What Happens When You Combine Cryptocurrency & Gaming?

Even as the manic frenzy surrounding cryptocurrencies had just started to simmer down, the stage is already being set for its next big upheaval. Two rabid and overzealous online communities are set for an explosive encounter, as video game developers increasingly look to cryptocurrencies and NFTs as an inevitable part of online gaming, along with the novel features of web 3.0, and the metaverse.

Gaming and cryptocurrencies have long been deemed a match made in heaven, after all, virtual currencies, trade, and extensive in-game economies were initially heralded by popular MMORPGs. Often met with mixed reactions, since such options catered to rich gamers, they’ve since been seen as a means for avid gamers to earn money, and create valuable in-game assets that aren’t a total waste of time.

Understanding Web 3.0 Games

Web 3.0 is all the rage off-late, similar to how web 2.0 was in the early-2000s with its new emphasis on user-generated content that eventually gave rise to YouTube, Twitter, Facebook, and more. Web 3.0 takes aim at a brand new iteration of the internet, where the content is not only generated by users but is hosted on decentralized platforms, giving users complete control, with no risk of arbitrary censorship.

So, what are web3 games? While the definition of web 3.0 continues to evolve, a commonly accepted definition is that such games offer players complete control over in-game assets, and achievements in the form of NFTs. These assets can be sold, purchased, and traded, not just within the confines of the platform, but remain interoperable across platforms, making them real scarce assets with value.

Incentives For Creators

Gamers in the future will essentially be co-creators of the various worlds they inhabit, with developers merely creating the framework.

Web 3.0 will provide players with extensive abilities to create virtual worlds, or modify existing ones based on their likes and tastes, fostering a diverse range of options that development teams can never envision on their own. This includes cities, buildings, weapons, quests, characters, and more.

Player-Driven Economy

A key component of web 3.0 gaming is the increased involvement of players in every aspect of the game, with the ability to enter into contracts, form groups, create characters, and other in-game assets with complete ownership, which can then be traded, or sold.

If you’ve ever wondered about a future where you can make a living by playing video games, this paradigm shift is about to make this pipe dream a reality.

Game developers such as Rockstar, Activision Blizzard, and Epic have long been the sole beneficiaries of the enormous proceeds being generated by this burgeoning industry in recent years, leaving out the players and early adopters who contribute substantially to the vibrancy of MMORPG worlds. This new paradigm is likely to bring about plenty of changes in this regard.

Easier Penetration & Sense of Community

With gamers essentially becoming stakeholders of the virtual worlds they inhabit, there will be a greater incentive for each member of the community to work towards the betterment of the game as a whole.

This also adds remarkable benefits on the marketing front, with play-to-earn games often attracting hordes of traffic within just a few weeks of launch, and minimal marketing, which is in sharp contrast to the big game developers who invest millions in marketing and promotions each year.

The Road Ahead

These are undeniably exciting times for gamers, crypto enthusiasts, and metaverse aficionados. Even though the initial breed of play-to-earn games are yet to make a splash or even retain players, the growing momentum, and direction of this sector clearly exude Ready Player One esq vibes.