The gaming landscape is undergoing a significant transformation with the rapid emergence of Web3 gaming, where decentralized technologies and blockchain principles redefine the player experience. As more Web3 gains are gaining traction and the year ends, this week’s featured article highlights key themes and future projections for 2024, shedding light on the evolving industry.
What is Web3 Gaming & The Current State of Gaming
Web3 gaming signifies a notable shift in the gaming industry, integrating decentralized technologies and blockchain principles. In contrast to traditional games, Web3 games prioritize genuine ownership of in-game assets, player-driven economies, and play-to-earn models. There are a notable number of playable Web 3 games compared to 1 to 2 years ago. Projects are moving away from the development and alpha phases and entering beta testing phases with proper player feedback. Furthermore, the positive sentiment post-2021 bull market enables more web3 games to launch, emphasizing user experience and streamlined onboarding.
5 Key Elements in Web3 Gaming:
- User Acquisition: To ensure the success of web3 gaming, it's important to incorporate effective user acquisition strategies, such as transitioning from a traditional top-of-the-funnel approach to a bottom-of-the-funnel approach and utilizing web3-native quests to attract engaged and skilled players. Building an on-chain reputation without compromising personal user data is crucial for acquiring and retaining users.
- Guild - Game relationships: Guilds play a crucial role in the development of games. By providing a strong community of players and often financial backing, guilds help games become better. Furthermore, Guilds can offer tailored experiences to different audiences, giving games access to unique insights and focus groups on how their games are perceived.
- Content Creators: Content creators are also important to the Web3 gaming space, specifically regarding esports, prioritizing community alignment and ownership, and fostering a competitive yet inclusive environment. Collaborating with content creators and communities can be done through the help of smaller content creators and grassroots, community-based tournaments. These types of initiatives also help put games on the map at an early stage.
- AI NFTS: Introducing technical standards such as Token Bound Accounts in web3 game development can bring significant advancements. When combined with Token Bound Accounts, AI NFTs can allow NFTs to own other NFTs, leading to novel gaming experiences.
- Blockchain Technology and Smart Contract Development: Choosing the appropriate blockchain platform for your gaming project by considering scalability, transaction speed, consensus mechanism, and developer support (Ethereum, Binance Smart Chain, and Polygon are common choices) is imperative. Additionally, prioritizing experienced blockchain developers to create secure and robust smart contracts, serving as the foundation for in-game functionalities like asset ownership, transactions, and game logic, is equally important.
Upcoming Developments in Web3 Gaming in 2024:
- Web3 gaming is expected to grow and gain popularity, particularly in Southeast Asia, with the Philippines playing a crucial role in its adoption.
- Developing technical standards like ERC-6551 has created exciting and innovative gaming experiences through continuous experimentation.
- Ongoing development of play-to-earn models, enhanced player ownership, and integration with decentralized autonomous organizations (DAOs).
Final Remarks:
Web3 gaming stands at the forefront of an evolving industry where decentralization, genuine ownership, and player-driven economies shape the gaming experience. The industry is strongly committed to creating accessible, engaging, and inclusive web3 games. Looking ahead to 2024, the stage is set for further innovations, solidifying web3 gaming's position as a transformative force in the gaming landscape.
