GameFi is rich in projects with impressive audiences and quarterly revenues. Meanwhile, some NFT games don’t manage to pass the market competition. Let’s point out why it happens and how to prevent it.
Shallow Market Research
Knowledge is power, but some NFT game developers forget about it and create off-side projects that don’t match the market and users’ expectations. Thus, to launch a promising project, one needs to start with massive research and distinguish the industry’s state and economy, popular concepts and tendencies, and ways to attract players and investors.
Next, one should focus on successful and disastrous examples and compare their pros, cons, value propositions, unique features, visuals, modes they use, characters and plots they develop, marketing and monetization tricks and models, etc. With a detailed list of numerous parameters, one must build a strong strategy and define their value proposition.
No Defined Value Proposition
NFT games may have impressive marketing campaigns and bring adequate revenues to players but still be non-demanded due to the lack of value. Thus, developers should launch projects that cover one’s demands above profit: Forbes researchers even claim that “most gamers don’t care about earning potential and just want to play the game”. For instance, they should make products that bring positive emotions, boost creativity, and shine with originality.
Abstract Concept
Every GameFi project has a concept, but some have no details or need to be more specific. However, a strong and catchy idea is necessary to attract players and grant them something emotional and enthralling.
Lack Of Catchy Plots
In Web2 gaming, fancy plots are half of the success. In Web3 gaming, it is also essential: projects that need an engaging and logically-structured storyline and good narrative design are more prone to fail.
Random Replication
Some game developers are deluded by all the hype around eminent representatives of the industry and copy popular titles. For instance, the success of Axie Infinity boosted the production of similar projects that needed to meet the expectations of players and investors. Thus, one should be brave and creative enough to introduce something fresh to grow a flourishing project.
Lack Of Modes
Even well-known games face problems with player retention because they offer similar quests and limited modes. As a result, users try new titles and fall for more diverse projects, constantly upgrading and adapting to recent trends in gaming mechanics.
Ill-Conceived UX
UX is vital for any app or game, but some GameFi projects pay no attention to it, and players get lost trying to dive into the game’s functionality. Thus, good work on the product’s structure and visuals, including balance design, is needed.
Lack Of Clear Onboarding
If a user, especially someone new to the industry, opens a game and gets no tutorial on playing it, they are likely to quit it. Thus, GameFi projects should offer smooth onboarding and guides.
Inefficient Marketing
Essential for every industry and project, marketing can always either fail the project or boost it. Meanwhile, the NFT gaming industry has its positioning, relevance, and expertise peculiarities to consider.
Lack Of Tests
Before its official launch, every game should be tested to fix all bugs, collect users’ feedback and adapt it to their needs.
Obsoleteness
The GameFi market is quickly developing, with trends changing nearly every quarter. Meanwhile, some projects follow the standards of 2021. This strategy will likely fail to work, especially regarding the interest in Next Gen gaming.
No Stable Tokenomics
Sustainable tokenomics is a crucial part of every GameFi project. Thus, projects that don’t have native tokens, offer no rewards for completing tasks, and propose users to earn only via selling items, have no inner economy and are likely to fail.
No Tight-Knit Community
A strong community is a must for any gaming project. Consequently, it should be presented on social networks by a true game fan able to shape a united team of supportive gamers.
Lack Of Representation
The competition is tense. Thus, to stand it, a project needs to show its value proposition and expertise and, importantly, to show itself on such huge platforms with diverse audiences as Prom that boosts recognition, automatically aggregates tokens, and enables players to buy everything in a click. Meanwhile, with rental and mortgage options coming soon, it will securely make GameFi more accessible and broaden games’ user bases.
Conclusion
To stand the competition, a GameFi project must explore the market, test hypotheses, follow the unbeaten creative route, and treat its users nicely. Besides, it should also positively represent itself at fit platforms and stay tuned to the latest updates in the industry. For this, make the most of Prom and its expertise!
Website: prom.io/
Twitter: twitter.com/prom_io
Telegram Announcements: t.me/prom_ann
Telegram Chat: t.me/prom_io
Discord: discord.gg/prom
Instagram: instagram.com/prom_io_official
CMC Gravity: coinmarketcap.com/community/profile/Prom
YouTube: www.youtube.com/channel/UC2mC_ZMPnrivHGgz5CaZnvQ
