The Evolution Of Blockchain Gaming Through Growing Trust With Farcana Founder

Blockchain has gone from being a technological newbie to a revolution in the past decade, and a major development in the sector in recent years is the rise of blockchain gaming – the latest segment of interest among institutional firms.

Konvoy's Q3 2024 Gaming Industry Report revealed that in the third quarter, gaming venture capital funding hit $517 million.

"While AI in gaming is a trend in early-stage gaming VC, less VC capital is going into AI-related companies now compared to blockchain in 2021," the report noted, indicating that interest in blockchain games is rising.

DappRadar's Blockchain Gaming report for the third quarter also revealed that in Q3, blockchain gaming dominated the broader Web3 space, logging 4.4 million daily active wallets in the period.

Blockchain gaming accounted for 26% of all decentralized app (dApp) activity in Q3 amid emerging new projects even as investments dropped compared to the previous quarter.

Ilman Shazhaev, the founder of Farcana, a 4v4 shooter game where players can earn Bitcoin, shared in an exclusive with International Business Times his thoughts on the apparent growing interest in blockchain gaming and the segment's potential to showcase the power of blockchain technology in gaming.

Laying the Foundation for a Brighter Future

Shazhaev said the average investment figures for blockchain gaming "have been quite encouraging across 2024," especially with funding being allocated significantly to infrastructure development.

Among the most significant recent investments into blockchain gaming is VanEck's bet on Gunzilla Games, which created the Off The Grid "dystopian cyberpunk shooter" where players can earn Gunzilla's native GUN token. VanEck's Matt Maximo noted that the global investment manager sees "crypto as a tool to enhance gaming experiences and improve monetization strategies."

For Shazhaev, the VanEck's investment is proof that there is "growing attention toward blockchain gaming projects."

He noted that VanEck isn't the first institutional investor in the field, "which means large players recognize that blockchain can enhance gaming – in terms of asset ownership, user experience, and so on."

He went on to note how investors have a primary goal of making money, and VanEck couldn't have just blindly bet on Gunzilla Games without seeing its potential to build big games and the market's overall potential.

"If VanEck decided that this gaming studio holds great investment potential, there's a big possibility that others will spot this opportunity too, and will jump on the blockchain gaming bandwagon," Shazhaev projected.

"We will not immediately see the outcomes of these investments, but they certainly laid the foundation for a huge leap that the industry will make in the coming years," he said.

Investment Outcomes May Be Felt in 2025

The last two years have seen a steady flow of investments into blockchain gaming. Shazhaev sees a bright future for the segment, but for 2025, he believes the sector will "start seeing outcomes of huge investments made across 2023 and 2024."

"The industry has matured to move beyond the Play-to-Earn model and implement the full potential of blockchain for gaming, which spans much further than just earning tokens," he said.

He projects the upcoming year may be "the year when the world will finally see how powerful games can become when put on the crypto rails."

While Shazhaev is optimistic about blockchain gaming's future, he acknowledged the challenges that developers face at this time, which include the skepticism of some traditional gamers.

He said that for blockchain gaming developers, the main goal is "to earn the trust of as many players as possible in the Web2 space. He pointed out that earning Web2 players' trust is critical since "the first generation of Web3 games focused rather on extracting value than the gameplay itself."

At Farcana, utilizing blockchain technology is simply a tool to enhance user experience. Shazhaev said the goal is to build a game for everyone and not categorize games specifically as blockchain or non-blockchain titles. "Games are just games," he reiterated, adding that such an approach addresses the challenge of appealing to the broader gaming world.

Farcana's 'Major Overhaul'

Farcana recently announced that it was "undergoing a major overhaul" which should further enhance the 4v4 shooter game's mechanics and overall appeal.

"We've learned a lot through 2024 – and now feel more determined than ever to build the shooter game and the best of its kind running on the blockchain," Shazhaev said.

He noted that Web3 tech is already working on ensuring asset ownership and engaging mechanics, but Farcana is taking it further through the power of artificial intelligence and tokenized real-world assets (RWAs).

Farcana looks to introduce "intelligent gameplay that emerges from and adapts to individual player strategies," with the goal of creating "an unparalleled immersive experience, setting a new standard for the entire industry."

Shazhaev added that the team is moving "beyond just building the game." It is working on establishing a strong community that learns alongside the team and helps them improve the game through playtest participation and other activities.

The final goal for the overhaul is to navigate the complexities of the broader financial market. Shazhaev said it is what Farcana does "to win the mass audience."