Web3 and the Future of GameFi

Have you ever read Earnest Cline’s Ready Player One and wondered “When are we going to have immersive video games like that?” The answer may be sooner than you think. With new innovations in blockchain technology and the transition to Web3, the gaming industry is being transformed as we know it.

Today, the majority of blockchain games employ a play-to-earn (P2E) based model, which incentivizes players with economic rewards in the form of a token. The P2E model is inherently flawed, as it emphasizes the economic portion of the game rather than the gameplay itself, resulting often in games with poor game mechanics and low quality graphics. This creates a
vicious feedback loop, wherein players migrate to whichever game yields the highest financial incentive, making success highly dependent on the token price rather than the quality of the game itself.

Insert Artyfact, the first Web3 gaming metaverse that combines the best of AAA games and blockchain gaming. Instead of using P2E game mechanics, Artyfact aims to use an “innovative play-and-earn model to create a world where anyone can play, earn, trade, exhibit, and just have fun.” The Artyfact ecosystem consists of three core elements: gaming, events, and an NFT marketplace. The gaming component lets users earn $ARTY, Artyfact’s native token, or win

NFTs by participating in different play-and-earn games. These games consist of different third-person shooter-style games, such as deathmatch, team deathmatch, and battle royale, and different maps. Artyfact contains over 10,000 different NFTs for avatars, weapon skins, clothes, and even
apartments that can be earned just for playing or purchased outright with $ARTY. With the provenance of blockchain technology, players can prove physical ownership of in-game assets, which is a fundamental problem in many games today. Users also have the ability to create events, such as concerts, NFT galleries, and runway shows. Lastly, the NFT marketplace allows users to freely trade their NFTs with one another.

Artyfact is going to change the way we think about video games forever. Are you ready?

Written by Christian Szilagyi