements. The company is developing a robust ecosystem that includes a personal ID system and a multi-game marketplace to encourage community interaction and engagement. By reducing friction for players transitioning from web2 to web3, GFAL aims to create a seamless integration of new technologies within familiar gaming contexts.
As GFAL prepares to launch new titles later this year, the gaming industry is watching closely to see if this new model can set a new standard for how games are played, owned, and monetized. With a focus on innovation and excellence, GFAL CEO Manel Sort believes that this approach could usher in a new era for the gaming industry, blurring the line between web2 and web3 to create a unified gaming experience that respects the roots of gaming culture while embracing future potential.