BlockchainSpace Shares How Guilds Can Survive The Bear Market
Editing by Nathaniel Cajuday
Guild hub and global data aggregator BlockchainSpace (BSPC) has recently listed community support, prioritizing scholars, and reevaluating game strategies as vital measures to ensure guild resiliency amid the still ongoing crypto winter.
“Unpredictability comes with the territory—every guild that wants to last has to anticipate disruptions and be prepared once they happen,” said Peter Ing, Founder and Chief Executive Officer (CEO) of BlockchainSpace, on how guilds can survive in the long term.
In a statement, BSPC noted how the growing technology of web3 is introducing novel ways of doing business in the space. Web3 has also transformed the form of guilds.
“As guilds scale, they begin to have a more significant role in the space by investing in NFT projects, driving widespread crypto adoption, and lowering barriers to entry, contributing to the bright future of web3,” BlockchainSpace wrote.
According to Ing, “growth is crucial to a businesses’ success and survival, as it drives better performance and more profit. The same goes for play-to-earn guilds.”
“Guilds will play a vital role in the adoption of Web3 and it’s starting in the gaming sector. Big names with huge player bases have already expressed their interest to enter this sector, so growth is inevitable and it’s just a matter of sustaining your guild through these trying times at this stage,” he added.
Consequently, the guild hub CEO highlighted that the journey towards building a successful business–or guild– requires overcoming obstacles. He noted that some of these materialized during the bear market, wherein the decreasing number of scholars, less earnings, and owner fatigue were faced and are still being faced by guilds to date.
Ing stated that for guilds to survive and thrive despite unpredictability, they must follow through with three key measures:
- Guilds must Rally Support From the Community.
While guilds have their own communities, BSPC noted that they still must branch out and build relationships with other innovators, thought leaders, and fellow guild members in the industry to receive support and share best practices.
- Guilds must Prioritize the Scholars.
According to BSPC, based on the data aggregated from over 24,000 Guilds and 2 million players, guilds encounter scholar challenges unique to their community’s size, such as macro guilds having difficulty sourcing talent and scholars and limiting the opportunities that they can maximize.
Mid-sized guilds, on the other hand, have a hard time keeping track of what’s happening with their scholars, which results in low scholar retention. While smaller guilds, which are mostly composed of casual crypto users, often have trouble with their community’s performance due to a lack of training.
Ing suggested being proactive and branching out, as this will help connect a guild to players with potential and talent that could bring in several opportunities.
“It may be advisable to promote some scholars to leadership positions to help train other members, boosting the guild’s stability and morale,” BSPC suggested.
- Guilds need to Reevaluate Game Strategies
BSPC highlighted that guilds built for the long term must know how to lay the foundation for future successes, and this requires evaluating the overall performance and finding ways to improve strategies.
“A good way to get started with this is to compare a guild’s performance with its competitors in a specific region or across the globe, identify what’s not working and improve what is, and adjust strategies and goals as needed,” they wrote.
Accordingly, Ing noted that BSPC’s Global Guild Database is the ideal tool for this purpose because, through this one-pager report, guild owners and managers can access insights on global guild data, performance by region, and the top five guilds by the number of members per region.
“There is an opportunity in every situation, and these trying times are not an exception… As native businesses of the Metaverse, gaming guilds are susceptible to the price fluctuations in cryptocurrency. Unpredictability comes with the territory—every guild that wants to last has to anticipate disruptions and be prepared once they happen,” Ing stated.
He added that with the right game plan, guilds will thrive amidst the highs and brave through the lows.
Moreover, Ing hinted at their plans to further support guilds in addition to the community’s participation to grow the space.
“The more you participate in interacting with games, apps, (and) web3 projects to grow the space will build (a) reputational history for guilds which is what future customers will look for. We’re building out the platform for you to prove this! Not every guild is built the same and credibility will be key,” he assured.
Further, this upcoming November 14-18, 2022, BlockchainSpace and Yield Guild Games will bring the Philippine Web3 Festival to Bonifacio Global City (BGC), Taguig City. The event aims to put the country at the epicenter of the web3 movement. (Read more: PH Web3 Festival Targets to Bring Global Attention to Homegrown Talents)
BlockchainSpace is also the co-presenter of the upcoming Axie Infinity Cabanatuan Community Meetup where different top players from different guilds are expected to compete for a prize pool of “potentially” seven digits in total.
This article is published on BitPinas: BlockchainSpace Shares Keys for Guilds to Thrive Amidst Unpredictability
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