Blockchain gaming has quickly grown to be one of the pillars of the Web3 community. So much so that the general concepts that surround the industry are widely regarded as “avant-garde”. Investing as a game may look and sound out of the box, but it takes away the stress and anxiety that come with other forms of training. We reached out to Harishkarthik Gunalan, Co-Founder | CEO of CoinFantasy to explore the wonderful world of blockchain gaming and more. Here’s the inside scoop!
Harishkarthik Gunalan, Co-Founder | CEO of CoinFantasy
E-Crypto News:
- As per the metrics, how have Web3 games improved blockchain gaming?
The tech evolution is extremely fast-paced. From the way we communicate to earn money, everything has changed in a matter of two decades. In the similar vein, web3 has emerged as a technological advancement that is gaining traction from almost every industry. Web3 triggers the potential of blockchain to generate value.
Especially in blockchain gaming, web3 is considered as the gateway to something extremely bigger. Since the core idea of web3 is to decentralize the internet, it is shifting the power of control from intermediaries to users. This is greatly helpful to the blockchain gaming industry. In Q1 2023, there were over 800,000 blockchain gamers worldwide.
The introduction of web3 in blockchain gaming has brought upon the play-to-earn concept. It has made players realize that gaming is far more than a form of entertainment and their gaming skills can be rewarded. Players can also hold ownership of their in-game assets even when the game gets over.
It also transfers the focus of supremacy from game developers to players. Web3 addresses the needs of gamers and tailors a gaming environment that they look forward to.
E-Crypto News:
- How has the growth and development of decentralized gaming economies empowered gamers?
The gaming industry has come a long way from its initial days. But for many years, gamers were just considered a part of the gaming community where they spend hours playing games without minimum benefits. Since games were hosted on centralized servers, it was tightly controlled by the game developers and publishers.
Thanks to decentralization, a great shift has happened in the gaming industry. Since gamers were already accustomed to digital economy and tokenization, the transition to play-to-earn has been smooth. Players can earn rewards or make in-game purchases which can be traded in the open market or encashed to real money. According to a report, top players make up to $10,000 a month from P2E games.
To people who thought gaming was just a hobby or a pastime activity, blockchain is a reformation. It has empowered gamers in a way that they are having decentralized gaming as a side hustle. By providing ownership, community participation, reduced intermediaries, economic opportunities, and cross-platform interoperability, decentralized gaming empowers gamers to have greater control, and influence within the gaming ecosystem.
E-Crypto News:
- Will we ever see the Esports industry adopt Web3 tech? What are the benefits of adoption?
The Esports industry is known for its well-organized games. Often played by professional players, esports gaming has a dedicated set of audience who show great interest in watching the gameplay.
In a sector that is tightly organized by centralized power, web3 brings a great level of transparency, decentralisation of power, fairness & development of inclusive community. Yes, web3 in esports ends the dominance of game publishers and hands the power to teams and players. Although this concept is not streamlined, startups are trying their best to create a web3 ecosystem for gamers to create and play games, compete against each other, and earn money.
On the other hand, NFTs are also acting as a great way for the esports industry to monetize their fans. The concept is that players can monetize the games they play by minting NFTs in the form of merchandise without getting into legal troubles.
E-Crypto News:
- How can blockchain-based Esports transform gaming via transparency and fairness?
Driven by transparency and security, blockchain-based esports have the power to foster enhanced trust and engagement between fans and players. By recording every game move on the blockchain network, information becomes accessible to all, eliminating potential biases and fraudulent activities. This inherent transparency introduces a profound sense of fairness, offering players an equal opportunity to succeed and earn rewards.
The assurance of a level playing field not only instills hope among players but also encourages their active participation. With blockchain as a catalyst, the esports industry can create an environment that promotes integrity, encourages fan involvement, and elevates the overall gaming experience.
E-Crypto News:
- Please, can you tell us about CoinFantasy?
CoinFantasy was launched in 2021 after the ‘Robinhood saga with Dogecoin’. We found the gap between investors and the financial market and wanted to bridge it through gaming. We position ourselves as a Play to Invest platform that brings the world of investment to users through engaging games & Tournaments. We aim to make investing accessible, intuitive, and enjoyable for users through short and captivating games with real-world investment opportunities.
E-Crypto News:
- What are the benefits for players who interact within the CoinFantasy ecosystem?
CoinFantasy is the first-ever platform that sits well at the intersection of gaming and finance. We offer unique strategies and tools that let players explore the investment opportunities without financial risk. Through active participation in our games and tournaments, players gain invaluable exposure to market volatility, thereby acquiring essential skills to navigate and endure such fluctuations. This unique approach allows players to truly ‘Master the Art of Trading’ and test their acquired strategies in real-world scenarios.
Time to time, we host competitive tournaments and megapools, where the most skilled players are duly recognized and rewarded with stable coins, fostering a strong sense of community appreciation. At CoinFantasy, we are dedicated to empowering players with financial knowledge and creating a dynamic gaming experience that combines education, competition, and rewarding engagement.
E-Crypto News:
- Are there gaps that exist in the linkages between DeFi and gaming? How can they be bridged?
While there may be some gaps between Decentralized Finance (DeFi) and gaming, it is crucial to address them for the advancement of the industry. One such gap is the requirement for users to have knowledge about setting up a cryptocurrency wallet and navigating the process of buying and selling tokens and assets in order to participate in decentralized gaming.
Fortunately, this gap can be bridged through accessible crypto education initiatives, making it easier for gamers to embrace the decentralized gaming experience. Additionally, scalability and interoperability are key challenges that blockchain gaming companies are actively working on, aiming to enhance the efficiency and compatibility of blockchain-based games. By addressing these issues and promoting seamless integration, the potential for innovation and growth in the intersection of DeFi and gaming can be fully realized.
E-Crypto News:
- What are the connections between traditional and Web3 gaming?
For a very long time, traditional games were seen as the most popular form of entertainment. In traditional games, three major concepts namely PC, mobile, and console took the center stage. Although web2 games appeared to be perfect initially, the mass adoption has exposed its vulnerabilities to the gamers.
Soon, gamers realized that traditional games lacked democracy and were evolving around game developers. This has put the gaming industry on a mission to look for a decentralized space where ownership and decisions are equally divided between game developers and players.
As a result, web3 games came into existence. On top of genuinely rewarding players for their skills, web3 games gave ownership of gaming assets and decision-making to players as well. Today, web3 is one of the fastest growing concepts in gaming. The blockchain gaming industry is expected to reach a whopping $65.7 billion in 2027.
E-Crypto News:
- What impact can the gaming industry have on the blockchain community?
We said goodbye to screaming at our gaming opponents and breaking the joystick out of enthusiasm long back. Gamers moving to virtual communities is nothing new. Since the internet came into existence, gaming was one of the sectors that explored every end of technology.
Currently, it is the blockchain tech that is in its radar. To be even more precise, blockchain found a great home among gamers. Although decentralization has its footprint in every industry today, it is gaming that kick started this journey. Gaming has paved the way for blockchain mass adoption and gave birth to designated communities where people share the web3 updates and trends, and stay engaged with the larger section. As of 2022, there were over 37 million blockchain gamers, a 50% increase from the previous year. This is expected to grow even further in the coming years.
Related:How Cryptocurrency is Changing the Gaming landscape
E-Crypto News:
- How do gaming investment platforms provide adequate returns for players/investors?
Invest-gaming platforms are great in two ways namely learning and earning. When you take the learning perspective, they expose you to investment opportunities and volatility and make you market ready. The biggest advantage is that you can explore all this without getting directly exposed to market risks.
On the other hand, they are highly-rewarding. If you take CoinFantasy into account, we conduct exclusive games where players get to bang amazing prizes and rewards. We also host Megapools where players earn massive rewards up to 5,000 CFTs by topping the leaderboard. As players started winning rewards in stablecoins from CoinFantasy, they are making it a side hustle filled with fun and earning.
E-Crypto News:
- How did the Chain wars Tournament go ? Can you elaborate.
We hosted the Chain Wars Tournament, where for the first time we introduced a club-based gameplays and rewarded the winners in the native tokens of their respective clubs. The tournament was hosted in parallel to the IPL2023, the club based cricket tournament. While all of our games were individual performance focused till then, the tournament was conducted to break the ice ceiling and create a new record on club-based gameplays and winnings.
We received overwhelming support from the community and 2500 participants joined the tournament spread across 5 clubs. Apart from the club based leaderboard, we also had individual rewards that focused on rewarding the best player of the club, tournament & the matches.
Overall, we received overwhelming response from the community and fellow players of the platform. We are eagerly planning for the next tournament of the year and will be launching them soon.
E-Crypto News:
- How does CoinFantasy gamify the trading/investing experience?
CoinFantasy gamifies the trading experience by incorporating elements such as virtual trading competitions, real-time market data, and interactive challenges. We have created an immersive environment where players get first-hand experience of trading without typically investing anything. Users can participate in competitions where they can showcase their trading skills and track their performance on leaderboards, adding a competitive aspect to the experience. The platform provides real-time market data and tools for analysis, enabling users to make informed trading decisions.
Additionally, interactive challenges and quests are integrated to offer a sense of progression and achievement as users navigate their gaming journey. We hosted two tournaments that encompass the formats of Football & Cricket gameplays but with the twist of trading & portfolio management. These gamification elements make the experience more engaging, enjoyable, and rewarding for users on CoinFantasy.
E-Crypto News:
- Will games provide the best form of education in the future?
While there is little criticism around gaming for the younger generation, studies suggest that playing games can improve visual attention and spatial-motor skills. Already, educational institutions are using gaming to teach complex concepts & ideas, such as algebra, biology, computer programming, and other types of training. By gamifying the learning process, students get exposure to critical thinking and master technical skills. Along the same line, educating through gaming will take an even bigger shape in future.
E-Crypto News:
- Are there any opportunities to onboard Gen Z?
Yes indeed! We already have Gen Zs playing our game. However, we plan to take more refined steps to streamline their presence on the platform.
For instance, only 3% of the developing population is actively investing. On top of this, other concerns like short-term high return expectations and inadequate risk understanding have put them at disadvantage.
With CoinFantasy, they can say goodbye to the advice they get from any financial guru. We help them understand the crypto market better and set financial goals that are achievable, both in short and long term based on the asset they invest in. We believe these problems can be solved by gamification in a simple, fun and rewarding manner.
Our platform empowers every user to embark on a comprehensive investment journey and make well-informed investment decisions with confidence.
Related:Blockchain Gaming Is Revolutionizing The Mobile Gaming World
E-Crypto News:
- Please, can you tell us about the CF Token, its functions, and utility?
CFT serves as our native token, functioning as both a governance and utility token. The utility aspect encompasses game access and reward mechanisms, allowing users to engage with our platform and earn rewards. On the other hand, the governance aspect grants token holders voting rights in club-specific and protocol-wide decision-making processes. This dual functionality of CFT empowers our community to actively participate in shaping the direction and policies of our platform.
E-Crypto News:
- What are the benefits of staking CF tokens?
By staking CFT, users can unlock a range of lucrative rewards including borrowing fees, GPY returns, and loser fees. These profit-yielding rates are unprecedented in the P2E industry, setting a new standard for earning potential.
E-Crypto News:
- What’s CoinFantasy’s backstory?
In 2021, we were observing that globally users were investing in crypto/stocks without understanding the financial implications.
The Robinhood saga with Dogecoin is a perfect example in which users from the traditional space were investing without understanding the volatility of the market. That was our eureka moment for creating a platform in which users can get exposure to the primary assets without any losses.
We believed that the perfect way to solve the problem would be through gamification. That’s where coinfantasy comes into play, where the users can experience the end to end investment journey through multiple formats of games. The platform also offers tools to monitor real market fluctuations, empowering users to strategize their portfolios accordingly. Additionally, through our tournament models, we provide opportunities for team and league matches, fostering a sense of community as players come together to compete against each other in teams.
E-Crypto News:
- How did you get involved with blockchain and Web3 technologies?
By 2023, 3 billion out of the total 8 billion population were expected to be gamers. However, traditional games were not the way for growth as they had prevailing issues like lack of asset ownership, centralized nature, and data concerns. This is what led me to explore blockchain and web3 technologies in gaming.
Blockchain technologies broke through all these stereotypical gaming troubles and introduced a new way of playing. For example, players can own their assets in the form of crypto or NFT and make real-world money through this. As a gamer and technocrat, I also keep an eye on emerging technologies that could help us better serve the audience. When I first started building DApps, I quickly fell in love with the concept and believed that it had the potential to make a breakthrough. And my credence became true with CoinFantasy.
E-Crypto News:
- Please, can you tell us about your team?
Our global team consists of over 35+ dedicated members situated across different corners of the world. With representatives from Europe, Canada, Singapore, Dubai, and India, our development and marketing teams bring together diverse expertise and perspectives. We are fueled by a shared passion for the gaming sector and possess versatile experience in Blockchain Technology and building decentralized applications (DApps).
E-Crypto News:
- Do you have any plans for CoinFantasy this summer?
We are currently focusing on the development of “Meme Wars,” the highly anticipated second season of our tournament. We are planning to onboard colleges, universities & host engaging tournaments & championships among them. Additionally, there are a whole lot of things lined up for our community and the most exciting ones would be our perpetual protocol, token launch and the Club based game formats.
