Web3 Games Explained

The best web3 games from 2018 to 2022 will spearhead the evolution of the gaming industry that’s fast pivoting to blockchain technology. 

Traditional games have evolved dramatically, but the economics is still lagging. This is one of the reasons why, despite advancements in terms of graphics and technology, traditional games aren’t always as rewarding or engaging as the users want them to be.

The above observation comes to light only after web3 games started showing their true potential. But why is it the case? Let’s explore. 

Web3 is the next generation of the Internet, one based on blockchain technology. Compared to the previous iteration of the internet, known as Web2 where data and content are still in the hands of a few companies commonly labeled as ‘big tech’, Web3 is an attempt to empower end-users and decentralize control by placing ownership of data, monetary assets and content into the hands of a global community.

Why are new game projects leveraging web3?

Gamers are well into in-app purchases, especially in battle royale games. It’s technically in-app purchases that make the gaming industry multi-trillion-dollar worth. However, these in-app purchases don’t have much value outside of what they can help achieve while playing the game. This is where crypto gaming is relevant.

The reason why in-game tokens or assets in web3 games have value is that they can be sold for either fiat money or other tokens. Blockchain makes it possible for players to sell their items for cash by using cryptocurrency. In traditional games, assets are typically bought from a central developer-owned store which makes the developers rich and not the players who play them. Moreover, in traditional games, the game life cycle cannot be controlled by players. Not only is this unfair but it also robs gamers of the opportunity to be real contributors to the game ecosystem. 

Another prominent effect of microtransactions between the players of a game is the creation of a strong community.  

The crypto community doesn’t only make you feel like you’re a part of something. It also gives you a sense of “ownership” in the sense that whatever is being promoted or pushed by the management and users within this group may inspire you to take ownership over your investments as well. Think about it, in a community, so many different people provide different perspectives within this group. Some users may talk about ways that they’ve grown their business through some rather unique means while others present different investment opportunities. You might even meet new friends with similar interests and viewpoints as yourself! 

Having an online community is the best way for projects to connect with their users, who may have any possible inquiries about the project. They can always respond quickly with community moderators whenever there are questions about their services because they understand that resolving questions quickly is important for making sure that customers feel like their interests come first and foremost.

A new revolution is in the making. 

While most traditional gaming studios have a web3 plan, we find that most companies may start by implementing a non-fungible token (NFT) strategy to tie crypto into their products without fully implementing the benefits of economics or an ecosystem. While NFTs are a valuable starting point for companies, we have yet to see the majority of projects creating tokenomics models that cohesively weave together the holy trinity of web3 games: Players, Investors and Traders. 

This will be the driving force to the success and viability of Web3 games. 

CropBytes has been in-tangent to the concept since its origin in 2018: Creating a healthy ecosystem making the players, traders and investors equal contributors to the development of the project. Lets explore this statement through just one experience of the largest web3 game player, Axie Infinity, a project that is now struggling to keep their economy going. 

Axie has just announced a new extension called Axie Infinity: Origin, which finally includes non-NFT “Starter Axies” that will allow time-rich players to get in without a scholarship or an expensive team of Axies. They are responding to the growing demand for the ‘holy-trinity’ that we explored earlier. Whereas CropBytes has this from day 1. Yes, the model that we adopted was slow in adoption but is certainly the correct formula for sustainability. The effect of this can be seen in the in-game market which appears to have no influence from the outside world.