- GameFi meets user acquisition problem
Even though the GameFi space offers a universe of different products or services and opens up the gaming scene to new monetization opportunities through digital assets such as NFTs (non-fungible tokens) and fungible tokens (cryptocurrency), GameFi still meets the user acquisition problem. We observed a low number of users compared to the total number of blockchain users or traditional gamers. For example, it is estimated that there are 320 million crypto users and approximately 3 billion active traditional gamers. And despite more innovative games and projects beginning to emerge in the Web3 scene, the number of active Web3 gamers fell from a peak of 3.58 million in January 2022 to 1.67 million by the end of December 2022.
- The player struggles to learn GameFi
Based on our research and discovery, we found that even simple tasks such as bridging and staking can be intimidating for most crypto users. Most products are currently trying to remove this friction in the GameFi experience through aggregation. Aggregating multiple GameFi products or services doesn’t lower the entry barrier or eliminate the need to have the technical knowledge to know how to use them.
- No educational hub that makes Web3 easy to enter
Despite the continued growth of the Web3 ecosystem, it currently lacks the proper infrastructure to support it. Users have to visit multiple channels to find information about Web3 which can be time-consuming and may lead to accuracy issues. Game developers also face challenges in promoting their game projects due to the lack of a central and popular channel to disseminate information.
- Unmeasurable marketing campaign
A reality check for most projects is that Web3 does not yet have its own marketing strategies and tactics. Most tactics regarding social media, community management, gated communities, incentives, rewards, content marketing, SEO are Web2 marketing and very effective. Of course, the Web2 marketing rulebook needs to be refined for the Web3 audience. It's important to foster a data-driven, empirical mindset for innovation. But ignoring what works in Web2 is a surefire way to fail marketing every time.