The web-3 gaming world has been a process for a few years now. This area has seen it difficult to gain the Internet-2 gamers trust and regain the image costs resulting from the play-to-earn period. And more, the traction is slower than anticipated. Why would more mainstream gamers take advantage of Web3?
In spite of the fierce cryptocurrency market, investors and startups are dipping deeper into the emerging space and pursuing their way to answer that question. Whenever they look towards web3 gaming, they come up with the next wave of users who are reworking to crypto and the broader web3 industry.
For those who know the industry, how they’re thinking about the next phase of development of web3 gaming, we spoke to eight people who had long track records of the industry, about the future of space, how they’re tackling challenges, and more.
For Ed Chang, the head of gaming at Ava Labs, the web3 industry is still arguably young, but he hopes it will be all that simple. We believe that the games can leverage the blockchain to win, whether it are truly owning your goods or winning rewards for playing, or on the creation of payment rails for microtransactions, creators and modders, he said.
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However, several people said that web3 gaming still has some very difficult hurdles to overcome before it goes mainstream.
The biggest challenge is that we’re still figuring out how to design web 3 games and deciding as an industry if we prefer to prioritize play or to earn part, said Tiffany Dong, senior associate for games at the Solana Foundation.
The very obvious UX problem with web 3 is also working on. Robbie Ferguson, co-founder and president of Immutable said. Most web3 service needs the user to set up a new wallet and connect it with their platform. There are already many steps to avoid catastrophic losses if not done correctly. There’s also the fact that this process would usually have to be repeated for each service.
The industry seemed to be learning fast. Dong pointed out a notable shift, the development of web3 games on the horizon, focusing on creating a community-first game and focusing on a core theme in this category. While allowing the platform to define it with blockchain technology, developers are not focusing on building games that engage and interact with the community, but that’s not an exception to it.
To be honest, it is a bit like an out-of-pocket model. Carlos Roldan, CEO and founder of Elixir Games, noted that the term is widely misused, especially in the context of Ponzi and pyramid schemes that capitalized on the trend.
This misuse exploited the fact that the play-to-earn trend was very hot in 20212022. As soon as the term has arrived, it’s very obsolete, and the industry is shifting toward more precise descriptors like play to own, play and earn, or win to earn, which better align with true gaming experiences. I’ll stick to play for good if I have a choice, he said.
Read to find out which regions lead the adoption race, how games will get traction and stand out, and more interesting insights into the future challenges and opportunities for web 3 games.
We questioned :
- Chris Akhavan, general manager of Magic Eden, is the manager of gaming for Magic Eden.
- Tiffany Dong, senior associate for the solana foundation.
- Ed Chang, the head of gaming, Ava Labs.
- Carlos Roldan, CEO and founder of Elixir Games, is an assistant to the game.
- Michael Wagner, co-founder and CEO, Automata (developer of Star Atlas)
- Urvit Goel, director of global business development at Polygon Labs.
- Robbie Ferguson, co-founder and CEO, Immutable.
- John Linden, CEO, Mythical Games.
Chris Akhavan, head of Magic Eden, Chief Gaming Officer, Akhavan.
How big is the internet gaming market today? And what metric do you think works best to make a track of growth?
There is still no real-life battle between web and gaming. The industry had an initial wave in 2021 with a play-to-play model. This model, unsurprisingly, wasn’t sustainable, but it brought game developers and investors excited about the opportunities in web3 gaming.
We are in a bad time now, as many studios formed and raised money back then are building games. I expect the market to remain largely quiet until some of the two-wave games begin to launch next year.
Any games track – with installs, DAU, retention, LTV, etc. – it will be greatly better if you monitor web3-specific KPIs such as wallet and marketplace metrics.
What is a zoo idyta to obstruct members who are interested and skeptical about web3 gaming?
Stay warm. There are a lot of games in development. The game lineup looks great at MapleStory, Eve Online, Limit Break, Azra, Shrapnel, Wildcard, Zynga, and many more with interesting games.
What are the biggest challenges on web3 gaming that are coming with an adoption from both gamers and traditional gaming studios?
It’s real that it is time for a long game to build. The industry is still patient while the studios build the next wave of game-sharing games.
What do you think about this play-to-play model over time? Which other web3 gaming systems will the industry implement?
Play to gain has gotten worse. You can’t have a functionable economy where everybody is supposed to extract value. The industry is shifting to gaming thats enhanced by web3.
What kind of web3 games do you think will most be adopted? How did you expect it to change with the time?
Among the genres that work in traditional gaming, web3 ownership is greatly gained, but one might benefit more from core gaming in particular if these big-money forms become richer than others. I always anticipated the web 3 site as I ventured into the space several years ago.
What advice would you give to other gaming developers if they had a bit of luck in this space?
It’s far too much hype after the era of pre-selling NFTs and tokens for the games that aren’t live yet. At this point, it’s always necessary to focus on selling an amazing game to people.
How could traditional and web3 gaming studios work more closely?
Regardless of web2 or web3, game developers always have a good way of sharing information, data and case studies with each other. I think it’s also in these two segments.
Which regions or countries are the top of the web3 development industry in the next five years? Where will it take time to get noticed?
Asia is, looks like an investment in web3 gaming. Game studios in Korea and Japan are particularly getting started on web sites. Similar to games free, I think Asia is where web3 models are proven, and then they will finally be adopted by western markets.
Tiffany Dong, senior associate for gaming at the Solana Foundation.
How big is the web gaming market today? What metric do you think is the best to count on growth?
It remains the new market in the game world, like the multi-billion dollar gaming industry. However, the probability of growth is very high. Weve seen that crypto games can encourage and expand user and activity. As web 3 gets older and games evolve the classic play to pay model, the future of the pygm industry has bullied the players.
There are two important segments of a person’s income to tell the difference between number and level of activity. The number of unique wallets and the number of transactions on-chain provide a clear picture of games development and the level of excitement in the community.
What is a one-liner you used to take with you to bring on people who are interested or skeptical about web3 games?
One could rely on one-dimensional games to put money, money, and resources into one’s money. But the thrill of the game would be in real time.
What are the biggest challenges internet 3 gaming faces for the users and traditional gaming studios?
The biggest challenge is the fact that we’re still trying to decide which websites to design use is the only way to decide if we prefer to focus on the play or the earn part. Now saw a shift in the direction that web 3 developers focus on building games that attract community attention and fun, and without using blockchain technology to define it.
Web3 is also faced with a few key UX problems, like wallet onboarding and a fiat on-and-off ramping. While gaming can take us a step further than the next billion users to the web, there are still some education needed to fully participate in this space. Players shouldn’t make it necessary to open exchange accounts only so they can participate in a live economy.