By Kameshwaran Elangovan
Bringing non-fungible tokens (NFTs) and Web3.0 into the equation of gaming presents a couple of major advantages. The first advantage is that the gaming assets can now become tradable assets. Since the assets are built on the immutable distributed ledger called the blockchain, the attributes of the asset are almost indestructible, and they also become tradable. This opens opportunities for the gaming assets to be used beyond the game. Also, at some point in time, if a person decides not to proceed with a particular game, and if they have struggled through the grind, they can sell the gaming asset for a higher price on the marketplace.
What we have discussed above is just the tip of the iceberg. It is quite possible that integrated gaming ecosystems that bring together multiple games, brands, and complete magnets might take shape. You could also open up opportunities for advertising right within gaming spaces, and the advertising spaces could be sold as NFTs. Making them digital assets would mean that brands can purchase them, create art, and at a later point in time, also sell them off on the marketplace.
There could also be possible secondary trading of advertising spaces. For example, instead of a brand directly buying an advertising space from the game itself, users could consider buying them and selling them to brands. In this way, users also get to experience a new revenue stream which is relatively passive compared to the hard-core offering of the game.
Web3 games also bring the opportunity to rent out gaming assets. Renting, just like how it is in the case of every other industry, creates a new wave of users, and in particular, those who might not have the commitment or availability to outright purchase giving us it. This increases the number of users, and consequently, the intensity of Web3 adoption.
Above everything, Web3 games open up the opportunity to learn from playing games, thanks to the introduction of P2E gaming. P2E, which stands for ‘play-to-earn’ creates an avenue for players to earn money by playing and winning games, and this earning opportunity is inherent to the game itself. This is not like an organized tournament where the organizers pay money and it’s outside the gaming system. It is intrinsically rolling into the game itself, and since everything is governed by the blockchain, the payments and the earnings will be immune to any fraudulent practices or opacity in transactions.
While we have discussed the different advantages of Web3 games, let us look at how they will change the gaming landscape.
Game development companies will start planning for the long term. It is only obvious that you plan for the long term when you can create assets that exist theoretically for infinity. This will result in games that survive and stand the test of time.
Games will start attracting more users than just gamers. The advertising opportunities and the tradable nature of the gaming assets would mean that people who are not into gaming will still participate in Web3 games exploring investment opportunities.
Web3 games will have the potential to attract more users. Since renting of NFTs is an option, it would attract more people as it is a commitment-free and economically viable option. It could also become a testing ground for a lot of game enthusiasts before they commit to buying gaming assets.
Gaming will have the possibility of being explored as a viable option for earning a livelihood. Just like how content creators make a fortune out of creating videos for social media channels, it could be possible that people might earn their living by playing games. We have seen this happen in economies like Vietnam, Thailand, and the Philippines.
While we have seen glimpses of it happen, we could also extrapolate that traditional games will start exploring the Web3/blockchain space for what they already offer. This can be compared to how gaming companies enhance the game for new devices and provide better visual experiences in line with the display devices available contemporarily.
Since gaming is a lot more engaging and understandable, it could be possible that NFT marketplaces are dominated by gaming assets. We have seen this happen when Jump.trade, a gaming-centric NFT marketplace gave tough competition to OpenSea, a generic marketplace.
There is so much potential for gaming in the space of Web3.0, and Web3.0 in the space of gaming. The timeless entertainer joining hands with the latest revolution in technology is bound to create experiences that will delight the use, which is what both the entertainer and the technology strive for.