The majority of game developers that wished to make games on the blockchain in the early days of NFT were constrained by the lack of technological expertise. The Web3 Blockchain Gaming ecosystem was rocked by the Non-fungible token (NFT) era, which was one of the most talked-about subjects in 2021. Some analysts even referred to this unique digital asset sector as the gaming industry’s future.
Unfortunately, the most of the NFT-focused games that garnered attention at the time are now either dormant or have lost their allure. For more background, the Smooth Love Portion (SLP) in-game reward token from Axie Infinity is currently trading at a 99% discount to its peak price of $0.3997 during the NFT frenzy. In the meantime, the average price of God’s Unchained rare cards has dropped from roughly $10,000 to as low as $100.
In addition to lessening the appeal of blockchain games, this notable decline in the value of NFT gaming assets has drawn a lot of criticism. For a number of reasons, including poor gameplay, problematic tokenomics to maintain incentivized economies, and excessive technicalities that exclude interested Web2 game producers, the majority of skeptics contend that blockchain gaming is not quite ready to catch up with traditional games or infrastructures. These criticisms are somewhat valid, however based on the events that followed the NFT craze, it appears that NFTs paved the way for a more disruptive gaming period.
Blockchain Gaming’s New Dawn
Bear markets are exactly what bear markets are for in the cryptocurrency sector, and they have been contributing to the development of the industry for the past two years. Bear markets have been used by innovators and other vital players. It is our intention to present an overview of three important topics that are establishing Web3 Blockchain Gaming as the future of gaming ecosystems. The following section will discuss these themes.
Web3 Platforms for Publisher-as-a-Service (PaaS)
In the early days of NFTs, the lack of technological expertise constrained most game developers who wanted to make games on the blockchain. Now, Web2 and Web3 developers are on an even playing field thanks to emerging Web3 game platforms like Functico. One of the few ecosystems that has gone so far as to provide smooth development tools through its Publisher-as-a-Service (PaaS) infrastructure is this full stack chain agnostic Web3 gaming platform. The platform’s 360 studio expedites the Web3 game development process, from publishing to developing long-lasting reward loops for prospective players.
Funtico’s PaaS also offers a creator’s studio for personalized NFTs. Many Web2 developers have wanted to curate or create Web3 Blockchain Gaming games. This simplification is a game-changer. Funtico’s API and SDK allow anyone to design games using blockchain technology. New PaaS blockchain gaming infrastructures are a big step toward a more friendly environment. Due to the ease of publishing games on blockchain platforms, some top creators are now interested.
No More Speculation, More Fun Games
As stated in the beginning, one of the drawbacks of early blockchain games was their use of faulty tokenomics models. Between 2020 and 2022, most games focused on speculative hypes, using in-game tokens primarily as instruments to accumulate money.These games also featured really bad gameplay, which made things worse and contributed to the high turnover rate. It appears that innovators have learned from previous failures; for example, more engaging gaming is the foundation of today’s blockchain games.
As of now, SERAPH: In the Darkness and World of Dypians are the most popular blockchain games. Telegram’s tap-to-earn games, which are introducing new bitcoin users faster than their competitors, are intriguing. Coinmarket estimates this sector’s market valuation at $2.2 billion, and Lucky Funatic attracts around 400k players each month. Other popular names include Notcoin, Hamster Kombat, and Catizen.
Conventional Game Publishers Getting On Board
The decision by established game companies to create blockchain-based games internally or form strategic alliances that put them at the center of this transformation is another encouraging development. More than 70% of the largest gaming companies worldwide have some sort of investment in a blockchain project, according to a 2023 Coingecko analysis. Among the noteworthy developments in this area is Epic’s modification of its content policy, which allowed play-to-earn titles like Gods Unchained to return to its platform.
However, gaming behemoths like Konami have started a blockchain-powered project to use this technology in their game industry. These actions portend the emergence of a futuristic gaming sector based on Web3 technology. The personnel and financial resources available to traditional publishers making their debut are especially encouraging. In addition to having large sums of money, the majority of these gamers possess the skills and resources necessary to influence the direction of gaming.
Also Read: Benefits of Blockchain Technology for Decentralized Solutions
In Summary
The core value proposition of NFTs is an eye-opener to what gaming economies should look like. These ecosystems should be ones in which players have the opportunity to truly own in-game assets and actively contribute to development through decentralized autonomous organizations (DAOs). Although NFTs may not have lived up to the hype, their core value proposition is an eye-opener. Following the clearing up of the speculation facade. It is highly possible that we will witness additional developments as Web3 assumes the central role in the growth of gaming.
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