As 2024 kicks off, Cointelegraph’s Hashing It Out podcast directs greater focus to narratives at the heart of the cryptocurrency conversation. In episode 43, Kena Amoah, CEO of MITA — a project building applications that combine metaverse, gaming and Web3 technology in Africa — explains how GameFi has evolved in the last few years and why it may lead the next wave of Web3 adoption. Amoah walks through the most significant GameFi developments of 2023 and highlights what trends he thinks will continue throughout 2024, as well as the problems that need to be fixed in the sector.
Amoah explains that the GameFi space is gaining traction because of the financial gains that may come with gaming and the decentralized nature of the entire space. With GameFi, developers are looking to build an experience that allows gamers to carry their credentials from one game to another.
On why Web3 gaming is not taking off as expected in developing markets, Amoah explains that the user experience needs to improve to make it as easy as Web2 games. He highlights how new Web3 gamers may find simple things like wallet addresses confusing. He explains that onboarding needs to improve, and the selling point must go beyond being a blockchain game to giving gamers a fun experience.
On the sustainability of Web3 games, the Mita CEO doubled down on not making financial gains the only utility of blockchain games. He also believes that GameFi has a good shot, just like decentralized finance (DeFi), in bringing more people to the blockchain space if developers get their products right.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of EmporioNFT.