In this exclusive blog interview, I am speaking with Peter Ing, the CEO and founder of BlockchainSpace. We’ll explore the ways blockchain gaming could serve as a solution to traditional gaming’s challenges.
We’ll also touch on the relationship between blockchain gaming and the traditional crypto space, how these two worlds are interconnected, sharing the same underlying blockchain technology and creating exciting opportunities for crypto traders and gamers alike.
So, lets get started!
Please tell us your name and what you do:
Sure, I’m Peter Ing, and I’m the CEO and founder of BlockchainSpace. We’re a guild hub that’s all about fostering play-to-earn communities in the blockchain gaming world.
Our mission is to bring together gamers, developers, and blockchain enthusiasts to create a thriving ecosystem where players can enjoy games and earn rewards while doing so.
We’re passionate about the potential of blockchain technology to revolutionize gaming and provide new opportunities for players worldwide.
How does BlockchainSpace aim to contribute to the global optimization of game adoption?
Well, at BlockchainSpace, we focus on providing brands access to communities across Southeast Asia through our different programs. First, our Guild Partner Program (GPP) which focuses on web3 gaming guilds, and Creator Circle, our SEA-focused collecting for the Creator Economy. Ultimately, users will be funneled through our community engagement and monetization platform, YEY.
These strategies enable partners to explore fresh sources of revenue and engagement within our diverse culture-focused communities. We aim to increase user monetization by connecting with creators and their community members in non-gaming sectors such as music, lifestyle, and sports.
How do you see blockchain gaming as a solution to traditional gaming’s woes?
In traditional games, monetization has walled gardens; today, with the integration of Web3, revenue can be split between the game developers and the participating community – that’s what Web3 brings. An example of this would be the sales of in-game skins; only the developer makes money from the skins, but with Web3, everyone involved in the transaction benefits.
I see blockchain gaming as a potential solution to some of the traditional gaming industry’s challenges. One of the most promising aspects is the concept of actual ownership of in-game assets through blockchain technology.
Unlike traditional games where the game developer typically controls items and currency, blockchain allows players to have verifiable ownership of their digital assets as non-fungible tokens (NFTs). This can give players more control and the ability to trade or sell their assets, potentially creating new economic opportunities within games.
Blockchain gaming can also address issues of fraud and cheating. The transparency and immutability of blockchain records can help combat cheating and fraud in online games, ensuring a fair and secure gaming experience.
Additionally, blockchain has the potential to introduce new monetization models like play-to-earn, where players can earn cryptocurrencies or valuable assets through in-game activities. This could benefit gamers who invest a lot of time in their hobby.
However, it’s important to note that blockchain gaming is still in its early stages, and it comes with its own set of challenges, such as scalability issues, high transaction costs, etc. So, while it holds promise, it may not be a complete solution to all the woes of traditional gaming, and it will need to overcome these challenges to be able to reach its full potential.
Will the space be able to survive the adoption of Web3?
Absolutely. I one hundred percent believe that Web3 will be baked into the future of gaming, as it is an evolution of current technologies that are entirely in sync with gaming. It will be bound by education in the space and understanding the benefits that Web3 offers gamers.
While Web3 technologies like blockchain and decentralized platforms offer exciting possibilities, they also bring significant changes and challenges to the digital landscape.
The survival of various industries within Web3 will likely depend on how effectively they adapt and innovate. Adoption has been growing steadily for blockchain and cryptocurrency, but it’s still a relatively nascent technology. The long-term success of the space depends on factors like scalability, regulatory developments, and its ability to address issues like energy consumption and transaction costs.
Similarly, decentralized applications (DApps) and platforms in Web3 are evolving rapidly. Their survival will depend on user adoption, security, and their ability to deliver unique value propositions that traditional centralized platforms cannot match.
As for existing industries, like social media or finance, adopting Web3 technologies will likely force them to adapt or face challenges. Traditional companies will need to incorporate blockchain, cryptocurrencies, and decentralized features to stay competitive and relevant.
How are the blockchain gaming and traditional crypto spaces connected?
Because of the open ecosystems of blockchain games, crypto traders can speculate and participate in the economy even without playing the game. For instance, people can own land parcels purely as an investment without touching the game.
Crypto traders understand the open economy mechanics and, therefore, will be essential in disseminating and adopting Web3 games as the natural first movers.
The connection goes even further with play-to-earn games, where players can earn cryptocurrencies as they play. This blurs the lines between gaming and traditional finance, making blockchain gaming a bridge between the two worlds. It’s pretty cool to see how blockchain technology is reshaping both the gaming and crypto industries and creating new opportunities for players and investors alike.
What happens when the market goes through another major bearish cycle?
It can be a bit nerve-wracking when the market goes through another major bearish cycle. Still, it’s something that’s part of the territory in the world of investments, especially in cryptocurrencies and blockchain-based assets. During these downturns, the value of cryptocurrencies often drops significantly, and this can impact various aspects of the market.
However, it’s essential to remember that bear markets will always be a natural part of any financial market. They offer opportunities as well. Some people buy assets when they’re at lower prices, hoping they’ll appreciate during the next bullish cycle. It can be an excellent time to evaluate your investment strategy and maybe even diversify your holdings.
Market cycles, of course, will continue to happen. Traders will divest from games should the market turn down again to preserve capital. However, as adoption increases, I expect to see more long-term investors in the space regardless because they understand the ownership proposition that Web3 brings to the table.
While bearish cycles can be tough, they’re a reminder that the crypto and blockchain space is still evolving. It’s important to stay informed, make informed decisions, and not panic sell. History has shown that there’s been a recovery and often a stronger bull market after every bear market, so patience is key.
How do you see integrating blockchain technology into mainstream gaming platforms impacting user adoption?
I think the integration of blockchain technology into mainstream gaming platforms has the potential to make a significant impact on user adoption.
Blockchain can bring more transparency and security to in-game transactions and digital assets. Gamers often invest a lot of time and money into their virtual items and currencies, and blockchain’s decentralized ledger can ensure the legitimacy and ownership of these assets. This can instill greater trust among players, encouraging more users to get involved in the gaming ecosystem.
Another aspect to consider is the potential for blockchain to incentivize user participation and engagement. Through blockchain-based reward systems and play-to-earn models, gamers can earn cryptocurrencies or other valuable assets for their in-game achievements. This can make gaming more economically rewarding, attracting users who see it as a source of income or a way to monetize their skills.
On the flip side, there are also challenges to consider. The complexity of blockchain technology and the potential for high transaction fees could deter some users, especially those new to cryptocurrencies.
What challenges or concerns do you foresee in the future for blockchain gaming regarding user adoption, and how can they be addressed?
To address this, game developers and blockchain platforms need to focus on user-friendly interfaces and educational resources. Simplifying the user experience and providing clear explanations can help users feel more comfortable in using blockchain-based gaming platforms.
Another concern is the potential for high transaction fees on blockchain networks. Users might hesitate to participate in blockchain gaming if they must pay hefty fees for every in-game transaction. Developers can mitigate this by exploring layer-2 scaling solutions or choosing blockchains with lower transaction costs. This way, they can make blockchain gaming more accessible to a wider audience.
Security is another major concern. While blockchain offers improved security for digital assets, it’s not immune to hacks and scams. To build trust, developers should invest in robust security measures, undergo thorough audits, and establish precise mechanisms for asset recovery in case of breaches or lost private keys. Implementing a user-friendly, secure wallet solution can also be crucial.
What strategies can blockchain gaming developers and communities employ to foster a welcoming and inclusive environment for new users?
One key strategy is education. Developers and communities can provide comprehensive tutorials and guides that explain blockchain concepts, how in-game assets work, and how to set up wallets securely.
By making this information accessible and easy to understand, newcomers can feel less intimidated and more empowered to participate. Supportive communities play a vital role in fostering inclusivity.
Encouraging experienced players to mentor and assist new users can help build a sense of belonging. This could involve setting up forums or chat groups where players can ask questions and share their experiences. Developers can also consider implementing in-game features that reward experienced players for helping newcomers, creating a positive feedback loop of support.
Another strategy is to design games with low entry barriers. Complex mechanics and high skill requirements can be intimidating for new users. Developers can create easy games to pick up and play, gradually introducing blockchain elements as players become more comfortable. This gradual approach allows new users to learn independently, reducing the learning curve.
Inclusivity can also be promoted by offering free or low-cost options for users who may want to invest less initially. Developers can provide ways for players to earn or receive initial in-game assets without requiring significant upfront investments. This approach ensures that financial barriers don’t deter potential players.
Transparency is crucial in building trust. Developers should openly communicate changes, updates, and potential issues within the game or the blockchain ecosystem. This transparency builds confidence among users and shows that their concerns and feedback are taken seriously.