BinaryX Attended The Biggest GameFi Event in The Philippines
At the Marquis Event Place in Bonifacio Global City, Philippines, BinaryX gave a presentation to a crowd of 2000 people, 30 reporters, and the most influential experts in the field.
The Philippine Web3 Festival was mainly organized by BlockchainSpace, the facilitator of play-to-earn guilds to expand within the virtual world, as well as Yield Guild Games (YGG), a globally renowned X-to-Earn guild.
BinaryX was honored to have the opportunity to be part of one of the panels, with Chun Peng S., our Global Head of Business Development, joining in the discussion about GameFi among some highly respected individuals.
The discussion panel, entitled “Which Play-To-Earn Models Work Best”, included prominent representatives from other noteworthy initiatives. During the conversation, each panelist shared their views regarding GameFi economic schemes, and Chun from BinaryX pointed out that many people have labeled these efforts as Ponzi pyramid scams. To counter this reputation, GameFi projects should reexamine their financial models to generate a more cyclical value for players in order to maintain their involvement and sustain long term interest in the games.
“This can be done by making game assets and tokens that are actually functional beyond a holding investment. There’s been talk of game utility tokens that allow gamers to farm or request for new items that can be used in game, or a community staking mechanism that allows gamers to stake their unused funds to provide value to newer players. Gamers are encouraged to hold on to their assets, or be more selective with selling them off if they have more use for it.”
The clash of ideas, however, ended up being advantageous to the audience. It encouraged them to contemplate the best way to bring GameFi to an unprecedented level of success.
The Fans, The Players andThe Opportunities
In addition to the panel discussion, BinaryX had its own booth at the event centre. Spanning three days, this occasion was devoted to recognizing the GameFi trends in both the Filipino and international blockchain arenas. It attracted more than 2,000 participants, above 20 projects, institutional financiers and some venture capitalists.
We jumped at the chance not only to reach out to our users and gamers in the Philippines, but also to explore potential partnerships with other initiatives, particularly GameFi Guilds. Since introducing our newest game, CyberChess, guilds may be the most successful route for us to extend our reach across this nation. Thankfully, we were able to get in touch with some promising local guilds and anticipate forming a long-term relationship with them.
We would like to express our heartfelt gratitude for your participation in the festival. We were highly impressed by your enthusiasm and dedication! The Web3 landscape is constantly evolving, but you, our players, always have our backs despite the challenges we face. For that, we will always be there for you!