What Is Web3 Gaming? Top Web3 Games And Crypto Companies

Web3 gamingTrue Digital Ownership: Players have real ownership of their in-game assets, thanks to blockchain technology. These assets, often NFTs, can be bought, sold, or traded on various marketplaces, providing players with tangible value for their in-game achievements.Dapper Labs: The company behind ‘CryptoKitties’ and the Flow blockchain, Dapper Labs, has been instrumental in bringing blockchain to the mainstream through their engaging and accessible games.Facilitating In-Game Transactions: Cryptocurrencies provide a seamless medium for transactions within Web3 games. Whether it’s purchasing items, trading assets, or paying for services, crypto ensures fast, secure, and borderless transactions.Despite a significant growth in token market capitalization, developers face hurdles in user acquisition and retention. With 73.1% of games having fewer than 10 active users, it’s clear that while the industry is expanding, with a total of 2,651 games, attracting and keeping players engaged remains a key challenge.

Notably, the web3 game development landscape is geographically diverse, with the Asia-Pacific region leading the charge, hosting 40% of Web3 game developers. Notably, the United States remains a significant market, accounting for 30% of Web3 game development teams. South Korea has also emerged as a key player, contributing 27% to the Web3 gaming teams, nearly doubling its involvement from the previous year​.

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Upcoming Web3 Games To Watch

The Footprint Analytics report highlights an interesting development with the upcoming release of “Gas Hero” by Find Satoshi Lab, known for their successful game “StepN.” Set for a community beta in late 2023, “Gas Hero” is an MMO set in a sci-fi world, distinct from “StepN’s” focus on physical activity. It’s expected to bring a fresh narrative and immersive experience to the Web3 gaming space, using Polygon blockchain and leveraging GMT tokens.

Trends, Data, And Predictions For Web3 Gaming

The Footprint Analytics report underscores a crucial trend in the Web3 gaming industry: while the number of games is increasing, active user growth is lagging, with only a small proportion of games having more than 1,000 monthly active users. This suggests a “false boom,” raising questions about the industry’s sustainability.

Despite these challenges, the industry sees promising developments. For instance, Sega’s co-COO Shuji Utsumi expressed optimism about blockchain gaming and NFTs, marking a shift in attitude from traditional gaming giants. Furthermore, the dominance of blockchains like BNB, Ethereum, and Polygon in hosting Web3 games is evident, with new partnerships, such as Immutable’s collaboration with Amazon Web Services (AWS), aiming to provide infrastructure solutions for Web3 gaming.

The market capitalization of Web3 gaming tokens has seen a notable increase in October 2023, aligning with Bitcoin’s surge. Standout projects like Axie Infinity have shown resilience and growth, suggesting that despite the broader market conditions, there is potential for success in the Web3 gaming sector.

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Still Early, But A Nascent Industry

Moreover, the Web3 gaming sector has seen significant investments, with a reported $19 billion funneled into related projects since 2018. Despite a market correction in 2022, investment in Web3 gaming stabilized in 2023, maintaining pre-bull market levels. Notably, sports, MMOs, RPGs, and action game genres have attracted the most funding​​.

The majority of the Web3 gaming ecosystem comprises indie-level and midsize projects, with high-budget AA & AAA titles being relatively scarce. RPG, action, strategy, and casual games dominate the genre spectrum. Interestingly, most Web3 games are free-to-play, but a significant portion requires players to hold specific NFTs to access the game​​.

Furthermore, blockchain networks targeting the gaming sector are expanding despite market challenges. In 2023 alone, the announcement of over 81 new blockchain networks focusing on gaming indicated a 40% year-over-year growth. Developers primarily build the majority of web3 games on general-use L1 networks like Ethereum. However, there’s a rising interest in L2 and L3 solutions, particularly in Optimism’s L2/L3 networks.

The Play To Earn Model In Web3 Gaming

The Play to Earn (P2E) model is a revolutionary concept in Web3 gaming that intertwines gaming achievements with real-world economic incentives. This model not only enhances player engagement but also creates a new avenue for income generation through gaming.

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Web3 games: Play to earn | Medium @ Arpit Jalan

Understanding Web3 Play To Earn Games

Play to Earn games in the Web3 space enable players to earn digital assets or cryptocurrencies as rewards for gameplay and achievements. These rewards often come in the form of NFTs or native game tokens.

The P2E model capitalizes on blockchain technology to authenticate and secure these transactions, ensuring transparent and fair distribution of rewards. This model has opened up new opportunities for players, particularly in regions with limited access to traditional financial systems, by providing a platform where their gaming skills and strategies can translate into tangible economic benefits.

Popular Play To Earn Web3 Games

Several games have successfully implemented the P2E model, gaining popularity and a dedicated player base. Notable examples include:

  • Axie Infinity: In its vibrant ecosystem with engaging gameplay, players breed, raise, and battle fantasy creatures called Axies, earning tokens that they can trade or sell.
  • Decentraland: Players can create and monetize content and applications in this virtual world, earning cryptocurrency for their creations and land transactions.
  • The Sandbox: This user-generated content platform allows players to create, own, and monetize gaming experiences using SAND, the platform’s native token.
  • Alien Worlds: An NFT DeFi metaverse where players can mine and battle for Trilium (TLM), the native token, and collect unique NFTs.
  • Splinterlands: A digital collectible card game where players earn rewards based on their gameplay and the rarity of the cards they collect.

These games have popularized the Play-to-Earn (P2E) model and demonstrated its creative integration into various gaming genres and platforms. They offer varied and engaging experiences to players while providing economic incentives.

Web3 Gaming News

To get the latest updates in the world of Web3 gaming, readers should visit NewsBTC.com and Bitcoinist.com. Additionally, both websites provide up-to-date news, covering the latest developments, trends, and insights in the Web3 gaming sector.

Frequently Asked Questions (FAQ)

What Is Web3 Gaming?

Web3 gaming refers to a new generation of games that integrate blockchain technology, offering decentralized gameplay, true digital ownership of in-game assets, and often incorporating Play to Earn models.

What Are The Top Web3 Games?

Top Web3 games include Axie Infinity, Decentraland, The Sandbox, Illuvium, and Big Time, each known for unique gameplay and blockchain integration.

What Are The Best Web3 Games?

The best Web3 games are subjective but popular choices are Axie Infinity, Decentraland, and The Sandbox, recognized for their engaging content and robust player communities.

What Are The Most Successful Web3 Gaming Companies?

Leading Web3 gaming companies include Sky Mavis (Axie Infinity), Animoca Brands (The Sandbox), and Dapper Labs (CryptoKitties).

What Is Web3 Gaming Crypto?

Web3 gaming crypto refers to cryptocurrencies used within Web3 games for transactions, rewards, and governance, such as AXS in Axie Infinity or SAND in The Sandbox.

What Are Web3 Games?

Web3 games, built on blockchain technology, feature elements like cryptocurrency integration, NFT-based assets, and decentralized governance.

What Are The Latest Web3 Gaming News?

You can find the latest news on websites like NewsBTC.com and Bitcoinist.com, which cover new game launches, market trends, and industry developments.

What Are The Most Popular Web3 Play to Earn Games?

Popular Play to Earn games include Axie Infinity, Decentraland, and The Sandbox, where players can earn cryptocurrency or NFTs through gameplay.

Featured image from Unsplash / Fredrick Tendong

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Author: Jake Simmons

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