Web3 Gaming

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What is Web3 gaming?

Web3 gaming refers to games built on blockchain technology and decentralized platforms, which use cryptocurrencies and tokens as part of their gameplay and reward systems. These games are designed to provide users with more control and ownership over their in-game assets, as well as offer new ways to monetize and incentivize gameplay.

Web3 gaming leverages the benefits of blockchain technology, such as transparency, immutability, and security, to create a new type of gaming experience that is more fair, decentralized, and user-centric. In Web3 gaming, players can earn and trade in-game assets and currencies, and participate in community-driven activities such as voting, staking, and governance.

One of the main advantages of Web3 gaming is the ability to create truly decentralized and open gaming ecosystems, where players have more control over the rules and mechanics of the game, and developers can more easily create and distribute games without relying on centralized platforms or gatekeepers.

Some examples of Web3 games include Axie Infinity, a game that allows players to collect, breed, and battle creatures called Axies, and earn cryptocurrency in the process. The Sandbox is a virtual world where players can own and build on virtual land using non-fungible tokens (NFTs). Decentraland is a decentralized virtual reality platform where users can own and build on virtual real estate using cryptocurrencies.

Web3 gaming is still a relatively new and emerging field, but it has the potential to disrupt the traditional gaming industry and offer new opportunities for gamers, developers, and investors.

What is the problem with Web3 gaming?

One of the main challenges facing Web3 gaming is the issue of adoption and scalability. While there are many promising Web3 games that offer new and innovative features, these games often have a steep learning curve and require users to have a basic understanding of blockchain technology and cryptocurrency. This can be a significant barrier to entry for many casual gamers, who may be more comfortable with traditional games that don’t involve cryptocurrencies or complex decentralized platforms.

In addition, Web3 gaming is still in its early stages of development and faces many technical challenges, such as slow transaction times, high fees, and scalability issues. These issues can make it difficult for Web3 games to attract a large user base or provide a seamless gaming experience.

Another challenge is the lack of standardization in the Web3 gaming industry, which can lead to fragmentation and interoperability issues. With so many different blockchain platforms, protocols, and standards being used in Web3 gaming, it can be difficult for developers to create games that are compatible with multiple platforms or allow for seamless interoperability between different games and platforms.

They have lost the essence of games

Most Web3 games are BORING!

When it comes to video games, there are several elements that are critical to making a great game. These elements include the story, characters, and gameplay. A good game needs to have a soul and a uniqueness that sets it apart from the rest. In addition to these important elements, games with enticing rewards systems that make your hard work worth it are also essential.

One of the biggest appeals of playing video games is the feeling of accomplishment that comes with unlocking new levels, characters, weapons, secrets, and achievements. These rewards give gamers a reason to keep playing and provide a sense of satisfaction for all their hard work. However, the rewards are typically owned by the game developer, and there is no way for the player to claim ownership of their hard-earned rewards.

This is where blockchain technology comes in. Blockchain technology aims to give gamers digital ownership of the rewards they earn through gameplay. This means that gamers can own their in-game items, and they can even trade or sell them on the blockchain marketplaces. This creates a new level of ownership and a way for gamers to monetize their skills and time spent playing games.

However, it’s important to note that rewards alone do not make a great game. A game also needs to have a compelling story, memorable characters, and engaging gameplay. A great story can transport players to a different world and keep them invested in the game for hours. Memorable characters can make players care about the world and provide an emotional connection to the game. Engaging gameplay keeps players coming back for more, even after they’ve earned all the rewards.

Tokenomics as another complicating factor

One of the major challenges facing the blockchain gaming industry is the development of sustainable tokenomics. 

As David Hong, the gaming lead for Red Building Capital, notes, many blockchain games have simply copied the two-token economics of Axie Infinity. However,  they did not understanding how those economics work or how to apply them to other games. This has led to a proliferation of pure Ponzi schemes in which 99% of players are speculators, and only 1% are actually playing the game. However, most experts agree that such models are not sustainable in the long term.

To create sustainable incentives for players, games need to carefully balance their token economics and game mechanics to prevent degens and power gamers from breaking the system. One game that has successfully avoided this trap is, which has developed a unique approach to creating scarcity for its NFTs. In Illuvium, players can fuse three Illuvials of the same stage of the game to create one more powerful creature, but doing so requires burning NFTs. Similarly, sets of Illuvials are limited, which means that once a series ends, players can no longer capture that set and must purchase them on the open market. This creates a real sense of scarcity and value for the in-game assets, which can help to drive sustainable revenue for gamers over the long term.

Still a huge potential in it

Blockchain gaming has a lot of potential, but it has been held back by a few key issues, such as difficult onboarding processes and unsustainable economics. In order to achieve mass adoption, a blockchain game needs to have a user-friendly interface and a sustainable economic model that incentivizes players to participate. 

If a game can accomplish this, it could have a huge impact on the industry and attract a lot of new users. It’s possible that the breakthrough game in the blockchain gaming space will come from a simple mobile game with a familiar format, rather than a high-budget AAA title. Ultimately, the key to success will be creating a frictionless user experience that doesn’t make players feel like they’re interacting with blockchain technology at all.

The potential for GameFi, the fusion of gaming and decentralized finance (DeFi) is .  Developers need to capture the attention of the 3 billion gamers worldwide, especially in developing countries where mobile gaming is prevalent. However, the mass adoption of blockchain gaming is faced with a range of challenges. These include the lack of understanding on how tokenomics should work, and gamers’ skepticism towards the monetization of gaming. 

Nevertheless, integrating Web3 into gaming can provide benefits. For example, players can have secure ownership of in-game assets and the ability to sell or trade unused assets with earning potential. Improved player experiences, including rewards for early or loyal players, are also possible. Success stories like Axie Infinity and MIR4 have proven that blockchain gaming has potential, but further innovation is needed to achieve mainstream adoption.

GameFi

Amidst the numerous projects currently available, it’s uncertain which games will be the most successful. Indie games often offer unique gameplay experiences, which creates an opportunity for blockchain gaming. Smaller publishers are also more likely to develop game economies that are player-owned or interoperable since big studios tend to own everything. 

The video game industry has a yearly sales revenue of about $120 billion, with a significant portion from virtual goods. Most video games have 100% take rates, which means that commissions for sales are significant. In contrast, Web3 (or crypto) games drastically reduce these rates and could alter the gaming industry’s economic model. 

However, building successful games is a highly specialized and challenging task that requires expertise in both game design and blockchain. Therefore, gaming studios recruiting blockchain experts may be the best approach for blockchain games to achieve mainstream success.

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