SENET is Building a Cross-Chain Gaming Ecosystem Based on GameFi Exchange
New York, NY, April 11, 2024 (GLOBE NEWSWIRE) — Web3 startup Senet Network is set to launch a cross-chain game asset liquidity protocol and blockchain game exchange. Combining GameFi, DEX, wallet, and social functions, it aims to create an aggregated blockchain gaming platform for both gamers and developers. Through the IGO (Initial Game Offerings) mechanism, players can vote on and decide which games to be listed on Senet and this will also incentivize developers in their content creation. Moreover, the interoperability of tokens across chains and games will further empower the value of individual games. The inspiration of Senet’s brand comes from a board game invented by the ancient Egyptians over five thousand years ago, which means passing through. So, can it bring a different narrative to GameFi field after crossing the bear market?
During the previous bull run, games like Axie Infinity exploded with astonishing production potential, showcasing the feasibility of the play-to-earn model. While Axie was famous for improving income of underprivileged Filipinos, it now has left many speculative players heavily in debt. This is also a bottleneck facing GameFi: the heavy financial attributes undermine the playability of the games themselves as content products, ultimately rendering them unsustainable in repeated arbitrage. However, this has not stopped the pace of blockchain technology development. According to data from Grand View Research, blockchain games are projected to grow at a rate of 68.3% from 2023 to 2030, far surpassing the average growth rate of 13.4% in the online gaming industry. In the foreseeable future, these explosively growing games on the blockchain will not only generate complex transactional demands but also face the need for content integration and standards.
As increasing number of game developers join the new wave of gold rush, solely play-to-earn narrative appears too simplistic. They are required to explore new possibilities for content creation based on blockchain technology because games, regardless of the technology they are built on, seem to follow the iron rule that “content is king.” The current practical issue, however, lies in the fact that the vast majority of blockchain games fail to be listed on mainstream CEX (Centralized Exchanges). Their isolated token economies systems tend to stagnate, leading to a “death spiral” and dramatically shortening lifecycle in the market. With the improvement of compliance standards on CEX, the demand for listing games may shift to DEX (Decentralized Exchanges) to seek less friction in the approval process. Therefore, Senet is actively exploring a cross-chain game ecosystem based on DEX services to support development by enhancing the utilization and liquidity of in-game assets, potentially revolutionizing the production methods in traditional games.
Currently, compared to the global gaming market of 190 billion, perhaps 26 billion for Gamfi’s blockchain games is not considered so influential. And the number of players in blockchain games is just 180 million, accounting for less than one-tenth of the 2.77 billion global players. However, this share is steadily increasing. It is poised to disrupt the traditional gaming landscape in the near future, at which point blockchain may become a common technology. With the maturity of the crypto market and the iterative development of blockchain games, the final barrier between the real and virtual worlds may rely on games to achieve. Games signify lower educational costs and higher acceptance, enabling large-scale interpersonal connections and the popularization of new technologies. Additionally, the continuous advancements in AI are also driving the growth of games, not only freeing up a significant amount of leisure time from work but also sharply reducing game development costs and barriers through automated generation. So, GameFi is just in the beginning.
When contrasting the limited interactivity of WEB1 and the centralized control of WEB2, the upcoming internet era, WEB3, built on blockchain technology, better resonates with gaming principles. For example, decentralized governance will secure players’ rights, in-game items can be traded as NFTs, and DAO seems extend forms of guilds. For games, however, the most revolutionary feature of WEB3 is the monetization of time, where people’s investments in games can be transformed into real rewards through ownership. But before this, specialized infrastructure serving the gaming market is required to offset the risks generated by the “island effect” through value exchange. As a positive example, platform like Senet is integrating cross-chain gaming resources, facilitating asset trading between games, and refunding rights to players through token circulation. More importantly, with the financial properties of GameFi, it may change the production and consumption relationships in games, redefining the value between the virtual and real worlds.
Author: LiliZ (Game Technology Researcher)
Twitter: @senetnetwork
Email: hi@senetnetwork.io
Website: senet.app
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
CONTACT: Lili Z hi@senetnetwork.io
