Blockchain technology is redefining traditional businesses, and the gaming industry is also one of them. Web3 gaming is already on the rise and knocking on the door of mainstream adoption. In this article, we'll discuss the best strategies that Web3 gaming publishers can utilize to build hype and drive growth for their Web3 games.
What is Web3 gaming?
Web3 Games are decentralized gaming platforms that use blockchain technology to enable digital ownership and give players an exclusive and safe gaming experience. By owning their in-game assets, players can rest easy knowing they have control over their virtual items. Moreover, Web3 gaming provides a unique way for gamers to earn cryptocurrency by simply playing games.
Essentially, any game that incorporates blockchain technology within its tech stack can be considered Web3 gaming. This can be accomplished through non-fungible tokens (NFTs) or fungible tokens.
Adding assets such as NFTs or tokens to a game allows players to have a more significant stake in the game's economy, and a greater sense of ownership over their in-game assets and progress. The cherry on top is the potential for players to earn money over time.
Web3 gaming is also known by other names, such as crypto gaming, blockchain gaming, and play-to-earn gaming. However, p2e (play-to-earn) is a Web3 gaming model where gamers can earn real-world value by playing a game.
Read more: Explaining Play-to-Earn Crypto Games' Business Model in Simple Words
How Web3 gaming different from traditional gaming
1. Player-driven gaming ecosystem
Web3 games empower players by offering them greater control over the game world and in-game assets. Players have the ability to influence a game's direction, contribute to its development, and even earn real-world value by utilizing their gaming skills. This creates a more immersive and engaging experience, as gamers feel like they're truly part of the game's virtual world.
2. Secure and transparent transactions
Blockchain technology provides gamers secure and transparent transactions to purchase in-game items through crypto or fiat currency. Gamers can trust that their transactions are secure and easily traceable on the blockchain. This removes the possibility of fraud or manipulation, resulting in gamers to feel protected about their purchases.
Moreover, blockchain can provide verifiable ownership and players can easily confirm the authenticity of their purchases or trades of virtual items, ensuring they're getting exactly what they signed up for.
3. Integrated gaming profiles
Blockchain technology enables the creation of a single, integrated profile across multiple games. This simplifies the gaming experience by enabling players to manage their progress, assets, and achievements in one place. It also fosters a sense of continuity and immersion, as players can easily move between different gaming worlds.
4. Ownership of assets
Players have true ownership of their in-game assets, such as weapons, skins, and characters. This means they can sell, trade them on NFT marketplaces, or even use these assets in other compatible games. This sense of ownership fosters a deeper connection to the game and opens up new possibilities for players to interact with their assets.
5. Ability to build interoperable gaming economies
Web3 games can share assets and economies by using decentralized networks. This makes a network of gaming worlds that are all connected. Players can trade or use their digital assets in other games, which opens up new ways to work together and explore. This makes it easier for players to find new content and challenges, which makes the games more interesting and fun.
How big is Web3 gaming industry?
Let's take a look at some of the latest data around the growth of Web3 gaming industry:
- In 2022, the blockchain-based gaming industry raised $4 billion in 405 deals, with half of the capital invested in Web3 games and gaming studios that are in their early stages.
- Blockchain games accounted for 49% of all dApp activity in 2022, with an average of 1.15 million daily unique active wallets (dUAW) and 7.4 billion transactions.
- Major traditional gaming companies are also beginning to embrace blockchain technology for their games, with the Epic Games Store featuring Blankos Block Party and Gala Games gaming assets, and Apple allowing the sale of NFTs and in-game items, though on a limited scale. Sony also recently filed a patent for cross-system NFT trading for PlayStation users.
- By 2032, the worldwide blockchain gaming market is predicted to be worth more than one trillion USD.
- On-chain data for blockchain gaming reveals a 1.31% increase in activity in January 2023, with 858,621 daily Unique Active Wallets (dUAW), accounting for 48% of dapp activity.
- The global market for Web3 gaming was estimated to be worth USD 5.41 billion in 2022 and is anticipated to expand at a CAGR of 68.9%.
- The blockchain is being used by fewer than 2,000 gaming applications. When compared to the number of games in the app store, it is clear how early Web3 gaming platforms are.
- The web segment dominated the Web3 gaming market in 2022 and accounted for more than 31.0% revenue share.
How Web3 gaming can reach mass adoption?
Let's talk about some strategies that Web3 gaming platforms can test to reach mainstream adoption.
Build gaming guilds
Gaming guilds are like clubs or communities for gamers who share common interests and goals within a specific game or gaming genre. Web3 gaming guilds can play a crucial role in fostering a sense of belonging, involvement, and investment in the gaming ecosystem.
Members of Web3 gaming guilds can pool resources, share strategies, and collaborate on in-game activities that generate real-world value or manage in-game assets like NFTs. They can also provide mentorship and support for newcomers, helping them navigate the unique challenges and complexities of Web3 gaming.
Read more: 6 Ways to Market your Blockchain Game to Mainstream Gamers
Launch blockchain-based mobile games
Web3 gaming can reach a lot more people through mobile gaming, which has billions of players around the world. By making blockchain-based games for mobile devices, Web3 gaming will be more accessible to casual gamers who may not know much about blockchain-based gaming.
Create buzz in gaming communities where traditional gamers are hanging
To attract attention from traditional gamers, it's crucial to generate excitement around your Web3 game by going into communities where they hang out most. Game developers can collaborate with influencers, host online events, and share exciting news and updates about their game, which can help spread the word and encourage gamers to give their Web3 game a try.
Recommended reading: How To Use TikTok Crypto Influencer Marketing To Reach New Audiences In 2023
Offer financial incentives to traditional gamers
Game developers can provide financial incentives like in-game rewards, bonuses, or even real-world value through play-to-earn mechanics, which can be a powerful way to entice traditional gamers to start playing their Web3 games. These incentives can showcase the unique benefits of blockchain gaming and help convert curious gamers into dedicated Web3 gaming enthusiasts.
Read more: How To Market Crypto Games in 2023
Reduce complexity
Simplifying the user experience is essential for attracting new players to Web3 gaming. By streamlining onboarding processes, offering user-friendly wallets, and providing clear instructions, we can make it easier for newcomers to dive into playing Web3 games without feeling overwhelmed or intimidated.
Build hype through eSports
Esports has a massive global following, and leveraging this popularity can help promote Web3 gaming to a wider audience. By featuring web3 games in high-profile eSports tournaments or partnering with popular eSports teams, we can create excitement around blockchain gaming and attract the attention of gamers who might not have considered Web3 gaming before.
Build a community or gaming DAO
A strong gaming community or gaming DAOs can empower players and make them feel more connected to the Web3 gaming ecosystem. By involving players in decision-making processes and giving them a sense of ownership and influence, Web3 game developers can create a more engaging and appealing environment that encourages long-term participation in Web3 gaming.
Recommended readings:
The Ultimate Community Building Guide For Your Play-to-Earn Blockchain Game
How To Build A Strong NFT Community
Main challenges that are limiting the mainstream adoption of Web3 games
There are a number of significant challenges that are preventing Web3 games from gaining mainstream adoption:
1. Proper utilization of blockchain technology within games
Understanding the benefits of blockchain technology in gaming can be tricky, and that's slowing down the industry's growth. To level up, developers should focus on building more advanced blockchain integrations that create sustainable economies, value, and ownership for players.
At the moment, hurdles such as boring gameplay, slow processing speeds, and unsustainable tokenomics due to high gas fees are posing challenges. For Web3 gaming industry to really shine, it needs to offer a smooth user experience where all assets, interactions, and transactions work together like a well-oiled machine, creating a self-sustaining economy.
Read more: How To Build dApps On Polygon Network
2. Lack of top industry talent
To make Web3 gaming really take off, we need to get the best talent from traditional gaming publishers and developers on board.
Moreover, as traditional gaming studios move from web2 to Web3, they'll need to deal with any risks and uncertainties that come with new tech. The good thing is that some traditional game developers are already dipping their toes into the world of blockchain gaming, bringing their skills and potentially shaking things up in the traditional gaming market.
That being said, creating a top-quality gaming platform takes time and effort, so it might be a while before the best of the best in gaming talent fully jumps into the Web3 pool and makes a real splash.
3. Lack of entertainment and quality compared to traditional games
Since Web3 games have only been around for a few years, it's no surprise that they haven't quite caught up with traditional games just yet. But game developers are on it, using player feedback to keep improving their games and making them even more enjoyable.
According to the Blockchain Game Alliance (BGA) 2022 Member Survey and Report, 36% of peers think that better gameplay will be the key to getting more people on board with Web3 gaming in 2023. The ultimate goal is to make sure blockchain technology stays in the background, helping to create an immersive experience without being the star of the show.
Developers should focus on making games that people genuinely want to play, using blockchain as an awesome extra feature that enhances the overall experience. We're talking about developing an enjoyable experience that is fun, replayable, and watchable games, where blockchain is just the cherry on top.
4. Legal challenges
Since blockchain is still a relatively new technology, there might not be specific rules in place for it just yet. This can make it tough for developers to know what's allowed and what's not, leading to potential legal issues down the road.
Moreover, because it is a global industry, game developers need to consider various rules and regulations in different countries, which can make it harder to create a game that works smoothly for players all around the world.
5. Lack of simplistic wallets
Crypto wallets are the primary means by which players connect with Web3 applications. But so far, using a crypto wallet might be difficult, especially for people who are new to the blockchain gaming scene.
They might find the entire process overwhelming, which may discourage them from playing Web3 games entirely. As a result, we require wallet solutions that are straightforward, safe, and simple to use.
Therefore, creating user-friendly crypto-secured gaming wallets is a key factor for attracting more people to play web-3 games. This level of ease will assist in breaking down boundaries and attracting more people to the world of Web3 gaming.
6. Complex and unsustainable tokenomics
In traditional games, the in-game economy is usually pretty straightforward. You earn in-game currency by playing, and you use that currency to buy stuff within the game. However, things get a bit more complicated with Web3 games. You've got cryptocurrencies, NFTs, and other blockchain-based digital assets thrown into the mix, which can make managing the game's economy a real headache.
The real challenge is to find the right balance between rewarding players with valuable tokens or NFTs while maintaining a sustainable in-game economy. If the tokenomics is too generous, the game might become too easy, and the value of the tokens could crash. On the other hand, if tokenomics are too strict, players might lose interest because it's too hard to earn or progress in the game.
So, game developers need to walk a fine line between making their Web3 games fun and rewarding while also maintaining sustainable tokenomics. Honestly, it's a tough job, but if they can pull it off, they'll create amazing gaming experiences that bring the best of both worlds—the excitement of traditional gaming and the benefits of blockchain technology.
Recommended reading: Tokenomics Design 101: How To Design A Perfect Tokenomics Model
The future of Web3 gaming
In 2022, Web3 gaming was at the forefront of the growth of blockchain marketing, and the future looks equally promising. We have yet to see the mainstream adoption of blockchain games.
The good news is that there are numerous promising games in development, both publicly and privately. These projects are led by some of the top gaming specialists from well-known publishers and game studios. So there's a lot to look forward to.
We believe that in 2023, gameplay improvements will be the primary factor driving more people to blockchain gaming and we'll see more gaming DAOs rise up. As the games get better and more fun to play, more players will jump on the Web3 gaming bandwagon.
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