In comparison to other aspects of gaming, the economics of traditional games have undergone significant transformations. While graphics and technology have improved, this is one of the reasons why traditional games aren’t always as rewarding or intriguing as players want them to be.
Only after web3 games showed their full potential did the aforementioned insight become clear. What’s the reason for this, and why does it happen? Let’s see what we can find out.
Web3, the next generation of the Internet, will be powered by decentralized ledgers based on blockchain technology. Internet 3.0, or Web3, aims to empower users and decentralize governance by putting ownership of data, financial assets, and content in people’s hands worldwide. “Big tech” businesses still control most of the data and content on the internet, compared to today’s Web3, which is far more open and decentralized.
For what reasons are game creators turning to web3 for their newest creations?
Battle royale games, in particular, are seeing an increase in the use of in-app purchases. In-app purchases produce hundreds of billions of dollars in revenue each year for the gaming industry. Despite this, the value of these in-app purchases is restricted to what they can contribute to the player’s advancement while playing the game itself. Cryptocurrency gaming is a natural fit in this setting.
Web3 games’ in-game tokens and assets have a monetary worth because players may either exchange them for real money or for more in-game tokens. Blockchain technology has made it possible for gamers to trade virtual goods for real money. Player assets are frequently obtained by making purchases from a central store operated by the game’s creators in conventional games. As a result of this, the web3 game development company and the game’s producers make money at the expense of the players that play it. Furthermore, in traditional games, players have no say in how the game’s story unfolds. As well as denying players the opportunity to make substantial contributions to the gaming environment, this is immoral.
Another key benefit of gamers engaging in microtransactions with one another in a game is the formation of a strong community.
When you’re part of the Bitcoin community, it goes beyond making you feel like a part of something greater than yourself. As a member of this group, you feel like you have a stake in the company’s products and services, which in turn encourages you to take a more active role in managing your own investments. Because it gives you a sense of “ownership” over whatever is being promoted or pushed, you feel like you have a stake in it. When you think about it, there are so many different people in a community, and every one of them brings their own distinct perspective to the table. While some users may talk about how they’ve grown their business in unconventional ways, others may offer a variety of investment opportunities. In addition, you may meet new friends who share your values and interests.
An online community is a good idea for projects that wish to interact with their customers, who may have questions or concerns. This is by far the most efficient approach. When there are problems with their services, they can always get a quick response from their community moderators. This is because they understand that immediately responding to consumers’ questions is critical to ensuring that they feel like their needs are being prioritized.
Right now, there are signs that a new insurrection is brewing.
However, our research reveals that the majority of traditional game studios may begin by employing a non-fungible token (NFT) strategy to integrate cryptocurrencies into their products first, before fully reaping the economic or environmental benefits of such integration. The holy trinity of web3 games, which includes players, investors, and traders, has yet to be fully integrated into tokenomics models for most projects, despite NFTs being a great starting point.
Web3 games’ commercial viability will largely be determined by this.
A wholesome ecosystem that treats players, traders, and investors alike as equal contributors has been CropBytes’ goal since its founding in 2018 when the project was only beginning to take shape. Axie Infinity, the most popular web3 game player, is a project that is now trying to keep its economy functioning. Let’s analyze this allegation in the context of Axie Infinity.
Axie has just unveiled a new expansion, Axie Infinity: Origin. “Starter Axies” have finally been added to the game, allowing players who have a lot of free time to join the game without the requirement for a pricey squad of Axies. According to what we stated earlier, there has been an increase in demand for the so-called “holy trinity.” Instead, CropBytes has had this capability since its inception. Even though the approach we utilized took a little to catch on, it is without a doubt the most effective method for ensuring long-term profitability. – The impact of this can be observed in the in-game market, which previously appeared to be unaffected by events taking on outside of the virtual realm.
