I first got involved in Crypto/Web3 gaming at the start of the pandemic lockdowns in 2020. Coming from a traditional gaming background, I could see the potential in most early games and was intrigued by the gameplay and development.
But something was missing, and that missing element was fun. Part of the problem with why Web3 games aren’t fun to play comes down to the length of time and the resources that have been deployed into developing these titles.
From my research, a reasonable time to develop a AAA game is anywhere from 3 to 5 years. The first Web3 games created haven’t even been around 3 years, and when looking at staffed hours invested by developers, they pale in comparison to Web2 games.
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Web3 problems in comparison to Web2
A month in crypto can be compared to a year in the “real world”. Hence, many projects feel like they’re rushed to market and often do so with ambitious road maps that can’t possibly be met in a bull run, let alone in a bear market or during a crypto winter.
On top of being rushed to deliver products, game studios in Web3 also need to be wary of the token price attached to the project. If the token price starts to slip, investors lose interest and a damning chart can be all it takes to sway investors to the “next big thing”, leaving the game to crash and burn.
Why do Web3 games need to be fun?
This brings us to the main topic in this week’s Wisdom Labs Discord conversation. If games are only being played while token prices are high enough to make people want to log in for a few hours a day, then these games have a limited shelf life.
There needs to be a balance of fun game play to incentivize players to reinvest back in the game’s economy or we end up with a chart like Axie Infinity’s SLP or Pegaxy’s VIS. Both games’ utility tokens took astronomical tumbles from their all-time highs, leaving players with worthless currency after intense financial and time investments.
Unfortunately, most Web3 games have been developed off the Axie Infinity “two token model,” which has proven to be unsustainable, with the focus solely on how much money can be made in a day by owners or scholars. When a game’s only focus is to make as much money as possible, when does it stop being a game and start becoming a job?
Fixing the problem
The smart developers that figure out the solution to both problems will be the ones with longevity in the space. We’re all lucky enough to be early here, and early adopters usually reap the biggest rewards with innovation and technology. Find games and studios who are creating games that not only have sustainable economies but that also would have soared in the Web2 environment.
After discussion in the Wizardia Discord, in-game asset ownership was highlighted as a way that crypto and gaming can form a symbiotic relationship and move forward to the next generation of gaming.
Tech Jury predicts the global gaming market could reach $256 billion USD by 2025 with more than 2.5 billion gamers existing in the ecosystem. This is where I believe that crypto and in-game asset ownership will play a critical role in capturing this crucial market share.
According to Forbes, Epic games made approximately $50 million USD from one set of Fortnight skins. Imagine if those assets were NFT’s that could be listed for resale on a marketplace? Epic could then benefit again with a percentage each time they were sold. Or, the people who purchased those skins that no longer play the game could then recoup or possibly even make money on those purchases.
Final thoughts
We’re all very early to Web3 gaming. Part of being early is that we get to all learn from our own and each other’s mistakes. So far in Web3 besides Axie Infinity, we haven’t seen a skill-based game that has captured an audience and transcended into Web2 streaming platforms such as Twitch.
In my opinion, I believe I have found a project in Wizardia that will tick both of those boxes. Gameplay from sneak peeks looks great and is similar looking mechanics to the early Final Fantasy series, which was extremely popular on consoles. In addition, the team has taken its time with its alpha version, ensuring that it will have engaging skill-based mechanics and burns that people will want to use, which will help with the in-game economy and price of tokens.
If this sounds good, join me and get some Genesis NFTs for early investors at a discount.
ShillBill
ShillBill is a crypto enthusiast, gamer, and trader.
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