As one of the most valuable trends in theblockchainspace, the GameFi sector has experienced a massive surge in value and interest globally.

There are many new blockchain games andmetaversesin development right now. Still, most of them don't get much traction even though the GameFi sector attracts800,000 gamers daily, according to a DappRadar report..

However, that’s a fraction of the 3 billion gamers worldwide (estimated byDFC Intelligence). With all this growth potential for Web3 GameFi, several challenges threaten to stifle this budding market.

Recently,BSC Newstalked withDavid Cummings, Co-Founder of Metaskins, at the Messari Mainnet event, and hegave his viewson onboarding 3 billion users to the GameFi sector.

“I don’t think mass adoption will come easy. So, we need something that will actually capture traditional gamers and crypto natives alike that will make them want to play now,” Cummings toldBSC News.

According to Cummings, Web3 doesn’t have the “real games” to support the idea of onboarding the “next billion.”

On the Monetary Aspect of GameFi

The co-founder of Metaskins believes those 3 billion people are already living in the metaverse, of which the GameFi space and Web3 metaverses are just extensions. There's a catch, though.

“Users don't yet own their assets. Their assets stay in that world, in a closed loop,” Cummings said. “People spend several hours a day accumulating wealth in games that they could never take out.”

Using blockchain technology, Cummings believes a gamer could take the wealth created in a game, extract it, and sell it easily in an NFT marketplace. The games would also have a monetary aspect where users can earn money.

According to Cummings, having the ability to provide for their families will shift the psychology of gamers, so it becomes a “whole different phenomenon.” Along with monetary benefits, people will also join to socialize and attend events from anywhere in the world.

He believes the best game developers will eventually migrate toward GameFi:

“Upcoming games, like Big Time and Illuvium, which are crypto’s first AAA game experiences, should be the catalyst for mass adoption. These have a good chance to take away the market share from the Fornites and GTAs of the gaming industry.”

Heading Toward a Paradigm Shift

Cummings predicts that brands and people will gradually move towards this new paradigm shift. He further shared:

“These brands know that they have a vision that includes the Metaverse revolution which shows how the company will take the next step; All that type of stuff: on the marketing front, on creating visibility, and even front brand recognition. Everyday there are more and more people finding comfort in the Metaverse. These brands know that there's a certain amount of people there, and that tomorrow there will be even more people, and the next day even more. It's an excellent opportunity to get eyes on your brand.”

In the coming years, people may interact with the brand in a unique and different way. With the ability to play for money at a young age, kids will become savvier, changing their psychology. Cummings anticipates that the shift is going to happen in the near future.

“I feel that whether it's one or two, or even five years, it's going to take over, and it's going to happen very quickly. I think for brands, it's very important to enter now as quickly as possible and be able to not only build out a Metaverse offer but stick with it and create comfortable experiences for people,” Cummings said.

What Is Metaskins:

Metaskins is a one-stop shop forMetaverseorNon-Fungible Token (NFT)needs. Based in Colombia, the design studio specializes in personalized digital wearables, custom infrastructure built on Metaverse parcels and brand-tailored Metaverse events.

The company’s work and services includes high-quality Metaverse-ready 3D avatars, digital modeling, marketing, smart contract development, video game development and more.

Metaskins’ partners and clients include Puma, Bare Knuckle Fighting Championship, MMA TV, The Holy Ones NFT collection, Fetus Apes NFT collection, Snarky Sharks NFT, NFtweak, etc.