“People tend to expect too much from the Metaverses”: Ilman Shazhaev, Founder & CEO, Farcana

Ilman Shazhaev, Founder & CEO, Farcana (Image via Sportskeeda)

NFT games have been at the center of lots of controversy in recent months. While many are apprehensive about the positives of blockchain gaming, some seek to address a few of the community misconceptions surrounding it.

In a conversation with Abhishek Mallick of Sportskeeda Esports, Ilman Shazhaev, Founder & CEO at Farcana, addressed some hurdles that blockchain gaming faces today. He opened up about the industry’s future, the impact such games have in low GDP regions, and the vision behind the founding of Farcana.

Here is an excerpt of the interview.

Ilman Shazhaev, Founder & CEO, Farcana on blockchain gaming

Q. From my experience, people behind projects like Farcana Metaverse have impressive backgrounds. Would you like to tell us a bit about your career and what led you to the idea of Farcana?

Ilman: My education focuses on data science engineering, and I have a solid work experience in IT companies. I have also launched several tech projects. Thus, I know in practice how to do initial research, shape the product’s concept, create an MVP, and bring the product to the market.

Since 2017, I have been working in the mining sphere. I am a founder of a series of startups, one of which is a company that distributes the mining equipment and provides full service to the customers.

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Also, I have come up with a series of management solutions for conducting mining equipment. On top of that, I have worked closely with AI developments and their implementation in businesses of different kinds.

All this knowledge and skills led me to the idea of the Farcana Metaverse.

Q. So, what is Farcana? What are your visions and expectations behind the creation of this blockchain-gaming metaverse?

Ilman: As you have noted, Farcana is the blockchain-gaming metaverse, but it has several distinguishing qualities that make it unique. My expectations from the project are built around these qualities.

Both the crypto industry and crypto gaming are full of imperfections. This market is very young, so most of its participants want to get fast profit and get rid of their investments. Our mission is to make a gripping and sustainable project.

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We have come up with an idea of a mix of AI and blockchain technologies in an entertaining format. This unique mix offers opportunities to earn with reduced risks. It is a solid product with stable growth and long-lasting vitality perspectives.

Q. While most NFT titles provide the games' internal tokens, Farcana adopts a unique Play-to-Hash model, which ties the in-game currency to Bitcoins. What led you to this decision?

Ilman: We implemented a native FAR token, NFT market, and Bitcoin in our in-game economy. These three components of the Farcana economy secure its native token from deflation.

In other words, we created the Play-to-Hash model to avoid the depreciation the majority of Play-to-Earn projects face.

Q. What are your thoughts on the future of blockchain gaming?

Ilman: In my opinion, blockchain gaming is in its infancy. 2021 has shown that this, however, doesn't reduce the demand. So, our obstacle is not to attract more attention to the industry but to make it mature, stable, and profitable.

It is particularly relevant for the countries with low GDP per capita, such as The Philippines, Indonesia, Cuba, Colombia, India, Pakistan, etc.

The profit that local players can get from spending time in Metaverse would exceed their earnings compared to what they can get IRL, considering the economics in their countries.

Metaverse eliminates borders, so people from all over the world will have equal opportunities to get an education or a job there. As I see it, blockchain gaming will become a vital part of our new reality.

Q. From your point of view, what is the biggest misconception about NFT games?

Ilman: People tend to expect too much from the Metaverses, built on blockchains not adapted to the simultaneous processing of a significant number of transactions.

The good thing is that the industry leaders, such as Binance with its BSC, are working on new solutions to offer enough speed and capacity for flawless gaming processes. The crypto industry is developing quickly, so I expect this issue to be solved soon.

Q. UFC athlete Khamzat Chimaev recently got his personal avatar in Farcana. Can you share the details of your partnership? What should we expect from upcoming product launches?

Ilman: Currently, Farcana Metaverse partners with several ambassadors, including the UFC fighters and champions in esports, such as Navi captain and 4-times CS: GO word champion Zeus. Users will be able to buy the NFT avatar of any Farcana ambassador.

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Their fans will have an option to fight under the image of their favorite fighter and earn BTC. I will tell you another insight — in our plans, when a player wins some tournament under an NFT avatar, this avatar gets placed on the leaderboard, which raises its price.

Q. Is Farcana looking to sign more athletes as ambassadors? If so, will you be looking at opportunities outside the UFC scene?

Ilman: Yes, of course. We are interested in new partnerships with stars of the most famous esports games, like Fortnite, Call of Duty, etc. We are negotiating with the top influencers in this sphere to plan new partnerships.

Q. In the crypto world, investing is always a risky point. Could you give some advice about what enthusiasts should mind to reduce the risks and avoid scams?

Ilman: I would strongly recommend looking carefully at the concept of the project and the team that stands behind it. The members don’t necessarily have to be famous, but you should pay attention to their educational and working backgrounds.

The community should also mind the value the project brings, the availability of an MVP, and a precise vision of the further steps in the product’s development. Explore the project’s roadmap to see the dynamics in the product’s improvement.

Q. What should Farcana users expect in the coming months?

Ilman: The MVP we showed during the last meetings is a subject of great changes. We are currently working on the game's concept, plot, and design. Soon enough, our players will see an upgraded version of the game and a series of announcements for the upcoming changes.