The rising popularity of Web2.5 and Web3 Gaming in 2023 continues to grow, even with the stigma attached, resistance from traditional gamers and current market conditions.
Do you play video games? Online games?
Then most of the game mechanics and features in these cryptocurrency earning games you’ve likely seen before, nothing new under the sun, they say. However, the integration and application of blockchain into gaming, if done right, is both new and innovative. It gives studios the chance to truly innovate and build ecosystems and rewards systems not possible in traditional gaming.
Interesting Facts about Web3 Gaming
Web3 gaming is still in its adolescence but made up an astonishing 62% of Web3 funded start-ups in 2022, and even more impressive, play and earn gaming made up 49% of all blockchain activity in 2022, as reported by Bitcoin Insider.
So it’s no surprise specialists are projecting global blockchain gaming markets to grow to $65.7 billion by 2027, making up over 20% of the projected $300 billion gaming industry, as stated by Protocol in 2022
What is Web2.5 Gaming
Web2.5 gaming is the happy middle between traditional gaming and Web3 gaming. Less complicated, less blockchain-focused and more about operating like a traditional game with a drizzle of blockchain magic like player ownership or the ability to earn crypto that feels like an in-game currency with a real-world financial value attached to it.
NFL Rivals by Mythical Games, the studio behind Blankos, another Web2.5 favourite, is one of my favourite examples of Web2.5 gaming. Recently they achieved over 1 million downloads on the App Store and raised over $37 million dollars. How did they do this? Well, you will be surprised to know there is no mention of NFTs, Crypto, or Web3 anywhere on their website, game or advertisements. No whitepapers, no tokenomics, no lite papers. In fact, it feels like a traditional game until you get to purchase on the marketplace and see the term Gas Fee and tucked away in My Activity, you will see Blockchain transaction ID on their website, game or advertisements.
Player-owned Digital Assets (NFTs) are referred to as player cards or digital collectables, and their in-game token Mythos (MYTH) is assigned a USD value in-game. There is no mention of token prices or Mythos DAO anywhere. All in all very impressive for the mass adoption and onboarding of traditional gamers into blockchain gaming.
What Web3 can offer Gaming
Decentralisation
Decentralised Virtual Worlds as summarised by Zebpay.com “Blockchain technology can enable the creation of decentralised gaming platforms that allow gamers to play games without the need for intermediaries. These platforms can offer a more engaging environment for gamers, and developers can earn revenue through streamlined transactions.”
Ownership of In-Game Assets
Through blockchain technology, players in Web3 games can have full ownership of what they own in the game. In traditional games, the game creators own all of the virtual items.
In web3 games, unique assets are represented by non-fungible tokens (NFTs). Players can buy, sell, trade, and even make their own NFTs, giving them full control over their virtual goods.
Always remember, NOT YOUR KEYS, NOT YOUR NFTs.
Play and Earn Model
Web3 gaming offers a “play and earn” model, where players can earn crypto or earn NFTs by playing games and showing off their skills. Getting valuable prizes for completing tasks, winning tournaments, or getting high scores gives gamers a new way to make money.
Not surprising that cryptocurrency earning games get so much search volume on Google and countries like India are becoming one of the biggest regions in Web3 gaming. Games that allow players to earn crypto can change lives.
Gaming as a Social Activity
Web3 games give players a sense of community and encourage them to connect and make friends. The ability to trade, work together, and compete with people all over the world makes gaming more exciting and connected.
Web3 gaming is a game changer for the gaming business because it gives players ownership, financial opportunities, and connected experiences that have never been seen before.
As blockchain technology keeps improving, Web3 gaming will likely get even more complex, making it more appealing to players and creators.
With these, Web3 can change how we think about and play video games because it is decentralised and open to everyone. This could lead to a new gaming era driven by players and their experiences.
Popular Web3 Gaming Genres
Web3 games have brought out a wide range of genres that mix features from traditional games. From strategy and puzzle-solving to action-packed adventures and skill-based challenges, the world of Web3 games has much to offer. Some genres are as follows:
Skill-Based eSports and Tournaments
With Web3 eSports games, people can compete with each other in skill-based tournaments and challenges. Winners can win cryptocurrencies or special items to use in the game. It also encourages players to show off their skills.
Casino and Gambling Games
Web3’s betting and gambling games use blockchain technology to make sure that the games are fair and easy to understand. Players can play games like dice, roulette, poker, and more, and they can even earn crypto prizes.
Puzzle and Casual Games
Puzzle and casual games on Web3 are fun and satisfying for people who want to have short bursts of fun. These games often involve planning and solving problems. As players get better at them, they can earn cryptocurrencies.
Web3 gaming keeps getting better. Many new types of games are being made. Creators learn more about blockchain technology and cryptocurrencies. Web3 games are getting more and more different. Players who want ownership, awards, and a more connected gaming environment will have fun.
Sports Games
Sports games could be the best chance of onboarding masses of traditional players as it makes the most sense.
Sports are competitive and are focused on customer-owned merchandise and business sponsorships. The sports industry grows every year and has already made some serious advances in the Web3 space.
Web3 Gaming with us
Our team has been building traditional games for over 20 years, and we are applying everything we have learnt along with the power of blockchain technology to build a gaming ecosystem that would not be possible without digital assets, smart contracts and cryptocurrency.
eSkillz Games is dedicated to building fun and realistic sports games with an economy focused on skill-based wagering, player-owned assets and sponsorship deals.
We have a live beta on Ultra.io. Check it out and download it today. Join Discord for more updates.
Is Web3 Gaming Sustainable?
All the signs are pointing to yes. Even with the current market conditions, VCs and Angels are still investing in Web3 gaming studios. Big Web2 brands are still entering Web3, and we are still in the bull market.
Bitcoin sitting above $30k again has filled many crypto investors with confidence the market is starting to come back, and we have 8 gaming tokens in the top 100 market cap.
Soon there will be no mention of Web3 gaming. It will just be called gaming again. Some games will have blockchain features, and some won’t. Let’s keep building, and let’s keep innovating.
Key Takeaways:
- Web3 gaming is gaining popularity and is projected to grow significantly in the coming years. It accounted for 62% of Web3 funded start-ups in 2022 and made up 49% of all blockchain activity.
- Web2.5 gaming serves as a middle ground between traditional gaming and Web3 gaming, incorporating some blockchain elements without being overly complex. It attracts traditional gamers to the blockchain gaming space.
- Web3 gaming offers decentralisation, ownership of in-game assets through NFTs, a “play and earn” model where players can earn crypto or NFTs, and a sense of community and social interaction among players.
- Popular genres in Web3 gaming include skill-based eSports and tournaments, casino and gambling games, puzzle and casual games, and sports games.
- The sustainability of Web3 gaming is supported by continued investments from venture capitalists and angels, the entry of big Web2 brands into the Web3 space, and the presence of gaming tokens in the top 100 market cap.
- The future of gaming may see blockchain features integrated seamlessly, making Web3 gaming the new norm.
Thanks for reading, and stay tuned for more updates.
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