Taipei Blockchain Week Series 3- GameFi Industry 2023 Wrap-up and 2024 Outlook


Kun Gao, founder of Forge, Sinhae Lee, co-founder of Epic League, Ray Nakazato, co-founder and chief creative officer of CRETA, Johnson Yeh, founder and CEO of Ambrus Studio, Andy Lee, co-founder and CEO of Mugen Interactive, left to right, during the GameFi conference at Taipei Blockchain Week 2023, Dec 14, 2023.

(Source: CoinRank)


Key Takeaways:


  1. Diversity in Gaming Platforms: Sinhae Lee forecasts a more varied range of GameFi across PC and mobile, easing the transition from Web2 to Web3 and expanding user engagement.
  2. High-End Graphics and Genre Expansion: Ray Nakazato believes in the potential of visually rich RPGs and shooting games to become major titles within the GameFi sector.
  3. Mobile Gaming as a Key Driver: Andy Lee predicts mobile platforms will significantly advance GameFi, making it more accessible and popular among a wider audience.


By Tai, CoinRank Editor-inChief


Taipei- In Taipei Blockchain Week, luminaries from the GameFi sector discussed the intersection of gaming and blockchain technology, offering a glimpse into the future of this rapidly evolving field.

Sinhae Lee: Blazing Trails from Stanford to GameFi

Sinhae Lee‘s journey to GameFi began with her academic pursuits. “After finishing my MBA at Stanford, I started working at a startup called Coin in San Francisco,” she shared. This experience paved her way into the Web3 world, culminating in her role at Epic League. Their game, “Dark Throne,” launched in September 2022, became a significant hit in 2023, demonstrating the studio’s prowess in blending traditional gaming with blockchain elements.

Ray Nakazato: Bridging Worlds

As a co-founder of CRETA, Ray Nakazato has been at the forefront of merging traditional gaming with the new possibilities of Web3. He explained, “CRETA is a new gaming platform and also metaverse, that we’re creating for our founders from the traditional gaming industry.” His ongoing affection for “Legend of Zelda” in 2023 illustrated a deep-seated connection to conventional gaming forms.

Johnson Yeh: A Strategic Pivot from Esports to GameFi

Johnson Yeh, the CEO of Ambrose Studio, recounted his transition from a leader in esports to an innovator in GameFi. “I left Riot in 2019… but found out about Web3 and I’m like, wow, this is going to change so many things,” he reflected. His game, Teamfight Tactics, revealed his commitment to exploring new gaming frontiers while paying homage to his roots in the industry.

Andy Lee: A Tech-Gaming Fusion in Web3

Andy Lee, co-founder of Mugen Interactive, narrated his journey from Tencent’s Lightspeed Studios to pioneering Web3 gaming. “I wanted to change my life a little bit… and just want to go explore,” Lee said. His focus on leveraging Web3 technologies for asset ownership and liquidity in games is evident in Mugen Interactive’s developing games, including SLG.


Games from attending panelists’ companies, including Dark Throne, Legend of Arcadia, Kindom Under Fire: The Rise, and E4C: Final Salvation.

(Source: CoinRank)


2024 Predictions: A Kaleidoscope of Possibilities

The panelists offered diverse predictions for 2024, each highlighting different aspects of the GameFi industry’s potential.


Sinhae Lee envisioned a future with a more varied range of games, spanning across both PC and mobile platforms. She believed this diversity would play a pivotal role in transitioning users from traditional web2 to the innovative realm of web3. “I think there are going to be more diverse games in both PC and mobile… which can really easily bring people from web2 to web3,” Lee commented. Her optimism is further bolstered by the surge in developer activity and significant investments flowing into the GameFi sector, even amidst challenging market conditions. With major gaming giants entering the blockchain arena and integrating blockchain technology into their existing games, Lee foresaw a dynamic and evolving industry ripe for mass adoption.


Nakazato put his faith in the allure of high-end graphics, particularly in the genres of shooting games and RPGs. He anticipated the emergence of one or two major titles in these genres that would capture widespread popularity. “I think the genre is probably shooting games or RPG…I’m hoping that 1 or 2 big epic RPGs or shooting games that are very popular… would come up,” Nakazato said.


Yeh was confident about the success of his venture, predicting that his game, “E4C: Final Salvation,” would significantly impact the GameFi market.


Andy Lee predicted that mobile gaming would lead the way in the upcoming year. He saw mobile platforms as key drivers in expanding GameFi’s reach and accessibility to a broader audience. “I think it’s going to be a mobile game that will be successful for the next year,” Lee stated.

Strategic Insights: Navigating GameFi’s Future

The panelists delved into the strategies needed for GameFi’s success. Sinhae Lee stressed the importance of community and blockchain choice: “Community really matters… and consider a lot of things such as scalability, fees, and your networks.” Nakazato highlighted the need for a mindset shift: “We need those 90% of nonpaying players… making attractive content is most important.” Yeh focused on economic models: “Web3 is a perfect way to elevate the LTV for games while lowering the customer acquisition cost.” Andy Lee emphasized the importance of community engagement: “I play games where my friends are playing… I’m willing to pay for it because they’re actually part of it.”

Closing Thoughts: A New Gaming Era Beckons

The GameFi industry, as illustrated by these industry leaders, is not just about adapting to the currents of change but about setting new directions. The blend of gaming expertise and innovative blockchain technology heralds a new era of gaming — one that is decentralized, community-focused, and brimming with potential for both players and developers.


More content from CoinRank:

Taipei Blockchain Week Series 1- Avalanche: Revolutionizing Web3 and Financial Services

Taipei Blockchain Week Series 2- Binance’s New CEO Charted New Course to Ensure It’s Success

Taipei Blockchain Week Series 4- Crypto Exchange Leaders Discuss Market Trends and Future at Industry Panel


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