Advantages, Challenges and Solutions

3. Advantages, Challenges and Solutions

3.1 Advantages

CoinLAB Game Guild was built in the end of 2021 - a very good timing. There is a Chinese idiom 天时地利人和 which means it’s a perfect time with geographical and social conditions
For 天时 - which means good time, (1) it can be said that the Covid-19 pandemic is the misfortune of most industries in the economy; on the other hand, it is also the reason of the increased number of users in financial investment field. Meanwhile, the stocks industry has witnessed the unprecedented bloom in the past 10 years in the number of new accounts opened for transaction. Staying home for too long makes everyone slowly gets used to the “new normal” - working from home and enjoying indoor entertainment activities. In another context, many people lost their fulltime jobs, which makes earning money online no longer a trend but an urgent need. (2) The rising inflation results the continuous depreciation of fiat currency, rich people tend to seek for investments with high profit and liquidity instead of keeping cash or investing in real estates. (3) Cryptocurrencies, with the stable existence through many crises and widely recognized by all over the world, has changed people’s mindset about non-physical & invaluable asset. Although there are still potential risks due to the large range in price fluctuation, but the big profit margin is also what makes this industry attractive. (4) The development of GameFi & blockchanization of traditional games has made Decentralized Finance (DeFi) become more user-friendly than ever.
For 地利 - which means advantages and strengths, (1) the number of Financial technology (Fintech) startups is increasing rapidly, creating a more active and popular crypto market, especially with DeFi/GameFi projects. The project quality has always been improving one after another, helped GameFi became an independent field with its own value, user segmentation that attracts partitication from different social classes, no longer just a form of DeFi. (2) The mechanism to release tokens to investors at TGE (Token Generation Event, the first token release period) - releasing a small percentage of tokens, to keep investors accompany with the project and avoid tokens being sold off after listed affecting the project’s development plan as well as to protect new investors who come in later, make them feel safe to join the market. (3) The initial investors with locked amount of tokens which will be released gradually as installments, they will slowly form a habit of accompanying the project; also, with the new comers who have faith in the project, both of them will become the natural shillers (those who promote the projects), creating the “lively vibes” for the project. (4) More and more KOLs (Key Opinion Leaders/Influencers) in traditional industries are joining this potential market. (5) International projects, realizing the excitement of Southeast Asia and Vietnam’s crypto, are seeking to access this market through Investment Funds, especially local game guilds. (6) There is no official game guild in Vietnam yet; there are only spontaneous small groups with no reputable connection with project developers and unclear rewards sources and how to they are paid. New users mostly get helps and guidance from chat forums leaded anonymous admins, no responsibility commitment if the project is a scam. All supportive information are under the form of Q&A, lack of systematicity, causing difficulties for new users. (7) Projects which want to grow sustainably and stronger need a community where gamers play, share their experience, organize & participate in large scale events and tournaments together. Hence, the birth of a local game guild which meets all these demands is essential.
For 人和 - which means the harmony of human factors, CoinLAB Game Guild was born with the foundation of CoinLAB community and the partnership with more than 50 local and international big ventures in GameFi and DeFi; supported with marketing by CoinLAB Social Media, and with blockchain from strategic partner - Launchzone, one of the best and largest incubators on Binance Smart Chain.

3.2 Challenges and solutions

Though being established with advantages in many aspects, however, CoinLAB Game Guild also faces difficulties in implementing the project.
(1) Being the first game guild in Vietnam is an opportunity but also a challenge due to the new operation method.
(2) First time to launch their own token for payment and community rewards, even though CoinLAB has been in the blockchain field for a very long time.
(3) “Game guild” is still a new concept to most of the Vietnamese users, it can be an obstacle for marketing activities.
(1) Focus on planning operation methods with the orientation of becoming an ecosystem where GameFi projects, investors and players connect with each other via guild.
(2) Build transparent payment & rewards mechanism via tokenization and integrating wallets for user convenience.
(3) Take advantage of available resources regarding to social marketing, project partnership and community, organize online and offline events in order to build an active and vibrant gamer community, thereby create viral & word-of-mouth marketing aimed at traditional game players.
Detailed solutions related to token operating mechanism and project implementation plan will be presented in the following sections.

3.3 Target community

CGG comnubity’s target audience
  • Who likes playing game
  • Traditional gamers who don't know much about Crypto but want to earn through NFT game
  • Gamers who do not have financial ability to thrive in NFT Game segment
  • Investors who do not have time to play games by themselves but want to optimize their profits from investment in NFT Game market
CGG community Development
  • Create an enabling environment for traditional gamers as well as NFT gamers to develop to their full potential
  • Stay up to date and provide detailed information, keep up with the development of NFT Game to come up with solutions and methods to optimize the gameplay
  • Support gamers who have good gaming ability but do not have financial ability to access NFT Game (provide NFT, Game account and in-game costs)
  • A community of sharing experiences among players, promoting a passion for gaming naturally
  • Receive rewards from in-game activities and profits from CGG