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Game Space announces the launch of the first Web3 gaming tournament

The Web3 space is growing rapidly, to the point where it is about to have its first-ever major Web3 gaming tournament, launched by Game Space. The tournament, known as the Player One Tournament, will feature some of the biggest Web3 games, including Big Time, Gods Unchained, and Splinterlands.

Major, multi-game GameFi tournament

As soon as it was announced, the upcoming tournament generated massive interest and support. Meanwhile, more than 24 partners have offered to sponsor the event, which includes some of the industry’s largest public chains, such as KCC, BNB, as well as numerous Web3 communities. Some of the biggest names in this sector include Metaverse Space, Meta Galaxy, Web3 Space, and alike.

Then, there are gaming guilds, like Dux Guild, Planet league, Metamony, and also Web3 credential data networks, like Link3 and Galxe. Together with the partners, the company has prepared $20,000 in USDT which is ready to be distributed to participants, regardless of their skill level, as the idea is to show inclusion and reward even participation in the event.

One of the sponsors of the tournament, Tencent Cloud International, also provided $30,000 in Cloud Credits for the partners. It also said that it would keep investing in every future tournament to support the growth of GameFi.

Game Space’s CEO, Michael Cameron, said that many firms had launched gaming tournaments, but most of them usually involves only a single game. Game Space wanted to make a major event by teaming up with some of the GameFi sector’s most influential games and use it all as an opportunity to appeal to Web2 gamers.

The tournament will focus on gameplay in areas where the user engagement is believed to be lacking.

Evolution of GameFi and what it could become

GameFi industry’s forecasts say that the global GameFi market is growing rapidly, and it is expected to hit $38 billion by 2028. This indicates that GameFi has been one of the most resilient crypto sectors, even during the crypto winter. In fact, the winter allowed developers time to create games, and it inspired them to enter Web3.

Meanwhile, this is beneficial for gamers, as blockchain-based games can offer true asset ownership, creative feedback loops, financial opportunities, community-driven development, and more.

Presently, it seems that most GameFi projects are generating both NFTs and tokens independently. The entire sector remains fragmented for the moment. However, if they were to become interchangeable, users would be able to transfer assets from one game to another seamlessly, providing a unique experience that could never be possible in traditional gaming.

However, in order for this to happen, GameFi project owners and users would have to balance each others’ revenue and create a new paradigm of underlying economic logic in the blockchain gaming sector. While this might seem far-fetched at first, The Player One Tournament is actually an attempt to do just that, which is exactly why it has received such hype among the partners.

 

Ali Raza

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