How blockchain is changing the game
Ramona Ciocea is head of business development at web3 solutions provider, Protokol
The ever-changing landscape of web3 gaming leaves us questioning its place amidst the spectrum of adoration and disdain.
Each passing week introduces us to fresh headlines of companies diving into in-game NFT investments or facing the wrath of gamers due to steep entry costs for play-to-earn games. Amidst the debates, one truth remains: progress always wins.
As the younger Gen Z generation is willing to invest real money in in-metaverse items, it becomes increasingly evident that traditional gaming companies cannot ignore the enduring significance of web3 and blockchain gaming. Detractors of web3 gaming fail to grasp its true essence — it extends far beyond the allure of NFT drops, with in-game purchases offering experiences beyond limited edition skins that merely grant players prestige.
So, in this polarising realm with untapped potential, how can studios leverage web3 and blockchain to elevate the player experience?
Exploring (and expanding) the playing field
While emerging studios swiftly grasp the transformative power of web3 to revolutionise the player experience, traditional gaming companies often struggle to fully embrace these concepts, confining their potential to boardroom discussions. To thrive in an evolving landscape and keep pace with web3 startups, studios must embark on a comprehensive exploration, forge a strategic vision, and unleash their boundless creativity.
Venturing into the realm of GameFi can be a complex endeavour, involving the intricate interplay of blockchains, protocols, adept developers, and user buy-in. One notable implementation thus far is the integration of NFTs into games, granting players the opportunity to own assets within the virtual gaming world. Take, for instance, Alien Worlds, a top-rated blockchain game where users have traded in-game playing cards as NFTs, with a total value exceeding $31 million in real-world currency since its launch in 2020.
However, NFTs offer more than just financial worth. In-game, players can earn Trilium, a currency that enables participation in Planet DAOs” voting on in-game events, exploring mini-games within Alien Worlds, and even electing a planetary custodian. These interactions are transparently recorded on an immutable blockchain, ensuring fairness and transparency.
Revolutionising in-game economies
To fully realise the potential of web3 gaming, a comprehensive strategy is necessary that empowers players to govern, trade, and earn. This requires exploring new models for in-game economies that go beyond traditional transactions. While the Play-to-Earn (P2E) structure is gaining popularity, its sustainability depends on a long-term perspective on how players can earn in-game assets with real-world value.
Innovative models are emerging that enable players to assign tasks and jobs to one another, opening doors to entirely novel perspectives on GameFi, such as player-run businesses. To succeed in this competitive space, games must offer immersive worlds where in-game tokens and NFTs play integral roles in gameplay.
A long-term outlook is key to developing a strategic plan that outlines how in-game tokens will shape the player journey and the value they bring within the game. With web3 and blockchain expertise, this system can be brought to life through smart contracts, DAOs, and cryptocurrencies.
Pioneering the future of play
We have come a long way since the early days of gaming, and we are currently experiencing web3’s next Golden Age. The question to ask yourself is whether you want to be a pioneer or a late bloomer.
With the market predicted to grow to $66 billion by 2027 from its current size of almost $5 billion, there is no better time to act. Games studios must seize the potential of this technology, partner with a strategic Web3 development company, and create an impactful experience to not only survive but thrive.